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Synairgen AGM – London 30th June 2023
By Wigster77 and Doc83
Sorry it’s more abridged this year. I found there was a lot more “technical” stuff this year, as well as what felt like more questions overall, so if our more technical and learned members could fill in any gaps/make corrections that’d be great.
We arrived, got booked in and received our voting cards. A few of the Synairgen team were milling about and partaking in the usual small talk and drinks etc. We overheard the phrase “presentation” and “RNS” mentioned, so wondered if this was going to be anything significant…
Into the main room. It was a posher room for us this year. More of a cinema style auditorium with tables for the Synairgen board at the front and seating for around 200 people at a guess. I think this must have been because we had Royalty with us this year (Professional, who graces us with his posts on here occasionally). We counted around 20 investors.
ATTENDEES FROM SYNAIRGEN: On the tables, from left to right as we looked at them were: John Ward, Dr Bruce Campbell, Richard Marsden, Simon Shaw (Chairman), Professor Sir Stephen Holgate, Amanda Radford and Dr. Phillip Monk. Apologies from Flic Gabbay.
Simon Holden and a few other members of the Synairgen team were sat alongside the investors.
Last year we received hard copies of the Annual Report and Accounts and the AGM Agenda (with Resolutions), but we didn’t get them this year. Not sure if other attendees received them.
Meeting Starts 10:00 prompt.
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RESOLUTION VOTING
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Simon Shaw welcomed us to the meeting and we were told that we must turn our phones off, that any recording of the meeting was not allowed and that anyone suspected of doing so may be thrown out of the meeting.
He proposed to start with the resolutions and asked if we could limit any questions purely to them to save time.
QUESTION: WHY SHOULD WE RE-ELECT YOU ALL
SS – We have a broad skill set. And we know what we’re doing.
RESPONSE FROM QUESTIONER: You’re just on the gravy train, aren’t you? There’s no overall strategy.
SS: No. We have a presentation to show you later which will explain more.
RESPONSE FROM ANOTHER LTH: I think we need to defer the vote until after these presentations and Q&A session.
SS: (Looking slightly rattled). Yes, we can do that if the majority agree. A show of hands was requested and from what we could see everyone agreed we should defer the vote!!
I've just finished typing them up and have sent them to Doc for review and then will post them up here hopefully late afternoon. Thanks again to those who have already put lots of useful info on here from the meeting.
Many thanks also to all for your kind words ref my partner yesterday, she is now back home from hospital, safe and (almost) well.
ATB & GLA.
I've come out of the meeting not quite sure how I feel about it. Possibly slightly more negative than last year.
One thing is for certain, we are in for a long long ride. P2 (the " investigative" i think they were refered to in the result RNS) studies were slated to start in winter in the presentation they gave, so forget early H2 this year...
Data data data was the theme. We need to collect all of our data (certainly the p2 studies) before any BP or partners would be interested in a JV/TO.
That's it for now. An apology in advance that I'm going to struggle with a huge write up this year as my partner got rushed into hospital last night, which wasnt in the script, but I do have various notes and will try and put something together in due course.
ATB
Tommy: "At pace may now be the pre-pandemic trial pace and we may all have to learn to reset our expectations"
Do you think the expectations I set are about right or overly optimistic/pessimistic? Reminder if you missed my comment:
I have set my personal expectations of "no conclusion to this drama until mid 2026". This is based on the 3 investigative studies taking until the end of 2024, then a p3 trial taking 18 months or so (providing we have the funding to do it of course).
Thanks & ATB.
A few phrases from the recent Results RNS:
"we have established a number of ways forward for the SNG001 development programme. We are embarking on these WITH RENEWED VIGOR in 2023."
"....wanting to move forward AT PACE"
"...implementing our clinical development plan AS QUICKLY AS POSSIBLE"
I will be seeking timelines to assess whether the perceived urgency and alacrity matches the expectations of us shareholders.
ATB & GLA
Sparky, I'm sure the subject of timings will be one brought up at the AGM.
I have set my personal expectations of "no conclusion to this drama until mid 2026". This is based on the 3 investigative studies taking until the end of 2024, then a p3 trial taking 18 months or so (providing we have the funding to do it of course).
You never know, we may be lucky and get an £8bn takeover offer before then or even inclusion onto a 3rd party platform trial like STRIVE for example which may change everything. It's amazing what can happen if you smoke the correct drugs.
DYOR, ATB & GLA
Aether & all - yes, absolutely no problem relaying people's questions but as Doc says, there would appear to be a lot more people going this year, so we may struggle to get through them all (I have 22 main questions already, with a few of those having "sub questions" as well). However, I suspect that most people will want to know similar things - mainly a lot more "meat on the bone" of the company's future so it might not be too bad.
So, fire away!!
ATB.
A few valid points there WOS.
FWIW, my guess would be that, depending on the exact circumstances and wording of the RNS, the SP could drop back to 3p, maybe even high 2s. I think it would start to return back fairly swiftly though once the "bedwetters" have gone and more knowledgeable LTHs are left.
Personally I think we'd be very lucky to see the LP before Velociraptor news, but we're about due some good luck aren't we?
Interesting times ahead, that is for sure.
GLA
Another morning, another load of waffle we've heard many times before from WOS.
And yes, this "HARD BUYING" amounted to less than £1100 in the last 3 hours of trading. Wow.
Still, I'm holding tight. Hopefully there will be some good news RNS(s) sometime soon.
GLA.
Probabilities based on LP at 66%, Velociraptor success 20%:
1. LP lands and raptor is a success? 20-30p, possibly more if it's good quality oil, upper end of estimates volume wise etc
13.4% Chance
2. No LP and raptor is success? 10-20p
6.6% Chance
3. LP lands and raptor is a duster? 12-15p
53.6% Chance
4. No LP and raptor is a duster? Initially 2-3p but eventually drifting to sub 2p with our hopes left on the renewables adventure.
26.4% Chance
Probabilities based on LP at 90%, Velociraptor success 20%:
1. LP lands and raptor is a success? 20-30p, possibly more if it's good quality oil, upper end of estimates volume wise etc
18% Chance
2. No LP and raptor is success? 10-20p
2% Chance
3. LP lands and raptor is a duster? 12-15p
72% Chance
4. No LP and raptor is a duster? Initially 2-3p but eventually drifting to sub 2p with our hopes left on the renewables adventure.
8% Chance
I think if the SP ever gets back to £1.75 there'd be a party at BigJohnnyWins place for a solid week.
Anyway, more justification for investors to be extremely "probing" with their questioning next week. If they do deny a Q&A session then that really would be poor form and tell us a lot about the people "running" the show.
ATB & GLA
There must be something major in the offing. They wouldn't feather their own nests before the AGM, knowing that Professional is already planning to rip into them so badly it'll make headline news around the world...
GLA.