Member Info for Porky9

Suzy loved Science and fame
But making money was never her game
She gave the prime 201 star assets away
To a poor American with not much to say
And now posters here are going insane

Another case of an AIM business saying one thing and doing another.

This stock was actually on my watch list due to its connection with VAL and previously they were implying that they were close to break even and with the new contract wins could swing into profit. I was today a bit shocked that despite the trade revenue increase the losses had widened.

Just puts you off investing into an aim stock where cash burn is increasing and you know continuing that trend can only result in further placements down the road and more disappointment

Genuinely expected the net profit to just move into the black today or at least close to it. Stock remains on my watch list

GLA

I see the ramping crew are still out in force 24/7

Some are clearly losing sight here of the fact that the SP is actually doing VERY well, you can sell stock currently at just over 15p and that represents a 50% gain on the recent placing so IMO the SP is doing well especially in relation to practically every stock in the market that is currently losing ground.

Questions for the Fireside chat if they can be answered: -

1. We are fast approaching the one-year anniversary since Thx signed the LOI for 201 and they are still not able to complete due to funding issues. Obviously, this situation can’t remain indefinitely so at what point will Suzy say we need to end exclusivity and look for an alternative?

2. Fantastic to appoint the new NED to replace Kevin A, can they confirm if a further female NED will be appointed with specific scientific contract experience to balance the BOD?

3. The lab was proposed many months ago now. Is the BOD any closer to a) finding a lab and b) moving forward with this plan? And c) can they give any indication how they intend to fund will it be pure equity, debt or a mixture of both.

These are the three key matters IMO, everything else is white noise to a certain extent whilst these points are outstanding.

Good Luck

Sitting on cash RB, cash is king, also increasing Gold position and very select plays.
Let's see second appointment, Thx get sorted and clarity on the long overdue lab and how it's going to be funded.
Until then risk reward not there.
To be fair those in the 10p placement have a bloody good ROI at 16.5p on the Bid, nice one but a profit is only a profit when its materialised
Good Luck

Just picturing the scene now….

Crackling of the Logs on the fire, the gentle glow of the warm fire
Suzy stretching her legs and wiggling her toes in front of the fire
The handsome Adam sits beside her
One arm reaching behind his back
Suzy reaching behind hers
Suzy pulls out her notes and Adam pulls out a Guitar…..

Ohh its all too much….

And just like a scene from the inbetweeners movie Adam starts to sing as he strums his guitar,,,
“The first time ever I saw your face
I thought the sun rose in your eyes, eeee eyes…..
And giving away 201, and a cheap placing were the gifts you gave to me….
Will TheoremRx ever get funded, my love
Will TheoremRx ever get funded, my love……”

Unfortunately, i do see them raising at 4p or 5p and that's because in technical terms a) the market is buggered and raising capital comes at a premium b) the company has failed to deliver and worse fallen into radio silence following three previous rig promises which they failed to deliver on hence investor confidence destroyed and c) even if a miracle happens and this second-hand rig can be up and running for a spud in Jan/feb the drilling period will be VERY short, maybe too short for a result?

They need luck that heavy rain holds off and i think the short drilling window could prove too short to give them enough time to get success. What if they need to drill in another location? they previously identified several locations for drilling, if they need to change, they will be delayed again until later in the year once the rain season starts to slow.

Really disappointed in DM frankly that we are in this position. As the OP said, it's a risky side bet. This has always been a high risk/reward play for me but current events have reduced it to a punt only, not an investment. DMs job now is to restore investor confidence.

Indeed
Whilst still at a £ 38.8m mcap at 6p. Very disappointed TBH

October 2021:-
"We remain well financed and look forward to updating the market with additional information developed from the Phase II 2D seismic campaign once data has been processed and interpreted. This information will feed into generating additional targets for our 2022 conventional drilling campaign."

