Member Info for The.Italian

evening all.for what it's worth, i think bignose is correct about the amortisation period,.i am by no means certain, but my view has always been that it was 10 years, but whether this was based on something i read or simpleythe inference from the figures (140m/10=14m), i cannot recollect. i suppose you can have any reasonable period depending on the particular asset and the company's circumstanced, but common periods are,i believe,3, 5 and 10 years.i have assumed that regent ascribed no residual value to fortactin at the end of the period, so that ceteris paribus, the value would be written down to zero by the end of 10 years.obviously this initial assessment can and does, alter over time. the aug 2020 profit warning applied reductions to the fair value for EU prospects (large reduction) ,a small one for US prospects (presumably reflecting reduced US expectations based on very poor EU sales) and a very small uplift for PRC prospects. i cannot see any immediate reason to alter the current fair value, unless we fail the P2 trial and US has to go on hold or be abandoned. i would not expect successful p2 results to lead to an increased F/V as i assume it is anticipated in the current value. what may well affect the profit warning situation is, of course, the figure for VRX.i assume they will have to mark this to market at next results stage and if all continues well this should have a fairly material impact. it will not, however, be sufficient in itself to end the continuing profit warning scenario (at least i don't think it can on the figures, but could be wrong). i must emphasise this is just my simplistic layman's opinion as i have no accounting background or any expertise in this area.just back of a cigarette packet stuff.happy to hear any alternative views as always.

too right bignose.glad the terrapin is on good form. this one could run and run!. gl

morning bignose.agree with all that,particularly the 3 year plus data point.even if all the data is not submitted initially i'm sure the FDA can ask for historic data if necessary or desired. incidentally how is the terrapin this morning? digestive system functioning well i hope! lol .

dougie' the operational update of 11th may stated that the top line results are expected in june and that regent remains on target to submit the study to the FDA at end of june 2021 "depending on the results of the study".so unless the results are insufficient to justify submission we should hear by end of june.if results are insufficient we my find they delay saying anything for a while while they decide what to say and do.im not expecting that to dbe the case, as for all regent's faults, the one positive thing is still that fortacin seems to work well. i realise this is a rather crude unscientific way of looking at things (I'm no scientist), but assuming results are in line with previous trials (and again i realise we have sightly different assessments criteria in terms of bothersomeness) I'm assuming results will be ok. how much detail we get is a matter of conjecture, but I'm hoping for broad brush topline results to give some indication of how positive it's looking. just my view and I'm certainly no expert here.

3 year undertaking not to take it private (except in certain very limited circumstances) from 1st july 2020. i would not have invested but for this assurance.see RNS of ist july 2020.i don't particularly like the performance fee aspect since it is based on NAV performance ,not s/p performance,but i am assuming the ordinary shareholders will benefit vicariously from the nav increase required to trigger payment of fee (although not necessarily to same extent i accept)so hopefully not a major negative.this is specialist vehicle and certainly not without risk,but potential rewards seem very enticing.just my opinion of course.

hello again deadcross. yes its perfectly possible they could repay if then unconverted and finance allows.i would hope that can happen.we shall see.

dead cross they do indeed have the option to repay,albeit at a small premium,but bearing in mind the whole point of the loan notes is to give Naps cash they do not otherwise have, i imagine they re unlikely to exercise this option, at least in present circumstances. it is not clear whether they have the option in the event of a conversion notice or whether it has to be exercised before notice of conversion is given. i suppose that if N@G end up with a sizeable amount of unconverted loans and Nap's cash position has improved (or they get a better source of finance) then it might be exercised,but only time will tell.

morning henry.thats exactly right.no time limit for conversion was expressed in the relevant RNS.we have speculated that there probably must be some overall time limit,but i don't think it is technically necessary to have one.certainly we should be working on the basis that they can convert at any time for the foreseeable future.

morning bignose.no impact ,although formal announcement still awaited.no reason really why the name change per se should cause any real change, although it will suggest a change of emphasis which my attract increased market interest. very much doubt it though,until the longevity aspect actually starts to produce some tangible results. so all eyes on trial results as you say.in meamtine VRX up 9% today to 84 ASD.highest it's been (in recent times anyway) i think.

the reference to seed funding makes it clear that this is very early stage.only just getting going really.what it does show is the potential for explosive early stage growth from the right candidate,imo.very small beer in itself, but very encouraging from a broader perspective.

afternoon LF.well its certainly an interesting connection.as always time will tell. appreciate the link and will give us something else to keep an eye on.

tiscali"s s/p fell 33% on the 18th may.may be unconnected but feels familiar.has gone up a bit today.

significantly oversubscribed then, as the phrase goes.

yes i am.

good question joh dean.it seems casuistic nonsense to promote as a reason justifying an offer ,which they have been advised undervalues the company, the suggestion that it offers shareholders a way to exit for cash. that justification is, imo, predicated on the fallacious assumption that all, or almost all. shareholders would wish to sell at the same time. arrant nonsense imo.

looks like the market is expecting something better to come along!

agreed henry.i will be doing the same.normally i would sell out now, as i did in PHD, but here i think it's worth waiting to see what happens.difficult to see how this price can really be justified.in view of the previous interest.we shall see.

morning albert and mr h.thanks for that.i didn't realise you could get something deleted just for being off topic.you live and learn!lol

morning all.am i missing something?what on earth was there in KL's post to warrant its removal?seemed perfectly innocuous to me and you can't just get a post removed by reporting it.must have been something i didn't appreciate.

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