Wednesday's pitch from out of nowhere by the TGD would have made Sal the Barber proud with its "chin music."
FYI - Anavex had 48.17 million shares o/s at 3/31; on 7/3, that number had increased to 51.66, an increase ~3.5 million. This probably brought in ~$12 million, most, if not all, in the 3rd fiscal quarter.
As to the number of shares that the shelf could cover, let’s use some logic and estimates: 9-10 million shares are committed for stock options, awards for employees; add another 5 million for future grants. This adds up to ~67 Million shares. If the Cantor and LPC deals as each is today are cancelled, Anavex has ~33 million shares left to reach the 100 million authorized share limit. If Anavex wants to leave a cushion of 20 million shares before it goes to the shareholders for an increase in those authorized shares, that allows ~13 million to issue under the shelf.
Therefore, give or take a few hundred thousand shares, it provides the $250 million at approximately $20/share. If the Consortium, which I believe has seen a portion of the various trials’ results, [i.e., “Why are you doing Rett/PDD in Australia?”], were the interested party, the seven other companies in it, could buy proportionally about 1.8 million shares for $36 million each with the understanding that each has first dibs on one of the Anavex’s pipeline drugs to assist in trials and, if successful, production, marketing and distribution.
As to Wednesday’s wild discussions about HH, IMO, HH had to leave because negotiations with a company (or the Consortium), and not necessarily Eisai, had moved beyond the first date. Though only a SAB member, HH's ties to Anavex would have given him information that should not be in the hands of someone whose loyalties would be divided.
As to the points made that the shelf is a desperate measure by Dr. M and Anavex to raise funds now because the PDD and/or Rett results are failing, the Aussie government would NOT allow for Anavex to commence trials there if the numbers were not encouraging. IMO, this confidence in Anavex by the Aussies is indicative of positive results on both fronts.
P..S. On preferred stock, I don't believe it was presented as a convertible offering. To be that, shareholders need to approve that.
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