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It's very unlikely the HNWI is Gates. We already know who of them is on the the Telegram group.

The board can't reject offers. Only the shareholders can do that. I'm not sowing doubt either. The AGM statement last December states P1 trials to start Q1 2021 and it is now H2 2022 a potential delay of 18 months. That frankly, does concern me. The start of trials has nothing to do with any discussions that may be going on.

Anyway. I will bow out for a bit so the echo chamber can be fixed.

We can't get hold of servers, laptops even webcams are sold out everywhere. If a client asks for a quote. I can fix a price with the big suppliers but until they approve and we order the kit and get a delivery date from the supplier we don't give a delivery date to our clients. It's isn't my risk and I won't commit to it just to win the business.

That's all I'm asking. Don't commit unless you are certain you can deliver. I will be patient if you tell me the reasons.

Absolutely, Thoth. My fag packet valuations start at 2 billion. To caveat that and set expectations, that valuation is based on all compounds being trialled on humans so at least 1 year away.

Lazerus - just having a catch up moan. I was poorly in bed with Covid when the investor meet presentation went out. I read all the comments here before I listened to the recorded presentation. Was just surprised as I didn't think it was good and don't think they went nearly as far as they should have to explain the delays. This board jumped to the board's defence instead of questioning why. I personally have a 6 figure profit that i'm watching erode and I'm going to want some answers when the AGM comes around.

Our IT projects hardly ever overrun and they never go over budget because we supply a fixed price quote. We can only do that by setting the expectation of what our client is going to get before they approve the proposal. It's easy if you are upfront and honest about the supply chain issues that all industries are facing.

There was a pandemic on when they released that statement. I wouldn't commit to delivering an IT project unless I had confirmed the kit was in our storeroom. You just don't do it.

As long term holders, it would be stupid to sell up now. So we sit on our hands again.

Agreed GF but this is from the AGM statement last year. They have added value but have lost a lot of credibility as directors of a company worth hundreds of millions.

"We now have the exciting prospect of submitting our first CTA for approval in the first quarter of 2021, a key step in allowing the first in human studies with SDC-1801 to begin" How can you fall a year behind in less than a year?

I don't want to be negative but we shouldn't let them get away with it either.

Yes, i'm not down on the science. I believe. If you go back through the RNS, we've been given a deadline after deadline, again and again for the end of preclinical on 1801. Either, they were not telling us the truth then or they are not telling us the truth now. As far as I remember, we have never been told about the need for a patent to cover the tablet\capsule form of the drug and Tim saying it is standard practice in the pharma world might be correct but if so, Why wait to apply for the patent? This could have been done 2 years ago when the indications were announced. The compounds haven't changed since then. My mind is more focused and it seems the SAR are struggling to meet the expectations of the shareholders. I'm just lowering my expectation until Tim and the board pull their fingers out. If I were to guess the reasons, I'd say were might have been close to a deal at some point over the summer and the HNWI were brought in to prove we could walk away if needed. I think our hand has been forced and we have walked away. No deals in negotiation and financials provided means an open market for the directors, hence the selling of options. Unless we get some 737 news. I'm not expecting anything other than the AGM this year. The AGM could be very interesting if Tim doesn't pull a rabbit out of the hat by then.

Warthog - I wth you there. Not been active on the board for a few weeks. Mainly due to the whole household getting covid. We're all ok but it will be next week before we are all officially free to mingle. Anyway, I was really disappointed with the most recent delays to P1 trials and I don't buy the supply issues line we have been fed either. We were told P1 trials would start early 2022 and we were told that less than 3 months ago. How can you introduce a 6-month delay less than 3 months after telling us otherwise? Either we were never going to make that deadline or something changed. I think we, the shareholders let them off the hook on this. I also don't think the Investor Meet presentation was good either. The science is good, as always but I thought Tim sounded ****ed off when going through the Q and A. They have been promising the end of preclinical for 1801 since 2019, pre-pandemic so by 2022 they will be at least 2 years behind schedule. Why? The last HNWI subscriber must be feeling pretty unloved right now as their investment hasn't even been in profit yet. It's not a good advertisement to get bigger lumps of cash through the door is it? I'm an LTH and really don't have an option but to wait it out but I have different exit strategies now because I suspect, we'll be here this time next year saying 2023 will be the year. Tim and the board really do need to pull out all the stops now. I believe in the science, I'm ok with the director sells, I'm even ok if more options were handed to them. Just get the job done! Get some deals so we can decide if we want to hang around for Poundland or not.

0.5p should easily be achievable. Once 0.43 goes. The next step up is 0.45 on L2. Just needs a little push.

It just means we aren't in a closed period so they exercised their right to sell. Completely deserved after the value they added this year.

I've not been taking much interest in the boards for the last few days as Covid has made an appearance at Potnak towers. The missus, daughter and myself are all positive. All vaxed so nothing more than a cold at present. Anyway, my thoughts on the PH appointment are that of optimism. Personally, I can see only 2 reasons to bring in an extra broker. The first one is we need help getting in front of the big investors. Peel will give us that clout. The second is a deal is being worked on that is complex and our current broker is too close to Sareum to remain objective when giving advice on valuations. There was a line in the finals RNS that I don't think anybody picked up on here. It went something like. "The directors will continue to review the potential higher value of a later stage licencing deal." This says to me we have offers of deals, maybe a TO even but the board will not let it go on the cheap if we can push it further along without a deal. I have a feeling we will go into P1 by ourselves, prove the safety profile and then we'll be open to offers. I would love a takeover to just take the decision out of my hands but if an offer was made now, it would be at a significant discount because of risk. Hate to say it but, I think we have to be a little more patient (H2 2022 or H1 2023) before we cash out as it were.

Consolidation wouldn't be a good way to spend limited funds that we will need to progress 1801/2 into trials. As RMM says, having PH onboard will give some clout when courting institutions. We'd still end up with more shares in issue but as with the HNWI, you can set the investment price above the current SP. Can you imagine what £20 or £30 million shares @10p would do to the SP.? The institution would immediately be in profit. Win/win.

The focus will shift to therapeutics pretty soon. https://www.nature.com/articles/s41423-021-00779-5

The HNWI subscription was a placing, just with another name and a higher than the SP price tag. It still added to the total shares in issue. However, I've said this a few times now. This is not overpriced until the SP goes part 10.25p.

IMO, there is a clue as to why another delay and that is the word differentiated. If I'm right in my thinking. Its a funded fast track for Covid with a long term development for Immune. Two separate licences protected by the formulation patent, one formulation for each indication. Which means the patent is most definitely an asset that will generate royalties for whomever owns it.

Nice introduction of a new word for Sareum. Differentiated! Does that mean a Covid pill can licenced separately? I think it does.

Carter, I'm still waiting to find out 'what is really going on' you said we'd find out shortly, way back in Aug!

Lost track of the latest Qnut news this couple of weeks.

Crude. No one is buying Sareum (or they shouldn't be) based on earnings and fundamentals. You are buying a piece of their IP and what the potential value of that may be. Personally, I happen to think SAR will be worth anything between £0 and £2 billion pre commercialisation and multiples of that once we get to market. I also believe won't get as far as commercialisation but that's my opinion. It is educated gambling as Thoth calls it. Let the SP do what it does until the news starts to flow.

We will get the results on Monday and there will be a forward looking statement as part of that. Hopefully no delays in there. Probably best submit questions after you've read that because it will answer some of the questions you have.