Diskusjon Triggere PortefĂžljer AksjonĂŠrlister

Circio Holding ASA (CRNA) - tidl: Targovax (TRVX) 1

Biotek
#1436

Jeg kan vÊre pÄ ville veier, men greit om de kan svare.

Gentlemen,

I am bewildered.

It would be good if you could explain a few matters at hand following your latest press release:

  • When did Atlas cure the violation of clause 5.2b in the “Investment and Subscription Agreement” (ISA) which seems to have occured on May 30th ?

  • How many shares did they need to purchase to cure the violation ?

  • How can they be entitled to convert a new bond at a price of NOK 0,4952 when said price obviously is a direct result of the violation ?

I may be wrong, but something doesn’t quite add up by comparing the number of shares Atlas should have purchased, and the closing balance of shares listed at the Citi/Atlas account from May 30th and onwards. To me it seems like they still need to purchase somewhere between 800K and 2000K shares to cure the violation. The broad range of shares I am referring to is to cover for the most likely interpretations of the term “trading week” which unfortunately has no clear definition in the ISA, and whether the actual number of shares sold by Atlas (the violation) should be taken into account when calculating the number of shares they need to purchase to cure the violation.

It almost seems like we need an independent umpire to make sure that both you and Atlas are honoring the conditions which are presented in the ISA, which by recent experiences appears to be incomplete the way it has been disclosed to the public

21 Likes
#1437


 sidder reelt bare og afventer, at selvsamme trader fÄr spasmer og starter sell-off igen, sÄ vi kan gentage mÞllen med tilbagekÞb fra Atlas, call med selskabet m. beroligende toner og rÞgelsespinde og sÄ videre.

3 Likes
#1438

Hva forventer dere? Kursen vil vÊret gruset fram til sep./okt. Da kan vi forvente data som vil kunne lÞfte kursen en god del. FÄr vi i tillegg penger fra Kina, sÄ vil det fort kunne bli veldig bra dager for oss. EW kunne spart seg for Ä kommentere kursutviklingen og Atlas - den stod til stryk. Det er bare Ä finne fram solkremmen og vÊre tolmodig :grin:

1 Like
#1439

IPO`s ja. Det er kanskje der hÄpet ligger. I Circio AB.

3 Likes
#1440

Var de sÄ greie at de svarte?

1 Like
#1442

Like many of our shareholders, we were surprised and concerned by the breach of the trading volume limitation by Atlas following the bond conversion on 23 May. We are in frequent direct dialogue with Atlas senior management, and they have asserted to us that the breach was due to an internal miscommunication, and they will strive to avoid that such a situation occurs again. There is no trading ban in the agreement but the assurance to fix the problem by repurchasing the excess shares.

Atlas agreed and repurchased shares in week 24 until the breach had been cured. During the repurchasing , Atlas is not prevented from selling shares on the same day, hence the net number of shares per trading day does not necessarily reflect the actual number of shares repurchased. Atlas agreed not to make any further bond conversions during the period when the repurchase was outstanding. Also, we have mutually agreed that the full 5-day period when they were in breach of the volume limitation should be excluded from pricing of any future conversion. Following the cure of the volume breach, according to the agreement Atlas can convert subsequent bonds. They have converted bonds at a slower pace than expected. Therefore, we do not see a need to impose further sanctions at this point, but obviously we will continue to closely track their trading.

We agree that this type of financing has several caveats, but under the circumstances the Board and Management of Circio concluded that a convertible facility was the best financing option available, and, after careful consideration, that Atlas was the best available provider of such financing. Since the announcement of the agreement, our share price has been volatile with many ups and downs days. You can see that reflected in the spread of the conversion price for the CB. If our share price was flat, then there would be no difference. If the share price only declines, then the conversion price would be higher than the actual share price but in reality, the conversion price has been lower for the last 3 times, showing that the share price does increase following conversions.

We do not consider the Atlas financing as a permanent solution to the companyÂŽs financing needs, but a useful tool to ensure flexible access to capital during a period when capital markets are exceptionally challenging, particularly in the biotech sector. It is a bridge to a better time and place. We continuously explore and secure alternative and better financing solutions to the Atlas convertible facility. You can share this email with other shareholders. If there is interest in discussing this further, we can schedule a webcast to address questions and explain the agreement in detail. We want to be fully transparent and all shareholders to have a good understanding of our agreement with Atlas.

Best regards,

Lubor

12 Likes
#1443

Godt svart ut, er samme forstĂ„elsen jeg hadde av dette. :slight_smile: SĂ„ de 5 dagene er trukket fra. Interessant ogsĂ„ med kjĂžp og salg samme dag, som klarerer litt i forhold til “manglende aksjekjĂžp”.

