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I gave them the benefit of doubt for many months but when months turned to years and the SP was "shredded" I became more frustrated like many have....
Well if news comes tomorrow or next week I don't care but if the news we all want happens in several weeks or even months then you will feel my point a lot more in your wallet. Everyone is down but my average is around $3.50 but it's not the point I'm making it's the number of shares in circulation when it kicks off that concerns me....I can see this being $10.00 and I've been there already.....and held.
I can appreciate that and it's a really good point but do you not feel the balance between this and maintaining investor confidence needs to be readdressed considering the length of time the "investigation" has taken? The reality is that the stock has been destroyed since the silence and huge doubt created from a muddy pond that nobody can see what lies beneath.... so the very thing they were trying to prevent has happened anyway. Why does a court case or legal action from a third party stop timely clinical updates? What business is it of a spurious legal action against NWBO to hold up news being released on the companies regular business? Why say 2 weeks in a PR if it's longer than 6 weeks? This would be greatly helped if they made efforts to improve transparency and governance....would that not do more to improve confidence than everyone holding their nuts while some loose their shirts? The Jan calls expire on Friday leaving many investors sunk ( I don't hold any btw ) but what I fear the most here from my perspective is the next PR where we have done another raise at 30 cents with free warrant coverage diluting us all down yet further still.....if we can avoid that I'm way more relaxed about having my nuts on the table while the clinical end of the business reaches a conclusion.
I disagree....they could say for example -
"We have not reached yet the 248 events"
"The reason for the delay in updating further from our Dec 8th PR is as follows......"
"As a result of the investigation called for by NW we have made a number of changes to our organisation and its processes. The aim being to improve our corporate governance and to provide greater clarity around a number of key drivers as we continue our journey to approval of our DCVax program. Other investigations are ongoing"
Or anything similar to the above....what possible harm could something like that do? We may win the battle to get approved but management have to accept they are in part responsible just as much as others who have used the weakness here to shred the stock.
Austin we all know your feelings on the governance issues with NWBO. I agree with some of the many questions around governance but I think you are totally wrong in suggesting they deliberately post false and misleading data. They are not criminals or fraudsters but the management structure and communication strategy leaves many investors nervous and puts many others off from investing. I think the science is good and ultimately we will get across the line.
I think from your position you either believe this or frankly you just sit alongside the more extreme end of posters ( both believers and disbelievers ) and that is as mad as trying to herd cats.
BigBioBoom. I think going forward the shorting of this stock will be less of an issue especially when a positive P3 announcement is made however let's be quite clear the short HF's have made a small fortune bringing the share price down from its high of $12 to 35c. Lots of people lost a lot of money and unnecessary dilution hurts us all. Management got a bunch of things wrong and created an almost unchallenged environment for them to operate. I have learned a huge amount owning this stock pre the reverse split.
I only hope the science can rebalance the stock in line with similar approved treatments and we all can finally enjoy turning a profit. GL
So any thoughts or hints we might get an update or two next week?
To be fair I'm not a big fan of the corporate governance at NWBO however LP's has invested a significant sum of her own money into NWBO and as such we should all take some comfort from that while trying to improve corporate governance and in turn protect minority shareholders. I see it as a plus that she has plenty of skin in the game and alongside LL delivering a clinical result ultimately LP needs to deliver a commercial result.
Your post takes an unknown of an unknown of an unknown, and turns it into a statement of fact, using several logical fallacies en route.
I'm confused here....has he bought or sold?
http://investors.morningstar.com/ownership/shareholders-major.html?t=NWBO
Perfect....thanks
from reading the PR posted by Stilwell I would not draw that conclusion....I presume you have something else specifically mentioning safety only? Thank in advance
Drove past Sawston yesterday to look for any signs of activity.....noticed a new sign up that they have subcontracted the management of the site over to a third party. Security on site but otherwise all else is quiet. I'm guessing until something hits on the positive front with P3 they have cut expenses or further investment in developing the site to an absolute minimum.
I'm glad you are finally stating DC VAX is safe. Just a few more days until you are agreeing it works as well and then a few more days until you agree that LP is not a criminal.....2017 might just be the year you finally back something that is a success.
from the link I posted I am unable to confirm anything. The article does lack detail in important areas but it was pleasing to see she was doing well.
Brain surgery link to those that want to understand what SOC is like compared to having immunotherapy treatment. Wishing everyone a Happy 2017...
The science is all looking very promising and all of this is continued progress.
No my point was much wider than that but you already stated you called it a rant and I appreciate you feel it won't happen however that's your opinion and what I want is confirmation from the horses mouth it won't happen....but you find that worth debating as not necessary because you say so....ok good luck to you but I think this conversation has nothing positive about it and it is just you not liking what I have to say...
