Provexis Share Discussion Threads

[nestoframpers] 17/11/2023 13:14

You have to consider that he is a terrible investor IMO. Lucas has held here for how long ?

[bareknee] 13/11/2023 21:14

Winner

Unless there's something in the Company's Articles about it, I think you might be wrong about asking for a seat on the board if you hold > 10% ? In reality, given the size of his current holding and his support on recent fund raises, if Lucas wanted to be on the board, then it would be very difficult to deny him.

More importantly, holding 10% or more becomes important in a takeover situation. If you hold 10% plus, you can block a bidder taking full control of a company. Basically, to fully take control of a company you need to hold 90% of the shares, If you control 50%, you can unilaterally appoint a board and run the company as you see fit, but until you get to 90% you can't force shareholders to sell up to you.

So, at between 50 and 90% a bidder could take the company private, but they could still be left with minority shareholders on the register.

To my, admittedly simple, mind, that means there is at least one good reason why Lucas and family would go to 10% plus, though doubtless he'll have good reasons for not doing so.

[winner31] 05/11/2023 17:23

Agree with you on that , I wonder if he’s pulling the strings on funding ! I’m sure he wouldn’t want his holding diluted the same as the rest of us .

[redprince] 05/11/2023 09:52

winner you are probably correct re SL.I suspect it was he who triggered the previous rns about Buck's past and then pressed for Buck to have a reduced role.
If he has no designs on taking us private his presence here can only be a good thing.

Smaller holders like ourselves have no meaningful way of holding the board to account.

[winner31] 04/11/2023 14:28

I am very aware of the dangers from a large private shareholder ,but I believe he has held below 10% stake for a reason ,it is my belief that a holder with 10% of a company can ask for a seat on the board if they so wish ! maybe with his 9.85% he can hold the board to account without having a board seat , I do think if things don’t work out with by- health as planed he might have more of a say , just speculation at the moment .of course I am hoping By health get the Samr approval pretty quick and we can move on .

[redprince] 04/11/2023 13:38

winner - a word of caution on our main share holder - a lot of people took a false sense of comfort when the lawyer bought a significant holding in the company years ago.Stuart Lucas is in this for what he can make same as the rest of us - he could try and take this private and it may not be at a price that some are happy with.

So that underlines why i would not entertain any talk of a t/o until we can see the income from By-Health after a year of sales.

Hopefully SL is in this for the long term and that is very much in our better interests as if so he would help us to steer clear of a cheeky early doors offer.

Aimvho.

[winner31] 04/11/2023 10:58

Rp agree with you that we need sales from by health to get the share price moving ,and then a true value of the company can be made , unfortunately it won’t be up to us when and if a bid might come , I do think SL is in for the long term as he has just bought more at around .65p so hopefully won’t be tempted by a cheap offer . , When you look at what By-health have done with life space they must be looking for that sort of income from ff and maybe more ! What portion of that income comes to us nobody knows.

[redprince] 04/11/2023 08:58

winner - what i meant by that was that once By-Health come on line we need a year of sales to actually see what this deal looks like.Right now we are worth the value of our patents ie the cost/investment made in them so far.After a year of By-Health sales i should hope we are valued significantly higer and any t/o offer wouldl have to reflect not only current sales but factor in a good chunk of goodwill for future growth.
So i clearly do not see any merit in talking about a t/o in the short or even medium term.

[winner31] 01/11/2023 16:24

Rp what do you consider a”cheap buy out “ , consider that I think total t/o including dsm’s income ,is about £1m at the moment ,and bearing in mind the repeated paragraph “ substantial multiples of current income” and also it seems the pixes who turned up at the AGM were discussing a takeover ( informal I know) for them to even talk about this at this time must mean they would consider it after such a long time invested !. Interesting few months coming up I think imho

[redprince] 31/10/2023 18:51

Informer - thank you for taking the time to both attend and feed back to the rest of us who did not attend.I have been to x 3 pxs agm's and the SIS meeting and its quite expensive for me as i live far away so i do appreciate your attendance and feedback.

