Member Info for ratcliffewriter

DE mentions ‘the one caveat’ at the end of a substantial and highly optimistic and complimentary post, and immediately that one caveat seems to be the only matter under serious discussion. Bear in mind that to get to 30 percent there would need to be some obvious stake building which would have a very positive impact on the SP but how about just a little balance and some consideration of the enormous positives DE also raises. Why the obsession with worst case scenario at every turn? There are more positives looming now than for a long time, if ever.

Re t'other place crumbs - Matthew 13:42

Perhaps instead of perpetuating your spats you could actually read what inanaco asked and possibly give a reasoned answer. I am sure your insight would be appreciated. The question was 'What exactly is your plan with Scancell now ?' I recall you seem to have a rather pessimistic and downbeat vision of the future for the company. Is this still the case? Genuinely interested in your opinion, as I am sure many are.

You know he's read it....

Delighted for you my friend. The very best news.

As a shareholder your 4 for 51 entitlement is ring fenced, anything above that will presumably be a case of putting any excess into a pot and dividing by the shareholding of those who want them. But if you are entitled to (say) 30,000 extra, you won't jeopardise that entitlement regardless of whether you apply for no extra ones or a million extras. Hope that helps.

Aren't you a penny adrift on those prices?

As the company is in the advanced stages of a commercial deal with Avidimab, I would imagine this would preclude any director from buying (or selling for that matter). Given that this makes sense, does anyone know why Vulpes are being allowed to buy their 18 million new shares (a vote of confidence in itself) with a Diggle on the BoD, or is there some legal technical separation, given that Vulpes is a commercial entity not a 'physical' board member? Rational and informed answers only preferably...

Knowlesi - if you read my posts with any level of concentration (which as ever you patently don't) you would have seen in at least one of them the words 'this is dilution'. You would also have seen that they were actually an attempt in several ways to explain that the shares have been diluted. Dining out with you must be a slow and tedious process if this is your level of understanding.

https://youtu.be/U2ST6uApZ7k

Mcap = price of share x number of shares in issue. Mcap alters according to the usual factors. Number of shares in issue is a variable. Share price is a variable. (Don't we know it!). Alter the share price and the mcap alters. Alter the number of shares in issue and the share price alters. The macp is the result of the multiplication of share price by number of shares in issue. Today we have seen both - the number of shares in issue increases, but the sp has increased as well, negating the effect of dilution.

How else can I put it? Try this - the value of your shareholding is broadly the same tonight as last night, but the proportion of the company that your shares represent is less. Your holding is diluted. Your shares are the orange squash, the water makes up everyone else's shares. Redmile and Vulpes just added a load of water to the glass, so the squash (the bit you own) forms a smaller percentage of the content of the glass.

Your shareholding HAS been diluted. It is only variations in the share price that have meant that the value of your shareholding is similar today to yesterday.

So if tomorrow Scancell doubled the number of shares in issue, would the share price automatically rise from 6.5 to 13p? Or would it stay at 6.5? If it did, your holding would be halved in proportion due to the doubling of shares in issue.
Anyway, fortunately the market likes what the company has done, that's why today's dilution has seen the share price behave as it has - to sustain the price per share with a large increase in the number coming into circulation shows that the arrival of Redmile and the increased stake by Vulpes means the certainty of funding for the next 2 years will allow that all important scientific and commercial advancement to take place with confidence. Government grants and commercial deals will now be the icing on the cake - the fundamental cake is cooked and tastes good, even if it is cut into more pieces than before.

With 100 shares in issue, their market value is 100p each so your 2 percent of the company is worth 2 pounds. The number of shares doubles, but if the market cap remains the same then your shares are now worth 50p each due to the dilutive effect of the share issue. But say the market likes the move and the share price doubles, the shares you own are still worth a pound each but the market cap of the company has to double to achieve this. Your shares were two percent of the pie, they are now one percent but the pie has a greater value as an entity.

If there are 100 shares in a company and you own 2 of them, you own 2 percent of the company.
If the company then doubles the number of shares in issue, you still own 2 shares, but there are twice as many in circulation. You now hold one percent of the company. This is dilution.

Hmm. So much experience and success that you remain invested for over 7 years in a company whose board you have no faith in. Next time I need a financial expert for a multi million pound deal I'll probably give you a miss if its OK with you.

Can you imagine the boardroom in 2013? 'Hey guys, we could easily do a raise at 50p or more, what do you reckon?' 'Nah, sod it, stick it out at 30p. Big numbers are scary. And pass us another custard cream will you.'

Moljen - when the price got to 50p we did a raising at (as I recall) about 32p Another raising at 22p was done when the sp was in the high 30s. The 64p 'high' lasted a very short space of time and the market will only buy what they see as good value. The idea of a raise in the 50p region is ridiculous - nobody would have paid that kind of money given the opinions on immunotherapy and vaccines at the time. You are talking what could only possibly have been done then if we had had the progress that we see now, and more importantly the change in attitude to the science and the increase in overall I.P. You are speculating with unrealistic hindsight on a subject that has been talked to death on both boards and is a total non sequitur, This subject has been turned into a 'fact' in other places when it is not worth the breath with which it is spoken. After today's raise however, we have enough funding to go to the end of 2022 which covers the SCIB1 combo trial, the Modi1 trial, and additional work to continue Covidity to a point where it can go to trial, and that's without the Avidimab and its 'advanced negotiations.'

Interesting that a multi-billion dollar US based investment firm with a specialisation in bio investing has gone all the way from Los Angeles to the UK to put money into a 25m mcap tiny bio which some would have us think is on its knees with no future and an inept Bod. My own feeling is they must have seen something significantly more promising than a transatlantic punt.