With many, many thanks to the CEO’s from Zephyr Energy, Power Metal Resources, Scirocco Energy and SpectrumX who entertained and informed us at last night’s investor event. To see their video presentations view here.
I am up for voting in the SAG too. The BoD's, especially oink oink greedy-bolox, needs to be removed and replaced as soon as possible to secure the prospects and our remaining investment in Iclaprim.
The greedy piggies have had their last feed from Motif, but it is such a shame about BVX who are obviously the biggest losers in this whole disgusting affair. Mind you they must have been at the table when the 220:1 and 1:2 numbers were crunched?? I bet they all had a laugh over their G&T's afterwards too!
I'll be toasting my fellow NO voters tonight with a beer.
Taken from page 27 of the Annual Report and Accounts for the year ended 31 DECEMBER 2020.....
"The Company has an unrecognized net deferred tax asset of US $18 million related to net cumulative operating losses of US $107 million, which includes the impairment charges relating to the Company’s operating receivable from and investment in its previously discontinued subsidiary Motif BioSciences, Inc."
Reminder of the RNS dated 10/05/202110 Jun 2021 15:33
"We thank Jonathan for his leadership and collaboration with the Board in advancing what we consider to be a compelling and value-creating RTO opportunity for Motif's shareholders." NOT!!
"Bruce Williams, Chairman of Motif Bio, said: On behalf of the Board, I wish to express our appreciation for the valued support and patience of Motif's various stakeholders as we work to complete the RTO." YEAH RIGHT!!
Oink Oink you greedy bunch of piggies, take note: LETS ALL VOTE NO and teach the greedy piggies a valuable lesson: Collectively we are informed shareholders, not FOOLS!!
It's not rocket science divvying up a royalty payment, a part time accountant could be employed to to this, so minimal admin costs.
Given there is no other business activity for Motif at present, or even a delisted Motif for that mater, other than paying greedy Judas Gold his big fat pig paycheck, the business doesn't need premises either.
So it's simple, delist and we revert to a Limited company. Vote out the greedy pigs. Wait for the Iclaprim revenue to trickle in, divvy it up, programme bank transfers, job done. Most of this can be done by simple database management, for which the data is already available!!
Our plc company shares legally remain ours in a Limited company scenario.
Still worthy of a NO vote even though BVX look like a half decent investment (shame)!
RE: The future revenue stream of Iclarim (if any)02 Jun 2021 20:17
Page 152 of the Readmission Document states:
17.9 Sale agreement, dated 24 February 2021, with Orange Avenue Technologies LLC
"The Company entered into a stock purchase agreement on 24 February 2021 with Orange, pursuant to which Orange acquired the entire issued share capital of Motif, Inc. Orange is wholly owned by John Palmer, the President of Tamarack Associates Inc. the company which was engaged by the Company to facilitate the sale of iclaprim and other assets of Motif, Inc. in January 2020.
In accordance with the terms of the agreement, the Company received US$10.00 for the transfer of the shares of Motif, Inc. In addition, in the event that Motif, Inc. generates revenue from its iclaprim assets which exceeds the amount of the company’s outstanding liabilities, Motif, Inc. shall retain the first US$250,000. Any revenue generated above this threshold will be split between the Company and Motif, Inc. at a ratio of 90:10 and will be paid within 30 days after the close of the quarter in which any revenue is earned. The Company has acknowledged that it will have no future participation in any gains, losses, profits or distributions related to the shares of Motif, Inc."
Still no mention of who gets the Iclaprim revenue if/when it happens??
I must be a right saddo as so far I've read over 100 pages contained in the Readmission Document. Surprisingly, BVX seems to be a pretty awesome target for MTFB and a company worthy of my investment. I have to admit too that if I had seen this under normal circumstances I think I may have taken a position.
Sadly though a bad taste has been left in my mouth courtesy of Judas G and a great looking company could be left out to hang because of the disgusting deal presented to shareholders by him and quite possibly voted down!!
Shame on you Judas G, you deserve to be rinsed of your worthless shares by the trusty shareholders.....and sorry BVX :(
28. RECOMMENDATION "The Directors unanimously recommend that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting, as they intend to do so in respect of their own beneficial shareholdings amounting to, in aggregate 253,958 Existing Ordinary Shares representing 0.039 per cent. of the Existing Share Capital.
In the event that the Resolutions are not approved by the Shareholders, the Acquisition and the other Proposals will not occur. It is likely that the Company’s AIM listing will be cancelled with immediate effect resulting in Shareholders owning shares in an unlisted public company. In such circumstances, given accrued transaction costs, Shareholders would not be expected to receive any further value for their Ordinary Shares."
Directors shares amounting: 253,958 or 0.039 per cent.....Interesting!! No wonder they issued the 'blackmail' RNS today!! They don't have much clout and perhaps they're feeling concerned about the potential level of no votes?!
Does anyone have a tally on where the PI's voting no is currently at?
"An ordinary resolution, in order to be passed, requires the approval of a simple majority of those voting in person or on a proxy or on a poll. A special resolution requires the approval of 75 per cent. of those voting in person or on a poll by proxy."
The future revenue stream of Iclarim (if any)02 Jun 2021 14:05
So in the event a NO vote is carried and the deal falls through, yes we'd all be a bit gutted to lose what pittance we potentially would have been left with.........as Page 36 of the readmission document states: "It is a condition to completion of the Acquisition that the Resolutions are approved by Shareholders. In the event that the Resolutions are not approved by the Shareholders, the Acquisition and the other Proposals will not occur. It is likely that the Company’s AIM listing will be cancelled resulting in Shareholders owning shares in an unlisted public company."
- - - - - - - HOWEVER - - - - - - -
If the company's AIM listing does become cancelled we will still hold our worthless shares: until.....as Page 24 of the readmission document states: "Motif, Inc., now owned by Orange, shall retain the first US$250,000 in revenue and thereafter, 90 per cent of any additional revenue will be paid to Motif, and the remaining 10 per cent. of any additional revenue will be retained by Motif, Inc."
The big q is....WHAT HAPPENS TO THIS CLAUSE / WHO GETS THE INCOME THAT MOTIF (THE SHAREHOLDERS) IS LEGALLY ENTITLED TO??
Clutching at straws it maybe, but what's the difference as right now we are on a cliff edge hanging on by our fingernails, at least WE still own 90% of the income after the first 250k is repaid after costs if Iclarim does eventually generate income!