Much of what you reorted makes sense apart from the absence of doubling up in our accounts although that may show later?

My biggest concern is the prospect of a 75% majority agreeing to a take out once By-Health get going.For all i know Stuart Lucas could get behind that and after 14+ years
and a substantial stake here i dont want to get taken out on the cheap!!

Anyway i am hoping to have some funds available in the new year and if everything works out i am willing to buy more so that i can live with whatever happens.Still think there is going to be plenty of time before By-Health get the SAMR completed.

Thanks again.

[gix er] 31/10/2023 11:33

Thanks Informer, very much appreciate that you took the time to report back.

Like BB I also picked upon the bit about DSM encouraging customers to double up as the results don't, IMO, show this and no sales forecasts from DSM would, again IMO, be slightly worrying if I was IF.

Thanks again for sharing.

[winner31] 30/10/2023 20:48

Thanks informer . DSM customers stocking up before the transfer makes sense , looking forward their stocks won’t last that long , so they’ll soon be reordering from pxs . The more I read about DSM the more it seems they were throwing their toys out of the pram when pxs broke away , makes you wonder if their plan was to buy- out pxs on the cheap and IF has thrown a spanner in their works . Hopefully we can grow sales from now on with new customers , and when Byhealth launch their products a bid would be very welcome . Also good news that dilution probably not going to happen !

[informer] 30/10/2023 20:01

Re: Provexis AGM 2023

Although the ideal opportunity to hold IF to account I am pretty sure nobody here managed to attend. I do believe that most of you live some way from London and especially in the light of the largely negative sentiment and rightly so - especially by those who have held the longest - may have found the trip difficult to justify.

It seemed that shareholders who did attend entered the room sharing exactly the same negativity. However with the exception of the De-Rampers for RedPrince, Gixer, Winner, Bareknee etc there were one or two interesting points which may offer just a bit of encouragement.

Whilst IF acknowledged that figures to March 31st were uninspiring and in particular DSM Sales it was stated that most customers had been encouraged prior to December 31st to double up on order quantities resulting in PXS inheriting an overstocked customer base. He confirmed that he was committed to increasing Shareholder value and that he was currently in discussion with a number of third parties to progress new sales and distribution opportunities for Fruitflow and that independent sales teams have been incentivised in this respect.

He confirmed that despite numerous requests DSM had been unable to provide him with any sales forecasts going forward.

IF re-iterated that in the 6 months following year end Sales of Fruitflow II SD ingredient in excess of £280k and confirmed Sales Orders in excess of £155k were currently being processed and that the company is dealing with numerous enquiries from both new and existing customers. There appeared a genuine positivity in this respect and hope we can look forward to positive Interims come December.

It was explained that IF had insisted on payment up front from all DSM customers which had been accepted in every case thus adding no additional pressure on Cash Flow.

He also stated that as DSM stocks of Fruitflow were of no use to anyone else he felt he was in the driving seat and negotiations were ongoing bearing in mind best before dates etc etc.

IF intimated that future business would be self funding and that he would only consider share dilution as a last resort.

R&D costs were questioned - we have an amazing product - the science is good why are we not spending on Sales as opposed to R&D - it was explained that most of the R&D costs relate to maintaining Patents and that the cost of each goes up annually.

It was felt that the value of the company is equal to the value of its Patents.

Clearly all are pinning hopes on By Health and encouraged that no sooner had the new SAMR Implementation Rules been published By Health the very next day made its application for Fruitflow approval as a new permitted health function to maintain normal platelet aggregation.

Apparently Felix is working in China on a British Passport obtained with the help from Provexis - no idea about this one.


Finally after the meeting had finished there seemed a genuine air of positivity with the talk of takeover in the new year as the main source of conversation.

