Member Info for Porky9

@PM2022
Directors already confirmed their position in the release:-
"The Directors of the Company have confirmed their intention to subscribe through the Fundraise an amount of £32,500 in aggregate"
So that's 325,000 shares actually being purchased and paid for and 6.5m shares in options
I will think about what you have said

@Lockdowns
It wont go the same way as 4D because VAL they have just completed the initial part of the fund raise and likely to complete on the broker options. Hence fully funded for at least the next 12 months.
GL

@PM2022
Adam has said he will ADD some but I have not seen Nick post that he will be adding yet
There are lots of opportunities out there
But that’s each to own decisions
As I say I need to see those additions, see what the options like also
GL

cont..

So not sure what to think TBH, the 10p placing looks cheap but I just can’t hit the buy button myself if this remains the Kevin and Suzy show. IF THx gets further delays now no time lines are set, we need to moneytise the other legacy assets, if we are buying labs the deals must be right if shares are used in exchange, i really want some other voices in making those decisions not just Kevin and Suzy.

Poster @MrBB makes a great point, someone like Dame Louise Makin is exactly the sort of addition we need. I just feel that the board needs bolstering, I don’t share Kevin’s view that Suzy is a formidable negotiator, I just don’t. A select panel to properly evaluate all decisions is what’s required to avoid repeat errors IMHO

Bolster the board and I’m in big time. To do the same and expect a different result is madness, I think this is my main issue having given this further thought. I really would welcome others thoughts if they disagree?

GL whatever your call on this...

@OB @Iceman888
I read much of what you both post and in total agreement with @Iceman888 it would be a far different situation making these decisions without the safety net of being able to pull on placing cash so easily.

Prior to the presentation I had this view in my head that Suzy was prudent with the cash flow, managing finances carefully and I could trust her keeping this in check. It was evident from the presentation that she looks to Kevin for guidance but its clear to me from decisions made that she lacks commercial acumen.

For example, on the 5th Jan 2022 she confirmed by RNS they had entered into the service agreement with THx from 1/11/21. This gave the market the impression that THx were a dedicated partner, paying for the support contract. At the same time the house broker CENKOS issued the broker notes which I read, and it clearly stated that the service contract would add 10k USD per month to revenues. During the presentation she said the number was plucked out of thin air and she couldn’t divulge it as it was commercially sensitive, but the fee was accruing and would be paid when they get funded. Clearly CENKOS got that figure from somewhere BUT my point here really echo’s @Iceman888 point, any other business would not undertake this work without payment knowing that they didn’t have sufficient working capital to pay wages shortly but moreover the RNS in Jan did not say payment for this work is also subject to THx securing funding.

On 5th Jan the SP was 38p with her knowing that no money was coming in under this agreement and knowing from the year end she had 5 mths max of working capital runway left, she already had authority to issue up to 10m of shares, why not issue say 5m at 25p I,e £1.25m rather than leave it right to the wire and force a discounted placing. I still don’t get this decision.

Then we come onto the acquisition of the lab and also Kevin’s view that they have a Buy and build strategy and will be looking to acquire up to 4 cash generating CROs to bring into the tCRO going forwards. Now this sounds like a great plan, don’t get me wrong but how exactly will this get funded? The money raised in the placing covers next years working capital and on the basis that TRX does get funded we don’t see that much cash coming in payments over the next two years, so will these acquisitions be via share issue or merger for further dilution?

cont...

@PhilGekko
I could not have put it better myself
And to think some of these shorting scum bags are actually gloating regarding what a great job they have done shorting this business into the ground. I am totally disgusted, #heartbroken frankly
Money you can replace, Human life you can't
You take care Phil
Porks'

@SI
It’s scandalous alright but they still did it AND moreover using last years resolutions so nothing whatsoever to stop a follow on issue for further funding with issue of an additional 20m shares if they wanted.

For the record I have no desire to see the SP fall lower than 10p my 400,0000 shares are now worth 40k If iI knew back then what I know now, I would have sold the bloody lot at 35p and buying 1.4m of shares now in this placing but I’m not.

You do what you do best, I want to see board additions. If the price climbs and I buy in higher later so biet but I take take nothing for granted, I’m I impressed Adam is increasing his exposure but I don’t want another year of the same. They strengthen the board and as I say I’m in boots and all

GL

@SI
Jeeze, the board is here to discuss the dam stock
Do what you like with the information, debate it.... If i'm wrong say so and why???

