The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I might be completely wrong but think that the question around Riverfort and £1,118,000 relates to this from the kitchen sink placing in Dec 2020.
‘In addition, the balance of the Equity Sharing and Placing Agreement ("ESPA") under the Financing Facility, comprising 4,961,668 Existing Ordinary Shares, has been extended, at the Company's request, until 31 December 2021. Any gains or losses on the EPSA will not have crystallised prior to 31 December 2021, therefore these will be treated as contingent assets or contingent liabilities in the 2020 accounts. ‘
I recall on one of the investor calls Mark Hughes talking about this and suggesting that they could see the share being worth more than 22p in the future.
Like I say, could be miles off the mark on this.
Can’t believe I’m saying this but …. To give Fooler due credit, it is coming up to 2 years since the last fundraise which is practically a lifetime when compared with the frequency of them in the years before that.
The trouble is reduced funds means reduced activity, which is probably why it’s been so quiet over the last year or more.
Hope I’m wrong but I have a small suspicion that there may be more to this delay than we’re being told. There were initial delays followed by a detailed forensic investigation. This finished and reported months ago and yet we’re told that we still await auditors to finish. We get little to no information other than kicking the timeline back with vague statements.
I have fingers crossed that this will be a straightforward resumption with nothing nastier than that which we already know but also wouldn’t now be overly surprised if there was something further comes out that we’ve not been told about already.
Also, trying to tempt fate by posting this now in the hope we’ll get an RNS at 7am making this post look stupid , lol.
Down 35% yesterday - not sure why ?
I can’t see the results being pushed back in to June. They can’t be that had to get completed and we all know they are going to be dire. The only question is whether they come alongside a fund raise or whether there’ll be some heavy caveats around the future outlook.
Guessing you’re not a fan ?
Auditors are coming under a lot more scrutiny nowadays and there have been a number of high profile company failures over the last few years where their role has been brought in to question. There have also been some serious fines handed out by the regulator to auditors involved.
On that basis BDO are not going to be anything other than thorough and diligent ensuring their work will fully stand up to scrutiny. It is of no consequence to them that holders are frustrated or worried about their funds being tied up - this is their professional reputation at stake.
I also notice BDO’s name in a few other high profile stories including Revolut where there are questions around the accounts whilst they’re pushing for a banking license.
I’d rather they get this properly done and the company comes out of suspension with proper backing from the auditors. Remove all doubts about the finances and the SP will have a better chance of recovering , assuming the company is performing as we all hope.
‘apollo bid was based upon smart financial engineering, capitalising on a wildly low share price from thg being on the lse’
MM made it clear about his dissatisfaction with being on the London market. At the same time it would appear that no PE company are going to be able to put together a deal and structure.
On the quote above MM talks about wildly low share price from being on LSE. So which is it to be, get the SP to somewhere more realistic or get off the LSE.
I also noted he’s been accumulating shares and clearly wasn’t too unhappy with the low SP when snapping up the SoftBank shares for 39p.
‘Is not a problem always placing available no need hard work Easy life for them‘
Who’s going to take a placing in this PoS anymore ? They have no carrots to dangle, too many PI’s burnt out by too many previous placings. If they are going to get any funding it would have to be via death spiral provider and I doubt even they’d go near this now. No liquidity left to shift any volume with only a handful of trades a day.
Times up Fooler and he knows it,
That’s a key point Rock - MM really needs this deal to go ahead.
He’s made no secret of his contempt for the city and the city seems to feel likewise. If a deal can’t be struck this will get hit badly. As much as people suggest that this can succeed without a takeover the SP will carry that penalty of city ire for quite some time.
Jenn- harsh, but most likely true.
Bo - were you not tempted to sell last week given your frustrations here.
Having seen this rise to over a dollar , gain NASDAQ compliance and then fall back to the .5s last year, for me it was too risky seeing it do it all over again. After a 100% rise in just a couple of weeks I sold out with a hefty loss just under $1.20, as it seemed all too likely that the rise was ‘manufactured’ in order to get back in line with listing rules.
I would have thought you might be tempted to do the same rather than suffer the pain of it dropping back again. For holders sake I hope this doesn’t drift all the way back to the .6 / .5 levels again and be back in the same position all over again.