Summit Therapeutics Share Discussion Threads

[kirk 6] 23/2/2020 17:57

Yes that's right but it's only a conversion process which should take a few days then we will have Nasdaq shares! I hold quite a few Nasdaq positions which are far more liquid than U.K. markets and with the U.K. SUmm line of stock gone now SMMT should move much higher.

[1gw] 23/2/2020 17:55

Are you long or short here stt, or just out to make mischief?

[sikhthetech] 23/2/2020 17:49

1gw, what do you think of the funding.
They say, they've only have enough to last until Jan 2021, so 11 months.
So could be more placing/dilution over the next few months..

What do you think of the warrants with an exercisable price of 10% above the placing price of 21p?


The placing provides funding until Jan 2021, so less than a year.

"The Company's existing cash and funding arrangements will be sufficient
to fund the Company's operating expenses, including the ongoing Phase 3
clinical trial of ridinilazole for the treatment of C. difficile
infection, and capital expenditure requirements through to 31 January
2020. If approved and completed, the Company expects that the
Fundraising will extend this runway by approximately 12 months to 31
January 2021. "


Substantial holdings - Placing and warrants at 10% above placing price.

"Robert W. Duggan is a substantial Shareholder and Glyn Edwards is a
director of the Company. Both Mr Duggan and Mr Edwards are therefore
related parties pursuant to the AIM Rules. Mr Duggan's participation in
the Subscription and Mr Edwards' participation in the Placing, by way of
subscription for 452,475 Placing Shares and receipt of 67,870 Investor
Warrants, are deemed to be related party transactions (the "Related
Party Transactions"). "


Takeover waiver no longer applies from 24th Feb

" The Takeover Panel has confirmed that the Company will remain subject to
the Code until such time as both (1) the proposed Board Restructuring
has occurred, resulting in the Company's place of central management and
control no longer being in the United Kingdom, Channel Islands and Isle
of Man and (2) the Company's shares are no longer admitted to trading on
AIM. Subject inter alia to the Cancellation Resolution being approved,
it is expected that the Company will no longer be subject to the Code
from 24 February 2020. "

" For so long as both the Company's place of central management and
control is outside the United Kingdom, Channel Islands and Isle of Man
and the Company's shares are not traded on a regulated market or
multilateral trading facility in the UK, the Code will not apply to the
Company. Therefore in those circumstances Shareholders would not receive
the protections afforded by the Code in the event there is a subsequent
offer to acquire their shares in the Company."

[sikhthetech] 23/2/2020 17:40

"Here, we are all on the same shareholder register aren't we"

Why would UK holders with only UK holdings be on the US register?
If your shareholdings held in Nominee accounts then why would your name appear on the US register?

With Ceva, the company was listed on both UK & US stock exchanges. When they moved from UK to solely list on US, we still had to go through a conversion process.
Also, I had some certificated CEVA shares with my name and the State of Delaware written on them, yet they were still escheated by the State of Delaware.

[1gw] 23/2/2020 17:34

kirk6 - yes, HL suggested a week or so.

And stt, isn't it obvious from the post below, that by buying at a higher price on the US exchange later in the day after my initial UK purchase, I was valuing the certainty of buying ADRs direct rather than waiting for the transfer? I only bought on the UK exchange initially because of the timing advantage - being able to acquire after the noon BARDA rns came out and before the US market opened.

And you will see that I was also suggesting that when I knew what the exchange process was, I might become a forced seller i.e. I was envisaging that I might decide to sell the UK shares if I foresaw significant issues or costs with the exchange process.

------------------------------------------
1gw - 23 Jan 2020 - 15:24:03 - 25412 of 25518

And bought some ADRs as well. Ended up paying 24p/share equivalent for the ADRs ($1.54 per ADR plus dealing/xrate), so above the price I bought the UK shares at, but don't have a 24th Feb deadline to get rid of them if I don't like the exchange process.

[kirk 6] 23/2/2020 17:29

How long do you reckon you will have to wait for the transfer onto Nasdaq? I've been quoted a few days

[1gw] 23/2/2020 17:27

stt - you keep banging away at this. The key difference between what happened with Pace-Arris and what's happening here is that Pace-Arris was a takeover, whereas here it's simply the removal of a listing.

With Pace-Arris, a US company was buying a UK company and issuing shares in the US company as part of the consideration. The process to get Arris shares was spelled out in that circular (referred to in my post that you've pasted above) and the process was run by Arris' appointed agents. Arris' agents had to satisfy themselves that those claiming to be Pace shareholders really were entitled to Arris shares and imposed a process (involving election forms and medallion stamps) that appeared not to have been well communicated to UK brokers

Here, we are all on the same shareholder register aren't we? i.e. US holders through ADRs and UK holders through shares. So Summit's own advisers already have the definitive list of who is entitled to ADRs if they make a valid election. Summit has undertaken to facilitate the transfer from shares to ADRs (hasn't it?) and appears to have communicated the appropriate information to brokers, such as HL, who have advised their clients ahead of the relevant deadline.

