Last week's EGM was a predictable farce. Imperial Brands (IMB) does not seem to care about its investment; thus, it fails to quiz the management of a company whose shares have slumped from 5p at IPO, to 1.3p in just ten months. Here are some of the questions asked, which raise very serious questions about the underlying science, the shock resignation of Oxford Cannabinoid’s (OCTP) broker and the cash crisis looming later this year. Natch, Oxford declined to answer any of them:
Thanks to Winnileaks I now have in my possession a letter sent to the directors of Oxford Cannabinoid (OCTP) by holders of c8% of the equity demanding that an EGM be held to sack the entire board. Natch Oxford has yet to tell investors of this via an RNS so let me bring you the highlights
Last week I revealed how directors of Oxford Cannabinoid (OCTP) had extended their service contracts while in receipt of an MBI/RTO approach which would see their contracts terminated. Things have now moved on.
The IPO of Oxford Cannabinoid (OCTP), pumped by the tawdry Mail on Sunday on the, false, supposition that Mr Snoop Doggy Dog was an active investor, was – as I predicted an overvalued POS and those backing it have, in eight months, already lost half their money. This week it admitted to delays in work on its two lead compounds, not that, even before, either would – if they worked – hit markets till 2027. Its founder chairman will soon step down after a share dealing scandal but is already in Thailand “finding himself”. But it gets worse.
When Oxford Cannabinoid (OCTP) listed in May, raising £16.5 million at 5p I warned you all that its £48 million market cap was a complete rum ‘n’ coke. This company will, in a best case scenario, generate first revenues in 2027 and it will very obviously run out of cash well before then. I reckon the next cash call is within a year. Meanwhile the non-financial red flags mount at an alarming rate.
