My hunch is a hold-up with Nomad and regulatory checks for bringing in money from Nigeria.
But we'll never know. What matters is that the current lower sp did not deter the full amount and the full 7p. And, it's gone to one high worth individual rather than dribbled out to a broker's multiple contacts on speeddial.
"I am pleased to report on the progress Tern is making in increasing the value of our investment portfolio, as our principal portfolio companies continue to make progress in achieving their objectives. DA's IoT security offering and Wyld Network's solutions continue to be recognised by industry leaders such as Venafi and Delta-T Services, and we are very pleased to see InVMA selected to participate in a major government backed project to help implement technology solutions. These developments, together with the recent news of a successfully syndicated Series A fundraise for FundamentalVR, which attracted significant funding from both trade and institutional players, demonstrate the positive headway that our investee companies can make in a short period of time. We look forward to Tern and its shareholders benefitting from their growth in the months and years ahead."
A few snippets
Since 30 June 2019, DA has continued to strengthen its active partner base and on 3 September 2019, DA announced its latest KeyScaler software release with more support for Microsoft Azure IoT and a new solution for managing Hardware Security Modules (HSM) called "HSM Access Controller", which delivers granular authentication and authorization controls for IoT devices and enterprise services connecting to HSM platforms.
Since 30 June 2019, FundamentalVR has received Continuing Professional Development ("CPD") accreditation for its entire current portfolio of surgical training simulations by the Royal College of Surgeons of England. It has expanded its team including a new Vice President of Client Solutions and Partnerships for North America and as announced with the interim results on 25 September 2019, FundamentalVR secured significant commercial contract (worth approximately £0.5 million) with a leading pharmaceutical company to create an additional VR simulation.
Since 30 June 2019, InVMA has announced that it is one of the initial companies to work on part of the Made Smarter initiative, helping customers to implement factory optimisation. Made Smarter is a £20 million national programme partnering government and industry to maximise the benefit from increasing adoption of digital technology with match-funding, specialist advice, student placements and leadership training.
Since 30 June 2019, Wyld Network's new CEO has joined the company and has been driving the business forward. This is evidenced by Wyld Networks securing a framework contract with Delta-T Devices, a world leader in the development of sensors for the Agritech sector with an initial purchase order valued at £105,000 to develop and supply Low-Power Wide-Area Network (LPWAN) connectivity for Delta-T's state of the art soil moisture sensors. Wyld Networks' experience in designing successful, efficient projects with communication industry standards (LoRa, LoRaWAN, NBIoT, LTE, CatM1, BLE) and Bluetooth makes Wyld Networks uniquely placed to deliver embedded networks with gateways to carry data long distances at low energy.
So glad you asked.
Dropped 30% on that news. I think that's because someone can't read and didn't read the full RNS. As you say, it's illiquid, so this has the potential to more than recover once the news sinks in, but that could take a little while due to not many following its fortunes (as you say).
Setrusumab was safe and well-tolerated in the study. There were no cardiac-related safety concerns observed in the study.
"These topline 12-month results from the ASTEROID study demonstrate a clear, dose-dependent, statistically significant bone building effect of setrusumab at multiple anatomical sites in adult OI patients irrespective of OI subtype," said Dr. Denise Scots-Knight, Chief Executive Officer of Mereo. "The DXA data clearly differentiate setrusumab from other therapeutic agents in OI types I, III and IV, such as teriparatide, where a 4.7% increase was observed at the lumbar spine at 12 months and where the effect was significantly lower in types III & IV versus type I OI patients2. Further, the DXA data also show a consistent improvement at 12 months in areal BMD at the lumbar spine compared to the open-label data set from the study that we first reported in May 2019 where a 3.5% change from baseline was observed seen at 6 months in the highest dose cohort."
Dr. Scots-Knight continued, "The trend of decrease in fractures observed in the high dose cohort is also particularly encouraging. Based on these data, we are excited to move forward with the preparations for our pivotal pediatric study in children with OI as originally planned, which will be based on a primary endpoint of fracture rate over a 12-month period. We believe setrusumab has the potential to become the first approved pharmacologic treatment for the OI patient community and would like to thank the investigators and patients for participating in the ASTEROID study, the largest ever completed interventional trial in adult OI."
"Taken in totality, the results from the ASTEROID study underscore the ability of setrusumab to function as a strong bone-building agent and potentially serve as a new therapeutic option for patients living with OI," said Jay R. Shapiro, MD, F.A.C.E, F.A.C.P, Former Director of the Bone and Osteogenesis Imperfecta Department at the Kennedy Krieger Institute. "The fracture rate reduction seen in the highest dose cohort with setrusumab is particularly encouraging and bodes well for future development in pediatric OI patients."
Guys - I filtered him and AP90 a while back. Stops you getting drawn into replying which then just keeps the repetitive negative posts going.
