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The City Code on Takeovers and Mergers

​The 30% threshold is a key provision of the City Code, specifically under Rule 9. This rule states that a mandatory offer must be made for a company's shares when:

​A person (or a group of people "acting in concert") acquires an interest in shares that, when added to their existing holding, takes their total voting rights to 30% or more.

​A person (or a group "acting in concert") who holds shares carrying between 30% and 50% of the voting rights acquires an interest in any additional shares.

​Key Implications of the 30% Threshold

​When the 30% threshold is crossed, the acquirer is obligated to make a mandatory cash offer to all remaining shareholders. The offer price must be at least the highest price paid by the acquirer for shares in the company over the last 12 months.

​This rule is a fundamental principle of UK takeover regulation. It is designed to protect minority shareholders by ensuring that if control of a company is acquired, all shareholders have the opportunity to sell their shares at a fair price.

Why would "dark forces" hold it down? What would they achieve? You could still buy at 15p in June. You can still buy for less than 30p today. Why don't they just buy? A TO has to be put to a shareholder vote, the board will then recommend to the shareholders which way we should vote. As long as the board know the value of the compounds then we should be ok. The only other way for low ball is hostile TO. If this was happening, We would see TR1 when anyone passed 3 and 5%. AIM rules say that an offer must be made if any holding passes 30%. If an org started buying with the intention of doing a hostile TO the SP would go up.

We just need to trust the board know the value of the compounds. Still think this is a moot point though as IMO we will do a licence deal. 😀

I know others here believe different but I still think that the 'advice' the board was given was from a CRO. I think we are probably 1 step back from where most think we are. Not saying the board haven't been in talks but the Bio Europe event is perfect timing. Complete the study, put the data package and presentation together. Release the RNS at the end of Oct then head off to Vienna to hopefully present. The board could start creating interest by releasing little snippets of news. Lab phase completed as expected, final results hinting at some good data etc. throw 737 in there and there might be a queue waiting for Parker in Vienna.

Not saying it means anything but a milestone all the same.

I'm really hoping that there is 737 news than can be used to kick start the rise before they report the Tox study data. Little bits of news in multiple rns.

Not sure about 20x but even if you going on market cap, we'd be sitting over 50p with the same MC as HEMO. SOG's 70p wouldn't be far off when the Tox data is released.

And, yes the consolidation. Some are still 25% down, even after a 1000% increase. It's good to watch it playout when there is no risk. IMM were the same. I remember watching IMM with my finger on the buy button as they were coming upto trial results. Then Thoth came on here and said he thought that had messed up the trial and to get wary of the ramping. Sure enough the RNS dropped and the SP dropped by 90%. Close call there for me.

There could be more spikes at HEMO as they are presenting at DCNY summit tomorrow but then after that they will be on the fundraising train and the SP will find a level. The invitation to present is curious though. Someone somewhere pulling strings.

It's the drip feeding in news, Laz. Didn't SAR have 16 patients in phase 1?using the hemo strategy of issuing and RNS as each patient passes the safety mark would have been interesting. Ha ha. Don't want to rake over old coals but IMO the board denied the Sareum shareholders this type of excitement and a chance to see some value when they dropped phase 1b. Hopefully, that strategy will pay off for us all.

No skin in the game but I agree with Laz. Sareum already passed this point 18 months ago. Hard to call the top, especially as they are drip feeding in news but if I held id be top skimming on every spike.

Agreed Laz. Up 40% as I type. It's the consistency they've used. It's keeping the FOMO firmly in place. Having said that I'd be nervous if I were a LTH over there. I would fefo be top skimming.

Yes, luvley. A scenario like you described is my guess. We'd all like a takeover but I just don't think we are quite where we need to be yet. Maybe if there were multiple bidders? But then if there were multiple bidders why would you attend a partnering event? I feel optimistic for the last quarter of this year. I think we probably do have interested parties but the magic figure for TO hasn't been tabled yet.

No more than £300 million. I believe. That's why I said a gradual rise to £300 million. To get back to that, I think we'd need to be fully funded for 1801 phase 2 with enough runway to progress 1802. IMO, we'd see a lot of churn in holders if we got over a pound but I believe £300 million could be possible within a year.

IMO, To be clear. An onlicense for 1801 would be an amazing result. Validation for the compound and setting up 1802 and possibly 1803 for a rosy future. Id be happy with an onlicense if it meant more cash raises from the shareholders.

I did say, I hope I'm wrong. Paying for and attending bio Europe says business as usual to me.

I'm deffo not counting my chickens just yet. I would love to be wrong but I still think it will be an on licence and gradual rise to £300 million as the other compounds progress then a TO when we have efficacy data.

Yeah Laz. Like I said, I'm not sure if announcing the completion of the study even happens with other trials or is the release of the data the official end of the study? Presumably, the lab and facilities are booked for a set amount of time. 16 weeks plus slippage? I don't know but as you said a tweet saying. Lab phase completed, now we need to examine and document the data. Could do wonders here.

FOMO will come here. Especially with HEMO and IMM doing well over the last couple of weeks. It is the 16 week anniversary of the RNS on Thursday but the trial probably started on the previous Monday before the RNS. I'm not sure if announcing the completion of the 16 weeks study is the done thing but it would certainly kick start the FOMO here if positive words were used. If not then the final results statement, usually mid Oct will be the next point to focus on. I can't really buy more without introducing risk into my SIPP. But I would buy more if I had spare funds. The chance that the SP will double or triple here in the next 3 months is about as high as it's ever been.

I hear what you and others are saying, sog. But usually, the obvious answer, is the answer. Sareum could well be attending a partnering event. To present the Tox study data to potential partners. The timing could well be perfect. Raise an RNS with a fanfare. Head off to Vienna to present it to all and sundry. We should get an idea if the results are good in the final results RNS. If we see words used like outstanding or superior then we may be onto a winner. IMO there is more than 1 way to get to a £500 million valuation.

Yep, not being negative. Personally, I still believe we will get an onlicense. If this is the case, then attending partnering events is business as usual. All I meant was, it would be nice if that wasn't the case because terms had been agreed, subject to results. It doesn't burst my bubble but may burst other bubbles here.