Allergy Therapeutics Share Discussion Threads

[farmergeorge] 07/2/2023 13:23

What are we waiting for here? The share is currently suspended. Thanks.

[jimmyloser] 06/2/2023 18:26

coinbase, it wont be. We will get answers imminently for certain. There are lots of questions


The peanut and Birch/Grass projects are now so vital to me, that I have taken to lighting candles and bought a prayer mat!! I have also bought a tin helmet!

I suggest others do the same.

[coinbase] 06/2/2023 17:32

The silence is deafening.

[raleigh43] 05/2/2023 15:04

I jumped for a large loss and took back what i could. I never hold suspended shares. Got AGY wrong and there were signs.

[jpuff] 03/2/2023 20:38

Yep a stitch up bordering on fraud.

[1kckeith] 03/2/2023 17:25

The big risk we run is that the company goes private as part of the refinancing, where we are offered a choice of a low price for our shares or to stay locked in to a private entity with little to no say in its running. Even this latter option may only be a possibility if over 10% fail to accept (they fail to get to 90% acceptances). In my more paranoid moments I think the changed provision in the new Articles for selling untraced shareholders' shares is to facilitate a squeeze-out over time.
If they had set out to create favourable preconditions for a take-private they could not have done a better job. Shares suspended, price at an all-time low, company seeking finance with its back to the wall, shareholders powerless. I'm not saying this was planned, but if Llobet and others on the board end up in the new private entity it would not look good.

[jimmyloser] 02/2/2023 16:20

????????????????????????

[jpuff] 30/1/2023 19:34

Probably another sh1t sandwich

[jimmyloser] 30/1/2023 16:20

Following on from YorkieMike, one could be forgiven for believing that we may not see anything until after the AGM?

ANY VIEWS AS TO WHAT IS COOKING HERE?

[timbo003] 20/1/2023 11:07

>>>jl

I believe that the SE rules state that the annual report has to be available to shareholders 21 days before the AGM, so I would assume they will need to issue the annual report today or on Monday, unless they are prepared to postpone the AGM (again) which is currently scheduled for Tuesday February 7th. I suspect the shares will resume trading as soon as the report is issued, on that basis I would assume the report will most likely be issued on Monday, with trading resumed either later on Monday or on Tuesday

[jimmyloser] 20/1/2023 10:02

Thank you. A bargain, if someone bites.

I note that we have no mention of a return to market in this mornings RNS.

[wizzkid211] 20/1/2023 09:43

JIMMY
30p! 10p cash and the rest 20p in shares

[jimmyloser] 20/1/2023 08:58

wizzkid
Thanks, please elaborate for us all. What do you believe is circa a 'reasonable price'?
jl

[wizzkid211] 20/1/2023 08:53

Someone is bound to take over at a reasonable price

[jpuff] 20/1/2023 08:44

Feels a a relief that I'll be left with my whopping loses here rather than losing the lot!

[wizzkid211] 20/1/2023 07:08

The Group expects revenue for the six months ended 31 December 2022 to be GBP39.9m (2021: GBP48.7m) representing a reduction of 18% compared to last year. This decrease in revenue is primarily due to the previously announced voluntary short-term pause in production in the UK, together with the previous strategic streamlining of some older products in the portfolio. In the second half of the financial year, the Group expects sales to continue at a similar level compared to last year, before recovering in the next financial year.

The cash balance at 31 December 2022 was GBP15.2m (30 June 2022: GBP20.5m). Pursuant to the subscription and debt financing announced on 29 September 2022, the Company has received GBP7m from the issue of new ordinary shares and expects to receive GBP10m from the issue of loan notes on 28 February 2023.

As previously announced, the Company is reviewing funding options following the temporary pause in production that has resulted in the need for additional near-term funding. The Company is increasingly confident that its funding discussions will result in a positive outcome and will update the market in due course.

The Company is actively working to finalise the audit and publication of its annual report and accounts for the year ended 30 June 2022 and will update the market in due course.

[jimmyloser] 14/1/2023 19:29

Thank you for your erudite post. I take comfort from the fact that we have technology that allows us to ask any question and hopefully have them answered publiclyFor my sins I trust Manuel.

[1kckeith] 14/1/2023 18:42

Call me paranoid but this company has lost my trust and I fear the next step will be some form of cram-down refinancing that destroys our economic interest - e.g. a taking private on rubbish terms where the insiders participate in newco.

1. The notice of the AGM was hard to find and the Stock Exchange announcement was devoid of detail
2. the time and place are inconvenient to outsiders
3. they are proposing to reappoint the entire board despite their catastrophic mismanagement
4. they will issue new Articles. I am super-suspicious but must admit could see nothing new that was dangerous to us minority shareholders. Look at Appendix 1 of this:hxxps://www.allergytherapeutics.com/media/1432/01_nom_allergy_ar22_cl.pdf
any views?
5. The announcement of the company's difficulties actually happened on 8/12 hidden in another announcement. In the preceding 2 weeks the shares dropped from an already-low 15p to 13p (13%) before falling to 11p on this announcement.

How did we get here? I have been through the history and here is my theory / speculation. The key factors appear to have been:
a) the voluntary suspension of production in October (peak production period pre-season)
b) the consequent loss of the NatWest loan facility
c) the inadequacy of the 'insider funding' completed in September (just before a)):

So the situation seems to me to be (working backwards):
• The shares are currently suspended because the accounts had not been approved by 31 December 2022. I assume there is a going concern issue owing to the missing NatWest funding
• On 8 December the company issued an obscure warning of its financial difficulties.
• AGY's trading is projected to be negatively affected by the ‘pause’ in production announced early in October, which triggered NatWest’s refusal to lend. As the pause in manufacturing was voluntary, the impact on the NatWest facility should have been anticipated and managed. Furthermore, the market should have been informed of something of this scale promptly when management had made its plans.
• The £17m insider funding (of which the £10m gross loan amount remains to be lent) was presumably done in the knowledge of the production pause, announced days later, and hence its anticipated impact. It is to be assumed that this £17m gross was expected to suffice to meet the financial hole left by the production pause. However, apparently this is not the case – or the accounts delay and consequent suspension is owing to the £10m not being expected to be forthcoming, on the agreed terms, in February. I might be paranoid, but the Investors are no fools so possibly the funding was staggered in this way in order to give them an opportunity to renegotiate the terms.

If my fears are founded, then we have little power with 82% of the company in insider hands - unless someone knows Abbott, who might be a dissenter (hence the board member leaving). If enough of us to represent 10% of the total are united, we can refuse the compulsory purchase of our shares (a 'squeeze out' that can only take place if they achieve 90% acceptances) in the take-private scenario I fear.

[timbo003] 14/1/2023 14:04

>>>>jl

I intend to go along (despite the treck) and hold them to account, although I see that they intend to provide a video link for the meeting

[jimmyloser] 14/1/2023 13:34

timbo003,
Thanks. I just feel that there is more to this than is meeting the eye. Clearly the £10million revolving credit from NatWest is at the centre of this suspension along with the shutdown (expected or unexpected). We have a sold business here with heavyweight investors, 600 people employed and good prospects but they are prone to setbacks.
Hopefully they can sort this setback out and deliver all that is promised.

Worthing, is another planet for me - lol

[jimmyloser] 13/1/2023 16:24

any thoughts on what next and when?