My Hero (again) Tim Martin of JD Wetherspoon lashes Corporate Governance woke Brigade, notably the Commie sociologist running charlatans PIRC
AIM-listed Redx Pharma (REDX) has released great news in that it has sold one of its products for $3.5 million upfront plus up to $203 million in milestone and royalty payments, plus a cut of any sales. That’s a lot of cash – or it may be, if all the hurdles are passed successfully – but of course, those hurdles may not be quite so easy to clear, and it certainly won’t be any time soon. The shares are up heavily by 124% at 14p on the news, but I just wonder if the market is suffering from over-enthusiasm.
Since the scandal of its administration, AIM-listed biotech company RedX (REDX) has had a much better run of things under the new leadership of Exec Chairman Iain Ross. But today’s statement, issued intra-day at 11.34am, suggests that a death spiral may be on the way. If it is, then this is an automatic sell for me...
We have been following closely the story of RedX Pharma plc (REDX) as it ran out of other people’s money and went into administration. Now, after just over five months on the suspended list, the company has been successfully restructured and it is all systems go. This is very good news for the company’s shareholders, but questions remain – not least of which is what happened to the Administrators’ Final Report. The company announced it had published the whole thing on its website but I can’t find it. And the relevant filings at Companies House are still missing. No doubt they will appear, but surely the return to trading on AIM should come AFTER the market has had a chance to digest it, not before. Black marks all round then.
The administrators to (suspended) AIM-listed RedX Pharma (RED) have published their proposals for the rescue of the group. The good news is that something will indeed be salvaged, but details of what went wrong look to raise serious questions of the company and its Nomad – none other than Cantor Fitzgerald. You might remember that name with reference to the African Potash (AFPO) fraud where it is to be sued for its negligence.
RedX Pharma’s administrators have updated the market on the state of play with this (currently) insolvent company. The good news is that a sale of assets is proposed which will bring in $40 million and that subject to review by the administration team of business plans by the management the company would be set to exit administration and shares restored to trading.
It seems to be perfectly acceptable for companies on the Casino to complete fundraisings inadequate to see them solvent. Yesterday at 4.22pm shares in AIM-listed Redx Pharma (REDX) were suspended “pending an announcement” by AIM Regulation (the RNS following at 4.35pm – bit of a rush there fellas?) At no-one-is-watching o’clock (6.35pm: after-after-hours) the company announced that administrators had been appointed - just 3 months after the company had apparently raised £12 million in a placing and open offer. Coke and hookers all round for the Nomad and Brokers concerned. Stale bread and water for those sold this particular pup.
We should all marvel at the care and attention of the regulatory system afforded to investors who dabble in shares listed on the world's most successful growth market. We really should. And that brings me to an RNS released yesterday at 11.59am by AIM-listed RedX Pharma (REDX) entitled Result of General Meeting. Except it wasn't a result of general meeting announcement at all.
While it may appear to some that the lack of charting data on the Redx Pharma (REDX) makes things in terms of the prediction game rather problematic, it is actually the case that the setup of recent months is actually quite welcome.
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