NorthWest Biotherapeutics Inc (NWBO)

[Smokey21]

My interpretation on this Form 4 filing is that the following:

Notice the box in the upper left hand corner. It is checked to indicate that they are "no longer subject to section 16"

Section 16 of the Exchange Act of 1934 requires the reporting of beneficial ownership by the officers, directors or stockholders who possess stock directly or indirectly, resulting in beneficial ownership in excess of 10% of the company’s common stock or other class of equity. Parties that fall under Section 16 are typically referred to as insiders.

So, if Neil is considered an insider, he may not be able to trade during certain periods. But, what if he wasn't considered an insider? Then he would be free to trade as any other investor. So, what do you do? You explicitly state he is not the "beneficial owner"

Notice the comments section:
"This statement is being filed jointly by Woodford Investment Management LLP ("WIM") and CF Woodford Equity Income Fund (the "Woodford Fund"). Neil Woodford, the Head of Investments for WIM, by virtue of his position as such, may be deemed to beneficially own certain securities beneficially owned by WIM. Mr. Woodford expressly disclaims beneficial ownership of such securities except to the extent of any pecuniary (related - my insertion)) interest therein. WIM is an investment manager for the Woodford Fund and other investment funds."

Therefore, I think this filing is all about taking him out of a position of being classified as an insider.

Now, why would he want to do that??? That is the $$$ Million question. Perhaps to buy without restriction??