Chromogenex Share Discussion Threads

[shakyhands] 13/3/2009 11:34

Thanks,trentjones.Certainly worth the risk of holding considering the current bid price.Tax losses are a bit of a glut on the market at present!

[trentjones1] 13/3/2009 07:07

Just to let you all know that I have been in regular contact with someone high up in the company. I'm going to post the last email I received from him:

"Hi Trent
It is indeed a very tight market with some speculation.
My personal goal is to achieve a valuation above 10p per share and I believe the best way to achieve this is as a private company where we can achieve an independent valuation taking into account our assets, intellectual property, £8million tax loss carry forward as well as new product potential particularly in the USA where we have not been active.
Best regards"


So I suppose that if we hold on, eventually we might get something back. 10p a share sounds rather a bit optimistic IMHO. However I'd be happy with 5p!

[shakyhands] 12/3/2009 13:41

Well,Battyman2,small holders are mostly selling,and somebody is buying. Maybe management want to secure the vote,maybe something more concrete is in the works.Maybe not - I am only guessing.
The plan was to de-list,not to liquidate or go into administration.OK,the co is going through hard times,but at least they think it is worth saving.At 0.3p,the market cap is under 200k.A de-listed co could still be worth more than that.

[battyman2] 11/3/2009 09:27

I'd call it a P & D but nobody's pumpimg them!

Could it be another reason? A bail-out maybe?

[battyman2] 11/3/2009 08:16

What's happening??

[shakyhands] 09/3/2009 14:26

666.666 ! Eek! Let's hope for good luck!

[shakyhands] 28/2/2009 03:15

We won't get guarantees.Their implied argument appears to be that if they don't get to de-list,they'll probably go bust,since they can't afford the costs of staying listed.Whereas if they do de-list,they stand a chance of selling out.
Look at it this way.While the shareprice was 0.5p,if that accurately reflected the value of the co,the annual cost of staying on AIM was about 30% of the co's market cap.Conversely,if they are able to sell,it surely has to be for more than that,which is why being listed with such a tiny market cap makes selling difficult.
It does seem a coincidence that they stayed quiet for so long,then made two announcements just when the shareprice started to rise.

[l0wrdr] 27/2/2009 17:34

sorry to hear youve lost money, ive been there more than once and its not pleasant. i did however learn that with such a spike with no news to take profits as soon as or before the trading/momentum slows. so many of them about at the moment that just rise with no apparent reason, tis a minefield. you never know though you may get a bounce like nng did after they applied for delisting

[battyman2] 27/2/2009 17:24

LOWRDR - have to agree with you. This company has proved to be a complete dog. Lots and lots of promises of record profits, etc,etc,etc have never come to anything. My hope is that the delisting will eventually lead to a T/O and at least a reasonable slice of my investment back. Apart from that all we can do is pray!!

[battyman2] 27/2/2009 17:19

safman - I certainly have thought of it. But your lack of research into the current shareholders shows up here. If I was McGuinness why would I "cut off my nose to spite my face" considering he holds 24 million shares in the company?

According to the RNS: "The Company has received proxies and/or
irrevocable undertakings from shareholders holding 25,224,091 Ordinary shares
representing 41% of the current share capital of the Company, to vote in favour of the Resolutions"

So they still need a fair percentage of shareholders to agree to the delisting. Can't believe that anyone is going to agree (including myself) to delisting without concrete guarantees!

[l0wrdr] 27/2/2009 15:22

i only dip my toes in shares that are half dogs. they still have a chance of recovery. definatly wouldnt put my cash in a share that has no chance

[double6] 27/2/2009 15:20

Surprised you didn't dip your toe in, if it's that bad ??

[l0wrdr] 27/2/2009 15:17

this share is a dog and the rns says they want to delist. why can you not understand what that means lol. this company is going under, take your money while you can!

[safman] 27/2/2009 15:06

its not what YOU want that counts.. , they can offer whatever they want, if you don't accept, then you'll hold shares in a private company and they can do what they like.. you have to rely on their GOODWILL, .. and that unfortunatly is not good enough..

they could wipe out shareholders with capital reorgainisations, and then your shares may well be worth fractions of fractions, of course this is one scenario..


what puzzles me is why on earth YOU had'nt thought of it..

saffy!

[battyman2] 27/2/2009 15:00

safman - you mean that if you want 1p for instance, they can offer .5p take it or leave it?

Why on earth would shareholders want to vote in favour of delisting then??

[safman] 27/2/2009 14:29

delisting is the worst possible outcome.. no rules after delisting, hence , why not just do a capital reorg after delisting and wipe out current shareholder.. via private placement..

matched bargain.. they can offer you whatever they want, hence, v difficult to sell afterwards..

saffy..

[battyman2] 27/2/2009 14:21

BTW I see that we've got a few bargain hunters arond!

[battyman2] 27/2/2009 14:20

shakyhands - do you know what the term "matched bargain basis" means?

[shakyhands] 27/2/2009 13:31

Well,this isn't a DAG,as the shareholders still own the co.The co doesn't want to pay the costs of listing on AIM - because that listing isn't doing it any favours.
Reading between the lines,they probably are hoping to do a deal,but having the market value the co at 200k or less makes that difficult.
In the circumstances,I intend to vote in favour of the delisting.Having to deal on a matched bargain basis isn't all bad news - you don't have to pay the marketmakers their turn.I doubt you'd get a much poorer deal than they are offering now.
This news isn't good,but the fact that they are still soldiering on suggests that there is still something to go for.I still like the tech.

[battyman2] 27/2/2009 11:53

Yes I was taken by suprise by the RNS not because we all didn't know about the privatisation story but because of the poor sales report! They (the directors) were most definately giving us all the impression that sales have been excellent especially since new product releases!!

Yes, MMs are certainly taking advantage of the situation.

[trentjones1] 27/2/2009 11:36

Dorset - I think Batty has been taken as much by suprise by this sudden RNS as we all have. Firstly, the market traders are of course taking advantage of this news to shake nervous holders (such as probably yourself) into parting with their shares. I think though that we have to read between the lines here.
These are the interesting parts of the RNS:

" The Board is also reviewing the Company's future strategy and believes that in any potential future corporate transaction the current share price would make it very difficult to apportion any meaningful value on the Company and its assets such as Intellectual Property, current assets and tax losses. "

Well, that is completely true IMHO.


"Impact of the Cancellation

Following the Cancellation of trading in the Company's shares on AIM, the shares will not be traded on any public market. However, as mentioned under "Dealing and Settlement arrangements" below, the Directors intend to use reasonable endeavours to create and maintain a matched bargain settlement facility"

For canny investors this is obviously an opportunity IMHO.

[dorset64] 27/2/2009 11:24

Battyman2 - 26 Feb'09 - 11:24 - 197 of 208

groats - that would be no suprise! I stand by what I said a couple of days ago!!

Battyman2 - 26 Feb'09 - 11:27 - 198 of 208

LOWRDR - you have a point there but if any canny punter takes a long hard look at what's happened over the last few days, he/she would realise that this share price could go a lot lot higher with very little buying interest.

==========================================================================

Says it all, you have been warned!!!

[battyman2] 27/2/2009 11:22

By the way just tried some dummy trades - you can buy only 25k but sell 250k - these MMs are utterly unbelievable!!

[battyman2] 27/2/2009 11:15

My humble apologies to all. Better change the name of this thread to the "back to .03p CGX thread".

However, this might sound crazy to some but it just may be a good time to average down. I'm thinking about it - they sound positive about future prospects as well as finding a buyer for the company. Possibly get 3p or more for our shareholdings then?