@rhubarbmk2
Thanks for taking the time out to reply with your thoughts, especially as you are not well at the moment.

Can you encourage them to ADD at least 2 if not 3 additions to that Board?, we can not continue with this as the Kevin and Suzy show, you don't know what you don't know and by god they are making some school boy errors here. They are not seeing it. ANY strategy, decisions, new agreement should be properly debated round table before implementation.

They do that and i will be in boots and all, until then we cant have a continuance of same.

@HeresHopin
Indeed, providing fully subscribed they will have extra cash and forward trading for the next year sorted which is a major positive, as long as its used wisely. We are not investing to support a lifestyle business we want them to create SP growth with it. Personally as i have already said i want to see some BOD additions but not sure Kevin sees the issues.

Also, I'm hoping some of the Share Option will be exercisable at a higher SP on milestones but that's a lesser point for me that the additions.

GLA

@DH Its a total gamble

Just chucking another curve ball at this, lets say you secured 1m shares in the placing at 10p, job done and the listing goes ahead. SP rises to 11p but you bin the lot the next day on the open market making a quick 10k profit, easy days work or worse, you also open a short position knowing you are going to dump the placing shares and profit from that to.

Now I'm not saying that will happen, but it could, its anyone's guess but if a percentage of those in the placing do that then short term the SP COULD go down under the placing price.

I think if you are going to take a long term view, buying in the placing at 10p should on paper deliver a decent return in the long run but there could well be a better opportunity short term. IF THX gets funded then that that will improve the position materially but i don't think that will come quickly.

For me I'm sitting on my hands in no rush, i want to see the position after dilution when the dust settles. I want to see board additions, I don't want a repeat of the past

Eitherway i think the SP will be volatile, i cant see for the life of me why anyone is buying today at 10.7p when they can buy in the placing at 10p unless its a small amount and not worth the .7 difference

GL whatever your call.

Firstly, the massive buys yesterday of 1.3m shares at 10.7p x 2 you can bet your life were closing of shorts.
Think about it, if you were going to spend £200k+ on stock you would do it via the 10p placing. I deffo would but if you are not holding shares you can’t participate unless you can get in on the broker option.

Can’t prove it, but if I was at THx and knew this was going to be delayed, I would know for sure it would tank the SP hence selling blocks of stock to take the SP down knowing I could buy back when the news hit the fan. Not insider dealing as these I suspect are individuals NOT directly related to VAL.

Secondly, lets take the SP position back to prior to the THx deal and its speculation. The SP coasted for about a year in the 18-20p range.

65m shares in Issue @18p = £11.7m and @20p = £ 13m Valuation
Now let’s assume that the placing completes, the broker option completes, and the Share options get issued: -
15m + 10m+ 6.5m+ 65m = 96.5m

So, after the 10p placing to get back to £ 11.7m the SP would need to be 12p to get to £13m 13.5p

BUT we no longer dream that 201 will go to a major, we don’t know if the SPV will get funded and plan B required and no time line now, its open ended and we don’t know if a further placing will land for the Lab and we don’t know if they will improve the board hence, there is still much risk and a lot we don’t know yet. Market conditions still dire and many stocks trading below listed prices.

Finally, I will be interested to see if Adam or Nick ADD in the 10p placing, they might to help preserve their current position BUT there are many opportunities in the market, and they already have a big exposure here. I’m at a much, much lower position myself and thinking I want to see those board additions, so we don’t end up repeating the past.

There is no denying the BOD have let SH down on this and trust needs to be rebuilt.

GLA whatever your call on this.

Porks'

@Freddleboy
Your comment is actually counter productive if you think about it, you cant say on the one hand that its tough for small Bios to raise capital and the position is getting worse, which incidentally I whole heartly agree with, and at the same time use it in a positive context that the funding here is done when in reality much of our situation is down to If the stateside SPV gets funded.

Nine months and waiting and not funded yet nor service fees paid, IF they don’t get funded then we need to move to a plan B and find a new partner.

@Iceman888
I am actually 100% in line with your thinking, I’m sitting on my hands currently partly because I’m waiting on some deals to complete in my business world which will allow me to speculate more on higher risk AIM plays BUT more, so I want to see how events unfold here and changes implemented.

The board needs bolstering with at least two appointments that are experienced or otherwise we continue making the same mistakes.

