Replies to post #784548 on NorthWest Biotherapeutics Inc (NWBO)

[learningcurve2020]

That’s why I made so many postings here trying to get opinions of what the current market cap represents, DCVAX vs. Sawston? It could explain why the market cap remained lofty even while DCVAX withered? Perhaps the financiers always knew they could fall back on Advent?


Agree.

>>NWBO Shareholder approval is not required

[seekinganswers]

Are you saying shareholder approval is not required for a public company acquiring 100% of another company, that is NOT an arm's length transaction, to boot?
I still think that none of it makes sense... Unless there is no approval coming or an approval with No NICE reimbursement. That would be really bad for Advent, so maybe she's just cashing out of Advent before she gets left holding it with all the expenses and no DCVax sales???
Just guessing, but with an approval ahead, Advent would have a financial boom! Why give it away so cheap when she owns 75% of it if that was the case?

[kabunushi]

Ex, you are dead wrong and/or grossly misleading. You did get me to dig up the Advent financial docs, which you apparently misread completely. You wrote:

BTW, at the end of 2023 Advent did have $25M short term debt that NWBO will acquire, but IMO, that is modest in comparison to what NWBO gets out of the deal.

Advent most definitely did NOT have $25M in debt! That's what NW already owed to Advent as the AP referred to in the PR. NW will not acquire any additional 3rd party debt from Advent.

You must have read the UK balance sheet incorrectly. It lists 'DEBTORS' but those are listed under ASSETS not LIABILITIES! That is almost all AP that NW owed to Advent.

Yes, NW will still have to pay whatever the current AP number is. Pay to whom? Obviously, it will be a payout to Toucan, as Advent will become a NW subsidiary, so what ever that number is, it is the cash payout to Toucan in addition to the 1.4M GBP. BUT again, it's not a debt to any 3rd party that will get added to NW's balance sheet. Because it's already on NW's balance sheet as AP liability.

Including that AP owed by NW (and others?) to Advent, Advent had net assets of 23M GBP.

Handy link to Advent's 2023 financials including balance sheet thru is here, this page:
insert-text-here

[kabunushi]

BTW, it's getting a bit deep into the weeds, maybe, but as of 12/23, Advent also had 6.7M GBP in other assets, some tangible, some investments. I would suppose that all the tangible assets get turned over to NW (as is stated in the PR) and Toucan will likely retain the investment portion, whatever those amounts are, as of the closing of the acquisition. It would be nice if NW got the investment portion $ to reduce the amount owed in AP, but that seems very unlikely.