Eirx Therapeutics Share Discussion Threads

[officerdigby] 19/2/2015 15:04

Reality is for some reason the company was kept alive with new s/h funds for a while on a wish and a promise.
Some fundings were guaranteed in the pre-IPO document.
None of what was written was implemented and apparently was dropped for another plan pretty much after the raising. apparently a lot of the money was spent on due diligence.

All the while s/h's were spun a story on the monies potentially coming from the court. Funnily enough once the money was awarded - there was a problem.

And now s/h's have to vote for liquidation in order to maybe get to the money.


I'm not sure which version of reality is the easiest to believe...

[asmodeus] 19/2/2015 15:04

So - either 3 hundredths of a penny back per share, or 1 hundredth, depending on who's right. A lot of parsnips are going to have to go unbuttered I fear!

[mike111d] 19/2/2015 13:56

OD, I have made no such comment, a distribution would represent a restoration of value as suggested by Cliff but as ever you continue to read into matters what suits you. So I am afraid that I cannot assist you when it comes to your perception of what passes for reality. And yes new shares were issued further to the pre-IPO.

[officerdigby] 19/2/2015 13:44

Cliff of course the pre-IPO people got there shares otherwise they would have gone mental.

it's approx 13bln shares so according to your account £1.5m back it's ~0.01p.

It's interesting you have the info from Michaela (first hand) that there would be a distribution, whilst Mike (as always) seems to be indicating something else might happen!

As a nominee holder I note that the option to vote as not been reapplied to the account since the lapsing of the original deadline

[cliff hanger] 19/2/2015 13:28

Asmodeus: No. If my number of shares is right then I think my division is right and we would have 0.03 pence per share. However I think my memory of what I paid and my multiplication was out by a factor of ten. Hence pls see my edit to post 1744 above. No longer happy even under the optimistic view!!

OD: 1748 According to our finance director the money raised from the pre IPOs was used for due diligence etc.

[mike111d] 19/2/2015 13:25

I invested in the pre-IPO on the back of the offer document issued by the company and continue to seek a return on these monies and those originally invested in the stock from when the company was listed. For this reason I have voted in favour of the voluntary liquidation and the appointment of Michaela as administrator, as I see it as the best way forwards at this juncture to access assets and restore some value, others who have yet to vote may wish to do likewise.

OD seems to have overlooked the fact that a long and very deep recession had devastating effects on the markets during the time that these plans were being considered, making it next to impossible to raise funds in the open market and thereby blocking the planned IPO. That was very unfortunate but certainly not unique to Eirx.

[officerdigby] 19/2/2015 13:11

Cliff, how about the pre-IPO (circa 2012) document... The one with all the fictional plans that were never implemented the moment the money was raised.

Interestingly the shareholder (who apparently has made out like a bandit) was on here drumming up for the cash raising at the time. Which kind brings me back to is all being a potential scam from the beginning. Now the turkeys can vote for christmas!

[asmodeus] 19/2/2015 12:51

I assume you mean £0.03, Cliff not 0.03p. Unfortunately I never managed to get any shares at that price!

[cliff hanger] 19/2/2015 12:15

@OD: According to Michaela that's how it works - liquidate to cash, pay creditors including themselves, distribute balance to shareholders. Seems logical to me. If not distributed where else would it go?

I got the 3 billion shares figure from this site: shares in issue 2,975.74 million to be precise. Where do you get 9+3 from please?

[officerdigby] 19/2/2015 11:57

Cliff I doubt that if the money was reclaimed it would be distributed!

Also there are 9bln of these babies floating with and extra 3bln deferred.

[cliff hanger] 19/2/2015 11:26

The optimistic view: University of Aberdeen find their "lost" proxy voting paper and send it in pushing the votes in favour of liquidation and the appointment of Michaela Hall as liquidator over the required 75%. Both motions are passed and the creditors' meeting agrees too. She liquidates all assets including obtaining the rumoured balance of the bank settlement and pays off all the creditors which I understand to be not a huge amount (auditors, directors' fees? and costs of due diligence by prospective partners prior to abortive IPOs etc). Balance left over for shareholders is between £1m and £1.5m. Shares in issue are just under 3 billion divided into say £1m = 0.03 pence per share. We get a small proportion of our money back and walk away from this pile of dross.