Jan 2022 after the excitment and many interviews over survey success identifying lots of potential Helium activity:
"Next steps must be to ground truth the data and then combine information on newly identified surface helium anomalies, with data from 2D seismic, airborne gravity gradiometry, and knowledge of the helium system gained from Phase I drilling to assist in the prioritisation of subsurface traps to be tested in our 2022 drilling campaign."

Feb 2022 update
"Commencement of Phase II exploration is ongoing with the 2D seismic programme completed 25th Dec 2021, Multispectral Satellite Spectroscopy results and QEMSCAN results announced, and Electrical Resistance Tomography survey underway. This aims to define additional prospects for drilling in 2022 offering near and medium-term catalysts for share price growth"

March Update
Drilling Rig Update- "Helium One is in advanced discussions with a leading global drilling company for the provision of a containerised rig solution. A containerised rig has the drawworks capacity and capabilities of a conventional drilling rig but can be broken into modules with the dimensions of standard ISO containers. This enables the rig to be transported quickly and economically by any container ship, train or truck and is ideal for drilling in Africa with reduced transportation costs" Drilling in 2022

August Update:
Helium One have contracted the services of ADC Energy, an internationally recognised expert in rig audit and evaluation, to perform an independent audit of the proposed drilling rig ("the Rig") in its yard in Kenya. Key components including the rig carrier, sub-structure and mast hydraulics, top-drive, iron roughneck, mud tank valves and mud pumps have been observed in operation. The audit, which is now 80% complete.
Logistics planning to transport the Rig from Kenya to Rukwa are well advanced and preparations on drill pad design progressed in time to receive the Rig" Drilling in 2022

Sept 2022
Effectively now saying, we are now looking at a second hand rig in the region and hope to drill now in first Q23

So, all of the above was clearly BS and none of it came off, who's to say this rig deal won't go pear shaped
Disappointed is an understatement

@PatShare
The MMs job is to create a market
They will manipulate the SP to encourage buyers.
Thats the name of the game.
If the license is not secured its game over here frankly.

I'm at a point with AIM stocks where my best ROI returns have been on buying stock and selling half if the SP doubles so i'm in for free or taking smaller gains and short-term trading them and not getting greedy. Nobody ever lost money taking a profit as they say.

Holding AIM stock long term hasn't paid off for me in the majority of cases. Normally it's as a result of constant raises and dilution that damages value.

I'm just waiting for David to now say, we are doing an issue for further capital to support drilling campaigns into 2023 but even that is only on the basis they get the licenses, and we now have a grey area over that.

Good luck whatever your call

@gogsthelogs
Thats exactly how i see it
I would be telling them it's a job lot because the government would have zero chance of selling licenses for the lots not taken if they agree terms with HE1.

Further, i would be actively calling Noble and saying, as you know the license terms are up for the entire basin, we have sealed bids in from the current licensee but only for 60% of the territory. Bid for 100% and a deal could be done. If i worked in management at Noble i would be all over this.

David has really dropped the ball this time, worse, he has shown his hand in a public RNS that they are only bidding for 60% of the license area BEFORE awards are made which is sure to bring attention to competitors.

Do you think he is doing this to crash the share price to take the business private? I can't see any logic whatsoever in disclosing the license situation before awards are made. That is just shooting yourself in the foot.

Anyone care to tell me what i'm NOT seeing here?

For crying out loud...

He tells us he had someone flying out to see a rig at the start of this year, it was in kit form and easy to transport he said, drilling campaign this year was going ahead. I recall his exact words were something like "2022 is our discovery year" convincing us from the survey results that drilling in numerous highlighted spots had a high chance of sucess but moreover drilling this year a certainty once kit arrived. They were behind schedule at the time flying out to see the kit.

Now he is telling us we might be drilling in Jan/Feb 2023, he has agreed terms for secondhand kit locally oh and the license runs out this month and next and application submitted. Is he trying to kill the company value?