Also Stuart Lucas is not a stupid man why would he feel the need to add to his holding - perhaps he knows something you don't ?

E&OE This is not word for word and apologies if I have missed out or misinterpreted anything - don't shoot the messenger - take it for what it is.

[gix er] 29/10/2023 06:52

I wouldn't like to say that.

Who knows, maybe he has found something that I didn't :)

[winner31] 28/10/2023 13:06

You mean to say Nesto is lying ! shock horror .

[gix er] 27/10/2023 18:12

He doesn't post on LinkedIn winner or hasn't yet posted would be more accurate. He has only ever reacted to others posts (liked them)

[winner31] 27/10/2023 17:53

Can you put IF’s LinkedIn uninspiring messages up please !

[nestoframpers] 27/10/2023 16:03

We will be lucky to have that much BB

BTW re my article being libellous no it wouldn't have been it's just truthful that the BODs have being at the trough here for over a decade with little to show for it. I shan't bother saying that again since it's obvious.

I assume you saw IF's Linkedin messages, they did not inspire. I concur that no one cares if you lose money on AIM, you own fault entirely, a very greasy pole.

[bareknee] 26/10/2023 11:24

NoR - I daresay noone would be interested in your article because :-

1. Rightly or wrongly, it would probably be considered libellous
2. Why would anyone care that hundreds / thousands of people lose money on AIM ? There are far bigger things to worry about

RedPrince - re. "... and the pi's are solely to blame."

Probably some truth in that, but if PIs are too successful in changing things then that would likely create short term chaos, hitting the share price and, if the majority are looking for a quick profit, then that's a bit like turkeys voting for Christmas.


Anyway, I'm trying to make a stab at how much cash we were likely to have at the end of Sept and came up with :-

Net cash at end of March : 379k ( factual )
Income from FF2 : ~280k ( factual, though it's possible we owe DSM a royalty on that)
Income from FF+ : ~70k ( reasonable estimate )
Expenditure on inventory of FF2 : ~180k ( factual, assuming we bought what Ford said we were going to )
Expenditure on inventory on FF+ : 0k ( guess )
Directors renumeration : ~160k ( reasonable estimate )
Patent costs : 80k ( wild stab in the dark )
Selling costs for FF+ : 25k ( reasonable estimate )
Other costs : 40k ( bit of a guess )

So, that'd give :-

Start point for April : 379k
Likely income : 350k
Likely expenditure : 485k

*edited to include selling and other costs

Cash at end of Sept, very roughly : 240k ?
Realistically ( hopefully ), it'll be between 150 and 250k.

Based on that, the orders for FF2 being processeed of 155k and our inventory for FF2 being relatively healthy, I can see Ford, if he's so inclined, limping onto 2024 before needing to raise funds to pay for operating and inventory costs.

BB

[nestoframpers] 23/10/2023 14:24

heading back to 0.2p ?

[nestoframpers] 22/10/2023 22:03

I tried to get a article published re PXS's BODs excessive remuneration in relation to results , no one was interested. AIM is the cities club for mugging daft PIs with. IF isn't even worth minimum wage.

[winner31] 11/10/2023 10:37

We need some news on funding imho

[bareknee] 10/10/2023 20:44

Gixer

I think you misunderstand what I mean about the pipeline. To oversimplify it, DSM will effectively have given us a spreadsheet with all ( well, maybe not all, but most of ) their leads in it, and it's up to us to contact them and build a relationship with them.

I totally agree with you that, as a bare minimum, we should have a website which explains what Fruitflow is and how you can buy it from us. But, in reality, that probably wouldn't make much difference to our top line.

Ford's lack of presence on this isn't a surprise to me. You only need to look at how FF+ hasn't really been marketed, which tells us a lot about Ford's background.

Mind you, I'm not really advocating a half decent S&M campaign for either FF2 or FF+. While hearing what Winner says, we'll sink or swim based on what happens in China, and, probably as importantly, when it happens.