I didn't think the SP could go this low. People seem to be massively overreacting to the recent dilution, unless theres some other reason in unaware of. The sp now is the same, if not worse, than back in january when it did not have the funds to continue and seemed doomed to go bust (before the placing and CMS saved it). It's baffling.
I don't fully understand why they are placing 60mil new shares on AIM as well, when the II bought the $3 millions worth on NASDAQ. Do they have to make sure that there is an equal number of shares issued on both markets?
It looks like the CFO has really shot himself in the foot here buying all those shares then causing the sp to plummet. I'm annoyed they released the orphan drug news after the calamitous fundraise; a little rally on that and I would have sold. I don't know if they thought releasing that the next day would soften the blow, but it clearly didn't.
If it was based on the US price then its not shockingly low. I think they've hung below our price for months. The bright side will be another 3 million dollars in the bank, but I just hope soon they start releasing news to get the sp back up again.
That's true enough, but with 201 they are commencing a phase I study (its not really news as they announced three weeks ago that they were going to be doing it), whereas with 110 we are now expecting the completion and results of a phase I study.
I think the next real good news we can expect is the mtx110 results, which were expected by the end of Q3 (so either they are late or they have not yet finished processing the results). I'm not sure the start of a new test is good enough news to warrant a significant rise but we shall see (and hope).
The presentation makes me a lot more optimistic about the future of the company than I have been of late. It sounds like the new board really have a plan to get things back on track; let's just hope they can deliver.
I'm very pleased. I was expecting more bad news and yet another sp drop (which may still happen when they release results on monday), but this company has made me into a pessimist! It might be a long time before we see a full recovery but at least the company seems to no longer be in immediate danger. I am intrigued as to what these adminstrative changes are, but I suppose we'll find out very soon.
Am I to assume this rns means they are allowing themselves to fundraise across both markets? I suppose thats good news for the UK market as it means dilution will be spread across both rather than concentrated in this one.
I was expecting the usual 11p height after yesterday's news. Bit of a shame it didn't get going...
I agree with your last statement. At the moment I'm trading it, trying to increase my position by buying the lows and selling the spikes. It's worked fairly well so far. Once we get towards commencing manufacturing I'm going to change for a longer term holding as that's when things will get really interesting; also I'd imagine at that point SP rises will be more lasting and not mere spikes.
I think the next RNS will be the interim results (27th September last year, so I imagine around the same this year). There was a spike with the last results earlier this year which pre-CMS deal and fundraise and weren't great at all. That might have just been a pump and dump creating false hype, but who knows? I imagine these results will be a lot better so there might be another big spike in SP. In such an event I'll probably sell out completely as my average is around 8p, then see if it drops back to 5-6p before I consider reentry.
RE: not posting again for a a while.30 Aug 2019 23:23
I agree. Fortunately this is a low percentage of my portfolio so I'm not losing any sleep. However, if this company is going to recover (provided it doesn't go bust) I think it's going to be a heck of a long wait before we see SP restored, so I'm just going to ignore it for the near-mid future.
That would be a good outcome, for me anyway; I'd actually leave with a profit as opposed to a reduced loss. I can't see that happening though. I still don't think Seafox were ever interested in a takeover; I think it was just an activist attempt to influence operations to boost share price for their own profit (which obviously did not work very well for them at all).