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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Marginofsatefy
14 posts
Posted by Marginofsatefy > 2023-08-17 02:47 | Report Abuse
From what I can see preference shares don't have any priority over ordinary shares in a liquidation/sale event and convert to ordinary shares on large financings or regulatory approvals (which is what matters). Here's some disclosure from Dundee...
In order to fund the new study and bolster its cash reserves, TauRx negotiated an investment from an existing shareholder through the issuance of a new class of preference shares in the company. The investor subscribed for 500,000 class B preference shares at an aggregate subscription amount of US$100 million or US$200/share. The new class of preference shares does not have any liquidation preferences but conveys to the holder a call option to acquire commercialization rights for LMTX® over certain territories in Asia. The preference shares are convertible to ordinary shares on a one-to-one basis upon the attainment of pre-specified regulatory and/or listing objectives alongside the injection of a further material amount of cash. The investment was made in three tranches with the initial tranche (350,000 shares/US$70 million) completed in January 2020, and the final two tranches (totalling 150,000 shares/US$30 million) completed in August 2020.
TauRx is actively engaged in negotiating commercialization rights with partners in other territories. In June 2020, TauRx
announced that it had signed a term sheet with Mediforum Pharmaceutical Co. Ltd (“Mediforum”), giving the Kosdaq-listed company rights to acquire publishing, manufacturing and intellectual property rights in Korea for LMTX®. In October 2020 and
as part of the deal terms, Mediforum acquired 25,000 shares of TauRx for US$5 million.