Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
https://youtu.be/HyHZu0uEXAY
Not having seen the recent Investor Update ( but having looked through the slides), I watched the opening few minutes to hear Hullihen’s introduction.
I know we’ve given him and the co. a hard time over their comms, or lack of it, but he made it clear that it was on the basis of advice from experts that he felt obliged to restrict what he could and couldn’t (legally) say to investors.
Obviously, in hindsight, he overdid it and the news/PR vacuum torpedoed the sp.
Add to that the SVB collapse and the earlier FDA refusal and my annoyance turned to sympathy and I began to feel a bit sorry for him and the co.
So, in spite of being well under water investment-wise, I’ll see how things develop.
I’d be most interested to hear some words (of comfort, hopefully), from Paul Jourdan of Amati as to his view on events.
A paradox here has been that the sp not only drops on bad news, but also drops on good news. This seems to be an established trading model.
So, although gaining an AIM listing may be less bureaucratic and costly than elsewhere initially, it’s unforgiving in its unwillingness to believe that a small innovative biotech company can possibly succeed alone.
The major shareholders have held their ground, so I guess are more aware of the challenges still to come in getting reimbursement etc.
The problem for the company has been that sub-3% ers accounted for near 90m shares, largely in the hands of PIs - who were not ready for the next set of challenges (those familiar with AGL most definitely were) and have been exiting as fast as the market allows.
The puzzle for me is the absence of any sizeable institutional buying even at these ‘giveaway’ levels. Hence no floor for the sp so far.
deepjoy,
Agree with your main points, but I don’t so much blame the BoD (who after all are US-focused, getting on with business) as their claimed UK-based ‘advisors’, who, seemingly have made a very poor fist of advising them.
Now, if it turns out they were indeed warned of the imminent PI relations crisis, but were ignored, then we really do have a problem of the company’s own making.
Management may get a couple of chances to restore credibility, but waste them at their peril.
deepjoy,
‘hubris’ - that was the word I was looking for.
Before the CRL, Capt Hullihen was super-confident, as he steered HMS Polarean across the Atlantic…
Sadly, having hit one iceberg, he’s now been holed below the waterline, imho.
What fascinates me is whether he actually knows what’s happening to the sp.
Also, I wonder if Walbrook PR even know they have Polarean as a client?
Imho it’s not the fact we have a seller/s - who knows why they’re desperate to get out now - it’s the fact that there are no investors rushing to buy at these new lows.
Hence even these negligible volumes have a disproportionate impact on the sp.
Time for the BOD to build a new investment case - starting Monday!
Most share trading nowadays is algorithmic (perhaps 75% in FTSE 100 cos) so even on AIM I’d expect today’s downward pressure on the sp to be repeated until definite news.
Sp will do well to hold 40p support. Imho.