Immupharma Share Discussion Threads

[abbynat] 21/12/2021 10:53

it needs volume to increase, and the volume has disappeared!

[wololol] 21/12/2021 10:00

Can see this breaking 8p again today

[the stinger] 21/12/2021 09:06

Got to say,,, This will easy treble on any new deal/s. Time will tell.

[1bond] 21/12/2021 08:44

A death spiral is where the financier has to sell shares to give the company funds putting pressure on the share price. Lanstead is very different, it physically owns the shares and very rarely sells or trades its holding, check out the RNS's TR1's for facts. Who was the largest Institutional shareholder during the trial readouts when the shares were £1.70, Lanstead.

[sicilian_kan] 20/12/2021 23:16

Yet despite Lanstead funding during the last P3, the share price went from 26p on the funding announcement to 190p. Despite all the doom merchants stating that Lanstead was death spiral funding. The fact is that they were not.

[spawny100] 20/12/2021 19:46

Well I've been badly burned by IMM in the past so I'm out again for a small profit. Clearly a reason why the price remains well under the headline price of 11p for the new shares and I don't understand it so am out. Nice to get out of IMM with a profit for a change. GL all.

[wololol] 20/12/2021 19:37

I think Ken has been on the mushrooms tbf

[kop202] 20/12/2021 19:13

Ken has expanded it over the years.... It used to be just lemmiings

[sicilian_kan] 20/12/2021 11:56

I think most shareholders would accept 33% dilution to the fully diluted shares in exchange for a guaranteed £15.56m cash injection and a guaranteed share price of well over 11p (as it would have to be for the warrants and options to be exercised).

In the interim, they just have to cope with a relatively minor 13% part of that dilution to shares in issue, in exchange for £3.55m cash injection including IMM's pharma partner taking a £1.2m position, which signals a lot from their perspective.

[sicilian_kan] 20/12/2021 11:48

Thanks GreatApeSpecies - glad we agree and always good to think about these issues.

[greatapespecies] 20/12/2021 11:42

Thank you Sicilian,
I agree with your figures and acknowledge two mistakes in my original post.

1. I didn’t include the fully diluted figure originally (which reduced the dilution figure)
2. I double booked the Lanstead warranty.

I’ve corrected my posts.
Dilution is 1/3rd to shareholders on todays announcement, I make no comment on the cash they may raise, don’t disagree with you on that point.

[sicilian_kan] 20/12/2021 11:29

Shares in issue before 250,221,297
Options and warrants yet to be exercised before 44,712,149
Total fully diluted before - if warrants ever exercised 294,933,446

Shares in issue post placing 284,984,933
Options and warrants yet to be exercised post placing 109,257,603
Total fully diluted now - if warrants ever exercised 394,242,536

Note for the warrants to be exercised all shareholders will have a significant positive return in any event on today's prices.

Dilution on shares in issue today - 13%
Dilution on fully diluted shares if warrants ever exercised 33% (but that would be in exchange for £3.55m +£7.1m +£4.91m = an additional £15.56m cash on the balance sheet. You cannot ignore that cash if looking at fully diluted shares.

And your figure of 55.67% dilution is just wrong.

[base7] 20/12/2021 11:23

Massive unmet need for Lupus treatment & if a product ever gets to Market the returns for IMM will be substantial 7 I suspect we would lose our independenvce at that point-hopefully at a much higher price than our current price - 64k question being will we still be alive to see it !

[greatapespecies] 20/12/2021 11:14

Sicilian,
Post 37527.

This figure ( 284,984,933 Ordinary Shares ) is correct following admission, because the warranty shares are NOT included in that figure. Each subscription share will eventually be multiples by 3 when warrants are released on a 2 for one subscription basis.

I include Landstead warrants twice, I’ve corrected that - dilution figure is just under 33.67%.

If the warrants had not been included as the sweetener, shares, the headline 11p price wouldn’t have happened.


The Company has also agreed to issue to each of the Subscribers and Placees warrants (on the basis of 2 warrants for each 1 Subscription Share and Placing Share subscribed). The warrants are exercisable for 10 years at an exercise price of 11 pence, a 80 per cent. premium to the closing mid-market price (of 6.1p) of the Ordinary Shares on 17 December 2021. In total 64,545,454 warrants will be issued under the Subscriptions and Placing.

£2.2 million gross proceeds of the Lanstead Subscription will be pledged by the Company pursuant to a Sharing Agreement with Lanstead

[sicilian_kan] 20/12/2021 11:00

If Alora had any doubt at all about moving into Phase 3, and they know more than any investors here, why would they even countenance a £1.2m cash injection into IMM, as happened today? This is, in my view, no guarantees of course, a massive buy signal.

[sicilian_kan] 20/12/2021 10:41

If the warrants are exercised at 11p, clearly the share price will be at least 11p and probably a lot higher, which will be a significant rise on the current price regardless as to dilution. Exercising the warrants will also bring an additional £7.1m cash onto the IMM balance sheet, in addition to the £3.55m announced today, which cannot be ignored in the calculations.

[glavey] 20/12/2021 10:37

GBP3.55 million, soon burn that.

13% (lol) - unlucky number for a start!

[sicilian_kan] 20/12/2021 10:35

The RNS is clear:

"Following Admission, the Company's issued share capital will comprise 284,984,933 Ordinary Shares with one voting right each."

Before this placing and sharing agreement, the shares in issue were 250,221,297, see Immupharma's AIM Rule 26 page.

Therefore the dilution on shares in issue is 13%