Please check my maths! (I just did myself and amended the above para accordingly!! So many zeros!!)

The pessimistic view: The rumour is just that. There is no money. We are all stuffed.

Other interpretations welcome if you know any different.

[alby220] 18/2/2015 20:28

Received the letter from administrator stating no need to re register your vote if you have already done so for the last meeting But I would urge anyone who has not already done so to, do it before the next meeting on Mon 23rd Feb 2pm

[the_alchemist] 16/2/2015 12:12

or assets allow a new resurrection ?

[officerdigby] 16/2/2015 11:28

OK ta for new info.

So if you voted for a liquidator somehow monies was recovered to ERX, as a result of the process, the Company would still be liquidated, right? There is no way back from the process, surely?

[smcl] 15/2/2015 21:24

Its amazing Mike11d- who always claimed to have 'insider knowledge' is thanking Cliff - a guy who made serious efforts to find out what was going on. You know nothing Mike11d- you never did.!!!

[ewads] 15/2/2015 19:51

asmodeus 2 Feb'15 - 16:23 - 1689 of 1738 0 0


According to the notice I received, there are just two resolutions: No.1., the "special resolution" that the Company be wound up voluntarily and No.2, "the ordinary resolution" that Michaela Hall..........be appointed liquidator (for that purpose).

[mike111d] 15/2/2015 19:27

Cliff, thank you for sharing what was communicated to you at the meeting, I am sure that others will find it of great interest and as the_alchemist states I would expect that this would galvanise shareholders to vote in favour of the appointment of Michaela as liquidator if they have not already done so.

[the_alchemist] 15/2/2015 17:48

Cliff quite so and might explain why some parties do not want a liquidator appointed, and a strong reason to vote for Michaela Hall, the proposed liquidator if you have not done so already.

[asmodeus] 15/2/2015 14:00

Fascinating! Many thanks Cliff.

[cliff hanger] 15/2/2015 13:05

Mike - 1733:

The bank law case was the main reason that I attended as no-one here to my knowledge knew anything about it. According to our finance director this is the story: EiRx wanted to take the case to court but could not finance it. So it "sold" (assigned) the rights to do so to Peter Hoskins for £1. There was apparently an agreement that PH would take the first £500,000 plus costs of any award. The agreement was made via email. Unfortunately the server or computer containing said email was disposed of with all the other assets of Auvation in Ireland when that was closed down. No hard copy seems to exist!! I guess we can take all of this so far as "fact".

According to our FD and confirmed by Angus Forrest, a major S/H and friend/associate of PH, the case was settled out of court "on the steps of the High Court". But that is as much as the latter knows (or is prepared to say). So I suppose this can also be taken as "fact".

Now we enter the realms of "rumour". According to Michaela Hall the rumour, of which she cannot remember the source, is that the settlement was £2 million.

However, PH is apparently refusing to divulge (or hand over) the amount as he has signed a confidentiality agreement with the bank. I suppose that this is the reason for the "falling out" between PH and EiRx.

How true or otherwise any of this is I have no idea. I am just reporting what was said at the meeting. But just be aware that PH voted all his nearly 900 million shares against the motion to wind up the company voluntarily which would mean that no liquidator would be appointed. The liquidator is the only person with the legal duty to discover all assets of the company.

Draw your own conclusions.

[the_alchemist] 14/2/2015 14:21

and Eirx's ,their shareholders , and others interests in this matter and if these are congruent?

[mike111d] 14/2/2015 14:13

Cliff, primarily the last question that you posed i.e. quantum of the award:

"Does anyone know anything about the BoS law case? Result? Financial outcome?"

[cliff hanger] 14/2/2015 13:48

Mike111D - 1710: "I would certainly like to know the outcome to one of the questions that you raise."

Which question? I may be able to answer if only partially as some of my questions in my first post here were rhetorical. As I said the informal meeting was very informative if not totally so.

Offline now for a while for the rugby.

[alby220] 14/2/2015 12:19

repeat of above.

[alby220] 14/2/2015 12:19

No sorry I don't this vote I think imo we should vote for, and hope we eventually might recover a pittance, something is better than Zilch.