Member Info for StarBright

Agreed SIPPmeister. Odd that AVCT should be so coy about it. Perhaps driven by LG Chem for some reason?

It is likely that the progress is more important than the payment itself. I wonder what the runway/timeline for this product looks like. Hopefully the company will give us a little more colour soon.

Interesting / unusual / careless / embarrassing.... All at once. But probably not a real-world issue.

The word "significant" is used in connection with the milestone, not the payment. The only adjective applied to the payment is "undisclosed".

I'm sure this is good news, but let's not misrepresent it - either deliberately or inadvertently.

Quality of both rampers and de-rampers here is v poor.

0.0033%…?

"Killer experiments" is an unusual phrase in the context of drug trials..!

beardozer - I would like to reassure you that you haven't invested in a hole in the ground in Africa. There is only ground, no hole yet.

Perhaps we holders should be more honest with ourselves and each other. Many are invested here on the premise of an outside shot at a high take-out price. Very rarely do such shots come off, and very rarely are massive returns generated for little work or risk. This remains an outside shot, with a total loss for equity holders a realistic scenario. A deal at what this board might consider a "derisory" level might yet happen, and such a deal could still represent a multi-bag for many holders. Talk of 66p / 150p is surely fanciful, but that does not preclude the possibility of meaningful returns for those inured to some risk/volatility.

Seriously....?

Why do you think the CEO left? Could it be connected with the well publicised issues the company has faced?

To suggest that the SP here is "definitely suppressed by selective calculated strategy" is just unfounded nonsense. The SP was ramped by the BOD for their comp scheme, aided and abetted by the usual bulletin board pond life. It's corrected now, and - with cash on hand an underlying profitable business - MAY be a good buy at the current level. Depends what emerges when the DHSC dust settles...

For those to lazy to click, Sandeep Biswas said (on Sep 15th):

“Newcrest is in the enviable position of having a current reserve life of around 25 years. This is based on an estimated 49m oz of ore reserves as of 31 December 2020 and, key, it’s before any ore reserves from Red Chris or Havieron. We’ll have more to say on that when we release the outcomes of the pre-feasibility studies later this month, and there is a high likelihood that ore reserves will grow further over time with more drilling.”

Note “Studies” (plural) and “later this month”

The presentation today was scheduled by a management team looking to build greater understanding and interaction with investors. We should view it in that way. It is madness (in particular) to think that because there’s a presentation today there will be an RNS at 7am. (I’ll be happily wrong btw!). To attempt to build a “make or break” narrative around this is misguided at best.

I disagree - any inflection point here is your own creation, and you are hyping it up too strongly. There’s no particular reason to believe that there will be material news either way today. It’s possible, but I wouldn’t say likely. The company has some time before further funding is required,

Deals rarely conform to neat timelines. Whilst we holders would all like some concrete news let’s not fall into the trap of building a false sense of “make or break” around a scheduled event of this nature.

Khrysos - can you see the logical law in your first two paragraphs..?

The 15m @1.331p looks like a sell, alongside:

20m @1.2p
26.6m @1.2p

That's 62m shares, so a TR1 is probably due if a single seller...

No new news in the results, barring detail on tax payments/timings.

The company's Before/After Exceptionals analysis isn't very helpful. I know they are required to produce it, but it would be better presented alongside an Including/Excluding DHSC breakdown. I would like to understand properly what the underlying business ex DHSC looks like. Has anyone had a go at piecing this together from the info the company has provided between 16/9 and now?

What are the H1 revenues/costs/GP/EBITDA/Operating Profit if EVERYTHING related to the DHSC is stripped out? They've either missed a trick by not providing this, or it isn't pretty and they've omitted it deliberately.

I'll have a good look later on, but if anyone has had a go already could you share it here please?

…here is silly. I can’t find another word for it.

The opportunities for a business like this are huge though. I’m just going to sit this phase out and see what develops.

Porky - that would be awesome!

@Jhfg - Polar built their SNG stake by buying a parcel from Acacia, and then through a placing. They did their subsequent selling in the open market though.

I agree 100% that getting a good deal for 201 is the key, and that the upside from there could be material.

Good summary, thank you.

That the revised term sheet terms are inferior to the original set is both good and bad. The financing providers (who have their spoons in the soup first...) wanted more of the equity. Compared to what was originally envisaged, we ordinary shareholders will be getting a thinner slice of a richer pie.

Bad mixing of food-centric metaphors, sorry...

@PM2022 - Yes re the purpose of the warrants. And if a good deal for 201 is secured, Cenkos will do well from them alongside all of us. This is the best case scenario, and the one I hope we will see play out in the coming weeks/months.

@Jhfg - nice idea, but institutional/fund investors (my professional background) rarely build positions in companies like VAL by buying in the open market because of stock availability and market (price) impact. A typical £100m small cap fund might look for a position size of £2m, say 7m shares. If they took 15% of average daily traded volume, that would take around 35 days to acquire without scaring the ducks. However, it would be disclosable via TR1 just 10 days in. Such an entry strategy would be self-defeating for a fund as they would end up paying a significant premium for their stake. So it is unlikely that they would embark on such a course of action, however much we existing holders might like to speculate on how fund buying and disclosure would be to our benefit. Funds prefer to buy positions from companies requiring capital, when they can do so in worthwhile size at a discount through placings. Those placings also generate income for the brokers involved! This is how the small-cap world works. Every 'board on LSE is full of speculation/hype regarding insto investors buying in size in the open market, but it doesn't happen very often...