1. The big rain season in Rwanda is March -May. The best time for drilling is Now hence why current rig in use elsewhere in the region. We are led to understand that they need the ground wet for optimum drilling conditions but not great if the area floods. This is not great timing for SHs

2. Had he been on time and delivered as previously confirmed we would have been drilling now and know the chance of sucess before paying out for a license renewal. They now want to renew the license areas where they think they might have sucess and ditch the ones where they don't. If i was in Rwanda government i would say FU bids are for the entire region only but WTFDIK

3. What is to stop someone else in the region with kit bidding more for the licences than HE1? This is now an additional risk.

4. I haven't checked on the cash position but previously they were budgeting for now. Not sure how a Jan/Feb drilling IF it happens would affect cash, do we need further raise - anyone know?

In all David's management here has been both p@ss poor and disappointing. You know i really liked this guy, considered him an honest broker but in view of today's RNS and the excessively long periods of Radio silence i'm now not so sure.

Disappointed .....

If this SP can hold they could probably get the 20m shares issued and placed at 10p, get £2m cash in for that and with some debt finance get that lab off the ground.

Then they are in the position of generating revenues and being able to do work on own pipeline inhouse. Sooner they can get that lab the better.

GLA

@Andysel
We voted at the AGM and resolution passed for option to issue a further 20m shares - You voted for it.
Granted that doesn't mean they have to issue them now. They could hold off until into next year if they need a cash raise for working capital. The cash at bank is forecast to fall to £3k. So its priority to get revenues in.

To avoid the constant raise spend raise cycle they need that lab. It will bring in revenues for the future. The lab is the right call its down to how its funded. Part equity part debt i say.

Read the CENKOS report:-
https://www.cenkos.com/research-portal/

The damage to the SP IMO was down to giving 201 to a start up that cant get funded. Worse, the deal brings in little cash even IF they do get funded over the next two years. Namely £1.85m which with current money just about covers the two years running costs.

The positive is the new NED could help them with future capital raises BUT IMO raising cash now for the lab is the priority. If i was on the BOD i would be pushing now to get the LAB sorted whilst i can get a 20m more issued at 10p which would give me 2m and the deposit i need against a lab.

Will see how this plays out

GLA

Appointment Good - experience in capital markets handy for when more cash required

Share options Good - set at realistic levels but obviously risk free

Practically out of cash end of 23 well £3k

Now need to do lab raise to get the revenues flowing

Still expect to see my 6-7p target short term. Will be interesting how many 10p holders cash today on this spike

GLA

Evening, just looking in.

The £20k donation made to Liam Fox landed after the SureScreen director emailed him in June 2020 to tell him that they were sending “millions of antibody tests” to use in hospitals in Germany, Spain and Sweden and it was “crazy” that the tests could not be used in the UK because they had not been approved.

Liam Fox then took it up with Matt Han**** and shortly after, bingo, the test approvals were granted by PHE and a nice contract was awarded on top. The £20k was paid to Fox shortly after

Absolutely no doubt in my mind its just pure coincidence, what are people thinking here? I mean In my business I'm always sending 20k donations to politicians, I thought that was what everyone did these days :)

Despite this BS, its just the tip of the iceberg, just another small incidental snout in the trough. I still believe real damage caused here was as result of massive hold ups at DHSC involving Lord Bethell whilst he fed contracts to the Chinese. That's where the real damage was done.

Agree with @Ventura1 Graham should have made some donations

@Iceman
You already supported the raise by voting for a further 20m to be issued at the AGM
The placing shares were from last years SH votes and allocation.
So they can issue 20m new shares plus 8.5m new share options because we just voted at the AGM to support them to do that. They do not need further shareholder approval.

@ells
No it would not
At the moment they can issue the 20m shares straight away at 10p and get the land sorted on equity and debt. That is 2m deposit against a lab cost that will start adding revenues.

@ABfste
Just like they were not doing a placing for cash flow? yeah right.
No raises was the message, absolutely none. WE have enough working capital for what we need. A placement is NOT going to happen. Then they do one at the 11th hour to save the company from going under at 10p.

