The engines have fired up at last for MDX. ( BPRG ) At long last they are being recognised for the force they will become over the next two years. On the cusp of disclosing huge revenue-earning deals with Global pharmacists. These have been hinted at as being unrolled before the years end, but may be in the next days.You still have time to get in at a bargain-basement price before the SP takes off for real shortly.

Nicely done Sir! Not looked at any of those bar JLP for some time. Never jumped on JLP though, more's the pity.

Ah, JLP, one of those esoteric chart patterns (cup & handle) which sometimes come off and invariably don't!! (This one did).

Good morning allearly start for me taken the dog for a walk and got the baguette/papers another great start to the day.
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JKD t
well now, is this a first?
'But i could be wrong'
maybe we might now be able to see eye to eye. on equal terms.
well well well thank you t i do hope so. lets see.
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JKD... if you analysed my posteven in Chineseyou will notice the word could.as in there could be a real Godthere could be life after deaththere could be a non-league team win the FA Cupand the thick little Scot could have half a brain?
Anyway JKDyour point isyou dont like the fact.. I never admit I am wrongfair pointand probably the reason behind that is I very rarely amI could not lead my lifestyle if I were!!!
Now the thick little Scot posts We are all wrong from time to time. The trick is to admit it, at least to yourselfforgive me if I am missing somethingbut is the thick little Scot not actually advising exactly the kind of behaviour you are having a go at me for?whilst agreeing with him?have you a political background JKD?
And finally just to be right againI postedtabasco - 14 Jul 2009 18:53 - 7387 I have had enough of your insane and inane repliesgo and find Mr.Potty.that should be some conversation?
And as if by magicand within a blink of an eyeup pops Mr. Potty to join ranks with the thick little Scotwhat a win double

Barryturning MDX around in the short time you have hadand from the position the company was inis the eighth wonder of the Worldgetting friends money backand not forgetting our own will be tremendousbut. shutting the mouths up of most on this thread is the first prizemind you... they will then say that they loved you from the beginning and invested well below all of us
Strange the kind of people you like JKD?

From Investors Chronicle

Resurrecting Meldex

Created:
15 July 2009
Written by:
Alistair Blair

Small companies with exciting technologies but no established business come and go all the time. And when they're gone, they're gone. It doesn't matter how promising they were, nor how much money was poured into them - if the cash runs out and their quotation is suspended, that's basically that. Readers often regale me with the latest re-run of this story, and in 25 years of market-watching, I must have seen hundreds of such companies come to this end. I doubt whether even one per cent of these have come back from their graves.

So I salute the latest proposals for Meldex International, which hit the skids last year and lost its quotation in December. Meldex is in fact a perfect little case study of the genre. Floated on Aim in 2003 under the name Bioprogress, Meldex had a patent on a soluble film known as XGel, which seemed to offer great promise to pharmaceutical manufacturers and put Meldex on a market capitalisation of 150m, or about 150 times its sales

But in 2005, a profit warning obliged the chief executive to resign. In came Richard Trevillion, a healthcare mergers and acquisitions advisor. When Mr Trevillion arrived, Meldex had 7m of net cash and 130 million shares, options and warrants in issue. The cash was probably enough to make some decent progress with the commercialisation of its technology. But Mr Trevillion seems to have had other ideas. In any case, he wasn't too impressed by the situation he had taken over, which he described as "spiralling costs, partnership difficulties and operational confusion". However, he soon sorted these problems out. Then he reached for his M&A hit list.

Off shopping...

In January 2006, Meldex bought Dexo, a French pharmaceutical manufacturer for 10m in cash and shares. Five months later, a similar Italian company was bought for 1.5m. Next came a US acquisition for 4m, whose products were all to be rebranded under the Dexo label. Four more acquisitions followed in 2007, taking Meldex into slimming and vitamin products in the UK, Germany and Austria and antibiotics in France. These cost about 38m in cash, shares and earnouts.

Mr Trevillion could now proudly claim to be running a "diversified speciality pharmaceutical and healthcare company" with annualised sales of 37m and an international salesforce of 45 people. Meanwhile, the original XGel technology was being applied to dozens of small projects, but the big effort to manufacture the film consistently - this had been the groups major objective three years earlier - seemed to have been downgraded.

