Alizyme Share Discussion Threads

[dunderheed] 06/7/2009 14:58

ant15 - agree but I want a slice of that 2p pie!!

[dunderheed] 06/7/2009 14:57

mach6 - aha - now I see you are in fact SC (had my suspicions in the first place) - or you both just enjoy such juvenile sense of humour - honestly another one for the filter - this is only a list of 4 in my whole time at adv - because to be honest I like a laugh just as much as the next man - but sometimes it is so boring!!

mm - feel you are right - think the Tim was holding back any further investment in this company - does not mean AG will be able to get something off the ground - but I think with the rns this morning our chances significantly increased!!

[chronicler] 06/7/2009 14:56

In view of it appearing Alizyme have moved forward on a rest of word deal for Cetilistat [because in the last three months they have changed the wording in news announcements from "discussions ongoing" to "negotiations are progressing"] what price if they announce a deal in the next few weeks. 55p on the day rising through 2009 to above 100p and 150p if Takeda announce good Cetilistat Phase 3 results for Japan in 2010 looks about right.

[ant15] 06/7/2009 14:55

VOW I think this underlines my point Any placing now will need to be enough to last for the next 12 months Nominated Advisers would insist on this. What is significant is that they are not looking to split the shares so if they raise £1.4+ million at nominal value 2p this is their max....Very good news for holders...company can be assumed to have enough cash for 12 months after placing at 2p If it has been agreed at anything higher than 2p then even better news. I can see this going back to 10p quite quickly assuming always that people vote for the resolutions....Shares are quite tightly held and Institutions could well hold sway.If they participate it will be seen as a very positive sign...Interestingly there is no mention at all of stepping down from the Main List to AIM another positive in my book. I make no comment on resignations as we are where we are. All in all this is a very satisfactory statement following on from the disastrous one of the 29th. IMHO of course.

[dunderheed] 06/7/2009 14:52

Cheers silver - nothing changes?!

[silent cartographer] 06/7/2009 14:49

Looks like this is heading to 1p !

[vow] 06/7/2009 14:34

Mike,

Under these conditions they could raise £450k (net) without a discount and a placing of £2m (net) after.

The last placing was done at 50p which is how they got the £10m.

Do you see that being enough? The money raised in the placing would be immediately used up organising the offer.

Strange they haven't sort permission to raise up to 100% of share capital just until the next AGM.

[mad mike] 06/7/2009 14:24

Regarding the possible placing/rights issue.

All the AGM resolutions do it carry forward the authority to issue shares that the company already has. The authority automatically lapses at the end of the AGM, so just needs to be re-agreed to carry forward.

So the company does not need to wait until the AGM to do either a placing (up to 10%), or a rights issue(23-33% max).

Tim must have been a barrier to getting any fund raising away. Now that he has gone, maybe there is nothing stopping a placing or rights issue before the AGM.

[mach6] 06/7/2009 14:18

Silent Cartographer - 6 Jul'09 - 14:00 - 23891 of 23891



Dunderbore.

I'm guessing that you've already asked 'Timiny' about his 'package' on many occasion.

You dirty old dog you ! Time you came out of that closet fella ??


LOLOL!!

[silent cartographer] 06/7/2009 14:00

Dunderbore.

I'm guessing that you've already asked 'Timiny' about his 'package' on many occasion.

You dirty old dog you ! Time you came out of that closet fella ??

;-)

[dunderheed] 06/7/2009 13:55

Follow your points but this was what I have been led to believe but I may have misinterpreted the timings. (Most likely!!)

Have you been in contact with new management?

Will you be going to agm?

If so do you mind asking how much Timiny package consisted of to leave and querying this if indeed there was one?

[mad mike] 06/7/2009 13:51

Dunderheed, the problem with an open offer to shareholders is that it takes a very long time to complete, including:-
- lots of work to produce a detailed prospectus, including pages and pages on independent analysis of each drug's risks, and general market risks etc.
- followed by a fairly lengthy period for shareholders to subscribe.

I don't believe there is time for such a rights issue to complete before the company runs out of money (end Aug'09). Whereas doing a placing to institutions could be done in a day if needed. It is possible a placing is already lined up, just awaiting the AGM to approve the necessary resolutions.

Of course there could be a placing (to institutions) immediately after the AGM, with a rights issue announced some weeks later, which won't complete say before end Sep'09.

If there is a rights issue, at least we would then get a detailed analysis of each drug (risks/markets/timescales/costs etc), rather than the glib positive statements we have been getting so far. Hopefully it would be on the same generous terms as the placing is likely to be. It may not be, as it seems likely there would be a good shareprice recovery in the time between a placing and the rights issue offer (reflecting Alizyme isn't going bust at end Aug'09 after all).

