The boys in Singapore are treating shareholders the same way...

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kosenar

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28/04/16

09:55

Post #: 17616953
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Originally posted by Michelin Man ↑

I'm very keen to know how much we'll get for our stake in PrIME?
Speaking at AGM last year, our Chair said:
"PIME has still not passed cGMP accreditation and it has not provided a date for its next attempt. However, it has received a cash injection of SGD$8.8 million by the Class A shareholders despite not hitting its next funding milestone. PrIME has now received nearly SGD$20 million in external funding, which NuSep could not have provided, but we do not have oversight of how that funding is being applied so we are not in a position to share that with you today. The plasma separation machine that PrIME is using for its cGMP accreditation is rented by NuSep to PrIME. The machine is sufficient to provide a “proof of concept” volume of processed plasma but is not big enough to produce a commercial volume of plasma products. The next step for PrIME, after receiving cGMP accreditation, will be to scale up the operation. NuSep currently has 55.1% of PrIME but there is a dispute about the quantum of the interest on the recent cash injection which will vary this position. We have concerns about the lack of transparency in the reporting of PrIME’s activities, especially in budgeting and scheduling and in their current commercial dealings with large players in the plasma fractionation business. We have expressed our concerns and have left our options open to take further action if our concerns are not properly dealt with. To date they have not been dealt with in a satisfactory manner."

and the year before she noted:
"We expect the present book value of $3.8m of the PrIME asset on NuSep’s balance sheet will substantially increase over the time, which will have a positive impact on NuSep’s net asset position. Also, as we grow the SpermSep business, its value should also improve and add to a more positive net asset position."
Let's hope we get the positive balance sheet impact that was predicted when the sale goes through, although I still haven't been able to find anything on PrIME's website or the net to indicate that they have received cGMP accreditation. Does anyone know the current state of play?
GLTA
Kind regards,

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The boys in Singapore are treating shareholders the same way they used to when they were in this company in Australia.

It will be interesting to see what evolves here!

Unfortunately I would be worried - but I still keep a watch.

Regards...................

MEM Price at posting: 1.2¢ Sentiment: None Disclosure: Not Held
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The boys in Singapore are treating shareholders the same way...

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