Member Info for Rokerpark68

Wow.
My Uncle Oswald used to teach Micky Horswill at Annfield Plain - he kept in touch with him and he got the 73 cup squad to autograph an Echo team photo for me. Priceless, framed in my study.
Guthrie's goal v Luton in the QF was fab. What's his medal like?

Saw him score at St James Park in a 4-1 win in 1979 so his lack of ability is forgiven. Gary Rowell got a hat-trick that day. Glorious. Apparently Rowell asked Kevn Arnott, who was brilliant, whether they should go for a fifth or take the *iss. They took the p***. Happy days.

Y-Alam - I also agree with you that the share consolidation added to the great Friday price frenzy and confusion.

But I don't think the fund-raise itself has created a shorting opportunity. The placees are holders - no loose stock there and other shareholders should count their blessings that money was raised at the price and amount it was.

I agree with you on the impact of the Stem carrot. Created shorter cannon fodder without a rapid valuation consensus, which was not forthcoming.

There will be so much going on at the moment behind the scenes it is difficult to know who is doing what to whom. This is the US, the most sophisticated and brutally capitalist financial in the world. All this stuff I read about the Americans not knowing anything about anything - just forget it. They have my utmost respect as financial capitalists - and I have worked for both US and European organisations.

One point I would make is that you know that I have been chirping on about the valuation of StemPrintER for a while. If the board and its advisers can generate more positive price references for StemPrintER then the shorters will have to get out of Dodge quickly. We need the Admission document and two or three more analyst notes to back HC Wainwright's initial estimate - ie a developing MARKET consensus that Accustem is going to hum. That is the most obvious short-term price catalyst in my mind.

Hi Y-Alam
Why so do you think?

Was your Charlie Hurley sign off a reference to one of my childhood heroes - the Roker centre half from the late fifties and sixties?

Happyish
How irritating, you beat me to it!
1. The $57m fund-raising was a game-changer. Gives the company time and protection against short-term bullying and funds two years of portfolio development.
2. Why would GC, Emery, Altium and Morris Silverman (a big US healthcare philanthropic foundation) give this away? Not going to happen.

My other comment would be that this was an open goal for shorters after the huge run up in the share price a few Fridays ago. It went too far too quickly for probably a number of reasons and a lot of investors understandably came in at £2 plus. Some of these are easy targets for disciplined shorters who know when a share price has been extended. The StemPrintER announcement delay was a gift to them and got them a bridgehead. They aren't necessarily trying to get stock for their rich friends, they are probably just taking money from the impatient.

I used to invest in two types of shorting funds when I was a listed fund manager. One type looked for frauds, structural declines and catastrophic collapses. The other types were short-term opportunists who would have a go when they saw a chance. This falls into the latter category.

There is no way I would sell one share at these levels knowing what I know about TILS.

Hi Whimax

It's very interesting - please keep it up.

Who do you think is doing the stock lending to facilitate the shorting? Or are there other ways to short these days?

Shirazkhan39
Thank you for that.
The reality is the way this is structured there is a window of risk post demerger. But I agree with you that the board will move heaven and earth to get the Accustem listing done as I am sure they intend to. If they don't deliver it would be hugely embarrassing for them.
Why couldn't they have injected StemPrintER into an already existing listed shell company?
Anyway, I think I am getting over-worried as I do like to think through downside risks.

But the assets will move out of TILS on 30 October and it will no longer have legal ownership of StemPrintER at that point. We then get Accustem shares, which ultimately could be unlisted in a worst case but legally possible scenario. The shares may well be worth a lot but we won't be able to sell them until the main shareholders decide to. More concerned about liquidity than value.

I've had a bad day - perhaps I'm becoming one of Boris's doomsters and gloomsters.

Something that is getting under my skin just now is a concern I mentioned earlier today, that I dislike the fact that the demerger is not conditional on the admission of the Accustem shares ie. the circular clearly points to a gap between demerger on 30 October and admission (listing) of the Accustem shares. So for a while (up to two months in the circular) we could have no liquidity in our Accustem shares. Moreover there is no obligation on the board to ever do the listing, although I have to believe it intends to. But is there a circumstance where admission might never happen and we get stuck with unlisted, illiquid stock in Accustem?

Bit of a mechanical point I know but could someone put my mind at rest?

The Shareholder Circular is clear that Accustem will be UK listed initially by way of admission to the Official List of the LSE. Interestingly, the demerger is not conditional on the listing having already taken place (last sentence on page 17). All the board have said is that it is their intention to list the Accustem shares, which I'm sure it is. Of course it is vital they manage to this as soon as possible after the demerger on 30 October, as I don't want my Accustem shares to be unlisted and illiquid.

It would be good to see his cash flow forecasts and know what discount rate he is using to value the assets he has actually valued. Another day perhaps.

At least he has forecasted the expenses burn in his Table 1. Shows how important the fund-raising was.

Morning.

It's a shame there isn't more broker coverage of TILS, I think investors would benefit from a range of views from the analyst community. At least we have Raghuram Selvaraju at HC Wainwright & Co.

In yesterday's note, Mr. Selvaraju precise words regarding the valuation of the StemPrintER spin-out were that "its valuation could be fairly reckoned at $280 million - 10% of the valuation placed upon Genomic Health at the time of its acquisition by EXACT Sciences". So he has repeated his initial estimate from the end of May.

In his last paragraph he re-iterated that his current price target of $11 per TILS ADS (compared with last night's closing price of $3.62) excludes any of his estimated value for StemPrintER.

The report is in the Investor section of the TILS website.

This is on the company's website now .

1968 was my first match as a Sunderland fan v WHU. I will never forget as a small boy seeing the pitch for the first time. My Dad and I were Rokerenders. Had some good times at the SOL as well, although obviously a grim last three years. Sunderland 'til I die as they say.

Perhaps I could persuade Gabriele to buy them?

I had better buy some more on Monday.

Greend100 -.Really interesting information, thank you.

I agree that StemPrintER is likely to be a sideshow for long-term holders given the apparent quality and breadth of TILS's product portfolio. In the short-term though I think a well-received outcome for the Accustem listing will give sentiment a hugely positive boost as we go into 2021.

Thanks SOS.

The market did seem to latch on to H&C Wainwright's $280 million - but then there has been nothing else to go on since then from what I have seen.

Perhaps there will be more news flow on how StemPRintER is developing before the Accustem listing goes live. That could be really helpful. Very good point on the 16% number on the website - I hadn't noticed that it had gone.

I still take my comfort from the fact StemPrintER must have been looked at as closely as possible by the investors in the fund-raising, although there would be the usual listed company information constraints. They invested after the price had run up very far very quickly so they must have been confident.