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RNS 30/12/22:-
As soon as practicable following passing of the Resolutions at the General Meeting, the Joint Administrators intend to make an application to the court to be listed for a hearing on an urgent basis to approve the Company's exit from administration. Provided the court approves the listing on an urgent basis, it is expected that the hearing will be within approximately two weeks of passing on the Resolutions. Should the court approve the exit from administration, the Joint Administrators will vacate ofce (and the Board of Directors will resume their full authority) following receipt and nalisation of the court order which would be expected to be within two days of the court hearing.
Resolutions passed on 16th Jan 23 so now just waiting on a court date to relist and go live. Must be getting close now. Good Luck
"...take off"
Lol. Rather optimistic! But I'm with you Porky - fingers crossed!
Yes the BS has started, more BS to come,
I know , you’d have thought he’d learnt a lesson … but noooo.
sinking swiftly to 5p and bouncing around until the next RNS and then.......
5p likely. 4p very possible. Madness that we are here after so much promise. Management should be ashamed of themselves but will no doubt keep leeching a decent salary from shareholders.
More like rise to ~8p+, as 12 month cash runway in place, further updates due. Would not be surprised if we hit double figs fairly quickly. Noted value of peers in this space, we are cheap....
If there is funding in place for 12 months I can see a bit of a bounce in the short term. However:-
a. The BOD’s needs to be replaced to get some trust back in the Company. How much has this Admin process cost the company and shareholders..
b. A timeline of expected results over the next 12 months needs to be issued and clear. Otherwise come 12 months the fear of further dilution will further impact the share price.
I am however glad that the company isn’t being wound up - so credit to those that have come up with the new funding - albeight at our expense.
As before I will keep for 6 months and review then.
My guess is anything between 5-15p until we get some further news, or further dilution!
Is there any record of the Administrators having even applied to the court to have the Administration removed and re-listing approved. Thought the application would have been put out in an RNS. Or is this them just milking more time/money out of he process?
Interpath Advisory has a notice/claim forms on their website stating that Creditors claims must be received by them(IA) by midnight on 10th Feb. 2023, so presumably they are waiting for this date to pass in order to firm up the creditors final claim costs, just in case there are any substantial ones which might creep out of the woodwork between now and then!
That being the case, it may well be another 2-4 working weeks thereafter to submit an application to Courts to lift Administration and allow IA to hand back the company to the Directors and re-list?
So mid-March is probably a realistic target for share trading to re-commence!
Surely they’ve had 6months to put out a notice to creditors. They can’t have new claims coming after the new financial arrangement being approved by shareholders.
Notice of seeking decision of creditors by correspondence
Notice is hereby given by (a) James Richard Clark, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
David John Pike, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
to the creditors of (b) 4D Pharma Plc, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
This form must be received at (c) Interpath Advisory, Interpath Ltd, 4th Floor, Tailors Corner, Thirsk Row, Leeds, LS1 4DP
by 23.59 hours on (d) 10 February 2023 in order to be counted.
Under Rule 15.28 a person is entitled to vote only if they have given to the Joint Administrators, before 23.59 on the decision date, details in writing of the debt which they claim to be due to them from the company and the claim has been duly admitted under Rules 15.28 and 15.33.
Any creditor whose debt is treated as a small debt (ie. £1,000 or less) must still deliver a proof of that debt if they wish to vote.
Any creditor who has opted out from receiving notices may still vote, provided they provide a proof of debt.
Creditors who meet one of the following thresholds: (a) 10% in value of creditors
(b) 10% in number of creditors
(c) 10 creditors
may, within five business days from the date of delivery of this notice, request a physical meeting be held to consider the decision(s). In order to do so a creditor must complete and return the physical meeting requisition form available on the Insolvency Portal at www.ia- insolv.com/case+INTERPATH+FM624A1433.html.
No need to randomly guess the timeline for exiting admin, just read the RNS from 30th December specifically point b and c of the section titled “Subscritption Agreement” which you’ll find towards the end of the RNS.
Armistices subscription is conditional upon 4D exiting administration by 14th Feb 2023 (point b) and admission will be no later than 2 months following the date of exiting administration (point c).
“Subscription Agreement
Under the terms of the Subscription Agreement, Armistice has agreed to invest up to $15,000,000 for the purpose of subscribing for Ordinary Shares and / or Pre-Payment Warrants (the "Subscription").
The Subscription is conditional upon:
a. The requite authorities being passed by the Company's shareholders to give the board of the Company all necessary authorities and waivers to enable the issuance of Ordinary Shares, the Pre-Payment Warrants and the Ordinary Warrants in accordance with the Subscription Agreement and the Loan Agreement;
b. The Company exiting administration by no later than 8.00 a.m. (London time) on 14 February 2023;
c. Admission being effective by no later than 8.00 a.m. (London time) on the business day falling two months following the exit from administration; and
d. For each subscription other than the $6,000,000 funded on Admission, no liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar ofcer has been appointed over the Company.”
So out of Administration by midnight on Monday coming to comply with Armistice's terms!
But will it be 2 days, 2 weeks, or the full 2 Months allowable before the re-list?
"So out of Administration by midnight on Monday coming to comply with Armistice's terms!"
Only if "The Company exiting administration by no later than 8.00 a.m. (London time) on 14 February 2023;" is code for midnight on Monday.
Boonco
Splitting hairs there!
I was using some licence on the basis that it's very unlikely that it's going to complete in the couple of hours before 8am on the Tuesday morning?
If it's not done on the Monday then it may well not be done at all!