Salvarx Share Discussion Threads

[bscuit] 03/5/2019 20:41

Anyone else got a similar problem? Originally I retained my rump SALV shares and in retrospect should have sold at 20p, but sold prior to the end of the tax year at 9p. Because they were subscribed shares. I could in theory set any loss against Income Tax using Subscribed Share Income Tax Loss Relief, but I have retained myPortage shares. In the context of completion of my tax return, my accountant advises that he requires the split in value of my original holding between SALV and Portage immediately following the de-merger. I contacted share price Angel – successors to Northland, who advised that immediately following approval of the De-merger, the SALV price was 75.5p and that Portage was trading atCAN$0.115, meaning that each SALV share pre-demerger was worth CAN$2.07 plus the rump value. The information from share price Angel is in my view flawed as the 75.5p included the about to be de-merged value in Portage. There should be a de-merger value on both shares. I that my accountant will not accept that the value of my SALV shares is showing a significant loss on original subscription price when I have an asset which I have retained. Any thoughts? In my opinion that has been a failure by SALV and its advisers to inform shareholders of the split in value in a fractional as opposed to pounds and p pennies in order for the calculation of the loss on the original holding – if any – or any fractional gain.

[dexdringle] 28/3/2019 10:43

Its all gone a bit quiet but I assume all the old hands are still holding these and the Portage shares ? Where do we think things are going from here (both SALV and Portage) ? EDIT the SALV website says: "Following the Disposal and the Demerger, the Company ceased to own, control or conduct all, or substantially all, of its existing trading business activities or assets. It was therefore classified as an AIM Rule 15 cash shell and as such is required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (or seek re-admission as an investing company (as defined under the AIM Rules)) on or before the date falling six months from completion of the Disposal and the Demerger (namely by 9 July 2019), failing which the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified. The Company’s shareholding in Portage (which amounted to 56,657,531 shares immediately following the Disposal and the Demerger) may increase by up to 40,692,697 shares to the extent that certain options remain unexercised by 5.00 p.m. on 8 January 2020" .....so something needs to happen with SALV (it needs to become a trading entity again and not just a holding company for the Portage rump shares - around £5M worth) by 9th July 2019 otherwise it will be suspended from AIM. But it may also receive additional Portage shares in January 2020 (which would potentially be six months after AIM suspension). The SALV Portage rump shares are currently worth around 14p a share. Can we expect some action then before 19th July ?

[bscuit] 07/3/2019 00:04

Well at 1900 uk today Portage was trading up at .12, which was price on completion. If no reverse happens I'don't like to see a distribution.

[dexdringle] 06/3/2019 20:42

Given that the rump of the Portage shares are the only SALV asset now, should we not be expecting ths SALV share price to move broadly in line with the Portage share price ?

[bscuit] 15/2/2019 17:32

and your point is...........? I have more than doubled my original stake between taking the stake off the table., the rump holding and the Portage shares

[letmepass] 15/2/2019 14:34

What a dog.. Woof woof

[bscuit] 01/2/2019 12:56

For those who kept Portage shares there is another problem. Mine are in nominee with Jarvis through Turner Pope , and I received the following advice- "THE PORTAGE BIOTECH WILL NEED TO TRANSFERRED TO OUR OVERSEAS CUSTODIAN TO TRADE FOR WHICH THE STANDARD CANADIAN SETTLEMENT FEES WILL APPLY. HOLDERS WISHING TO RETAIN THE SHARES WILL NEED TO ACCEPT THE CUSTODIAN FEES BY 14TH FEB 19 WHERE NO RETAIN ELECTION IS RECEIVED WE WILL SELL THE SHARES ON SETTLEMENT AND CREDIT THE PROCEEDS (LESS COSTS)" TO THE ACCOUNT." In order to make a meaningful decision, I queried these costs and Turner Pope could only advise that Jarvis were looking to charge £200 plus VAT for the entire holding that they had – i.e. spread across a number of holders – but were not in a position to advise additional costs nor what CANADIAN SETTLEMENT costs might be. I told them to go back to Jarvis and get accurate information.

[dexdringle] 01/2/2019 11:11

...and Portage didn't anticipate this 'form submission through a brokerage' requirement ? Doesn't exactly inspire confidence....

[scotty666] 01/2/2019 10:04

https://stockhouse.com/news/press-releases/2019/01/30/portage-provides-updates-on-trading-of-its-shares-on-otc-markets

[napoleon 14th] 29/1/2019 10:16

WOOF WOOF!

[the stigologist] 18/1/2019 01:37

Intraday high of 12.6

[bscuit] 17/1/2019 16:40

Only 3 trades today so why 2 Price Monitoring Extensions in what is in effect a shell?

[pmclondon] 17/1/2019 15:45

Hi all - it seems like others here have already been contacted by their brokers about receipt of Portage shares. I hold these with Iweb and they have not received any info from Salvarx yet and suggested I contact them directly. I used the number on the press release next to the CFO name and am waiting to hear back. Any suggestions on what else to do ?

[bscuit] 16/1/2019 20:32

but with big fluctuations - while looking at it 4 times in a few minutes it went from .09 to .114 from down on the day to up..

[the stigologist] 16/1/2019 18:53

Portage at 12 in Canada hTtp://www.stockhouse.com/companies/quote?symbol=ptgef

[the stigologist] 11/1/2019 14:39

Canadian listing is i am sure precursor to eventual US listing Intensity are hugely bullish about what they have I'm expecting 10 bags on our Canadian stock eventually

[fig1] 11/1/2019 11:57

Scotty, you'll get PRECISELY 18 Portage shares for every SalvaRx share you held on 8th January 2019.Fergus.

[scotty666] 11/1/2019 11:20

So we should get around 18 shares in Portage right?

[dexdringle] 11/1/2019 09:50

You are expecting more than treble then ?

[the stigologist] 11/1/2019 09:48

The stub equity we are left with here is gold dust will look to buy more once spread better. But it's a free ride so not going to sweat it.

[the stigologist] 11/1/2019 09:46

If you only expect them to treble you're a mug

[dexdringle] 11/1/2019 08:34

Stig, what are you planning to do with your Portage shares ? I've had an email from Charles Stanley telling me that they can hold them for me as nominee (but for a not insignificant annual fee) so I can do that but have no idea whether that is a good idea. I bought the SALV shares at 30p (ish) each on a hunch some time ago so have done okay. I do have a terrible habit of holding shares in which I am showing a profit, when I should have taken that profit, before the price then plunges and I end up in a loss. Knowing my luck, I'll sell my Portage shares just before they treble …..

[the stigologist] 11/1/2019 08:23

Intensity looked like they had a great JP Morgan Conference htTps://twitter.com/IntensityInc/status/1083088737012043777?s=19

[the stigologist] 11/1/2019 08:21

Still laughing

[dexdringle] 11/1/2019 08:16

Stig. Where are you ?