Member Info for Silverblade

That all adds up ShearC - thanks - so the second 13G filing picked up their increased holding. 204k options (likely at the £1.21 issue price) would have been worth £1.8m in November 2021 (£9 a share). Not quite so much today.....SB

I'm not 100% clear what's going on here andypa. After the recent fundraising Mount Sinai increased their holding from 10.75m to 11.85m shares. This filing submitted on 27th May appears to indicate Sinai have a total holding of 10.95m; and cross references its % holding based on the number of shares as at Sept 2021 (72m). So that is less than their holding post equity raise. A schedule 13G short form is issued when a party increases it holding by 5% or more. I'm not clear as to why the form 13 was issued and why the share holdings do not appear to line up. Perhaps the market perception that Sinai increased by 9m shares led to the 20% nasdaq price increase on Friday? No idea where they would have found 9m shares either. SB

In the last six years, SRC have purchased 8 major businesses with a combined value in excess of £550m; and a number of smaller operations below the radar. Our current market value is just over £400m for a business with a c.£450m+ turnover and a c.18% EBITDA - £80m (based on 2021 performance and Q1 updates). That puts us on a valuation on 5 x EBITDA.(although we do have reasonable debt - £164m prior to Johnston acquisition - but before H1 positive cash flow - so likely to be of similar scale). Depressingly familiar story being played out here. SB

Good day for AGL holders andypa - thanks for the update. Lord knows we could do with some good news here. SB

Further trouble brewing - overall short positions against the stock increasing on nasdaq. I hope I am wrong but you do wonder if there is data circulating on how the company fared in Q3 and Q4 - and its not good news. That said - we have no idea what to expect anyway which is one of the root causes of the current implosion. SB

All good points unhooked - and from andypa and ShearC following FOTP's darkest hour post with its uncanny timing! I take some solace from the director participation in the equity raise; but like all here the lack of communication and guidance on key measurable business metrics is increasingly frustrating in the face of extremely negative market sentiment. SB

I would agree to some extent unhooked - but unless we start to generate decent revenue we are likely to be spending $10m every quarter - and the $40m we entered the year with the subsequent $30m raise will have taken a big hit already in Q3 and Q4 unless we can increase testing volumes. The company referenced the cash as providing 'a sufficient cash runway for at least 24 months from March 2022' - so lets assume we had $60m at March 2022 - this will burn very quickly unless the company increases tests or cuts it costs. Referring to a 'cash runway' itself is likely to have spooked investors - implying the company has no idea on when it expects to move into profitable operations and sowing the seeds for further fund raising. Q3 and Q4 testing run rates need to show increasing adoption or we remain a business with a great product that no one apart from our largest investor wants to pay for despite the financial case to support its use. SB

The trading pattern here is ominous. The yoyo effect of a dual listing on two indices both of which are taking daily hammerings is far from ideal; and we all know the carnage in the bio tech sector which is wrecking profitable companies let alone those at the start of their growth. There are some backstops - the rights issue price of £1.21 back in 2019; and as a last resort the cash value of the business which is likely to be c.$50m end of full year 2022 - although that implies there could be significant downside from here if the tide does not turn. We have heard from Randy Barron with his positive view of the potential here; Christopher Mills has committed more equity as have Mount Sinai and our directors; James M has been offering informal investor meetings in the US to calm nerves; and yet we are in total freefall with short positions against the stock driving lower every day. We are due a trading update for Q3 in the next three weeks - and at that point the company will also know how many tests it has sold in Q4. We still have no word on FDA, further partner deals or a strategic relationship - although these are not going to address the revenue shortfall and market perception that management cannot commercialise the business despite claims to the opposite. In the meantime we are close to joining the 90% club - a retraction where the business is worth 10% of what is was less than 12 months ago. Horrendous for all investors here. SB

Hi unhooked - I think it should probably just be viewed as a dividend - only in shares rather than cash. It is part of EKF's ongoing plan to distribute value to shareholders - and if you think about it why should EKF shareholders pay for investments in another company (albeit a spin off) without any benefit? And yes looks like quite a few here are on Mills coat tails on several investments - frankly its been a horrendous six months and I'm feeling pretty sea sick to continue the analogy!! ATB - I don't see any major downside here, there and elsewhere given recent declines - but what do I know based on current evidence! SB

Suspect you may be correct with the shorts Hawker - ADR positions clearly still open on Nasdaq - and possibly the 1m share trading in mid April was Millennium moving its position. Armistice were on the edges of declaration anyway. The disappointing conclusion is that they see further downside here - sector and company specific - at least one of those issues is in our hands and requires our expensively assembled commercial/sales/marketing team to manage the mobilisation of our partnership relationships and increase testing volumes!! SB

Cheers vig - I see we have other common interests! Wonder if we will get an AGM trading update in the morning - hopefully nice and positive with a clear focus on profitable, organic growth - C. Mills has intimated as much already. SB