I was shocked that Kevin thought Suzy a “formidable negotiator” I’m a massive fan of Suzy but bloody hell she’s far from that, this is her weakest area, and she needs Board support. FACT

Also, prior to this they were talking about Lab acquisition yet not enough CAB to cover the next months payroll. We still have no clarity on how the lab will be funded and during the presentation Kevin refers to possibly 3 or 4 acquisitions in this arena to bolster the new lab concept moving forward. Where I this money coming from?

There is still a certain amount of naivety on the board IMO and that can only change with additions, its how it is.

I understand detailed Q&A will be published shortly so look forward to that

GLA

Thanks @Iceman, suspected as much.
So she just took to the AGM to spaff off, cause trouble, try and wreck the AGM. Nice.
Jeeze, she is a bitter and twisted cow, they are right to see the back of them two...

Two years on and still cant let go,, wow. No wonder Suzy wanted to take cover and look to Kevin.

Thanks @Andysel i was sure i read that. So she can't remember what she told CENKOS?
Appreciate its considered a low amount but i still think it should be paid over. That's $70K USD to end of June owing so that's £58,000 we are short with exposure increasing. Salary of a team member or over half the cost of another evaluation agreement. Cash is king.
What's the point in having a service contract deal if they are not paying it.?
May as well have said, IF the TRx deal completes they will also reimburse us for service work to that point?

From my point of view, Kevin was confident no skills gaps in his board, to quote he actually said "Suzy is a formidable negotiator" i really disagree on this point. I think she is a fantastic ambassador for the business, she knows the science and a good communicator but need serious team support on these matters to avoid future mistakes.

Unless that board is strengthened with at least two NEDs one to replace KA and one other from the sector and BOTH are active as part of an advisory panel so they can properly evaluate deal terms before offered, I am going to rethink here bit concerning.

Appreciate you don't know what you don't know but come on they must see some of the glaring errors surely???

Happy for ANYONE to explain what i'm not getting here? Thanks

Well OB and RB are there so hopefully when they return they can tell us what she was shouting about...
Is that the Fat Frogs wife Ice??

@Novice
I was surprised, i was asked my thoughts the other day and thought it might go as low as 12p but as the SP was holding up well at 16.5p i thought it might place at 15p. I wonder who fills the non PI issue? clearly it was agreed with them at 10p which is a big discount hence the follow on. Maybe they couldn't get support higher?

Interested in others thoughts here..

I can see @Iceman888 you are not happy. I was surprised that Kevin doesn't think he has gaps in his team and considers them strong negotiators - i do disagree with that point, Suzy is not formidable in negotiating IMO. i really think they do need support in that area and i'm an advocate of some board additions to strengthen that side. If they don't do that then doing the same things and expecting a different result is madness. I want to see additions for sure.

Also they are looking at a number of lab options and Kevin also mentioned 4 possible additions going forwards to make up the new concept - i just cant see how this can be funded? I asked the question, no reply.

The guy at the meeting asked about hurdles on share options, i posted an online Q saying they needed to clarify further as i think what he was eluding to was share options without targets. For example, say the board getting options at 10p the SP rising to 15p and them selling into the market. What we need to be assured of is that share options are to focus on longer term SP growth and milestones set and restrictions on time lines before they can be sold on. We want the BOD in line with our interests - not sure they got that message?

Adam has Covid which is a bloody shame. We needed him there today. Hope he gets well soon. I think Kevin though has no intention of offering Adam a Board position. That was the impression i got. He says better as a shareholder adviser?? Maybe he is but its that sort of heavyweight we want joining the board.

Also, Suzy said 10k service charges for TRx were figures plucked out the air so she must be right, however, I am bloody confident it said 10k USD per month from 1/11/21 in the CENKOS report. I'm going to see if that doc is still online. Anyhow, its not been paid anyway.

I was pleased they confirmed no personal benefit in TRx but not sure why we cant have greater visibility regarding how much they are trying to raise and when. Felt a bit open ended and i still don't see why they cant pay us for the service work along the way, we can only hope it gets concluded soon.

Its all a bit raw i will re-watch the replay. see what votes get passed and how the dust settles and what other investors think?

@Andysel
Appreciate you are VERY loyal but why buy at 10.5p ? You can buy at 10p in the placing?
Don't get that one

i did ask on the Q&A if Kevin was going to acquire four CRO how he was going to fund it? No reply to question yet

who is that bloody women complaining, got to be a relation to the Fat Frog???

Managed to get clear to see this live. have to say even i'm surprised the placing is this low, see what she has to say, notice though less dilution as not issuing all stock they have authority to issue.
GLA