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https://www.morningstar.co.uk/uk/news/AN_1569504819959221600/salvarx-turns-to-interim-profit-evaluating-takeover-opportunities.aspx
Reported 26/09/2019:
Salvarx plc results posted for 6 months until 30th June 2019 show an upbeat report with profitable trading income of £11.4m on investments and cash reserves from proceeds of the sale of 94% Salvrx Ltd (net £53.1 million) to Portage Biotech.
This helped the firm jump to a pretax profit of £61.3 million from a £190,000 loss a year ago.
Whereas on 28th June 2019 it had reported losses widening for the full year (2018) from £2.2m to £3.4m and this took into account the sale to Portage.
https://www.morningstar.co.uk/uk/news/AN_1561722448946219200/salvarx-loss-widens-mulling-options-ahead-of-cash-shell-aim-deadline.aspx
Something is not right here?
I am someone who is still waiting to benefit from the demerger sale because Barclays (despite numerous requests) I cannot obtain Portage share certificates to trade (not allowable in my ISA), again complicated by both Portage Biotech & Salvarx plc currently suspended on their markets, whilst they are able to trade and prosper at no benefit to me although I am a shareholder in both.
Am I to be in limbo until both decide to re-list or is my investment lost forever in the mire of uncertainty whilst the directors benefit at my expense?
Cancellation of trading on AIM / Potential acquisition
SalvaRx provides the following information regarding the admission of the Company's ordinary shares ("Ordinary Shares") to trading on AIM.
As previously announced, following the suspension of the Company's Ordinary Shares from trading on AIM on 9 July 2019 ("Suspension"), if neither a reverse takeover nor re-admission to trading on AIM as an investing company under the AIM Rules are completed within six months of the date of Suspension, then the Ordinary Shares will be cancelled from trading on AIM pursuant to AIM Rule 41.
As noted in the Company's interim results for the six months ended 30 June 2019, the Company has been evaluating a number of potential acquisition opportunities. The Company is now pleased to announce that it is in advanced discussions with an acquisition target which is a leader in the field of oral immune therapies. Should this proposed acquisition proceed, the Board of SalvaRx anticipates making a further announcement early in the new year, setting out full details of the transaction.
Despite efforts to conclude a reverse takeover before the cancellation date, it will not be possible to conclude the proposed transaction before 10 January 2020. On this basis, the cancellation of the admission to trading of the Ordinary Shares on AIM is expected to take effect from 7.00 a.m. on 10 January 2020.
What the implication will be when canceled I have no idea. Another listing?
Because they will miss the deadline to complete a RTO of their intended target, the AIM registration will cease.
Unless the RTO is into a listed company into which they intend to reverse there will be no representation on AIM or other trading platforms, so Salvarx will become a private limited company with value, but not tradeable except by matched trades.
With no payment received from the Portage buyout and with their suspension preventing the issue of certificates, it has become a complete shambles, to say the least.
When there is any chance of monetary value to be achieved is anyone's guess, it just continues to show a black hole in my portfolio where there shouldn't be one.
Would appreciate some feedback from Jim Mellon who orchestrated this debacle.
https://soundcloud.com/themoneyweekpodcast/issue-979-jim-mellon-at-the-moneyweek-wealth-summit Interesting talk by Jim Mellon
31/12/2019:
There is some good news of Portage Biotech, hoping to have its Cease Trading Order (CTO) revoked after filing up-to-date accounts and securing an extension to the strike-off procedure.
https://www.prnewswire.com/news-releases/portage-announces-filing-of-financial-statements-and-accompanying-mda-and-provides-company-operations-updates-300980014.html
Let us hope us poor souls still awaiting financial reward for the takeover of SalvRx Ltd 18 months ago can see some light at the end of the tunnel and finally get our hands on the 18 Portage shares for 1 SALV we were promised.
Meanwhile, the delisting of SALV from AIM on January 2020 now cannot be stopped, however it is encouraging to know that Jim Mellon & Co. are working diligently on the proposed t/o to diversify the company into new and better things.
After listening to his Climate Change & Laboratory Manufactured Meat Products thesis (to lower damaging animal methane gasses into the atmosphere) it seems this will be the road we will take ... from the committed vegan himself ...
Early days, but is spot on the new enterprises that venture capitalists are looking to invest in.
Thanks for that Kentan; Jim made some very interesting comments regarding Vegan foods and the advanced replication of animal proteins for meat and milk, which in effect make the rearing and slaughtering of animals obsolete!; quite remarkable! As for Vegan foods...well just look at Gregs the bakers big increase in profits just from their vegan sausage rolls! As far as I am concerned i'm not to bothered about loosing our listing. I think all will come good. Jim Mellon seems to be a very respected man in the city.
As far as this board is concerned it would seem that unless you keep a bookmark for this page, it cant be found. Most of the info and chat is now on the Portage Yahoo/usa. So if we do get a new listing from salv, I guess someone will have to start a new 'chat'
Good luck to us all ( is anyone els here??)
Kentan, could not agree more, it has been painful and somewhat of a car crash. I have stock of portage showing in my II account but as you outline below cant trade or have a value. Barclays corporate complaints team are still battling on my behalf to have share certificates issued for the stock i had held within Smartinvestor.
Mellon and his team are very smart guys, however i do feel that on this occasion they would have been better keeping the Status Quo 18months ago and kept the Intensity investment within SALV. At the time Mellon stated that the demerger shares was the only way to release shareholder value... Well 18 months on and i dont see it that way at all... All good things come to those that wait??? jesterman im going to bookmark the page and keep us long suffering holders in comms and updates, anyone else joining us??
Just a final thought are any of you guys invested in Agronomics? I have been holding for about 8 weeks..
Pesto; Just had a quick scan though Agronomics, interesting; I guess it will be about economies of scale. It would need to be cheaper than traditional meat farmed production to make any real impact, at least in the short to medium term.
My feeling is that Vegan alternatives will have a greater impact, again in the short to medium term and possibly be the main market leader. Early days but one to watch!
I am now wondering if Jim Mellon will do something slimier with SALV .......We will soon find out!
Ok so cancellation of SALV on the 10th and hopefully an announcement of a reverse takeover and a new listing.
Lets hope it's a good one!
10th of? Feb?
Sorry 10th Jan; Today! We are now de-listed.
Waiting for an announcement imminent Re; a reverse takeover (if it happens)