[mad mike] 06/7/2009 13:33

BTW, I've only just got a copy of the Company's Articles of Association. These show the Chairman, at the last AGM, was confused about the over 70yrs rule. There is no rule that says Board members over 70 must put themselves up for re-election every year. So William Edge actually did remain a valid Board member (until he recently retired).

It looks like there used to be an over 70s rule, but it got deleted at the May'02 AGM.

Currently, the only relevant over 70s rule rule is:-
- where a Director is up for appointment (or re-appointment) shareholders must be told if the Director is over 70 and be given an explanation why they should be appointed.

Well that is one less question for the AGM! LOL!

[dunderheed] 06/7/2009 13:21

Think it will be placing and 'open offer' at the same time?

[mad mike] 06/7/2009 13:13

AGM resolutions relevant to any future fund raising are (put simply):-
- the maximum sized placing is 10% of currently issued shares (where shares are not offered in each proportion to all shareholders i.e. all sold quickly to institutions & we get none).
- the maxium number of new shares that can be issued (including the 10% above) is 33% of currently issued shares.

So for example (using the detailed numbers):-
- immediately after the AGM, the company could do a placing of up to 22,109,868 shares,
- and then subsequently (when there is more time) do a rights issue to all shareholders for up to a further 50,852,698 (a total of 72,962,566 new shares)

[the_doctor] 06/7/2009 13:08

Paeff

Agree that he may have told people news was imminent when it wasnt - but I dont know exactly what was said and I dont know what potential partners were telling him at the time.

I just think it is important to note that in terms of business, he got the best deals he probably could.... and raised cash on pretty good terms too.

He couldnt help the PIII results. He couldnt help the fact that nobody wants to pay the cost of developing ceti

[dr biotech] 06/7/2009 13:05

I have to agree with PF. I had some personal communications with TMC some time ago. Whilst it was good to get a personal response to the emails I sent the general response (things are OK shorters will get burned) was of completely detached from outcome.

Perhaps we will never know whether AZM were offered a PIII deal for ceti, but I'd suggest they made a complete horlicks of the other products. They raised money to fund PIII for renazpride which was the riskiest of the leading products when they should have used to it progress colal or ceti which both had stronger PII data.

Quite how he could justify his salary we will never know - Bio bosses are pretty much all overpaid egotists and this lot were no better.

[peaeff] 06/7/2009 12:32

Ant

The £10 million would be a guideline for me personally. (not a prediction) Should they manage to raise this amount (or close)I would probably subscribe to the view that all is not yet 'incurable'.

The Doctor

You can only be described as consistent, consistently contrary that is. You were decrying the products when others THOUGHT, and we were being told, they were the bees knees (fair call) and now you are defending TM at the time of his welcomed departure. You've been in when others were out and out when other were in.

The one thing that is for sure is that a lot of people have lost a great deal of money and a few more are currently sitting on pending losses and that includes institutions, which also invest PI funds. The management, in the last couple of years, have almost bled this company dry due to their complete arrogance about, and the misunderstanding of, their products. But for their decisions and inflated salary packages this company would probably have another 18 months of cash left, not to mention TM's personal role in taking the best part of £1million quid out of the kitty for practically no return, whilst totally misleading shareholders in the process.

You are correct to say that he had to remain optimistic but, what he didn't have to do was intimate 'good progress' and giant leaps forward, when in fact there hadn't been any. Why defend a record like that?.

Regards

[mad mike] 06/7/2009 12:10

Notice of AGM (time/venue/date), plus AGM resolutions:-

[silverbackalpha] 06/7/2009 11:22

Need a major restructuring.

[mad mike] 06/7/2009 11:20

the_doctor "I dont think Tim did a bad job actually".

He didn't do a bad job, of filling his pockets while undelivering [through a combination of excessive remuneration and exercising options (making £1.35M profit on options alone!!)]. Oh! yes Tim didn't do a bad job for himself, did he?

But what good has he done for shareholders?

IMHO, Tim should have been dispatched ages ago, if the Board had been doing their job. The Board seems to have been taken in by Tim's own PR and political style answering.

On the day Tim was appointed CEO, there was a major fund raising. Asked by an analyst that day whether there would be another fund raising before a major deal, Tim replied "The money we raised today will take us through the 2nd half of 2008. If we havn't delivered a deal, or deals, by then, you can shoot me."

Well Tim didn't make the money last until 2H08, and didn't deliver a major deal before having to do another fund raising (in Mar'08). Unfortunately, the institutions failed to take up Tim's offer to shoot him.

[silverbackalpha] 06/7/2009 10:55

I would agree. If there was something he would have announced it with the drop of a hat....to keep him in post for a few more years.

In reality if they have no cash then they wont be able to negotiate so even if there was a fantasy deal, then I doubt it will be a good one.

[lfc4ever] 06/7/2009 10:43

how imminent can a ceti deal be if they have just ditched the ceo-not very imo.