A year and a day ago Oxford Cannabinoid (OCTP) announced that it was delisting and would go to JP Jenkins although it reneged on that pledge. I had repeatedly warned that it was a crock of merde and would end as a zero but on one thing its fragrant CEO Clarissa Sowemimo-Coker, the Warwick University philosophy graduate, and I agreed 100%.
I have noted before that the Warwick University philosophy course which produced Oxford Cannabinoid (OCTP) CEO Clarissa Sowemimo-Coker clearly did not cover basic maths. Now I am beginning to wonder if the course covered ethics, as the course at my old alma mater did, for today there is an RNS which just looks to be a bit of a porky.
My most recent explicit warning that Oxford Cannabinoid (OCTP) was, to use the technical term, utterly fucked, was on 15 February with the shares at 0.51p just AFTER it completed a £1.1 million placing and £500,000 death spiral loan issuance. CEO Ms. Clarissa Sowemimo-Coker might have a degree in Philosophy from Warwick University but she’d struggle to get into Bath Spa to do basic maths.
The fragrant Warwick University philosophy student who is running Oxford Cannabinoid (OCTP) into the ground, Ms. Clarissa Sowemimo-Coker is delighted to announce that the subscription element of the £1.1 million net 0.5p per share fund raise announced on January 30 has now completed. Already the bid is, at 0.47p, below the fundraise price, always a bad sign as the new shares do not start trading until 20 February. But worse is to come.
Of course Oxford Cannabinoid (OCTP) pretends in its release that the death spiral is an "investment". Whatever. The fact that it cannot even be honest about that tells you everything about this entity and its CEO Clarissa Sowemimo-Coker. Crazy name. Crazy gal. Before we look at the quite desperate refinancing have a butchers at the interims which also came out today.
Last week's EGM was a predictable farce. Imperial Brands (IMB) does not seem to care about its investment; thus, it fails to quiz the management of a company whose shares have slumped from 5p at IPO, to 1.3p in just ten months. Here are some of the questions asked, which raise very serious questions about the underlying science, the shock resignation of Oxford Cannabinoid’s (OCTP) broker and the cash crisis looming later this year. Natch, Oxford declined to answer any of them:
Thanks to Winnileaks I now have in my possession a letter sent to the directors of Oxford Cannabinoid (OCTP) by holders of c8% of the equity demanding that an EGM be held to sack the entire board. Natch Oxford has yet to tell investors of this via an RNS so let me bring you the highlights
Last week I revealed how directors of Oxford Cannabinoid (OCTP) had extended their service contracts while in receipt of an MBI/RTO approach which would see their contracts terminated. Things have now moved on.
The IPO of Oxford Cannabinoid (OCTP), pumped by the tawdry Mail on Sunday on the, false, supposition that Mr Snoop Doggy Dog was an active investor, was – as I predicted an overvalued POS and those backing it have, in eight months, already lost half their money. This week it admitted to delays in work on its two lead compounds, not that, even before, either would – if they worked – hit markets till 2027. Its founder chairman will soon step down after a share dealing scandal but is already in Thailand “finding himself”. But it gets worse.
When Oxford Cannabinoid (OCTP) listed in May, raising £16.5 million at 5p I warned you all that its £48 million market cap was a complete rum ‘n’ coke. This company will, in a best case scenario, generate first revenues in 2027 and it will very obviously run out of cash well before then. I reckon the next cash call is within a year. Meanwhile the non-financial red flags mount at an alarming rate.