Look I believe in the science just as much as you do but when things get desperate cash wise and control of the company is at stake please don't assume all will end well for retail longs.....I'm not asking the world just clear and transparent answers and good corporate governance from management and for whatever misguided chest beating club you belong to you are very much burying your head in the sand as to the possible consequences of the status quo....I don't want to pick any personal beef with you I'm just highlighting what is a very real risk. I find it astonishing you find that such a trivial concern and treat it as if I am some kind of anti NWBO....it could not be further from the truth.
There is nothing standing in her way to now add something back in which states she herself has non dilution rights over any future financing...we are not on the NASDAQ any longer and she controls every key appointment....future raises might contain these clauses as control of the company slips away from her. Now all I ask is that she confirms that won't happen at our expense.
I know this is painful to read but I'm dumbstruck why good honest long shareholders that have tremendous hope and faith in the science and have produced some outstanding DD and posts helping others learn more of the workings of drug trials and the approval process continually bury their heads in the sand when it's your own money that is at stake...
We get but one chance a year to confront management in a public way to seek assurances that our investment is safe and the AGM is normally that one opportunity to address any number of issues non science related such management structure, communications, management incentives, board weaknesses, the investigation, the financing going forward and for management to demonstrate they are working in an open transparent way for the benefit of shareholders....trust is earned and not a given. Science updates can be at anytime but the corporate governance weakness here seems to get a pass because of the amazing science. We need to understand the vision strategy and culture as well as feel engaged and be able to challenge. Some investors will never challenge or do anything about such obvious issues of Governance out of some misguided loyalty to management...that is very very dangerous.
https://en.m.wikipedia.org/wiki/Annual_general_meeting
http://www.investopedia.com/terms/a/agm.asp
Let me add that I do not believe any member of the board is a criminal or engaged in fraud but it is not in our interests to have so much power in the hands of the largest shareholder....the chairman, CEO and CFO all being the same person that allows for decisions to be made based on the wishes of that largest shareholder and there is nothing NW or anyone else can do about it. It swings both ways and having two out of three of these roles with one person who is the largest shareholder can be a good thing if certain checks and balances are in place. Quicker decisions and a more focused determined approach could lead to faster success. However we do not know or understand what these checks and balances are as we are not told. For example a CEO might be the Chair but not the CFO...why I hear you say? We fell foul of the rules permitted to remain on the NASDAQ and having all this responsibility in the hands of one person means that person was so stretched and yet had so much control we failed the test to remain listed on the NASDAQ....the line between what serves everyone's interest and what does not has been muddied and is confusing. Another example is a chairman ensures each and every board member has an equal say and status at that board meeting. The chairman picks the NEDS and ensures we have complete governance on all financial matters independently arrived at from a CFO who whilst reporting to the CEO offers independent and fiduciary responsibilities in addition to the CEO....all these functions are not clear or transparent and the NEDS are appointed by the very person controlling every non scientific position on the board. Those same NEDS are there to protect you and me but are appointed by the person who controls everything...that is a big red flag!
If NWBO is to become the "Apple" of BP as someone stated earlier and is ever to achieve its full potential in shaping how Cancer is treated globally then as well as amazing science they are going to have to significantly change the management style and culture and as well as laying the foundations of Sawston it's equally important they lay the foundations of the best in corporate governance and culture.....something I felt today was a massive missed opportunity by management....and in turn they fail to attract the very blue chip investors that could pour the big bucks into this to kick start a recovery...hey ho
Confronting them on how all investors have experienced the decimation of the stock is a fact.... to which she acknowledged...that's not a grilling but stating the bleeding obvious.
Asking them what they are going to do about it in terms of areas where they have some control is the interesting bit...why LL can explain more than they can publicly or when can we expect a CFO or Chairman etc?
The area I'm most concerned about for everyone of us is asking them that in future refinancing or raises could they confirm retail investors will sit alongside management in any dilutions that go with it....or is it the intention of management to strike a non dilution clause in any of these financings?....this goes a long way to ensuring we don't get any more or less shafted over the next several months until the news we have all been waiting for kills the shorting dead. I appreciate I should have attended but I live in the U.K. ..I have emailed management and asked this but despite reading all our emails they have not responded by saying something along the lines in public "we acknowledge the painful journey shareholders have experienced with our share price and we as management are doing everything to ensure we bring about a positive conclusion and confirm we will not strike any refinancing or cash raises that favours management over any other shareholder through either dilution or any other means until such time that we have achieved strong financial targets set by the remuneration committee that is independent of the executive directors......this would go a long way in making many shareholders feel they are acting in the best interests of all shareholders as to protecting ones own control over the business at our expense....I do not think this is an unreasonable request. GL
It really sounds like Mgt were given a tough time.....I guess shareholders were constantly questioning them on areas like the stock performance, directors benefits, attracting friendly investors and of course the investigation but got hypnotised in the magic of science....Penn and Teller could learn a thing or two here.....I now wish I actually went and witnessed it myself.
