Member Info for RuckRover

C11,
"That’s all you’ll get."
Which I think is pretty much the point a lot of people have made over the years.
Have you looked at the website?
Home page - full of scientific stuff
Investor page - Just the share price and links to reports and presentations.

You have to really hunt around for anything mentioning shareholder value (there's a sentence under corporate governance)
Absolutely nothing resembling a mission statement.

AB,
"Wouldn't disagree but at what point does the CEO decide that the part of the IP subject to offer is "Fully Valued"?"

They can't decide - which is why they need to put it to shareholders. Vulpes and Redmile having bought in around the 7p and 10p level respectively may well feel 60p is "fully valued". If they accepted an offer around that level I'm afraid PIs won't have a say.

C11,
"Personally, I have set my sights somewhat below wanting to, needing to and indeed perhaps expecting to know everything that is discussed in the Boardroom of an AIM listed Company."

I don't want to know "everything" that is discussed in the boardroom either. But as shareholders, surely we are entitled to know whether there is a plan to compensate us for 10 years of giving them our money? If the plan is another 10 years of medical research and no commercialisation I'd rather know now.

AB,
If the offer was for 10p per share, I'm happy that the BOD rejected it on my behalf.
If it was for £1, then we should be given a say.

Morning C7,

You wrote..
"What has surprised me, very little does, that after 3 good RNSs some are forcing concerns over funding again when there are none."

I guess this was in response to:
"I'd appreciate a comment regarding the cash situation. Where do we stand? Can trials can be completed without recourse to another placement?"

I took this as a genuine question rather than "forcing concerns over funding". Funding is just one of many considerations if you are looking to invest - 1) because if a company runs out of cash it may fold and 2) if you need additional funding the existing shareholders get diluted.

I thought the responses to the question were quite reassuring.
moonparty did a straight arithmetic projection based on last reported cash in bank and previous six months spend and came up with just over 2 years worth of cash. I was slightly more conserative (as I usually am!) and factored in higher spend and came up with just under two years. KonarA pointed out the possibility of a deal within the two years meaning that cash burn would not be an issue. As I said, all very reassuring.

I think as investors, the question we need to ask is not "how long will the cash last" but "do we have enough cash to last before a deal is done". I believe the answer is yes and I also believe that the longer the cash lasts, the better the deal can be. Don't forget, aquisition negotiations can take a long time - sometimes years. Perhaps the negotiations are taking place now and are well advanced - who knows?

Anyway, an ultra conservative view tells me we do have enough cash and we should be trading at at least 24p right now (as TD have stated)

ATB.

HRG,

I'd be slightly more cautious than moonparty. Although the operating loss was £5.4 the total development and administration expenses came to £5.95. The expenses have been rising for a while and given the trial activity will increase (we hope) and given the recent recruitment, I personally would factor in a 6 monthly cash burn of around £7m. That will provide cash up until March/April 2024 - just under two years. AIMO.

LL,
Everyone's view should be valued and respected. The more diverse the views the more valuable the are.
I was a little concerned about "Scabcell". I trust this was a type and not some new blood clotting technology being developed. :)

TF,
This has been discussed to death in the past - comparing the DPM across different countries is totally meaningless.
I'm not defending (or condemning) the UK approach, simply stating the scientific and statistical reality.

Bobbust,

"I think they know what they are doing"
That's not in dispute. The question is: will what they are doing make money?

Morning Wild,
Not selling doesn't necessarily mean "happy"!

The consequences for long term (or long suffering) shareholders is that the finishing line keeps moving. What started off in 2012 as a 100 metre sprint became a 400 metre long sprint, then a mile, now a marathon and will perhaps turn into a triathlon.

GF,
I am an LTH.
I agree SCLP is as strong as it has ever been - stronger in fact.
I do believe that the company is grossly undervalued.
I have no desire to twist anyone's arm to sell.
I am more interested in what the SP does in the next couple of years once we have some data out of the clinical trials than the fraction of a pence daily movements.

I think we are pretty much on the same page?

roses,
I assume by "usual suspects" you mean those who wish to engage in a serious discussion about the company and products considering all eventualities? If so, count me in as a "usual suspect".

I wasn't suggesting that SCLP will run out of cash imminently. I haven't done a cash flow projection so can't tell you how much cash in the bank there is. My point was more that there may be an opportunity for Redmile to pump in more cash and grab some shares at current levels (or lower!) than wait a couple of years and have to pay a lot more.

It would be nice if we could debate this hypothesis in a civilised manner. Would Vulpes be invited to participate. Would PI's. Could there be another investor (Redmile need to keep below 30%). In this scenario Scancell would have more years worth of cash or have the same years of cash to do more things.

I'm sorry if I can't see things as others do - I lost my rose tinted specs in 2015.

"The bank of Redmile"
Exactly the point I was making. A further cash injection from Redmile bank will mean further dilution. I suspect For another £30m Redmile would want to pay between 10 and 13p. They might as well do it now rather than wait until the cash runs out.

Yes, the key word being "potential" (as opposed to actual)
I agree with the earlier comment about added value. Bare in mind this is long term value rather than immediate/short term/medium term.

The market reaction stems from a previous expectation of a "deal" which again seems to have been successfully dodged.

The postponement of any revenue earning opportunity does suggest Scancell have the support of Redmile in this strategy. The possibility (likelihood?) of further dilution may explain the fall.

AIMO.

Perhaps and cod bite and chip?

I'd prefer to see a licensing deal rather than an outright sale. The former provides an indefinite income stream whereas the latter is just a one off payment. There would always be the possibility you sold out too cheap but with licensing you have a share in the success - whatever that turns out to be.

The fact that Scancell have not sold out suggests supreme confidence in the future by the BOD and in particular LD.

Thanks Burble.
Would that be a triplet rather than doublet? Or the three musketeers perhaps.

Rigga,
I was replying to the red lipstick comment not your red dot lol.

I think it's a new delivery method being trialled.