I've no objection to people posting thought-through negative angles on ADME; there are other posters on here that often post critically but I enjoy reading because the genuinely make me think and engage with the counterpoints from other people. Spikey and ap90 just repeat themselves no matter how many times someone shows their viewpoint to be flawed; the repeated version doesn't make any adjustment for what's just been said to them: It's just a rant on repeat. So don't engage, and they'll stop repeating.
That's my advice. DYOR obviously.
Another stock had an LSE (this site, not the Exchange) glitch a week or so ago. There was a 7am one, and then the red dot showed there were two later on in the morning but nothing ever came through. This is probably the same.
Here's one a list I posted a couple of weeks back, under the heading "11 reasons to be positive about ADME". Reduced to 10, because I've changed my mind about Peel Hunt's involvement.
1. We have an energetic new CEO in Osa, who has significant industry experience and knows how to negotiate bottom-up (companies) and top-down (government bureaucracy) in Africa.
2. We have two new board members, one a very experienced oil exec, again with African experience, and the other an experience financier.
3. We've recently had a placing at a premium of 20-30% of current sp. That's 2-3 entities willing to invest here, but who think it worth paying more than they would on the open market in order to give the company the capital it needs to progress its plans.
4. Zark Capital now own a decent chunk too, and their role is to bring other parties to the table to secure funding.
5. Aje is soon to have covered the costs of its first phase of production. From Q1 2020, all money from that will be sheer profit.
6. Panoro has just sold its share of Aje to Petronor, for a total consideration of $35m. Even dividing that amongst a 12% stake (there's a case to be made for saying they had 6%), that makes $3m per percentage point. We own 5%, so that's $15m valuation for our share at a minimum, which is £12m, or 20p per share. Minimum. Just for Aje
7. The above Norway transaction also shows that Aje is desirable as an asset, not a rump to regret holding.
8. There was some worry that Aje phase 1 will run dry in about 18 months too and that the other partners may never develop phase 2. We now know, from an interview dated 4th Oct, that phase 2 is given the green light.
9. The CEO was working, even before his appointment, on some deals that will expand ADME over the next 12 months or so to take shares in new producing assets.
10. With a twinkle in his eye, there may be options eventually to expand further, either into owning assets outright, moving into exploration, or moving onto the main market. Who knows - but that would be the icing on the cake.
The share price is majorly depressed because it's never recovered since the sheikh pulled out. I'm underwater.
But it seems to me that the negativity of that has been more than priced in for some time, and some of the above items have come about since that crash. When you factor in the potential of Aje alone, a price of 20-25p seems right. Factor in the potential for expansion, for which funding is already coming in, it could well be higher. 5-6p is way too low. I don't have more to throw at this to lower my average, but I'm now quietly confident that over the next 12 months I'll break even, maybe into profit.
... which is why I posted the link to the actual article: https://connect.ihsmarkit.com/upstream-insight/article/phoenix/2427807/aje-drilling-to-take-place-in-2020
A consortium led by a specialist life sciences investment bank is close to entering exclusive talks to buy £500m of healthcare assets accumulated by the fallen star fund manager Neil Woodford.
Other bidders for the portfolio of stakes in listed and privately owned healthcare companies included Rosetta Capital, a life sciences-focused venture fund, and Omega, a hedge fund.
The overall portfolio being pursued by the WG Partners consortium is understood to be valued at close to £500m, according to one insider.
Among the companies included in the proposed transaction are Oxford Nanopore, a DNA sequencing specialist; 4D Pharma, a biotherapeutics specialist; Mereo BioPharma Group, a rare diseases specialist quoted in New York and London; and Rutherford Health, a listed proton beam therapy business formerly called Proton Partners.
Seems this bidding for Metro is going competitive.
Are you posting inside information, or are you guessing? I trust you're guessing - I'm not accusing you of anything.
So, given you don't know, you've posted just one theory. It could be a backer pulling out. Or it could be the nomad conducting extra checks. Or it could be the regulators conducting checks on the source of foreign funds to make sure nobody's doing their laundry. Or it could be any of a number of things.
Until we get news from the company, it's all guesswork, so I'll repeat: We have no reason to assume the placing won't complete.
Think about it: Someone decided a while back that it was worth taking a stake in this company by contributing new money at 7p per share, because of what that would unlock. Since then, nothing has changed for the worse. In fact, the company has renewed it's board, and the Norwegians have helped us see we'd been undervaluing the Aje field. The share price has fallen, but that's only because other people wanted their money for something else; the fundamentals have not changed, so there's no reason to ASSUME the other party does not still want a share of this at 7p.
If someone buys over 29.9% of a company they have to (unless cleared in advance by the takeover panel) submit an offer to buy the remaining shares at a minimum of the highest price traded in the past 12 months. So a takeover that began with someone buying 30%+ of MTRO would be an offer of at least £8. But a takeover initiated in any other way does not have this requirement.
That's how I understand it.