Seriously though I appreciate you and beartrap for going and updating us.
Thanks Beartrap....did Linda state she would not take any questions or just those about Sawston?
Did anyone present ask any tough questions or challenge management in anyway ?
Well let's see what happens at tomorrow's AGM. GL...
If you take a punch in the face continually day in day out month in month out and you stand with your arms down your sides exposing your face not screaming or making any attempt to defend yourself in the hope a policeman will pass by and arrest your attacker you will probably die before the police arrive.....see any similarities here?
They should get neither.....no reward for failure and the last 18 months have been a total failure from a financial perspective.
Great....could you ask the following -
What steps are the board taking to strengthen corporate governance and will there be a clear separation between Chairman, CEO and CFO roles? If so when ? If not why?
Will the company start providing quarterly investor conferences with online dial in? This is about improving information flow on a more equitable basis across all shareholders.
For future finance raises can you confirm that all shareholders but particularly retail shareholders will not suffer any more or less dilution than the executive and non executive management team. The share price drop should ensure everyone is in this on equal terms and management cannot be rewarded or compensated at the expense of long suffering shareholders.
another scenario could be that Linda is the author of phaseV and in fact a ghostwriter for AF....whilst also being the long lost sister of Neil Woodford.....it is a possible scenario I guess
The sooner the better - thanks
The timing of likely approval ( for me the only news that will stop the shorting in their tracks ) is key to your post. I believe we are at least 6-8 months away from approval and if management intend on burning through cash to press on with trials which they need to do then I would guess we are a few raises away from achieving the only news that will get us off the slippery slope that we find ourselves on and until then the stock will be held down hard and unfortunately you and I will suffer over the next 6-8 months the mother of all dilutions until we end up owning a fraction of what we once owned.
Without the rules of the Nasdaq it would be interesting to see if management dilute themselves on an equal basis with us going forward....
Now considering the very weak position the company is in the risk vs reward balance is set to swing against us....I don't like it one bit and before anyone says sell and get out I just want to point out that is my position based on my entry price....others will be in a much better position from an entry point of view and so the lesson I've learned from investing in a bio start up is about timing of investing vs timing of income / FDA approval as that being the driver that changes the dynamics for the better....GL
Market Cap or share price?
I agree to a point as I really do believe the science is good. The risk vs reward ratio on an entry price under 50 cents could be quite appealing if an investor wanted a punt. The ratio as far as I'm concerned is cash vs dilution vs timing of likely approval vs bankruptcy.... and with an entry point considerably higher than 50 cents that risk reward ratio starts to swing the other way the longer one believes it will take until approval. I do not regret my investment in NWBO but I do regret my timing and having given the benefit of doubt to management on a number of issues over the last few years in which I blamed almost entirely market manipulators I can see how management have made some poor decisions which in any normal stock they might get away with but with one shorted to the level I believe NWBO has been shorted to has created an environment much the same as stealing candy from a small innocent child left unattended by the parents while the SEC Police eat doughnuts on a table next to the thieves tucking in on that child's candy....
I would have preferred a swift initial investigation followed by immediate remedial action in areas where things did need to be seen to improve such as board structure, independance and experience/capacity followed by a more detailed investigation into those ridiculous allegations of fraud and corruption etc. I took at face value 3 months as stated by management for the investigation and did not ever foresee that stretching out as long as it has with total silence at such a critical time when any CFO worth his/her salt would and should have been securing cash inflow via institutional investors to get us across the line to approval. They don't even have a CFO and they still don't have enough cash to reach the finish line and institutional investor confidence has long since sailed away....
BTW I have expressed this opinion directly and more forcefully to management in an email last week just to make clear I'm not just mouthing off in here....I hope you are right about institutional investors all jumping on board when it's the right time...I also hope everyone of the long term investors are still on board by choice and have not been evicted or squashed in the mayhem...GL
I cannot argue with you on this....I just don't know the facts. You could well be spot on.
That statement was very helpful yes...all depends on the FDA but really encouraging coming from a clinical expert of her stature.
the shorts felt cock sure about something around that time enough to get their wallets out.....does not mean they are right in the end of course.....
Ok thanks I hope you are right