Member Info for The.Italian

very good news today.i know we have been expecting it but in a world where so many promises are not met its good to see VRS sticking to its promises.

cannot agree with that sheltie.its a vital meeting and will have needed very careful preparation.i accept it may be too little too late but i have always thought it would and should take time .we shall see.

good point bignose re Dr mike.shame he's not involved more in things now as he was such an important figure initially.yes i had forgotten for a moment the 4mil.it will certainly improve matters somewhat and would be good to get news of this and the other fortacin events we are waiting for.no reason why the two areas cannot operate in tandem.we shall see

agreed reece.pretty much as expected and yes finance is the key to the next step.expect to hear something on this in next 4-6 weeks .

now that we more details of the independent third party subscribers who are putting up the large majority of funds under the CLNs its interesting to see some of the people involved.Leon Ojalvo is the CFO of Socati the oregon based leading provider ofTHC free full spectrum hemp(their description).i mention them in my post on 11/6 /19 and Lorne Abony became a director of socati in june.Antonio Costanzo is the ceo of Emmmac again mentioned in my 11/6/19 post and which looks like it is endeavouring to create a significant presence i the CBD sphere.dont know much about the others mentioned and we don't know how much each investor is putting in but there does seem to be a small cadre of investors here with interests and managerial roles in various companies which either are or have the potential to be closely related.i don't necessarily want to make too much of this as it may be no more that a group of investors with interest in the CBD field but there is more than a hint of a pattern building here.i also find one other point intriguing.the circular when referring to the use of funds together with existing resources speaks of them being put towards inter alia "pursuing already identified and significantly diligenced acquisitions and investment opportunities including yooya"ignoring the massacre of the english language involved here it looks as though they already have another acquisition or something similar in mind.two questions arise.first isn't yooya being financed entirely by the issue of new shares and secondly as previously referenced there doesn't seem to be a lot of surplus funds available for any more acquisitions.have i misunderstood matters?is this yet another example of unclear investors communications/deliberate opacity?looks like there may be some very interesting developments over the next few months.might be a bit of a culture shock for us LTHs who bought in on fortacins potential (which we should certainly not write off yet).time will tell

bignose first i entirely agree that gibson has been significantly over remunerated for his contribution to matters.for me this is symptomatic of the fundamental problem for pis since the HK listing.imo regent has continued to be run,despite its main market listing,as though it is still as small m/c listed on Aim.we have continued to experience the same level of opacity,lack of shareholder communication and missed timelines as you expect from poorly run junior market companies.whether the current m/c and parlous financial state is attributable more to poor management or to the fact that fortacin is simply proving too difficult to market in sufficient quantities due to consumer reluctance i cannot say but i entirely agree that the failure to proceed with the vital FDA approval more quickly does seem to be a significant failure of management which has cost us dearly.one positive which i do take from the new proposals is that the prospect of the company being taken private,one which you may recall was of concern to me several months ago,has imo sharply receded.ithink they will now be very keen t retain the HK listing as this profile as yooyas parent company will be vital in its marketing endeavours.the board change with Abony and the advent of other significant investors will i hope result in gibson coming under greater scrutiny over his achievements and i would not be entirely surprised if the mechanics here were not a thinly veiled preparation for his departure.galling as it is to see his renumeration enhanced by the notional interest on the loan notes etc,i do note with interest that the circular seems to suggest that dealing with the existing loans in this way will in a sense remove some uncertainty from the companies financial position (my paraphrasing).could this be another way of saying "you are going to be gone shortly and we don't wantt you having any financial claim on the company when you go except one that can be satisfied by shares?not sure how sound my reasoning is here but its a thought and one which i think has some merit if considered in the light of the 'wheels within wheels "to which i shall be referring in my next post.

