Sphere Medical Share Discussion Threads

[rugs2] 16/11/2018 15:36

I reckon there is more activity on this site than in the lab back in Wales.....

[cc2014] 16/11/2018 13:05

Until July 2018 SML was a wholly owned subsidiary of SMHL, which was right and proper

Which begs the question what happened after July 2018 as I can't be bothered to go and look it up at companies house.

And how much of SML is owned by SMHL as that's where the last fundraising went?

[johnlewis79] 16/11/2018 08:25

For chrisssakes now 2 different classes of shares....jeeeez! So how's that going to work having 3 lots of ord shares & 2 lots of cps? How is a value going to be arrived at. So if i invest i will have my original o shares in SMHL and a new cps in another holding (SML)?
Don't like this..

[del44] 15/11/2018 20:39

Yeah that makes sense to me....I am invested in the SMHL side of things....
Had to miss the marathon this year but 10 is enough....
Palace doing well....Baggies...not so sure....

[gnnmartin] 15/11/2018 18:00

I wrote to Sphere asking for clarification on the share capital. I/we were wrong in thinking that there had been a consolidation. I copy Sphere's answer below. It is still rather difficult to understand: I'm still struggling. I think I remember reading a long document describing the convertible preference shares when they were first proposed (August?), but I can't find the document now.

As you say, the nominal value of the Convertible Preferred Shares is £0.01 each, the same as the Ordinary Shares. In the Offer the Convertible Preferred Shares are being offered for £1.00 each, i.e. at a premium of £0.99 to the nominal value. There has been no consolidation of the Ordinary Shares. What may be causing some confusion is that there are two different entities involved here: Sphere Medical Holding Limited ("SMHL") and Sphere Medical Limited ("SML"). SMHL has 141,757,872 Ordinary Shares and 179,912,380 Preferred Shares in issue while SML has 2,159,485 Ordinary Shares, 4,000,000 Convertible Preferred Shares and 713,934 A Ordinary Shares in issue. Until July 2018 SML was a wholly owned subsidiary of SMHL. Historically all the equity investments in the group have been made in SMHL, while SML has been the main trading company of the group. In the July 2018 fundraise the investment was made directly into SML. The current Offer mirrors this by offering to the shareholders of SMHL the opportunity to also invest directly in SML.

You are welcome to post this reply on a public bulletin board.

[johnlewis79] 15/11/2018 17:46

Hi Del...yup remember the change of strategy to sitting down doing sfa. In your case it would be thrice if not four times bitten so fully understand your reluctance to invest again. I'm on the fence atm but....I don't know no doubt knowing myself I will make a snap decision and go for one last roll of the dice, hoping they can close out the P6 & FDA
and i can recover a small % of my losses before i pass away!
Trust your well and keeping up with your marathon runs.

[del44] 15/11/2018 17:18

If you remember JL when they delisted they more or less suspended sales for the foreseeable future...That was my reading of it. So I never expected to hear anymore about sales...it had changed its focus on development only....For me over here in Ireland it would be hard work trying to get €s changed into £s so it is a put off for me straight away...
But with everything going on in the world at the moment...I think I'll keep my money, thank you very much...

[johnlewis79] 15/11/2018 16:18

I guess theres some arcane
stck Exch rule about inside info before a fund raise. But your right what about Spain who we were told had P4/5 distributorship yonks ago.
Wtf has been happening in the intervening years? Was that all a load of baloney? Whatever Rencken turned out to be useless supported by W not that he was much bothered knowing full well the Co would be his play thing. I'm Sure As the 4th raise is not underwritten W must be pretty sure the £4m is on tap should pis swerve the offer. For all the reasons
were only too familiar with is another spec punt going the way of the others? We have little to work on to make a reasoned investment decision. Toss of the coin for me.
P.S. rugs its your turn!!

[rugs2] 15/11/2018 16:15

I think 'delusion' just about sums this shower up...Has anybody calculated just how much the directors have taken home in the past 4 years ?

[rugs2] 15/11/2018 10:06

JL. Save your money and buy me lunch.....

[johnlewis79] 15/11/2018 08:50

I'm guessing if one decides to take up the cps at 100 your gambling that by 2020+ the auto vers + 2 extra analytes & FDA will be achieved. I guess W at that point will see if he can sell Proxima for more than the current say £8-10m value. I have no idea what exit multiple he would want given his large investment. Is it worth the risk? On second thoughts a small investment for me in the hope that the cps do well
could be worth a punt. Am so far down the tubes another k will not really make much diff either way but at least it's a double chance if the ords ever get above 1/2 a pence.

