There were three investors in PNV who put their hands up for a...

There were three investors in PNV who put their hands up for a $3m placement made by RACE Oncology in July and then added another $1.5 m in August through acquisition and exercise of options.

Could well be one or more of these, imo.

Btw, as a long term investor in PNV myself, I can tell you that David Williams is an enthusiastic, sizeable and highly committed investor.

The following background is from the RACE announcement on 13 July.


David Williams, Managing Director of specialist corporate advisory firm, Kidder Williams has over 30 years’ experience providing mergers and acquisitions, capital raising and strategic advice. David is the Chairman of the ASX-listed companies Medical Developments International Limited (ASX: MVP), Rate My Agent (ASX: RMY) and PolyNovo Limited (ASX: PNV).

Jeff Emmanuel is Director of growth oriented global equities asset manager, EFM Asset Management (Hong Kong). Jeff’s investment philosophy is to identify growth opportunities that present themselves as emerging winners, backing the individuals behind what he identifies as a successful business. He has made prior ASX investments in PolyNovo (ASX: PNV), BARD1 (ASX: BD1) and Sienna Cancer Diagnostics (ASX: SDX).

The Merchant Opportunities Fund is a boutique fund with a number of long term strategic investments in the Australian biotechnology industry. Merchant made an initial A$1.8m investment in Race during March 2020, for six million ordinary shares at an issue price of $0.30 (ASX announcement: March 6, 2020). (Note: Merchant first invested in PNV in 2013).