Alizyme Share Discussion Threads

[vow] 13/7/2009 15:07

Qaz,

I don't mind admitting losses, where you can't can you.

You have consistently called these wrong EVERY time. At least I bagged most of my money last year at 80p (which I posted) and then the rest just before this latest crash at 6p (which I posted) or I would have been seriously out of pocket.

The only saving grace is watching you squirm.

[swan5] 13/7/2009 15:01

VOW has been trading AZM for 6 years and lost money all the way.



VOW - 20 Jan'09 - 09:01 - 22150 of 23943

Well said Novicedave and Birdie. These kind of people are despicable and should be ashamed of themselves. No better than the pikies who rip old ladies off with shoddy tarmacing, only difference is they wear suits (well in Vic's case his school uniform).

At least with small caps they are more black and white and transparent. Who the hell knows with larger cap shares anymore. A friend of mine who works for RBS lost more money in RBS shares in two months than I have on AZM in 6 years, so how is that for risk reward?

[vow] 13/7/2009 10:28

Ah the old Qaz back track, classic.

He will go on until he is blue in the face about a share and then just drop in the "I don't hold" line. When did you say that before?

Same on OXB and CEN.

Take it like a man Qaz, you are only making yourself look ridiculous by now pretending that you didn't get burnt on this one.

[johndee] 13/7/2009 10:02

a bottomless pit as usual I suspect........more money to be wasted on nothing and more hard earned investors money down the drain. AIM all over...lol.

[silverbackalpha] 13/7/2009 09:59

Where will they raise cash from do you think? Just curious.

[chronicler] 13/7/2009 09:44

I will probably wait until the AGM before buying any shares.

I want to know the resolutions enabling them to issue more shares have been passed because then they could raise more cash to keep them going until next year, just incase a deal is delayed.

[chronicler] 13/7/2009 09:41

dunerheed yes the recent RNS news announcement was the first time AZM said in print "negotiations are progressing" for a ROW deal on Cetilistatr. Preveously it was always "discussions ongoing". So there does seem to have been a material move forward and everything else is in place - approval of three SPA's, possible label for diabetes, passed Phase 2 in Japan and moved into Phase 3 in Japan which we know attracted more interest, and competitor Acomplia off the market. So there could be a deal any moment. Truth is we do not know. but I consider the news announcement and other facts point to a ROW deal being closer and achievable.

But as I have previously said, my main interest here is Cetilistat Japan which reports Phase 3 next year and could send the share price past 50p if it passes. Cetilistat ROW and ATL-104 are bonuses and safety nets.

PS
I think McCarthy resigned because he did not expect to be re-elected at the AGM.

[silverbackalpha] 12/7/2009 22:37

chronicler: dunder is right Im afraid. Tim has been fired. You dont fire someone for nothing, it is actually quite difficult to do. MD's are fired for fraud, mismanagemet, deceit, misrepresentations, whatever, it aint good. Throw in the resignation of another management member a few weeks ago.

This company is sadly facing liquidation, and they were forced to make an RNS on this under the discolsure rules.

I hope Good-man gets some survival money together.

[dunderheed] 12/7/2009 19:13

yes but this was in his chats - this was the first time it had been in rns print - surprised that got past the legals.

[vow] 12/7/2009 16:06

Qaz,

You think the company is sitting on ATL104 to "generate more value for the Company" when it is facing administration.

Do you listen to yourself. That may have been the plan in the begining but for the past year or so they would have sold the furniture if someone had offered to buy it.

The power to dictate terms left AZM's hands years ago when RP played hardball with the numbers required, ever since AZM have been the one chasing deals.

PS Tim was using the word "negotiations" last year as well.

[dunderheed] 12/7/2009 15:06

Cronicler - ffs - how many more times - these words you keep on quoting were those of McNothings - he has been sacked - why do you think this maybe?!

Please answer the question - why do you think - Tim McNothing but dim has been sacked?!

EDIT - I do agree with comments re ATL104 though.

[chronicler] 12/7/2009 13:18

dr biotech
I think it is obvious that if someone was willing to license Kepivance from Amgen last year there will be partners out there for Alizymes ATL-104 particularly as ATL-104 (taken orally) is easier and cheaper to administer than Kepivance (injected) and the mucostis market is poorly served at present.

It seems the only reason ATL-104 has not been outlicensed so far is because Alizyme want to progress it through the rest of Phase 2 and therefore generate more value for the Company, and they had previously been concentrating on deals for COLAL-PRED, Renzapride (now out of the picture) and Cetilistat.

