Silence Therapeutics Share Discussion Threads

[1gw] 30/11/2021 19:53

I have set up a new thread which now has US charts in the header, for anyone who wants to continue posting over there.

"Silence Therapeutics - RNAi Biotech"

[1gw] 30/11/2021 16:20

Now showing at $23.80, which is £6 equivalent at £1=$1.323.

And a 1m ADS trade just gone through at $23 will do something for the "average volume" statistics going forward.

[1gw] 30/11/2021 14:55

Nice to see it heading back towards £6 equivalent on Nasdaq ($23.58 is around 589p equivalent). SLN put out a press release a little while ago just confirming the cancellation of trading on AIM.



I'm trying to set up a thread with the US charts in the header, but so far it has been beyond my capability.

[wilko14] 30/11/2021 08:44

I think you can still convert but have to pay the fees/taxes.

[ukeagle2aus] 30/11/2021 08:30

What happens to any residual stock not converted (if any)? Genuine Q as I don't know?

[1gw] 29/11/2021 16:17

Plenty of volume going through AIM on the last day of trading there.

[1gw] 23/11/2021 15:34

Good to see apparent spread coming down on the Nasdaq listing, at least from time to time.

Currently, Yahoo! Finance showing 22.30-22.36.

Edit: but seconds later blows out to 22.30-23.24.

[1gw] 19/11/2021 22:11

But 79,000 ADSs traded on Nasdaq today.

[1gw] 19/11/2021 10:03

A bit of interest in SLN early on yesterday on Nasdaq but according to Yahoo! only 7600 ADSs traded (22800 shares) so I guess no ATM selling.

[wilko14] 18/11/2021 14:23

So Dicerna gets bought out and the money flows into its decreasing competitors. +79% premium is decent I guess. Perhaps the game plan here with partners watching on.

[solo4yous] 18/11/2021 13:27

Awesome move off 500p region SLN

Right this way :)

[1gw] 18/11/2021 13:04

Novo Nordisk buying DRNA at an 80% premium, although that means just above the price in August before the disappointing clinical results.



The SLN UK price reacting in sympathy, despite the deadlines having passed for taking advantage of the ADS exchange facility, according to the published timetable. It will be interesting to see what happens on Nasdaq. No trades in the pre-market yet. Will the company use its ATM facility to supply ADS's into the market to meet any US demand today? Seems like it might be a great way to kick-start liquidity given what presumably will be strong demand, if they are positioned to react.

[1gw] 18/11/2021 09:09

Just watched the Jefferies presentation. Nothing new (afaics) but with developments over the last year the presentation has developed into a compelling story imo.

Really exciting times to come with SLN360 SAD topline data readout still showing (on the "Anticipated Events Through 2022" slide) visually as early in 1Q. Ahead of that we've got ASH in December with some further analysis on the (SLN124) healthy volunteer data.

SLN124 has got a lot more exciting since they added the PV indication, with its relatively large market, and started talking about the potential for a hematology franchise.

SLN501 (Mallinckrodt C3 program) heading into the clinic in 1H.

Astrazeneca should be ramping up as well with work on a further 3 targets expected to start within the first 3 years of the collaboration (so by March 2023).

[1gw] 16/11/2021 20:01

frndlyfire - no advice intended here - please check with your own provider/advisor - but my understanding is that SLN ADS's can be bought today in an ISA (subject to the provider having that particular ADS on its platform) but once SLN delists from AIM that will not be possible as the underlying investment (SLN ordinary shares) will be unlisted. And any SLN ADS's you have in an ISA after delisting of the underlying investment may have to be removed from the ISA.

volsung - yes my HL portfolio looks as though it has taken quite a hit with the removal of price on the SLN holding. Tomorrow is the deadline for CREST holders (such as HL) to get their paperwork to BNY Mellon for deposit of ordinary shares for delivery of ADSs. Presumably we now have a few days to wait until the ADSs get credited to our accounts.

[volsung] 16/11/2021 16:19

Had a shock there
All my SLN shares have disappeared from the SIPP lol

[frndlyfire] 16/11/2021 14:42

It seems you can buy the ADR shares in an ISA. Does anyone know if there are any potential issues with that (aside from the currency risk)?

[1gw] 16/11/2021 08:13

Looks like we're moving to quarterly reporting with the increased focus on the Nasdaq listing.

[1gw] 09/11/2021 13:29

While ARWR seems to go from strength to strength, with a slew of data coming out.

[1gw] 09/11/2021 13:26

Dicerna trumping SLN in terms of programs overall and expectation for programs entering the clinic (4 per year entering clinic over next 2 years for DRNA vs 2-3 INDs per year from 2023 for SLN), but seen from the broader perspective of RNAi coming of age, it's an exciting time.

"Between Dicerna and our collaborative partners, we have 16 programs in preclinical or clinical development as well as more than 20 discovery-stage programs. Given the breadth of these activities, we expect new programs to be entering the clinic, on average, one per quarter over the next two years and potentially beyond that at a similar rate. "

[1gw] 05/11/2021 16:57

Here's a link to Summit's reorganisation, which it announced in July last year after delisting from AIM in February.



If you look at the reasons for it, they would fit well also for Silence I think. And presumably post-reorganisation the Nasdaq-listed shares in the US holding company would be eligible for trading in ISAs and some of those SIPPs that are proposing restrictions on SLN ADSs post-delisting.

I have emailed IR and the CFO on this, but I guess it might have more impact if others, more directly affected than myself, did something similar.

[1gw] 05/11/2021 16:27

This article suggests a SIPP can in principle invest in unlisted shares:


I did in fact buy Summit Therapeutics ADS's through my HL SIPP after their delisting from AIM. I think their delisting was similar in structure to SLN's, although later Summit reorganised to bring in a US holding company (so now you will see shares rather than ADS's for Summit).


And finally, HL's own note to SIPP holders (at least to me) did not mention any restrictions on buying ADS's after the delisting.

[lyncom] 05/11/2021 16:05

Further to the buying/selling of the ADS's, I messaged Bell again & got the following:

'You are still able to hold/sell the ADS's within your SIPP following the delisting but you will not be able to purchase any more.
In order to hold American Depositary Shares within a SIPP the underlying investment needs to trade on a recognised HMRC stock exchange.
As the underlying investment of Silence Therapeutics will not be listed on any stock exchange, as the ordinary shares will be delisting from the LSE, these will not be permitted to be purchased within a SIPP.'

I have similarly messaged HL but, as yet, not received a response.

[1gw] 05/11/2021 07:15

Good news this morning. And perhaps helps to explain why the price has held up despite the effectively forced selling of II and HL holders.

[volsung] 05/11/2021 07:11

Now we know why

[1gw] 04/11/2021 14:39

No advice intended but my understanding is that the SIPP rules (AJ Bell and Interactive Investor) are down to provider policy. HL as far as I can see is prepared to let you buy and sell in the SIPP post-delisting.

The issue AJ Bell refer to and (as I understand it) the reason ADS's can't be held in an ISA post-delisting is that the ADS's are not "shares", they are effectively derivatives with the underlying investment being the Silence ordinary shares, which will be unlisted. It seems crazy (to me) given the Nasdaq listing for the ADS's - surely an unintended consequence?

Today has been somewhat frustrating for me. HL came out with their instructions last night and they confirmed that they couldn't be held in an ISA. I expected a bit of a dive in the shareprice, the same as happened after the II instructions, and was ready to buy more. And there seems to have been a steady stream of sells, but today they seem to be almost exclusively AT trades rather than the O trades I would expect from HL clients selling up. And the price has held up very impressively so far.