Member Info for Rokerpark68

Why 11 days in theory until listing of Accustem shares?

You never know, but I suspect GC will want to plump it up more first.

I'd just be happy if they were actually liquid.

I think we are due an update on what is happening regarding the plans to list Accustem now it is over two months since the demerger.

The Accustem website is still "under construction". All feels rather in limbo while other matters take priority.

Hopefully we'll get some positive news shortly somehow or other.

Happy Christmas and New Year to everyone. Really looking forward to seeing Tiziana and Accustem develop in 2021 and create lots of value for us all.

Greend100

I would be somewhat surprised if GC ever takes a break from his jet-set lifestyle to read the LSE TILS BB......but the very thought of it has made me smile.

Btw, if anyone wants to buy me a Christmas present I have my eye on the 80's rocker beard on fancydress.com - top right.

Shiraz,

You could be right of course, but as I said I would rather see the rest of board adding if director buying is taking place.

Hi there Greend100

Director trading sometimes just feeds cognitive bias - I always found it very difficult to use it successfully as a portfolio management tool. Gave up a long time ago!

I'm with you - let's just see what happens now - some of the pipeline will either be a success or not. Que sera sera.

My point exactly.

Hi Shiraz,

Then I might expect him to buy a lot more than two purchases worth a total of about £55k.......

I would take more notice if some of the other board members who don't have large holdings hoovered up some stock.

Cheers

Just to put this in context GC has just bought another 35,000 shares to add to his existing TILS holding of 66,000,000. It is therefore of no financial significance to him.

Some possible explanations are:

1. He is signalling to the market that everything is going well, especially with the Brazil trial.
2. He is concerned that something isn't going well and is trying to make the market think everything is going well.
3. There is some other obscure reason for why he would add now which the market will never know.

Take your pick of the above, or add another if you think of one.

Hi Fingeronthepulse

I offered an explanation in the thread headed "TILS's Share Price in the Cold Night of Day" which I started at 18:29 yesterday evening.

See what you think.

Morning Shiraz,

Yes I agree that there are things to be positive about which is why I am holding all my TILS stock.

The "TILS's Share Price in the Cold Light of Day" thread which I started at 18:29 yesterday evening was really an attempt to think through why the share price is around the 80p mark at the moment, and I believe that there are some logical reasons for this, as I explained.

You know what I am going to say now....the company needs to execute on your points 3, 4 and 6 and we will all be happier!

Cheers

Hi again letsbecool

Never crossed my mind it was a trick question!

I read your posts and always find them interesting.

Cheers

Roker

Hi letsbecool

Totally with you on sloppy management.

I managed two listed closed-end funds during my career and the one thing I always made sure of with my two boards is that we always delivered on anything we promised, and that what we promised was pretty much in our control to deliver. That's how to build trust and confidence in the investment community. The TILS board is pushing goodwill to the limit and I can tell you their institutional investors will not be happy, which is just not helpful. If TILS tries to raise in the UK from institutions who do people think those UK investors are going to speak to about what TILS's board is like?

On Accustem, without sitting in front of GC and Kunwar and going through their Accustem investor "road show" materials with them, it is very difficult to take a stab on valuation. Also, without talking to other investors about the proposition it's really difficult to gauge mood and appetite amongst investors. There is a complete dearth of information - so I would love to have a view but I just don't have enough to go on.

Sorry.

Yes we are.

Or alternatively they just do the main listing and then wait for a value inflection point on newsflow and do another fund-raising, this time in the UK, and bring in a whole raft of new professional investors. GC hinted at this on the call last week.

TILS does need the main market listing to broaden the company's investor universe and raise its profile, but the success of the listing depends very much on the company having a significantly larger free float so that open and closed-end funds can get a decent-sized holding which is reasonably liquid. Without this they won't find it attractive. I know - been there many times as a fund manager. If you can't get size and liquidity what's the point?

So perhaps GC needs to make some stock available to investors when the listing takes place. As the company has already said there isn't going to be another fund-raising at the time of the listing , it's one of the few ways available to the company to increase the free float.

There has obviously been a lot of heat and light on this BB about the TILS share price over the last few weeks and especially the last few days.

I have tried to take a step back this evening and have been looking at TILS's one year share price chart. The share price really began to move in May, partly because of IL-6R mab being touted by GC as a possible treatment for COVID patients threatened by a "cytokine storm", and partly due to the ASCO poster in relation to StemPrinter. In fact, I think the latter was far more important to the rapid rise in the TILS share price in the early summer and a lot of investors got very excited comparing StemPrinter with the current market leader in StemPrinter's market. The H&C Wainwright highly indicative valuation of $280 million for StemPrinter was seized on as almost a bare minimum.

But what has really changed since May before all the StemPrinter excitement? First, any value in StemPrinter which did drive the TILS share price in the early summer has been demerged, albeit in a currently unsatisfactory illiquid form. Second, and very positively, there has been a $57 million fund-raising which has taken away the risk of serious share price dilution if a fund-raising had been needed at a much lower or even distressed valuation if TILS had begun to run out of cash during 2020. The funding is now allowing the company to progress the development of its therapeutic portfolio, BUT we haven't yet seen any really concrete results, and barring the Brazilian trial there probably isn't too much short-term excitement on the horizon.

So in the cold light of day is it so surprising that the share price is around the 80p mark? It's still higher than in February/March, and that probably reflects the fact the company can actually fund some therapeutic portfolio development now, which it could not in the same way at the start of 2020.

Throw in some mis-steps by the Board on timelines, over-promising etc and perhaps 80p isn't so illogical after all (for now anyway).