I think Cetilistat Japan will come good next year and make Alizyme but ATL-104 is still there to save the day if necessary. Also I cannot ignore the recent change in wording on Cetilistat from "discussions are ongoing" to "negotiations are progressing" so there may be another deal there.

[silverbackalpha] 11/7/2009 16:08

thanks VOW, the story just gets worse here.

They cant even afford an AIM listing, which means delisting.

AG should go ahead and see if he can just sell the intellectual property rights of this company and put this sorry affair behind us.

[vow] 10/7/2009 23:37

Qaz, I once again must call in question your reasoning and shameless denial of plain facts.

The £1m was the total cost of your ridiculous plan of delisting and then relisting.

It is £250,000 to list on AIM with a £200,000 annual fee. (French Duncan)

The legals and professional fees up top of such a move would total another £500,000 minimum, so yes around the £1m mark.(Withers)

A move straight to AIM would cost slightly less in administration costs, but would still demand the £250,000 up front and the £200,000 annual fee.

So any move would only be viable if the company had the funds to carry on as a going concern, not just to save costs that they will not realise until the end of the financial year.

Even Plus, the new name for Ofex requires 5% of the market cap. (Plus)

So a fundraising and a move to AIM would be the most sensible move, as it is at least a liquid exchange and they would then have funds to go forward.

But it will have to be £5m at least, especially if they have to contribute to Colal trial costs, as we know how they mount up!

[troutfish] 10/7/2009 19:20

I must join those once again having to correct VOWs comments and misrepresentations.

CC and Optima have made it completely clear they are referring to a relist on AIM not the main market, as a possible option either very soon, or at the end of a period of Administration after Cetilistat Japan reports next year.

A new quote on AIM costs £200,000 - £300,000, not £1 million like VOW says.

Ongoing average costs of maintaing an AIM listing are £200,000 /year. This compares to ongoing costs of at least £300,000 - £400,000 /year for the main market.

Typically companies on AIM have lower fees for nomads, auditors, lawyers and non-executive directors in view of lesser continuing obligations.

Even if a Company delists completely from the Main Market and AIM there are secondary markets which allow trading on a matched bargain basis on which listing may cost very little (less than 10% of AIM).

This (or AIM) could be an option although it might need a shareholder vote and there is no evidence of this in the AGM resolutions, just a hint of something in the Trading Update on 29/6/2009 about the main market listing:

"The Company, with its advisers, is also considering the suitability of the
Company's current main market listing given its market capitalisation and
limited resources".

I think any short-term move to reduce the listing costs would be welcomed, especially a move to AIM.

P.S.
Excellent posts from CC and Optima.

'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

City Chappy - 10 Jul'09 - 09:03 - 158 of 162

A few thoughts.

1) If Alizyme go into Administration without significant debts the large shareholders might suggest to the Administrators the Company remains suspended in Administration until the Phase 3 Cetilistat Japan results are out next year or a deal is concluded sooner for ATL-104 (my assumption is the former, which would preserve more value for the Company and shareholders). Going into administration does not necessarily imply immediate liquidisation of assets! "An Administrators primary role is to rescue a Company as a going concern" - how true.

If the Cetilistat results in 2010 are good the Company would receive a large milestone payment from Takeda and could then be requoted on AIM with the same number of shares as now, so preserving the holdings of all shareholders and giving big upside as the re-quoted price should be much higher. Further Cetilistat deals might then follow for other Asian and Pacific territories and the Company could progress ATL-104 through further trials.

2) Alternatively if current AGM resolutons 6 & 7 are approved, Alizyme might be able to place just enough shares to raise sufficient working capital (perhaps with any existing cash) to keep them quoted (probably on AIM and with minimal staff as now) until Cetilistat Japan reports next year or they can do a deal for ATL-104. Such a Placing would remove "going concern" fears and should result in a rise in the share price.

3) Even if the Company went into liquidisation, the assets of Cetilistat (e.g. Japan and maybe SE Asia) and ATL-104 appear to be worth more than the current market capitalisaton, so shareholders should get quite a lot back. (The share price is only now low because of "going concern" issues, not because the assets are are only worth the current share price).

''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

Optima2 - 10 Jul'09 - 10:43 - 163 of 170

City Chappy good post.

The large shareholders you mentioned in Point 1 also include outgoing CEO Tim McCarthy and his wife Susan (1,1080,000 shares) and directors like Sir Brian Richards. I think they would lobby any Administrators to hold off liquidisation and wait for the Cetilistat Japan results after next July which is not long, particularly as it is not unusual for companies to spend more than 12 months in Administration anyway. After then milestone cash from takeda should allow re-listing of Alizyme on AIM with the same number of shares as now and reappointment of Alan Goodman at the helm if he wanted the job.

