Member Info for Rokerpark68

This is the company's broker, Optiva, exercising a few warrants that it will have been given in lieu of cash fees in the past. Basic housekeeping by Optiva prior to the demerger. Immaterial financially and tells us nothing new.

No problem.

Hi Old Patchy
We can agree to differ on that.

I don't have any Newcastle mates.

Do you remember the scrap he had on the pitch with Flanagan?

Two proper old football clubs - Sunderland and Charlton. The fixture always has a good sound to it. Lots of history.

Remember Colin Powell, the winger you had in 70s? I used to play in the Southern Amateur League with his son - he could play a bit like his Dad. Nice lad as well.

Christ, not you lot from Charlton - you have a curse on us.

Hello Old Apache

It's a good spot that the RNS from 16 September refers to an IPO for Accustem, but from what I can see unfortunately this reference is not replicated in the Demerger Shareholder Circular which accompanied the announcement, and the latter is what shareholders voted on. There is in fact no reference to an IPO anywhere in the document that I can see, because in the first instance the Accustem shares are going through an Admission (allowing the shares to be traded) rather than an IPO, which strictly means the first time a company issues new shares to raise finance for itself on a public market.

Para 8 on page 14 of the Shareholder Circular says:

"Following the Demerger, it is expected that the Accustem Shares will have a standard listing on the Official List and be admitted to trading on the London Stock Exchange. The Tiziana Shares will retain their AIM listing but a process is underway to seek admission to the standard segment of the Official List and trading on the London Stock Exchange. The Demerger is expected to become effective on 30 October 2020 and it is expected that Accustem Admission will occur later in Q4 2020".

In the definitions section of the circular "Accustem Admission" means "the proposed applications for the admission of Accustem shares to the standard segment of the official list of the FCA and to trading on the London Stock Exchange".

Note the use of "expected" and "proposed" in the Shareholder Circular paragraphs quoted verbatim above - the board have made no binding commitment to ever have the Accustem Shares listed in any way. If there is a problem with getting Accustem listed we will end up with unlisted stock, which is I hope is a remote scenario.

So there is a drafting inconsistency between the RNS and the Demerger Shareholder Circular. Perhaps this betrays that the board is planning to do - IPO immediately after the Admission is done - i.e. they will raise money by issuing new share in Accustem to new investors once they actually have a listing by way of Admission. We'll see.

Sloppy drafting.

Hi there Greend100

Don't get me wrong, I always read posts on the science - yours and SK39's in particular - it all a question of building confidence and knowledge in areas it is difficult for me to form my own judgements. It all helps, so thank you.

I don't think Sunderland can ever call three points at Swindon Town "good". It's the bare minimum acceptable given the horrendous hole we find ourselves in! Apologies to any outraged Swindon Town supporters.

Morning Green100 - I wish I could add some insight here but I really am a layman on the detail behind the science. My belief that the company's science is good is based above all by the due diligence that the healthcare-oriented institutional investors in the company have done on the portfolio.

First drink since last Friday and first crumpets for over two years. You have to live a little. Might also watch a few episodes of Camberwick Green on You Tube tonight before I turn in to make it a really special evening.

Nothing is ever certain in this game, but I do think TILS has a lot going for it now. It sits in my high risk life science sleeve along with five other stocks. I'll be happy if two out of the six of them ultimately come really good over time. What I look for is a VC-style fund IRR for this type of mini-portfolio.

Hi Hundal45
Thank you for those few kind words, but actually for a 58-year-old I am as fit as a butcher's dog as I have been in training for over two years since retiring from the City. Life has never been better.

Hi - yes I agree. That's why I don't watch the share price too closely. It's one for 2021/2022, but I do think it is fundamentally a good pick.

Can I just say how disappointed I am that no-one has engaged with me about children's programmes from the late 1960s and early 1970s. Tomorrow is another day and I live in hope.

I agree with SK39 that this BB has lots of interesting views and varied areas of focus, which is very informative.

The bottom line for me tonight after four bottles of beer and four well-buttered crumpets is that TILS has the science, the product pipeline, the management and, critically, the funding to create a lot of value. So it's going-up.

I bought around March too. Been a really interesting investment to date and I think the risk/return balance is still very good. I won't be buying more though as I have pretty strict individual stock exposure limits across my portfolios.

The Magic Roundabout, Hector's House and Tales of the Riverbank were all world class. Big fan of Noggin the Nog too.

Hello Trumpton Town
You may well be right about where the SP is heading in the short-term - I gave up trying to forecast short-term movements a long time ago. Que sera sera.
I was a Camberwick Green boy myself. When the figure came out of the music box at the start of each episode I was euphoric.

Hi SK39
Haven't had much to say recently as my 84-year-old Mum had a fall a couple of weeks ago broke her wrist - I am a full-time carer at the moment! I am getting good at Countdown.
To be honest I am pretty phlegmatic about Accustem. I'm still hopeful they will sell it for top dollar before Admission, but who knows. As you know I don't attach too much weight to H&C Wainwright's two-line valuation estimate for Accustem, even though there is at least some rationale for the $280m suggested. The analyst may be good but I would rather he was working at Goldman Sachs or Merrill Lynch.........

Hi SK39
I mentioned a few weeks that I thought the demerger process for Accustem had unattractive features, particularly no listing pricing and a lack of liquidity for up to two months (or none at all if the Admission fails for whatever reason).
I am holding on to all my TILS stock because of the long-term prospects, but the Accustem process is clunky and will be unattractive to some investors, both retail and professional.
It clearly isn't helping the share price, especially as we still haven't seen any more broker comment on Accustem which may help get investors excited again.

Good news on IPO's largest holding this morning, Oxford Nanopore. Hopefully this will start to move the IPO share price.