As I have said, because of my Pace-Arris experience, I remain sceptical of the timetable quoted by Hargreaves Lansdown, but I have spoken to them direct and I see no justification for the scaremongering that you are engaging in. I would be very surprised (although I wouldn't rule it out completely) if we were to have anything like the same issues as on Pace-Arris.

[sikhthetech] 23/2/2020 16:34

1gw,

How many weeks were PIC not tradeable after they were suspended, as we waited for the brokers to sort themselves out???
Wasn't it during a volatile period as well???
What about the delays in the conversion due to the Medallion stamp?


YOUR POST:


1gw 1 Feb '16 - 13:15 - 49108 of 51636
0 1 0
FWIW I've just sent the following off to HL:

"It is now 1st February and Arris International plc shares have been trading since 5th January, yet I am still unable to trade the Arris International shares due to me as a result of the Pace plc shares held in my Hargreaves Lansdown SIPP and have been shut out of the market during a volatile period.

Please can you let me know the date on which Hargreaves Lansdown submitted the completed election form to instruct CTCNA (Computershare Trust NA) as exchange agent to transfer the book entry interests it held in respect of HL's Arris International shares to the DTC account of the DTC participant nominated by Hargreaves Lansdown? (Reference: Page 38 of Pace plc Scheme Circular, published 25th September 2015)

I fail to see how the shares could not have been available for trading on or very shortly after the 5th January if Hargreaves Lansdown completed and submitted this form in a timely manner."

[sikhthetech] 23/2/2020 16:29

"What does the market suggest the exchange rate is going to be in 6 months, or 12 months?"

What did the same market suggest the exchange rate was going to be post the 2016 EU referendum???? Wasn't the forecast assuming 'Remain' will win????

The exchange rate is dependent on lots of things like how the economy is actually doing. The forecast is dependent on how economists perceive the economy is going to do.. basic economics..

So before the 2016 referendum, the sterling/dollar rate was around £1=$1.50 because economists and politicians were expecting 'remain' vote to win...

Look at the graph and see what happened when 'leave' vote won.. the pound fell..
then recovered when there was hope of a deal.. Then it jumped as with the Tory Majority and certainty..

Did your market forecasts give accurate 6/12 month expectations???? NO...

Why you/Kirk trying to suggest that the US value of SUMM will be higher to convince posters that they should go through the conversion... and with the suggestion of 0% fee, the sooner the better, eh 1gw?


Then there is the political and economic uncertainty over in US. US have Presidential Elections this year, don't they??? and elections always cause uncertainty... And any potential fallout from the China/US trade wars???


So it's very naive of you to use or mention 12 month exchange rate forecasts with so much uncertainty over the next 12months...

Check the exchange rate graph and look how it the £ jumped once there was more clarity of the political situation....

It's not a problem that you struggle with basic economics, BBs exist to help and discuss..
;-)

[1gw] 23/2/2020 13:31

STT - have you looked at the dollar/sterling forward exchange rates? What does the market suggest the exchange rate is going to be in 6 months, or 12 months?

[sikhthetech] 23/2/2020 12:51

Kirk,

"200*1.46=292,000 converted £225395 value against a U.K. close value of £200k at 20p ish"


ADR's approx 10% higher...

Exchange rate would make a major difference..

If the £ jumps to the level it was just before the referendum, £1=$1.50 then the value of US would be lower...


Using 20k blocks..using £1=$1.30

2K * 1.46 = $2,920 = £2,246

10K * 20.5p = £2,050


Using £1=$1.50, which is were exchange rate was pre-referendum...

2K * 1.46 = $2,920 = £1,946



So once Brexit negotiations, due to finish at end of year are favourable, no reason why the £ won't continue to gain ground and be back at around £1=$1.50 before the current placing money is due to finish..

Yet in the future the warrants will allow the placees to increase their holding at 10% above the placing price of 21p...



Read the rns:


Substantial holdings - Placing and warrants at 10% above placing price.

"Robert W. Duggan is a substantial Shareholder and Glyn Edwards is a
director of the Company. Both Mr Duggan and Mr Edwards are therefore
related parties pursuant to the AIM Rules. Mr Duggan's participation in
the Subscription and Mr Edwards' participation in the Placing, by way of
subscription for 452,475 Placing Shares and receipt of 67,870 Investor
Warrants, are deemed to be related party transactions (the "Related
Party Transactions"). "




The placing provides funding for less than a year.

