Member Info for Wigwammer

Cuvio - thank you for conceding that the dilution should be in the presentation. I suspect you don’t see it often in company presentations, because circa 50% dilution is pretty unusual. All the more reason to show it. I couldn’t raise it at the AGM because the investor presentation was after the AGM. But in any case, one would hope the smallest nod to appropriate governance and IR would encourage management to include it. Regarding incanthera, the reason I am bringing it up now is because according to management the cash runs dry this quarter. This is a chat board for investors, and I suspect this is relevant information for them. ATB

Cuvio - any investor with two brain cells to rub together will be interested in full dilution amounting to nearly 50% of the current shares. It should be in an investor presentation. Immupharma shareholders should also note that incanthera is running out of cash this quarter, and management have a history of chucking Imm company cash at it… ATB

Look it up, pal. I don’t care. Imm chucked £2m at incanthera, an amount that could have helped them avoid material dilution at these lower levels. Along with the circa 150m fully diluted shares not mentioned in the investor presentation, it’s not a pretty picture, is it? ATB

Jeez. Good point. They got through immupharma’s cash and then some. Shares now half what Imm paid and running out of cash. Defending the indefensible, one wonders why…

Fingers crossed Incanthera don’t come knocking for more cash… the money IMM gave them last time now running out with nothing concrete to show for it… has anyone been held accountable for this shambles? Nope…now in Q3 2022. “ -- Cash balance at 30 September 2021 increased to GBP627k (2020: GBP433k), providing cash runway to Q3 2022.”

My guess is they have to consider what they will be willing to hold and potentially lose over the longer term. They can’t play the game of selling up prior to the phase 3 if/when the shares recover because - as management - that will never look good. Different story for PI’s however, who aren’t constrained in the same way.

“You mentioned the figure of 107 million warrants in total , but my figures are much higher circa 154 million “… wouldn’t surprise me at all. A 47% potential dilution not mentioned in the investor presentation. Ho hum..

Dallo. The option and warrant holders don’t have to invest a penny until the price rises, at which point they exercise and dilute your upside. What I am stating is not a controversial point. IMM has large potential dilution, and IR should be upfront about it. ATB

Dallo - the dilution takes place in the future in the event we see positive news. We take the risk, someone else skims the reward.

Cuvio - most companies don’t have the level of dilution here. If they did it would be entirely appropriate to make it clear during an investment presentation.

With due respect dallo, that is not right. The shares potentially face highly material dilution from options and warrants, limiting the upside, a fact that I had erroneously believed was reflected in the deferred share count. Our friend cuvio is right there, but he is wrong to state that the fully diluted number of shares is 325m. He can delight himself in his own time by looking up the definition of “full dilution” and realising his error. On the subject of whether full dilution calculations should be shown in an investor presentation - of course they should, if the aim is to give a true and accurate reflection of the investment proposition. This is particularly the case with imm, where it has a highly material impact on valuation. Yet IR chose to omit them… Exactly what is the impact of full dilution at the minute? No one seems to know… it was circa 25% back in November 2020, but I suspect post multiple raisings, the number will have jumped again. ATB

Cuvio - your statement that the fully diluted number of shares is 325m is completely wrong. In the November 2020 RNS, the company reported 311m shares on a fully diluted basis, and since then we have had multiple rounds of further dilution. So I ask again, what is the fully diluted number? If the deferred shares figure does not reflect it, then what does? The point that you have sat through the AGM and the investor presentation, and still believe the figure is 325m, is testament to the point that IR has failed to make the basic figures clear to you (or anyone). ATB

The fully diluted number of shares right now is far higher than the 325m you state, and any investment decision based on a valuation using that number will be a poorly informed one. The reason you and many others here are poorly informed, is because investor relations have thus far failed to give any clear guidance as to what the diluted number is, or will be post the latest dilution. The last time they gave clear guidance was November 2020 in a total share capital RNS, and it was around 300m then - there has been multiple dilutions since… Of course, knowing the diluted number of shares in issue is key to making an appropriate investment decision - unless you are somebody who is ok buying things without checking the price first. ATB

So what is the fully diluted number of shares, cuvio? Simple info that should be made abundantly clear by IR in a one hour presentation.

“At last, someone who understands what they are talking about..” … indeed lambo… you post on a daily basis and clearly haven’t got a clue what you’re talking about :)

First, thank you for conceding that the fully diluted number of shares here is around 610m - an outcome which should have been made clear by IR in the investor presentation. Second, the status of the deferred shares is they will be redeemed as/when anything good happens, diluting the upside to ord holders by up to 87%. Have a lovely weekend.

And respectfully, you need to do some research.. “ Total Voting Rights… Fo llowing Admission, the Company's issued share capital will comprise 325,803,104 Ordinary Shares with one voting right each and 284,984,933 deferred shares with no rights to vote. ”

Pokerchips - to repeat, the diluted number of shares in issue here is 610 million, with the deferred shares representing a further 87% dilution to the ords if/when exercised. It should be a minimal expectation of an investor relations function to make information of that materiality abundantly clear to all investors. Instead, they did a one hour presentation and, as far as I remember, it was never mentioned. In fact, management stated that the market value here was under £20m - well, yes it is, if you conveniently ignore the prodigious deferred share dilution. I’ll leave it up to individuals to work out whether the omission of such material info represents good IR practice or not. ATB

Pokerchips - the fully diluted nosh puts the market cap way higher than company has been suggesting. It is their usual unprofessional approach to investor relations, which has done them no favours over the years. Where the additional 285m shares comes from is a puzzle the company is not too interested in clarifying - for obvious reasons - though they used to publish a total share capital, that has now stopped. “ Fo llowing Admission, the Company's issued share capital will comprise 325,803,104 Ordinary Shares with one voting right each and 284,984,933 deferred shares with no rights to vote.”… still looks decent value even with 610m shares in issue, and as you suggest they would receive cash from some of the issuance, but a large reason for the “decent value” is that no one trusts the story presented. How NOT to do investor relations.

Agreed. TM was positive - “on the brink of something really special” - and contrite about past mistakes. Managed to pick some up at 4.99 and 5.1 this morning, and if it falls to those levels again I may buy more. GLA

Because you don’t know what quantity you will get via broker option, you might get filled, you might not.