Hi vig - apologies if I came across overly negative - wasn't my intention. I agree the SRC team provide an air of confidence in their approach and I hope the market starts to see the real value of what is being achieved this year as the full year revenue and ebitda numbers start to do the talking. The scale and breath of SRCs operations show the ambition here - lets hope shareholders see some of the value being created before too long. SB

We got hammered on Nasdaq again yesterday - closed below $4 for the first time. Bonkers to think we raised $30m at £2.76 for equity and $7.25 for bonds just over a month ago. There appears to have been an investors call between US based investors and James M facilitated by Randy Barron last week to try and calm what is an increasingly disillusioned shareholder base who are all nursing heavy losses - management, II's and PIs all in the same boat. Does not appear to have made any difference to the slide. SB

Hi unhooked. This looks like it is part of the AGM shareholder resolutions which will be voted on at the AGM on Wednesday this week - my holding is with ii and for some reason I don't have the AGM details. Although a recently new investor here - my take is that EKF has both a core business and a number of commercial spin offs which required access to capital for growth as independent companies - Veirci, Trellus and Renalytix. EFK retained shareholdings in each business - with a stated aim to deliver the value (shares) in those companies back to its underlying shareholders. What is a bit different here is the distribution is taking place two years after Verici was floated - and after a further fund raise of £2.5m in March 2022. EKF now hold a total of 5.77% shares in Verici worth c. £2.8m - so looks like it is the total holding of c.10m shares which will be distributed to existing shareholders - timings to be finalised - presumably based on current prorata % shareholdings). I don't think we should overlook the role of Christopher Mills in anything to do with these four linked companies - noting he bought 1.3m shares in EKF a few days (also noting he pointed out the value at this price is significant looking at medium terms EBITDA projections) after this announcement was made....entitling those funds invested to 29% of the distribution ie an additional c.2% of the business (currently 17.5% ); with Mount Sinai picking up another 1%+ (currently 11.3%) . Together - those two parties will control more than 30% of Verici stock as it stands. All IMO of course.....SB

Does raise the question - what are the expectations!! Any ideas? H1 revenue could be c.£16m based on the AGM statement - running costs are not clear given the head count savings were not expected to impact until 2022 - and clearly both revenue needs to increase and costs need to come down as we will not have the benefit of a £4m tax credit in 2022 to offset the group trading loss. Going in the right direction though - growing, cash in bank, positive cash flow, potential beyond air settlement upside if lungfit gets FDA - but its going to take something quite special to hit the 63p Dec 2022 options bonus for our executive chairman. SB

Our dual listing on Nasdaq now coming back to haunt renx. $85m raised less than two years ago at $13.50 - threatening to go sub $4 today. Loss of shareholder value now in excess of £750m in last 12 months - company is now back to its 2019 IPO price if you add current cash balance to the float share price of £1.20. Quite incredible to witness. SB

unhooked - from what I can research RENX has lots of partnerships (Sinai, Wake Forest, Utah, Singing Rivers, St Josephs and the VA - with a target to secure up to a further 15 partners in 2022) - but only Sinai is actually processing tests - and is currently way below either the 300 PW target or the recently reduced 10,000 annual target. And Sinai has a vested interest given its significant investment and stock holding. All other partners deals appear to be focused on R+D activities - with an indication RENX is paying its partners to secure these deals ($5m paid in H1 2022 for 'R+D efforts' and 'utility studies'). We have invested heavily in our sales force and commercial team - the focus should be on how we effectively monetize our partner relationships - and totally agree there should be feedback on when these health systems become revenue generating clients as opposed to strategic R+D partners at significant cost to RENX. SB

The extremely worrying trend occurring in the sector is that company valuations are being linked to net cash - so as bad as RENX is there could be worse to come. The only positive sign for me relates to the timing of the fund raise - which coincided with the end of our Q3 trading - and as such both equity and bond investors would likely have been made aware of the (hopefully growing) test numbers at Sinai which remains the only source of revenue outside pharmaceutical services income. Us mere investors should hear in a few weeks how we fared in Q3 - and at that point the company will have pretty much full visibility on its Q4, H2 2022 and fiscal year 2022 which ends on 30th June. Also - Sinai, Mills and Directors hold more than 29% of the stock - at what point do they consider taking the business private? SB

Feel your pain unhooked. Valuation at its height was all about growth prospects and positive sector wide sentiment. We have a great product - but if the company cannot commercialise what do we have? Good news is we have some time given the cash balance - bad news is market appears to have no confidence in current business - selling 50 tests a week doesn’t really cut it does it…..ATB SB

Its messy in all sector's at the moment - but certainly comments made by the BoE in relation to a potential recession if they don't get the balance between inflation and interest rates correct is sending SRC into further freefall - along with others in the building sector. To be trading at 20p a share less than the rights issue last year seems completely OTT - but as noted earlier this week there also appears to be a large seller in the market and MM's could be sitting on stock they cannot shift and need to balance the books. The cost of borrowing to build the business is not going to get any cheaper either - so further dilutive placings (short term) may be required to finance any large scale growth. In the meantime its behind the sofa stuff on the investments front atm. SB