"The Company's existing cash and funding arrangements will be sufficient
to fund the Company's operating expenses, including the ongoing Phase 3
clinical trial of ridinilazole for the treatment of C. difficile
infection, and capital expenditure requirements through to 31 January
2020. If approved and completed, the Company expects that the
Fundraising will extend this runway by approximately 12 months to 31
January 2021. "

[kirk 6] 22/2/2020 13:12

That's terrible apologies just re read what I put on iPhone 1m / 5 is 200k Nasdaq shares 200*1.46=292,000 converted £225395 value against a U.K. close value of £200k at 20p ish

[kirk 6] 22/2/2020 13:04

So a holding of 1m will equate to 250,000 Nasdaq shares 250,000 * $1.46 =$365,000 value £281,744Currently 1m shares at 20p is £200,000Is that right ?? Doesn't seem it

[kirk 6] 22/2/2020 12:58

2. BO011 CREST ID is a 1.5 per cent. participant, all delivery instructions must have this stamp code flagged with an appropriate stampable consideration included.3. The number of Ordinary Shares being delivered for deposit into the ADR programme must be a multiple of 5 as the ADR to Ordinary Share ratio is 1 ADR to 5 Ordinary Shares, and fractional ADRs cannot be issued.4. BNY Mellon has agreed to waive issuance fees for converting Ordinary Share into ADRs up until the date of the AIM delisting. Thereafter, a conversion fee of up to USD $0.05 per ADR will be charged for any conversion of ordinary shares into AD

[kirk 6] 22/2/2020 12:34

Everyone made sure they have a multiple of 5?

[sikhthetech] 21/2/2020 13:26

1gw, what do you think of the funding.
They say, they've only have enough to last until Jan 2021, so 11 months.
So could be more placing/dilution over the next few months..

What do you think of the warrants with an exercisable price of 10% above the placing price of 21p?


The placing provides funding for 10months.

"The Company's existing cash and funding arrangements will be sufficient
to fund the Company's operating expenses, including the ongoing Phase 3
clinical trial of ridinilazole for the treatment of C. difficile
infection, and capital expenditure requirements through to 31 January
2020. If approved and completed, the Company expects that the
Fundraising will extend this runway by approximately 12 months to 31
January 2021. "


Substantial holdings - Placing and warrants at 10% above placing price.

"Robert W. Duggan is a substantial Shareholder and Glyn Edwards is a
director of the Company. Both Mr Duggan and Mr Edwards are therefore
related parties pursuant to the AIM Rules. Mr Duggan's participation in
the Subscription and Mr Edwards' participation in the Placing, by way of
subscription for 452,475 Placing Shares and receipt of 67,870 Investor
Warrants, are deemed to be related party transactions (the "Related
Party Transactions"). "


Takeover waiver no longer applies from 24th Feb

" The Takeover Panel has confirmed that the Company will remain subject to
the Code until such time as both (1) the proposed Board Restructuring
has occurred, resulting in the Company's place of central management and
control no longer being in the United Kingdom, Channel Islands and Isle
of Man and (2) the Company's shares are no longer admitted to trading on
AIM. Subject inter alia to the Cancellation Resolution being approved,
it is expected that the Company will no longer be subject to the Code
from 24 February 2020. "

" For so long as both the Company's place of central management and
control is outside the United Kingdom, Channel Islands and Isle of Man
and the Company's shares are not traded on a regulated market or
multilateral trading facility in the UK, the Code will not apply to the
Company. Therefore in those circumstances Shareholders would not receive
the protections afforded by the Code in the event there is a subsequent
offer to acquire their shares in the Company."

[sikhthetech] 21/2/2020 13:18

1gw,

Why not state the problems you experienced with PIC?

You went quiet when posters were discussing the difficulties they are facing with the conversion process, yet suggest it's going well for you...

You were very keen to help on PIC when you were facing those conversion problems..

You're clearly trying to persuade anyone with concerns about the conversion that it's not an issue..

[sikhthetech] 21/2/2020 13:13

and you even stated


1gw1 Feb '16 - 16:28 - 49115 of 51636
0 0 0
Thanks STT. So what's the message here? That in future as private investors using low-cost internet brokers we have to plan on doing all the work ourselves - i.e. making sure that we ask the detailed operational questions of the brokers and making sure that the brokers are aware of what they need to do?

[1gw] 21/2/2020 13:11

There you go, you see.

"1gw bought at around 21-22p for arb trading."
False statement. I did not buy "for arb trading". I documented my initial purchase in the post below. I actually bought on the UK exchange first because I thought the US listing might pop a bit on the back of the BARDA funding announcement released at noon that day.

"his mate 'football' id"
Trying to suggest, I think, that either I used to use that id, or that I'm somehow acting on his behalf. Both false.

"Seems more like 1gw is trying to persuade others, with concerns about the conversion process, that it's not a problem."
In fact in another post I referenced delays I'd had in another conversion and so was sceptical of HL's stated timetable for conversion. However, trying to scare holders that it's almost bound to be a really long and difficult process for those holding in nominee accounts is not fair either - the HL declared process is very simple, relatively quick and doesn't appear to require any medallion stamp (gold or otherwise). Whether they can deliver remains to be seen.