well bignose i did wonder when i saw the 2/3rds.seemed very generous to me.fuller post to follow as been watching grandson play cricket but i certainly don't disagree with anything you have said

whilst not seeking in any way to play down the very significant dilution which is going to result from the proposals i do think it is interesting to note the comments of altus the independent advisor in this regard ."Despite the potential dilution of approx 20.94% to the shareholding interests of existing public shareholders,as a result of the net proceeds of the issue of Convertible Notes and immediately after full conversion of the Convertible Notes their interests in the company would change from a net tangible liabilities per share of approx HK$ 0.047 to a net tangible assets per share of approx HK$ 0.023.in addition proceeds of the Convertible Notes provides the necessary capital to fund the groups business which may potentially enhance the groups profitability"
now i realise that this may be nothing more than clever accountancy spin to present the proposals to existing public shareholders in the most favourable light (independence may be a relative term in these circumstances) but it does emphasise for me that there really does not seem any other way for the company to escape its present difficulties.the dilution is undoubtedly a very heavy price to pay but if it does lead to improved profitability then i hope it will be a price worth paying.

been out for a while.nice to see the rise on my return.looking very positive.GLA

having now quickly read through the circular my initial impressions are not particularly positive first it seems absolutely clear that the CLN financing route is funding of the last,and indeed apparently only,resort.it states explicitly that bank finance was unavailable as they have no assets to provide security and attempts at exploring equity finance were clearly unsuccessful.so on one level this can be looked at as finance to keep the lights on whilst they try and get fortacin to FDA approval. the inference i draw is that fortacin sales so far are not encouraging at least in the sense of being something which will provide an adequate revenue stream at the moment to keep things going.a fortiori the prospects of getting any milestone payments based on sales look extremely slim.i think there is a reference to them being encouraged by sales but actions here speak louder than words so the fact that equity finance is not available would suggest they cannot present a positive picture re sales potential at the moment.just my interpretation of course.
next i was very disappointed to se ,if i have read it correctly,that the majority of the funds being raised are in fact going to be used to pay the aussie tax.what about venturex?what about the stated aim to move away from legacy mining interests?the consequence of using most of the CLN finance to pay the tax is that there is a pitifully small balance left to carry out further acquisitions in the CBD field or support yooya in its marketing.i may have missed something here or be misinterpreting matters but i had assumed that the tax would be funded largely by venturex leaving a substantial amount of cash for other purposes.perhaps i have misread matters.
Finally i am puzzled as to why such a large increase in the authorised share capital is being sought.i can understand why they would want to authorise an increase well beyond what is immediately necessary for the new scheme itself but the proposed increase is over 500% above the existing level.there may be nothing in this but i am a little puzzled.overall my initial optimism that the proposals might herald a sea change in regents fortunes is now very much tempered by concerns that this is really no more than a desperate fight to keep things going with mellon and friends moving assets and shares around in a form of financial juggling.i do hope I'm wrong and that there is going to be some real substance here but not encouraged by todays reading.happy to read opposing views or alternative interpretations

good to see the meeting date has now been announced.not looked at detail yet as looking after grandson today will look tonight.

agreed ShrewdEds.more volume needed but looking fairly positive imo.

enjoyed the thoughts for the day.when i was young i used to go fishing occasionally with my brother.he has always been keen on angling, I less so.he still goes occasionally whilst i have not been for over 40 years but i still have fond memories of the trips.it seems,and indeed was, a lifetime ago!

more encouraging news!

pp sorry to hear you've gone.always thought your posts brought a pithiness to the board which i cannot capture.seriously good luck i can quite understand your decision very disappointing investment and poorly managed as others have said.

yes its been very strange.

RNS just out very good news!

agree stew200.thats why we need to see the sp back at about 50p before any offer is made imo.cannot see a bid being made at more than 50% premium to s/p at time of offer.it can happen of course but 20-40% more usual i think.of course it all depends on the relative strengths of the parties etc but if we are to get your70-80p as a minimum then we may need s/p at 50p which i actually think is very possible and even likely given the recent activity.just my opinion and happy to be surprised with £1!GLA

morning bignose and bothwell.apropos of your posts today have i missed some news? i haven't seen anything to say they are giving up on fortacin although i have posted a number of times re change of direction but that was just speculation.if there has been something specific in last couple of days could you let me know.thanks in advance

bothwell good of you to remind us of the fact that we still have fortacin and that FDA is progressing.easy to lose sight of this with the lack of information re HK and Macau progress.