"We have submitted all the documentation (patents, contracts, research results etc...) to the lawyers of the buyer. We are expecting a communication from their part and we will inform all of our shareholders as soon as we hear from them.
Best regards,
Max Arella, Ph.D.
CEO
Spencer Pharmaceutical"
From my reasonably extensive experience of M&A work in the biopharmaceutical sector, I have to say this is an exceedingly strange, indeed irregular, way of going about things.
If this were a real deal, then SPPH would have set up an electronic data room, which would have had a limited window for Al-Dorra/Al-Dora/Al Durrah/Hail First Pharma personnel - not just their lawyers- to crawl all over.
This would have happened, of course, before an offer was made to SPPH's fine Board of Directors, and certainly before any shares were tendered by that same fine Board of Directors. It would also have been touted to other potentially interested parties by whichever Merchant Bank was acting on behalf of SPPH.
It is simply inconceivable that any party would have made a specific offer of $1.10 per share of SPPH stock, and for any of the insiders' shares to have been tendered in response to such an offer, before such DD had been performed.
Equally I can confirm that none of the normal Merchant Banks involved in such deals have even heard of Spencer Pharmaceutical, let alone acted on their behalf.
The idea that SPPH take 5 months to bundle up a few documents and then post them to Al-Dorra/Al-Dora/Al Durrah/Hail First Pharma's lawyers and then the deal gets done is simply risible.
Diane, I hate to say this, but you've been swindled, as has everybody who fell for Dr. Arella's lies about the buy-out.
That was apparent even before the first deadline came and went without any comment until after the event was meant to have happened. It's even more apparent now.
Given that nothing that SPPH claims to possess is worth even a hundred thousand dollars, let alone $245 million, this should not be an enormous surprise.
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