Re: We didn't fall from $3 to current levels in a week....
posted on
Aug 28, 2015 11:20PM
Toinv - thanks for the reply. I agree that these two company's are not being operated at arms length. In fact, it appears that for all intents and purposes the affairs are commingled:
* shortly after my initial purchase on 5/21/13, I received 1 share of Zenith for each share of RVXCF (actually I received a marker since Zenith shares have not yet been issued) an allocation of 9.1% of my RVXCF purchase.
* Zenith was spun off the following - $10mil cash, 75mil Royalty Preferred shares which will be assigned future dividends of 6-12% of net Apo revenue as defined, all intellectual property of RVX except RVX208 which was assigned back to RVX for a 7.5mil note. (Initial terms modified in 2015 to suit hepa/rvx deal)
* 3/14/14 - 8mil investment by Eastern Capital
* 7/23/14- 4.6mil investment by NGN(resulting in 12.2% holding)
* 7/23/14 - Ms Cherrington appointed as Pres & CEO
* 4/30/15 - " Ms Cherrington will be leaving the company"??? Don appointed interim Pres/CEO
* 5/19/15 - 4mil investment by Eastern(resulting in 23.6% holding)
* 8/25/15 - Zenith Epigenetics platforms returned to RVX
Needless to say, there is a lot of maneuvering going on here and it seems as if Zenith is being operated as a closely held investment to suit RVX. Shareholders 9.1% marker has no market and is of questionable value. Was the Zenith spinoff properly structured?
I trust that the strong BOD has a firm grip on this. We all have the same goal - to see rvx208 a marketable product with a revenue stream. This is difficult to watch from the sidelines with limited information. We are victims of the "mushroom philosophy of management"
Patience is a virtue - stay cool, hang loose and believe,
Chicagoest