Member Info for Wigwammer

See what you done there, Lawrence ;)

Rusty - note 20, annual report 2017 : “As the Company can elect to pay the cash value in lieu of delivering the Ordinary Shares following the exercise of the Conversion Right, the conversion option is a derivative liability.” ie. the company has the option to pay cash, such that the bonds do not convert into shares and no dilution occurs. I HOPE THATS CLEAR ENOUGH FOR YOU. Perhaps if you and kenj read ALL the relevant material, rather than just parts of it, then it would spare a lot of red face and spouting on your part :)

Hello “6 posts” Andy... I guess this is the username that gets wheeled out when the toys fall out the pram :)

Rbrand - you are quite right. Kenj has been too pessimistic and every regular reader with a memory brain cell knows he has got it wrong. To repeat my response to RB’s posts 1) there is no 9p ceiling 2) there is no surety that @8.26p+ the debt converts to shares because ultimately the company has the option to convert into shares or pay cash. This is fact. Kenj - thanks for the description of what a convertible bond holder is typically entitled to. It bears little relevance to the situation here or the discussion we were having, but does demonstrate an aptitude to spell and type. Well done :)

Thanks Rusty. The big sign stating “KENJ IS RIGHT” has rather quickly been replaced with something less sure of itself :)

“As the Company can elect to pay the cash value in lieu of delivering the Ordinary Shares following the exercise of the Conversion Right, the conversion option is a derivative liability.” The holder can REQUEST conversion, the final option of whether the bonds convert to shares or are settled in cash rests with the company. In the context of RB’s original message “My interpretation of the relevant clauses in the prospectus is that $1000 @ 1.5171 (fixed FX rate) @ 8.26p per share means that the $100mm of bonds will convert to 798mm shares. ” No. @8.26p the holders can ask for conversion, but the ultimate decision is made by POG. Hope that clears it up :)

Indeed. He’s been wrong about the share price and wrong about pog. To repeat my points in relation to RB’s posts. First, there is no 9p ceiling on the price as a result of conversion. Second, even with a share price above strike - there is no certainty the bonds will convert to shares. The bond holders can ask for conversion, but ultimately the company decides. Of course, kenj will continue to flog a dead horse - he might as well cos he’s got little else right so far ;)

Kenj - I’m afraid I’ve been right about both the share price and the pog in recent months, while anyone who acted on your negativity near the lows would now be out of pocket. In terms of the points I made to RB 1) there is no 9p ceiling placed on the shares as a result of conversion - the shares could convert and we are at multiples of 9p. 2) the company retains the option to convert or pay cash - “the Company can elect to pay the cash value in lieu of delivering the Ordinary Shares following the exercise of the Conversion Right” hope that helps (again) :)

Ray - not sure I want the modi1 trial to start too soon, because we need funding to do it. Better to get some positive news built into the valuation, if possible, than issue shares into weak sentiment. Imo

Frustrating though it may be, my intention is to hold on here. The positive triggers are now at least based on aspects the company are prioritising 1) scib1 IND 2) patent news 3) TCR collaboration, as opposed to things they are not - like the GC. Of course, management have prioritised things in the past and they have not come to pass - but I think we are getting closer rather than further away. I think we will get scib1 combi trial data this year, excitement will build toward that endpoint, and the inflection in sentiment will appear all the more exaggerated by the current malaise. You haven’t lost until you’ve sold :)

The conversion option of the US$100 million Convertible Bonds represents the fair value of the embedded option for the bondholders to convert into the equity of the Company (the “Conversion Right”). As the Company can elect to pay the cash value in lieu of delivering the Ordinary Shares following the exercise of the Conversion Right..”

“This suggests to me we only have upside potential to around 9p per share until the conversion occurs in Mar 2020.”...Why? A retired banker should understand it means nothing of the sort. My understanding also, though am willing to be corrected, is that the company and not the holder of the debt retains the option to convert.

IRC +29% :)

“cosy echo chamber..” bang on!

TF - I agree that crumbs is entitled to express his opinion and that he got it wrong. Moving on - we had a funded moditope trial with efficacy and safety data expected. Now we don’t. Our funded trial has been sacrificed and the cash has gone elsewhere. Fingers crossed there is a cunning plan going on in the background - the jury is out :)

Fact is, you told people to fill their boots prior to the GC result and the shares are now trading at a 52 week low. The most likely beneficiary has been the persistent seller - he/she is happy and grateful for your contribution. Poor judgement by crumbs and worth bearing in mind when reading his posts. ATB :)

Thanks for conceding you were telling posters to fill their boots prior to the GC result. Shares now at 52 week low. Market telling people loud and clear what it thinks of your judgement ;)

We were funded to get efficacy and safety data on moditope in a clinical trial. Now we are not. “The Company will file the Clinical Trial Authorisation and commence the clinical trial for Modi-1 in H1 2019, with the first efficacy and safety data expected in H2 2019.”

We had a funded moditope trial. We now have an unfunded one. Cash gone elsewhere :)

Chelsea - no need for apologies. Not sure I agree there was no ramping in the run up to GC - one poster was suggesting to fill yer boots and claiming to use any sells as a means to top up. Ohhh crumbs - what was his name again?! Little buying pressure lately - guess he/she ran out of ammo :)