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Yes, 7-8m in cash and no debt.
That is the easiest to go and ask for more and more cash. Instead may be they should concentrate and generate sales with the products that they have.
You will find the Notice of General Meeting on p.64 of the circular: untitled (genedriveplc.com). It was held at 11am today and has now concluded.
The location of the GM was 48 Grafton Street, Manchester M13 9XX and any shareholders on the register of members were able to attend the GM.
Does not say where is it, only time and date,
II have put another 6m cash into the company, if this is not optimistic then what is it ?
If you are not optimistic, what is the point investing or following GDR . For sure you can find better things to do if not invested in here.
Yep, I have similar opinion. Could they reach 30% ? There are a lot of new shares, if someone buys so much, would not they be better taking over the company. Even with 100m shares at SP at 25p, market value is only 25m plus 10m cash in the bank and no debt.
It will become interesting if II took part in the OO as well. Next week we should find out.
The net proceeds of the Placing alongside the Company's existing cash are intended to be directed towards the following areas of the Company's operations:
35% of the Group's financial resources are expected to go towards funding the rapid development of the GDR COV POC. The system is expected to receive a CE mark in October 2021. In addition, the Company intends to develop a second generation of the GDR COV POC which is expected to include the bead format utilised in the Genedrive® 96-SARS-CoV-2 Kit and wants to also include functionality improvements such as the ability to utilise saliva as a sample. Finally, the Group expects to undertake some initial activities to prepare for potential FDA studies for the GDR COV POC however additional funding is required to properly initiate and complete such studies.
15% of the Group's financial resources are expected to go towards supporting the commercial roll out of the AIHL text including new business development and support teams as set out in paragraph 2 above.
50% of the Group's financial resources are expected to go towards additional product development, commercialisation efforts and general corporate costs until the AIHL test and GDR COV POC are capable to support the Group's overheads. Product development is going to focus on some early pipeline opportunities. There is some moderate investment required to build additional freeze drying capabilities and reduce development timelines on product enhancements, as well as attaining dual supply of the Genedrive® instrument via targeting on-shoring solution in addition to the current offshore supplier.
https://polaris.brighterir.com/public/genedrive/news/rns/story/wkled1x
Yes, when the OO closes, then no more chance to buy at 25p, only what is on the market. I am with HL, dead line to participate is Friday 24/09 noon, which is tomorrow.
Agree Pacman, still better than nothing ; )
“All of the Company's Directors intend to participate in the Fundraising either via the Placing or the Open Offer. The £ sterling amount they each intend to subscribe for is as follows: David Budd - £20,000, Matthew Fowler - £10,000, Ian Gilham £10,000, Tom Lindsay - £15,000 and Chris Yates - £5,000.”
Last day to take the OO is Friday, after that 25 p will no longer be available and the SP should rise.
Still nobody can explain or give any info of how and why II were convinced to invest another 6m cash . Would they be given any info that we do not know ?
General Meeting to be held at 11.00 a.m. on 30 September 2021 - could we get some news on 30th ?
Sales, India, US, Europe……..
This is what she replied this morning to me regarding news:
While the open offer is live, the Company will not be making any generic business updates. All material information is in the circular.
If there are any material developments not included in the circular, we will of course be obliged to update the market on these.
Only response I am getting is from Anna:
Anna Dunphy
Associate Director
D: +44 (0)20 7933 8786
M: +44 (0)7876 741 001
www.walbrookpr.com
twitter.com/WalbrookPR
Read 10/09 RNS and stop talking nonsense:
Manchester, UK - 10 September 2021: genedrive plc (LSE: GDR), the near patient molecular diagnostics company, is pleased to announce the successful completion of the placing .....................