''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''

Optima2 - 10 Jul'09 - 13:27 - 165 of 170

Obviously Administration involves delisting and i and CC did not imply otherwise. I just said the Administrators could re-list Alizyme [on AIM] after the Cetilistat Japan results in 2010 if it passed the trial because the Company would receive milestone cash from Takeda (even if delisted and in Administration) and subsequent sales royalties, making it a going concern again.

You asked for examples of payouts to shareholders after Administration?

- Shareholders often get payouts after Companies go into Administration and that is why some shareholders buy preference shares to increase their chances of such payouts. AZM do not have preference shares so all holders rank equally.

- Ardana shareholders might get something back afterall even though it has taken 12 months:



Use the same timeline for AZM and in 12 months (July 2010) Takeda will have completed Cetilistat Phase 3 in Japan and be about to release the pivotal Phase 3 results and potentially pay Alizyme a large milestone and future sales royalties.

Administrators would have to take that into account together with opinions of shareholders (if offered) and any debtors on how to proceed. They might also decide they might out-license ATL-104 in the mean time and info posted here yesterday has shown that Amgen recently out-licensed Kepivance indicating there are partners out there for that type of drug.

Remember the primary aim of Administrators is to keep a Company as a going concern. It is not to short-change shareholders or debtors, or to sell off the assets to the lowest bidder.

[joeblogg1000] 10/7/2009 14:38

Guys please be civil!! I would have thought the copnay goes to the bare bones , hangs around till next year and hopefully ceti is a success??

[vow] 10/7/2009 14:34

After going to the high court.

C[]nt.

[city chappy] 10/7/2009 14:12

vow
Railtracks shareholders got quite a lot back - installments amounting to around 250p per share total.

Plonker.

[vow] 10/7/2009 13:59

You have not provided ANY examples as always and totally ignored the fact that your delisting/relisting idea is just plain stupid and will cost over £1m alone. If it delists it will remain delisted. It may get bought out of administration by another company, but your shares will be worthless.

Do you have any preference shares? Are there any preference shares? No so why mention it?

Administrators act on behalf of the debtors and that is it, you are not a debtor so are absolute bottom rung their priorities.

Thanks for the link on ARA, but I still don't see Pis getting a bean back from them.

Trying to make administration look like a good gamble is just plain wrong.

[optima2] 10/7/2009 13:27

Obviously Administration involves delisting and i and CC did not imply otherwise. I just said the Administrators could re-list Alizyme [on AIM] after the Cetilistat Japan results in 2010 if it passed the trial because the Company would receive milestone cash from Takeda (even if delisted and in Administration) and subsequent sales royalties, making it a going concern again.

You asked for examples of payouts to shareholders after Administration?

- Shareholders often get payouts after Companies go into Administration and that is why some shareholders buy preference shares to increase their chances of such payouts. AZM do not have preference shares so all holders rank equally.

- Ardana shareholders might get something back afterall even though it has taken 12 months:



Use the same timeline for AZM and in 12 months (July 2010) Takeda will have completed Cetilistat Phase 3 in Japan and be about to release the pivotal Phase 3 results and potentially pay Alizyme a large milestone and future sales royalties.

Administrators would have to take that into account together with opinions of shareholders (if offered) and any debtors on how to proceed. They might also decide they might out-license ATL-104 in the mean time and info posted here yesterday has shown that Amgen recently out-licensed Kepivance indicating there are partners out there for that type of drug.

Remember the primary aim of Administrators is to keep a Company as a going concern. It is not to short-change shareholders or debtors, or to sell off the assets to the lowest bidder.

You make yourself look stupid every time you post.

[vow] 10/7/2009 12:44

1. Administration means a delisting and delisting means that the secondary market for selling shares is gone. Shares can only be suspended for a matter of days. I am yet to hear of an example of shareholders getting a cheque from Administrators. Please provide one.

Re-quoted? Do you know how much it costs to relist? It would be around £750k, so to delist and then relist would cost over £1m imo.

2. Fair enough. But what figure would you put on this? Just day to day listing is over £500k per annum.

3. I refer to point 1. ARA still has income streams from marketed products and licenses, yet a year latter administrators haven't even contacted shareholders.

The ONLY way forward is a capital injection (as admitted by the company), the question is how it is done and how much.