Member Info for Spacman

If only Marsden could be goaded into communication like you so easily are Gunto lol.

Doc Dan - how's that Strive "certainty" strategy working out?

Look, it's all guesswork and bickering between shareholders is pointless. Actually, if we can cut through the childishness and get our heads together, we can have a real voice going forward, there are a lot of us, I personally know half a dozen who never post on any boards, who would be up for some joint action.

The only evidence that's of real interest is the SP. In case you hadn't noticed Gunto, it's now five pence.

You and the team are defending the indefensible.

All this endless anguish would be no more Gunto, if we had some actual information from the company. If you are genuinely an investor, I would have thought your focus should be on dialogue with the management, not other investors who know nothing. Strange application of such huge effort on your part Gunto.

If you're just an ordinary investor like me then Gunto, why won't you state a valuation?

Anyway, valuations please chaps...?

Tommy - trying to control the narrative is one thing, but attempting to suppress democratic debate about a company that provides no information will lose you that "trust" thing you and the team are trying to build.

Facts? In a news vacuum? Lol.

What's your valuation Gunto?

Lol, it's patently obvious it's a possible theory I'm suggesting, not fact. But whilst you're combing through rules and regs, you might want to remind your paymasters about UK Corporate Governance Code, all of it, but Principle D is a good place to start.

But back to the point in hand, given that the BoD seem reluctant to get Numis back in to do a current valuation for the record, what is yours?

MyIPA - "again, no comms imo is due to abuse from shareholders following 2022 debacle to the company. "

That's not true. Post-Sprinter, there was a significant external comms campaign aimed at pivoting to the US, which included co-opting the ex-BARDA chief Rick Bright, it just didn't get them a SPAC/BP bite.

Comms only went quiet at June 2023 after Brooke quit and when, at the AGM, Simon Shaw promised greater comms after Marsden had earlier (in April 2023) promised a "news rich" H2. The BoD is, as a judge would put it politely, unreliable.

They have gone silent for a reason, despite all the anger and calls for information on here. They are taking Synairgen private through TFG, that's probably the real plan. And if it isn't, then prove it and give us an update.

I don't really mind, I just want to know what they think they will pay. C'mon Tommy et al, pipe up!

The “they” is TFG and the BoD of course, with the latter just told to keep quiet.

Of course, it makes absolute commercial sense for TFG to take the company private then flip it to J&J sometime later, or some other type of exit, and it equally makes sense for the directors who will take a greater share of the spoils this way through a new vehicle.

The playbook:

1) Do nothing (inc. zero comms) that might lift the SP, for long enough until the “Penny Share” status becomes the new normal in terms of shareholder expectations (aided by shareholder churn).

2) Establish a team of posters on the message board who pose as fellow independent shareholders and “build trust” over a period of time and manage the narrative… and will eventually recommend accepting the offer that comes forward.

No.2 in the playbook is a bit tricky as they need 90% of the vote to squeeze out all the minority shareholders for a clean wholly-owned vehicle, hence the 24/7 dedication to the cause from the T-F-G team (plus MyIPA and a few others probably).

Fine by me, let’s hear the offer. If they REALLY take the p**s on the offer though, it will get unpleasant and noisy (you will also note that the T-F-G team never respond to a discussion about current underlying valuation, so we have no idea where they will pitch).

A noisy takeover will unnerve the regulator, J&J, Casanovalabs (who might just be pivotal and a participant in the vehicle) etc.

I don’t think Simon Shaw has thought it through. Stacey Cartwright, who is no-nonsense, has now stepped into the Chair role at Savills and is probably unaware of the BoD's complete disregard for Corporate Governance and their conspiratorial silence in Sime’s side-hustle. Quite an embarrassment this could all turn out to be…

Anyway, get on with it boys, let’s hear the offer.

But what valuation would you put on the company right NOW Tommy?

Have a play with this...

https://www.baybridgebio.com/drug_valuation.html

MyIPA - firstly, you're forgetting the control premium in your calculation. More importantly, external benchmarks are a better indicator, and this type of P2+ asset should arouse interest at £500m surely... anyway, what is your valuation, or are you going quiet too?

Get Numis in and get the "For Sale" board up. Can't hurt the SP, surely?

Tommy, why won't your team put a valuation on the sale of the company now? I've asked Fruits and Gunto several times too, but always tumbleweed. You know that opportunity is there, but that's not your team's remit is it, so let's not talk about that inconvenient truth eh?

The salient point here is that there is a £500m get-out opportunity NOW, or do you disagree with that valuation?

"So tell us what they should have done in the 2 years that they didn’t do and you would have done?"

Well Tommy, that's pretty easy. They had no mitigation/alternative strategy ready as they presumed they were going to sail through Sprinter, so the only positive outcome for shareholders would have been a sale to BP. That is still a possibility of course, but they won't get Numis in to highlight that circa £500m opportunity (the two patents have been renewed, the potential remains as it ever did, and P2's go for that price tag) because it doesn't give the directors the return they were anticipating for themselves, so they have never courted BP on that basis. If the directors reached out to a BP tomorrow to offer outright sales talks, the SP would go to £2.

The initial drop is one thing but we are two years on, what have the BoD done to increase the SP since? It hasn't moved back up, it has slipped to below cash value in the company. It is the market that is saying the BoD is failing.

"Classic activity on a public chat board to attack the company, its directors, its stated aims and its remuneration."

Er, no, actually, but some constructive advice from a frustrated shareholder who has seen a passive BoD let the SP drop by 97% without any attempt to shore it up.

What do you think the BoD will make of getting Numis back in to do a valuation and promoting the company to the market once more? Or is that just pointless to them as they're never going to raise capital again and they don't care about the SP?