Fusion Antibodies Share Discussion Threads

[blackhorse23] 22/5/2023 16:11

Another NI company HARL is doing very good , put me off to invest in here because company doesn't preserve shareholders value , placing 85% discounts price is awful

[volsung] 22/5/2023 09:08

Interesting info on NI companies hedgehog. Owned some KNOS until recently

[hedgehog 100] 20/5/2023 20:36

What is fair value for FAB at the moment?

Let's try some robust valuation analysis.


Assuming full subscription for the 41,171,746 fundraising shares, added to existing 26,014,946 shares, then FAB will have 67,186,692 shares in issue. At 5p/share that would be a market cap. of c. £3.6M.; and c. £4.956M. at the current share price of 7.375p.

The company's H1 cash-burn was £800K., and the net fundraising cash if full subscription will be c. £1.42M.

It plans to cut costs, but revenue is collapsing: down massively to min. £2.8M. in 2023, but with about two thirds of that in H1.

So current annualised revenue based on H2 is probably below £2M., and the cash looks like it will probably be burnt within a year.

The CRO sector is very fragmented and competitive, and with reduced investment in the broader biotech sector, margins could come under pressure, to compound falling revenues.

From Wikipedia:-

" ... Organizations who have had success in working with a particular CRO in a particular context (e.g. therapeutic area) might be tempted or encouraged to expand their engagement with that CRO into other, unrelated areas; however, caution is required as CROs are always seeking to expand their experience and success in one area cannot reliably predict success in unrelated areas that might be new to the organization.[5] ...

As of 2013, there were over 1,100 CROs in the world, despite continued trends toward consolidation. Many CROs have been acquired while others have gone out of business.[9] ..."




By way of comparison with what you could get elsewhere for a market cap. of £5M., NWT (market cap. £5.015M.at 53.5p) announced a positive trading update this week:-

17/05/2023 07:00 UK Regulatory (RNS & others) Newmark Security PLC Year-end trading update LSE:NWT Newmark Security Plc

"Continued revenue growth and a return to profitability

Newmark Security plc (AIM: NWT), a leading provider of electronic, software and physical security systems, today provides an update on trading for the year ended 30 April 2023 ("FY23"), reaffirming the Company's return to profitability. ..."



NWT's FY revenue is expected to be £20M.+, & pre-tax profit £1M.+.

It's outlook is buoyant, and there's plenty of business for everyone.

[hedgehog 100] 20/5/2023 10:40

JakNife 6 Apr '23 - 18:29 - 3279 of 3333 0.010000 4 1
"Here's another hugely dilutive placing that's been agreed in the sector:

It's a chunky raise but at 1p it's an 84% discount to the closing price before it was previously suspended.
All arrows point to a fund raise for FAB that materially dilutes current shareholders.
JakNife"

Well done to JakNife ... his AGY example was even the precise % discount as FAB's.


dave454519 May '23 - 10:15 - 3283 of 3333 0 1 1
"Bloody hell that is savage.
At least they did not have the nerve to say they were "pleased" to announce"

Not in yesterday's first RNS Dave, but they still managed to get in two 'pleased to say/announce' yesterday:-

19/05/2023 10:00 UK Regulatory (RNS & others) Fusion Antibodies PLC Placing, Subscription and Retail Offer LSE:FAB Fusion Antibodies Plc
" ... Fusion Antibodies CEO, Adrian Kinkaid said : "We are pleased to say that we have been able to raise funds in an extremely challenging market, ..." ..."


19/05/2023 10:01 UK Regulatory (RNS & others) Fusion Antibodies PLC REX Retail Offer LSE:FAB Fusion Antibodies Plc
"Fusion Antibodies plc (AIM: FAB) is pleased to announce a retail offer via REX (the "REX Retail Offer") of ordinary shares ("Ordinary Shares") of 4 pence each in the capital of the Company (the "REX Retail Offer Shares")
... The issue price of the Placing Shares and Subscription Shares is 5 pence (the "Issue Price"). The price of the REX Retail Offer Shares is equal to the Issue Price. ..."



volsung 19 May '23 - 10:20 - 3288 of 3333 0 0 1
"Not the best Belfast share"

No, but the tiny number of London-listed N.I. shares includes former 15-bagger Kainos (KNOS) (still currently an 8.8-bagger from its 2015 IPO price of 139p); and FD Technologies (FDP) - currently a 37.6-bagger from its 2002 IPO price of 50p.

See the "Rockpool Acquisitions (ROC)" thread for details (it's a Northern Ireland shell company currently arranging a RTO):-

[mr macgregor] 19/5/2023 22:14

Mr MacGregor - 27 Feb 2022 - 17:20:23 - 2149 of 3332 ☆ Fusion Antibodies: from discovery to Clinical supply ☆ - FAB
Whatsthepoint is certainly well named, and an idiot as evidenced by holding shares in this donkey. Simon Douglas poundshop chairman of FAB and ODX, CEOs a blur. Massive red flags. You have been warned.

[sideshowbull] 19/5/2023 19:38

Okay, hopefully we can have a chat at an AGM soon.

SSB

[timbo003] 19/5/2023 19:28

>>>SSB

Yes, I was inside on this one (Project Hazel) and bought a few in the placing (EIS qualifying). I might buy a few more in the REX offer too should the price remains at a decent premium to the placing price

[sideshowbull] 19/5/2023 18:20

Tim were you inside on this?

Allenby again!

Which muppets would ever use them as brokers?

Oh Fk..


No advice

BWTFDIK

[timbo003] 19/5/2023 15:39

New Allenby research note available here (Rose tinted reading glasses recommended):

[blackhorse23] 19/5/2023 14:48

this massive discounted placing is completely wipe out existing shareholders , bad management

[dave4545] 19/5/2023 12:56

TWD was the worst 1p when 13p !

[clocktower] 19/5/2023 12:21

Those that bought at 5p will be delighted to see PI's still giving them such a generous profit so quickly.

Jam tomorrow from the company will be the order of the day now.

Maybe WTP will show his face now and I doubt he will feature in the next update of major shareholders as he will have been diluted to such an extent and may not have had the cash or the inclination to take up new shares having been stripped of a lot of wealth. It happens to us all at times, one way or another - you just have to pick yourself up and learn from it.

[festario] 19/5/2023 11:58

I've never seen such a discount, in all my years, thats sickening.

[clocktower] 19/5/2023 11:44

I did warn you but a nice profit for several this morning.

Thanks be to them.😀ԅ12;

[blackhorse23] 19/5/2023 11:35

Placing 5p ?? No wonder

[timbo003] 19/5/2023 11:34

I see that the CFO has scarpered, not surprised really as he has been telling investors for the last couple of years that the company shouldn't require further funds to reach cash break even 😦

[tomboyb] 19/5/2023 11:25

Good luck chaps -

[clocktower] 19/5/2023 11:23

Lifestyle company for the directors imo.

[kemche] 19/5/2023 11:19

I for one am utterly shocked! Shocked I tell ya!

[mally6] 19/5/2023 11:13

Director bought at 41p Nov 2022

[pugugly] 19/5/2023 11:12

TFL Sold back in Feb last year