We now see that on the half year report that cash at bank was down to 97k - IE they did not have sufficient cash to pay wages without that placement completed. This is not great management. The placing should have been done significantly earlier.

Now we are here again. They need a lab funded. I say do it now, get it done and then move forwards. Letting it overhang is not a good idea. If there are further THX delays the SP will fall further and the lab will need doing at a material discount to where we are now.

The lab is essential to get cash in, end of

@Iceman
4D and VAL are different stocks with different profiles. All it illustrates is that Biotech's have had a hard time securing funding. 4D Placed at £1.10 and the SP went down from that.
Valrix over the last five years is the same in so much it has had continual raises and dilution plus a consolidation.

4d Had 15 projects all at different stages, one awaiting FDA. It the same principle just bigger cash burn and more products.

The bit you fail to see is that when i was pro the SP climbing significantly we were expecting a MAJOR deal on 201. It turned out they gave it way for next to FA to a start up. Currently the start up has had it for almost a year and not even paid the bloody service fees. You couldn't make it up

Thanks the difference

@Colbaltblue
IF lucky, one of the block holders in the 10p placement could try another pump and dump along with some made up twitter crap like recently to encourage others to follow and if you time it right you could get out on the peak that's another possibility.

Problem with starting a pump is they issued so many shares at 10p, buying at 11.5p represents a 15% premium to the placing. Moment the BID increases another block will drop that's why MMs cant risk increasing the BID

Personally, I'm just not prepared to buy north of the 10p placement level especially expecting another placing soon for the lab. Its got to happen. At say at 6 or 7p you have a bit of a buffer.

The big fault here was last November giving the crown jewels away, 201 to a start up that still almost a year later struggles to get funded. Back then we lived in hope of a major taking 201 over and that drove the interest and the SP up. Currently there isn't anything you can hang your hat on and say X legacy product will get taken up by a major and will add Y value and in a specific time line. In fact they haven't even given ANY timelines.

The 201 deal terms are weak as water and due to the timelines will likely just result in it covering working capital costs. £1.85m over two years even if it ever lands, it doesn't even cover VALs overheads in that period. Its a joke of a deal IMO and THX are not even paying that.

Very Long term the new pipeline stuff could make a difference but at the current rate high probability of being diluted well before then.

I'm staying on the sidelines for now to see how event's unfold here. I hope THX can get funded but in the current market it will take time if at all, meanwhile the ramping crew wont like me posting the above but mistakes have been made but it doesn't feel like they have learnt from them. They were pleased to get the placement done and its business as usual. They need to make changes.

Time will tell

I suggest if you hold stock here you register at CENKOS and just read the report yourself directly from the house broker. The FACTS are clear as day:-
https://www.cenkos.com/research-portal/

Losses in the last year widened to £1.07m

They expect with increased R&D cost iro Kings that the loss will widen to £1.63m in FY23 but end the year cash positive ( Just at £3k !!!)

The 201 THX deal IF Executed will generate £1.85m over the next two years. This figure increased from £1.63m due to the positive impact of weaker pound.

Even IF Executed and fully paid up the adjusted net cash to end of FY23 is only £853k but at least avoids a further working capital cash placement raise.

The lab talk is 100% pie in the sky IMO as it can only be executed with a further raise. They cant afford a lab its that simple. They do have support though to get one via a placing and a provision to issue shares to support that.

IMO they should crack on with that ASAP. They need to avoid constant cash spend raise, cash spend raise cycles and start generating cash. The lab would do that.

My buy in price is 6p to 7p that’s a £7m mcap and I believe I will get it before the year end providing, BOD strengthened and plans for the lab to start creating revenue outlined.

If they do what they did before, nothing changes, cash will burn down and placing for lab will be at a heavy discount to the last one. Remember, we ended up with a 10p raise because it was left too late, they should not make the same mistake twice.

Sorry but I don’t see where any revenue will come from in the near term apart from the lab if they can get it off the ground. IF TRX not executed their position will be even more challenging without lab revenues.

Good luck but read the report. Its in black and white.

Pork's