...then to the bank

Mr Trevillion and his top team were certainly paid handsomely for assembling the new Meldex. In 2007, he carted off 700,000 including an unspecified bonus. His finance director and development director took away another 580,000. The remuneration committee which approved these exceptional packages comprised Dr Jim Murray, Peter Ibbetson and Alan Clarke. You might like to note those names, in case they crop up on the remuneration committees of any companies in which you are invested.

Meldex's own balance sheet was rather less handsome. The net cash of 2005 had been transformed into net debt of 4m, and the company also carried provisions of 8m including deferred payments for acquisitions. Meanwhile, shares in issue or under option had risen dramatically. When last counted, the figure stood at 230 million.

Call me hindsight-laden, but I put it to you that the chances of this huge acquisition programme - spread over two continents, six countries and heaven knows how many product markets - gelling into a smoothly running machine were never very high. It all came unstuck last year, starting with disappointing profits, followed by a showdown meeting at which shareholders rejected the company's plans to issue yet more shares. The resignations started in September, the shares were suspended in December. Regulatory announcements ceased in March. Bye bye Meldex, surely?

But no, there is hope. Barry Muncaster, an entrepreneur (with a not unblemished record) who was a founder of Bioprogress and remains a significant Meldex shareholder, and Gary Cressman, a hedge fund manager, joined the board last December, apparently for zero pay. It's clear that they have been working like dogs ever since, to fight off creditors and turn Mr Trevillion's acquisitions into cash or close them down, so that Meldex can get back to its original focus on XGel. Last month they issued an admirably clear proposal to raise 6m, which is open to existing shareholders only, and closes next week. If this succeeds, Meldex will relist on the Plus market.

This proposal deserves very serious consideration by Meldex shareholders.

Brilliant post, Tabatha! Rarely do we read such an rambling monologue of such epic proportions. ;-)) You've plainly lost it after only a few weeks back from a long holiday. Didn't take long, did it?

As usual, you totally miss the point, which has been perfectly summed up in the post above from Investors' Chronicle. This thing was fooked whilst you were merrily "topping up". Hence the bears were absolutely spot on and calling you a plonker was also absolutely spot on. Now, whether the situation has changed or not remains to be seen, but suffice to say, you carried on blindly whilst all the evidence screamed "DON'T DO IT!"

Not sure I'm as hopeful as Mr Blair though, jeffmack. Thoughts?

Jeffthanks for posting thatbeen out most of the day so a lot of catching up.
To the thick little Scotyou need help you are a complete and utter nutter

Thanks for your input, J Bravo Esq. ;-)))))))))))))))))))))))))))))

Useful as ever - NOT!

Might stir them up this morning Tabby

Insurer RSA(RSA.L) to being talked of as a takeover target, with Italys life assurance group Generali touted as the likely predator.

Good morning allJeff.. an appearance on Bloomberg by Barry might stir them up a little more?
And to the thick little Scotyes you could associate Tabasco with Bravo
Definitions of 'bravo'
1... a murderer (especially one who kills a prominent political figure) who kills by a treacherous surprise attack and often is hired to do the deed
2... a cry of approval as from an audience at the end of great performance
3... applaud with shouts of `bravo' or `brava'
Any one will do

Picked the wrong names twice. Hmm. Go away and try again. ;-)))))

Looks like the SCLN is struggling. One of Tabbys respected posters trying to drum up support


Chay01 - 16 Jul'09 - 06:22 - 8396 of 8419

Yes, it doesnt seem like firm support hopefully the true figure is much higher (only brief research was carried out according to Rob).

Total cash injection(GBP) / no. of shares held prior to suspension = 1.25%

Ftr, I purchased ~12% using the same equation

Come on guys, let's see some real support/commitment.....

Would you like to see the SCLN struggle Jeff?

No, but I think it will

It would be boring if they got it all by tomorrow. I love a close race; it's so much more exciting. ;-)))

B J Muncaster - 16 Jul'09 - 16:16 - 8532 of 8544

Wishing4,
I've had a word with Bloomberg, lots in fact.
-----------------------
Barry works for nothingthen gets our business free advertisinggo on my son!!!final furlong in view

Yeah, but what place you expecting to finish in? ;-)))))

Barry dont come second to anyone!!!!

off topic al.............have u any news on encore as its supposed to be selling stake in breagh. i think eog resources are buying it but still waiting on final news

Nothing marni. Breagh worth more than current mkt cap IMO, but you never know. Winter gas season not far off. ;-)))

Thanks for that, Tabatha. We shall see, shan't we? ;-))))))))


He's obviously not the same as you then. LOL!