[johnlewis79] 14/11/2018 15:56

You really would think that after c.£100m invested in Sphere they could manage to sell a couple of devices! Ok i grant you 99% of the money went on the lavish lifestyles of certain bod members flying around Europe leaving the wreckage for pis to pick up.At best I could invest a grand but there must be 4000 better bets out there than this dog. Notice how bereft of news the offer document was? Leads one to think a fool and his money.....well not in my case.

[del44] 14/11/2018 15:21

Same here....No more money anyway...LOL

[gnnmartin] 14/11/2018 12:21

Pug, I think you must be correct in deducing that there has been a 100 to 1 consolidation, because the convertible preferred shares are being offered on the same terms as the earlier shares bought by Woodford (assuming I understand correctly), and those were 1p shares, convertible into ordinary at 1 for 1.

I might have put some money into these if it was not such hard work to understand the terms, plus a slight worry that I think (unreliably) that the offer may be an alternative to Woodford putting in the second £4m investment that was announced (if I remember: I can't find the document) that Woodford would make subject to Sphere meeting certain objectives.

I bought shares just before suspension as a speculation. I expect I will just stick with those.

I rather expected, and hoped, that there would be an AGM that we could attend to find out what is happening. I think that the GM perhaps double as an AGM, and I did not realise that so did not attend. I think I must just get used to being in the dark.

[johnlewis79] 14/11/2018 08:02

Pouring money down a black hole....well played W diluted pis out of existence!

[pugugly] 13/11/2018 19:34

Dusseldorf>
Just received email from the Company re Offer of New Convertible Prefered stock.
I have obviously missed notice of a very substantial share consolidation but having done a quick scan of the investors section of the website
I cannot find any information as to when, and the degree of consolidation - Looks like possibly 1 for 100.

Like yourself I also bought a chunk at the death knell but cannot reconcile the numbers-
From the website
Number of shares:

Sphere Medical Holding Limited has in issue 141,757,872 Ordinary Shares of nominal value £0.01 each and 179,912,380 Preferred Shares of nominal value £0.01 each.

But from the offer dicument

Statistics
Number of Ordinary Shares in the Company in issue at the date of this document
2,159,585
Number of Existing Convertible Preferred Shares in the Company in issue at the date of this document 4,000,000
Number of A Ordinary Shares in the Company in issue at the date of this document
713,934
Maximum number of New Convertible Preferred Shares in the Company to be issued pursuant to the Offer 4,000,000 Issue Price 100 pence

Could you possibly confirm and advise where I can find the appropriate details/resolution - Thanks in advance

[del44] 13/11/2018 17:19

I see they have announced a fund raising round today to loyal shareholders today at 100p per cps...Minimum investment of £1,000

[dusseldorf] 13/11/2018 13:17

CC2014 - Depends on your position really, I bought a chunk at the death knell of AIM listing. Whilst the latest funding round leaves me bamboozled as to how it changes share structures the previous one was well above a break even point for me. Also the staff options were based on a minimum value for a new listing.

I've not written them off entirely, but if I could get an early exit before end game I'd be keen - hence writing to Woodford group. I've passed the first hurdle getting into their secure messaging network - we'll see if I get anything other than thanks but no thanks.

[cc2014] 13/11/2018 13:03

Hiya,

Thought too good to be true.

I sold out btw before the delisting. I can't see any way back for Sphere shareholders if I'm honest. Even if they get the product off the ground too much dilution by now.

[dusseldorf] 13/11/2018 11:05

CC2014 - I think that's the same stuff I found back in April 2018:
Dusseldorf - 16 Apr 2018 - 22:05:43 - 656 of 748 Sphere Medical post CE Marks....Sales ready for take off.... - SPHR
Not sure if this is old news or not (starws, clutching) - the centre was only created in Dec17/Jan18 - so I'm not sure how this case study could have been done prior to the beginning of this year?

Says they are creating a case study for it's use in the NHS:



On a different note I sent Woodford a mail highlighting I have shares for sale. Will let you know if I get any interest.

[cc2014] 13/11/2018 10:37

Not sure how old the article is but bumped into it on Twitter today so maybe recent?

The device is now fully ISO62366 tested and CE marked, allowing Sphere Medical Ltd to sell to national and international healthcare providers. The Trauma MIC is also creating a business case for the device to be taken up in the NHS.

[johnlewis79] 10/11/2018 09:30

WPCT inadvertently added to the Ftse 250 index following NEX groups demotion. CSH takes WPCT place.

[johnlewis79] 10/11/2018 06:27

Back up...musta been a glitch.