#1444

Det mest bemerkelsesverdige her er at det ikke avslĂžres hvordan selskapet kan kontrollere Atlas sin aktivitet i markedet, og at egen trading (altsĂ„ ogsĂ„ mellom egne affiliates) IKKE skal/kan ekskluderes fra grunnlaget som bestemmer begrensingen pĂ„ 25% av “trading volume”. I realiteten sĂ„ har pkt 5,2b i ISA omtrent ingen verdi nĂ„r det gjelder som beskyttelse for andre aksjonĂŠrer, og at den berĂžmmelige “kuren” har en helt annen betydning enn det avtalen gir uttrykk for.

Bruddet/dumpen pÄ 3,9 mill 30/5 er med andre ord med pÄ Ä definere grunnlaget for tilbakekjÞpet. Makes no sense.

2 Likes
#1445

Dette mÄ anerkendes af samtlige aktionÊrer; sjÊldent har selskabet vÊret sÄ transparente og formidlende omkring den finansielle situation.

Jeg havde tidligere, under Øystein Soug og Magnus Jaderberg, direkte samtaler med ledelsen bl.a. sammen med @TheObserver, hvor der blev stillet yderligere spÞrgsmÄl (opklarende spÞrgsmÄl, intet af insidervÊrdi blev delt af ledelsen og et skriftligt resumet blev delt pÄ TRVX tickeren), sÄ det er muligt man kan bruge denne option ved lejlighed.

Uanset og som nÊvnt tidligere, sÄ er Atlas investeret her for at tjene penge og CRNA mÄtte vÊlge den mulighed, der gav bedst mening for aktionÊrerne og det mener jeg, trods aktiens nuvÊrende kurs, reelt var det bedste udfald.

2 Likes
#1446

Circio Holding ASA: Registration of share capital increase following conversion of convertible bonds

#1447

Jeg fikk omtrent det samme svaret som @Bompiole, sĂ„ jeg har ikke noe matnyttig Ă„ tilfĂžye her. Jeg har for ordens gitt min tilbakemelding uten at jeg forventer noe i retur. Å bruke tid pĂ„ dette er neppe en god utnyttelse av tid. Verken min eller andres. Men synes likevel at det er pĂ„ sin plass Ă„ melde fra om hvordan man opplever at avtalen fungerer i praksis.

Lubor,

Once again, thank you for replying. Since another kind soul has shared your reply on the same topic, I see no need to do so.

The Atlas agreement is what it is. I am not too bothered with why you ended up as you did, or if you really had any meaningful alternatives. At least not anymore, but the realities of the agreement when put into action is a major concern. Both from a short- and long-term perspective.

I don’t find much clarity in your reply if you can’t share the exact number of shares Atlas had to cure, and which appears to have been cured behind a closed curtain. Most likely on June 14th.

At the end of the day they have been a net seller every single day since May 30th except for this one day when they made amends. I need to see hard figures and more reasonable arguments to better understand this.

We also seem to lack a clear definition of terms such as “trading volume”, “remedy period” and “trading week” (ISA). They seem to be left to something that Atlas can discuss and settle when needed.

The end result is rather devastating when their (Atlas) own trading enters as part of the “trading volume”, and subsequently is deciding the number of shares they need to purchase if they violate clause 5.2b.

The higher number of shares they sell into the market, the lesser number of shares they need to purchase. It just doesn’t make any sense.

My conclusion remains as before. My investment in Circio is poorly protected by the ISA, Atlas did violate my investment on May 30th, and an effective cure has not been made.

Happy Summer Holidays,

br,

10 Likes
#1448

Det er ingen tvil om hvor lojaliteten til EW, Gaal og styret er.

1 Like
#1449

Hvor ender vi i dag? Over 0,7
?:grimacing:

1 Like
#1450

Noen nyheter du forventer i dag siden du tenker kursen skal opp 20-25%?

#1451

Full stopp hos Gutenberg som trykker opp nye aksjer :upside_down_face:

#1452

Citibank har 6 mill aksjer,ikkje lett Ă„ bli kvitt dei med dette volumet😅

#1453

Det er bare Ă„ dumpe. Har jo i prinsippet ingen konsekvens.

1 Like
#1454

No e du I overkant negativ Ruben

#1455

Neida, Þnsker Ä gÄ ut i sol og sommer (forhÄpentligvis) som sur, grinete og inneslutta.

2 Likes
#1456

Var litt lovende tidligere i dag mtp salgssiden. Da var laveste pÄ 0,6 og nÊrt opp til 0,7. Noen som presser pÄ for lave priser. HÄper at alle som pusher prisene ned fÄr en vond flis under negl :grin::crossed_fingers:

1 Like