I don't propose to give a detailed rebuttal of all future lies and misdirections from sikhthetech - it would be very tedious for other posters. But worth setting the scene I thought.

-------------------------------------
23 Jan '20 - 14:09 - 25411 of 25501 Edit 0 1 1
I bought some here as well. With $50m from the fundraising and another $9m funding from today's RNS, they must be trading close to cash even without any other cash on hand or unused BARDA funding mustn't they?

Difficult to buy much though and doesn't seem to move the bid, just the offer. Maybe better just to buy the ADR's when the US opens, but I was hoping it would be worth someone's while to arbitrage and keep the prices in line ahead of delisting.

[Edit: around $100m market cap I suppose, based on 335m shares and an ADR price of $1.53 (5 shares), so above the cash I identified above - but don't know how much other cash/funding is already available.]

[sikhthetech] 21/2/2020 13:10

1gw,


On PIC...
How many weeks were our shares in limbo and not tradeable whilst the brokers, inc HL, took their time to convert PIC shares...






It was several weeks and you even complained to HL.


1gw1 Feb '16 - 13:15 - 49108 of 51636
0 1 0
FWIW I've just sent the following off to HL:

"It is now 1st February and Arris International plc shares have been trading since 5th January, yet I am still unable to trade the Arris International shares due to me as a result of the Pace plc shares held in my Hargreaves Lansdown SIPP and have been shut out of the market during a volatile period.

Please can you let me know the date on which Hargreaves Lansdown submitted the completed election form to instruct CTCNA (Computershare Trust NA) as exchange agent to transfer the book entry interests it held in respect of HL's Arris International shares to the DTC account of the DTC participant nominated by Hargreaves Lansdown? (Reference: Page 38 of Pace plc Scheme Circular, published 25th September 2015)

I fail to see how the shares could not have been available for trading on or very shortly after the 5th January if Hargreaves Lansdown completed and submitted this form in a timely manner."


When I phoned them up, weeks after US started trading, they said it was submitted yet



sikhthetech1 Feb '16 - 16:14 - 49114 of 51636 Edit
0 1 0
1gw and anyone else with HL account..

I've just spoken to Corporate Actions asking about when they submitted the form....

The guy said it hasn't been submitted YET, they need to get the Medallion Stamp and are waiting for HSBC to confirm if they will provide it...

It's likely to be another couple weeks..

What a pathetic situation...

[sikhthetech] 21/2/2020 12:58

1gw,

"He appears to have no interests in the merits of the investment, "

Rubbish. Look at my posts on SMMT. The comments from the rns show clearly Mr Duggan is taking a majority holding and has warrant at 10% above placing price, so can easily take over the company.

The placing rns also shows that the company only has funding for 10 months.


Just like I posted contrarian views on Byot, another one you are pumping and now dumping...


I posted on here about the difficulties people might face during the conversion.... including links to PIC, a share where we both went through the headaches of the conversion...
You on the other hand are trying to convince everyone that it's going through fine...

[sikhthetech] 21/2/2020 12:52

"Why would you not buy on the U.K. line at 19-20p"

1gw bought at around 21-22p for arb trading. 1gw's buy price is not much different from current price..

However, his mate 'football' id held when the share price was around 200p but has disappeared...

Seems more like 1gw is trying to persuade others, with concerns about the conversion process, that it's not a problem.

;-)


1gw - 06 Feb 2020 - 08:09:33 - 25456 of 25501 Summit - Climbing to new heights - SUMM
So having bought into the UK and Nasdaq versions at about the same time, and actually having paid slightly more for the Nasdaq one, my portfolio is now showing +5% on the Nasdaq holding and -10% on the UK holding.

Where are the arb players?


1gw - 23 Jan 2020 - 15:24:03 - 25412 of 25501 Summit - Climbing to new heights - SUMM
And bought some ADRs as well. Ended up paying 24p/share equivalent for the ADRs ($1.54 per ADR plus dealing/xrate), so above the price I bought the UK shares at, but don't have a 24th Feb deadline to get rid of them if I don't like the exchange process.

[1gw] 21/2/2020 12:39

kirk 6 - definitely a few raisins short I'm afraid. sikhthetech is trolling me on several ADVFN boards. He seems to be convinced I'm up to no good and so follows me around making insinuations about who I might be acting with and how I might be trading. Favourite phrases appear to be along the lines of "you and your mates" and "the pump and dump gang". He appears to have no interests in the merits of the investment, just looking for an angle to wind me up (and anyone he thinks might be acting with me or hostile to him). Apologies for any resulting thread disruption over here.

[kirk 6] 21/2/2020 12:03

*print - profit