Member Info for Rokerpark68

I'll second that.

Hi Whimax
I agree with you 100%.
Let's just see how everything unfolds over the next few months.
Cheers

The omelette was cheese and mushroom and she loved it.
Gave her a custard tart for pudding.

Old apache
I'll take the lashes please.

Forgive me for I have sinned.

Never try and cook your Mum an omelette when you are posting on a BB.

At 12.48 I made a mistake

Sorry you are right. As per my earlier posts there is a reference to an IPO I the RNS but not the Shareholder Circular.

Good spot - SK please note

Hi again SK39

The Accustem listing prospectus is referred to on page 30 of the SC - ask him if that will include the pricing of Accustem stock please.

Thanks - don't like inconsistency in public company documents/announcements!

I know that.

Hi SK39
The question to ask him is:

Will the Admission Document for Accustem referred to in the Demerger Shareholder CIrcular contain information on the pricing of Accustem stock? Will there be an IPO in conjunction with the Admission? why is there no mention of an IPO in the 16 September RNS but not in the Demerger Shareholdr CIrcular?

The advisers should be able to answer this.

Hi again.
The inconsistency between the RNS and the Circular needs to be clarified - Accustem is going to need a good deal of funding to bring StemPrintER so I expect the board to announce a fund-raising along with the Admission. As I said, sloppy and confusing drafting.

Hi Whimax
According to my reading of the Demerger Shareholder CIrcular, as per my post the other day, there is no reference to an Initial Public Offering in that document although the RNS dated 16 September does include a reference to an Initial Public Offering which is inconsistent and sloppy drafting by the board and its advisers.
The Demerger Shareholder Circular refers to the Accustem Admission as a defined term which I quoted verbatim in my earlier post. An Admission to the London Stock Exchange means shares can be traded, but the price will be set on the first day of Admission by market makers and the market. There won't be a pre-set price for trading unless new money is raised at the same time, which would make it an Initial Public Offering. The board may be planning an Initial Public Offering (which would be an offer of new stock in Accustem to new shareholders) after the Admission has occurred, but the Demerger Shareholder CIrcular we voted on does not say that.
If people want to understand how Admissions work, they should have a look at the relevant pages of the London Stock Exchange website.

SK39

The H&C Wainwright research note from 29 May says that 2018 Oncotype DX sales reached almost $300m, so I think that is an annual figure rather than quarterly. Would that impact your $1 billion minimum requirement?

Why do you think the board would necessarily be giving much away by selling Accustem sooner rather than later? The point is that the board may be able to extract a premium from big pharma now which is attractive given the remaining final delivery risk on the commercialisation of StemPrintER. A lot can happen in 6 months. Time is risk.

With regard to the share price, you know I never comment on short-term movements because there is nothing I can do about them and you can never really be sure of cause and effect on short-term prices - the markets are so complex. So I go on fundamentals and I think they are good for TILS. The only reason I am not buying more myself now is because of self-imposed portfolio limits on single stocks - most of my portfolio is run for yield., but I like a bit of excitement too.

Hi Whimax
Two serial over-payers are telecoms majors and big pharma. Come on down big pharma!

But of course that all reflects I am a finance person first and foremost.

SK39,
I would like to think that the board wouldn't give value away unnecessarily. But sometimes you get offered a price for something which you have to take. StemPrintER is some way from full validation and commercialisation. There may be a price that the board have in mind for the asset right now. That's why I asked you a month ago what you would accept tomorrow for TILS. I don't mind leaving something on the table if it removes a whole load of delivery risk. It's always a balance whatever the sector.

Hi letsbecool
Yes, I was diddling around with TILS until the fund-raising, once that was done I got serious and bought a lot more. DD, funding, more investor influence over the board etc etc.

Just picked-up on this interesting discussion about the demerger and the issues around the share price.

As I have said before, I can understand why the demerger has been pursued, but it is a clumsy process. I'm still not sure why they didn't just hive the StemPrintER assets down into a subsidiary then, when they were a bit further down the line with the product's validation, do an orthodox IPO to raise new finance when Accustem floated. Tiziana could have retained a majority shareholding in Accustem and we wouldn't have to deal with the risks around Accustem shares being illiquid for a period of time.

Given that the $57m fund-raising was completed in August, months after the intention to demerge was first raised in May, I can only assume that the new investors were fully consenting adults when it came to how the demerger was being structured. I still think the most logical thing will be for Accustem to be sold privately before the Admission to the LSE takes place some time in Q4. According to the Demerger Shareholder Circular the demerger of the StemPrintER assets is due to complete on 30 October, so that's the earliest date that Accustem can be sold owning StemPrintER. If I were one of the professional investors who came into the fund-raising I would love the idea of a rapid pay-back through an early sale of Accustem and then a longer-term term ride on a high-quality therapeutic business pipeline.

As regards the share price over the next few weeks, heaven only knows where it is going. Unless you are a trader I just wouldn't let it worry you too much. Either some of these products will be a success or they won't. That's the risk I am willing to take. However, I would really like them to sell Accustem quickly and give me a good early return. There would be lots of value left for the longer-term.

Sitiain,

Most of the company's video presentations are on the Investor section of the company's website under a tab called Featured Videos.

Bluebelly - a warrant does not have any share rights until it is exercised and becomes a share. It is an option to subscribe for a share over a certain timeframe at a pre-agreed price. The proceeds on exercise go to the company.