up protherics
06 Apr 2016
Shareprice Singer issued an 8.5 notice today showing a sale through Cyprotex.. What I cant work out is who was the beneficial owner as the notice indicates Cyprotex itself sold the shares.. If that's the case surely that's insider dealing
up protherics
06 Apr 2016
Re: Bet Also there are a number of large shareholders which I cant believe would sell out at this level or less.If this did go private I would be tempted to still hold my shares as I am sure this would either re-float or be sold on in the future.As for the share options they try to broker a deal with him to relinquish them and then be re-issued with new ones.. Hopefully that would be against company law
Carefully Does It
06 Apr 2016
Re: Bet Just hang onto the coat tails & hope for the best.Although the equity is held back by the notes there is a very strong company to be valued and I don't believe Baxters options will come out poorly and if they don't we shouldn't also.As for the ethics, it's always been thus and nothing illegal has been done. It is the way it is.
up protherics
06 Apr 2016
Re: Bet As a company they have without doubt proved themselves as having a strategy. INMO what has been high lighted is everything wrong with capitalism.Lets just hope that these funds and their advisors haven't come out of one of small britains tax haven
Carefully Does It
05 Apr 2016
Re: Bet I think all they have to do is come out with a strategy and put it to a vote.That might be a sale.Whoever holds the most shares has the biggest say.
up protherics
05 Apr 2016
Re: Bet CarefullyTake a look at their last RNS. Contact numbers at the end of it.After seeing this I tried to contact GLD , but it went to answer phone. However the takeover panel were very informative.They explained that when a company goes into the situation that CRX has. Then every holder above 1% must openly notify the market of their holdings. These are takeover and merger laws.For me I think finally the city is showing its teeth .If CRX and its money lenders are trying to aquire the company then they must prove that all shareholders will benefit by this. Or otherwise each holder above 1% will be accountable to the Law of the land.The takeover panel also gave me a direct contact at market survalience which may prove useful in the future.
Carefully Does It
05 Apr 2016
Bet Anyone want to bet that this will find the price level of any transaction before the transaction is annpunced? Funny how the market usually knows first.The gravitational pull towards £1 is interesting.
up protherics
05 Apr 2016
Dont like way this is going Looking at the recent disclosures imo this isn't looking good for PI investors. There looks like stake building byCyprotex itselfHarwood/Trident and people connected with themSnellerThe only positive is that the loan notes do not redeem until 2018 and Trident has already said they will not convert until the net assets riseAlso there are a number of shareholders holding equity above the 60 pence level. So hopefully any delisting of stock will add a premium to current levels.I just hope that an outsider has approached them with an offer which under current trading should value the company considerably higher than what it is. Even factoring the loan notes.
up protherics
04 Apr 2016
Re: Loan Notes Explained Thanks for that Biswell..Personally I wish the company would officially clarify what you have said in some sort of broker presentationWhat doesn't help is that all we receive is a corporate re iterate without any details.. Maybe they could publicise some sort of analyst coverage on their web
biswell2
04 Apr 2016
Loan Notes Explained There are some accounting advantages to keeping Loan Notes in place and not just for future tax losses, check the results and you will see how much tax hasn't been paid.Cyprotex assumes for taxation purposes , that both redeemable and convertible notes will be redeemed for cash and therefore the derivative which is taken as a finance cost is the total number of notes multiplied by the increase in share price from 60p. This makes up the increase finance cost mostly of the £8.5M, which is accounted for as a loss in the company accounts.Two things about that apart from carrying future tax losses.Firstly all current operational profit is offset by the loss so remains with the company, building a reasonable bank cash balance for which we gain interest. Its like we're building up cash to eventually pay off the redeemables and its being partly funded by the tax man because all profits remain with the company.Secondly I would expect the majority of Loan Notes will be converted for shares, not redeemed for cash. But the company are assuming all loans will be redeemed for cash in the accounts yet most of that cash element will never leave the company if Loan Notes are converted into shares at maturity.Its quite clever really.If however all the Loan Notes were to be converted into shares , the total in issue would then be just over 30M shares.An offer might be made for the whole or either Cyprotex UK or Cyprotex US ( they both had roughly the same turnover , and Cyprotex US should return to decent profit in 2016 if you read the finals).One would imagine there are now a number of potential buyers out there following such a spectacular turnaround.However the company are also going to examine a possible 'strategic partnership' this might be with Source BioScience for example who just said in their results that they want to become the USA leading provider of DNA Sequencing.Anyone reading about SBS , knows they only have Labs in two locations California and Atlanta. Doing a deal with Cyprotex would give them access to the worlds biggest BioTech Hub , Boston Massachusetts state plus also another growing BioHub in Kalamazoo Michigan state. Various other SBS services could then be provided out of these Cyprotex Labs.Remember the whole excercise of the May GM strategy review will bne find way/s of maximising shareholder value.This might result in a combination of a couple of the above or indeed carrying on as is since the current outlook for Cyprotex 2016 looks like more growth on the way as the current company vacancies demonstrate , now 12 vacancies spread around all company locations.The new website and media PR that has taken place has brought in lots of new clients and work.In fact so much so, that Cyprotex might have to raise prices to cope with demand , thus margins should retuen to 80% , currently up to 77% from 75% , see the results.Hope the above clears things up a bit .... chill
up protherics
03 Apr 2016
Cash Currently they are sitting on 5.5 million of cash.. If they can maintain this level of business they should have accumulated a cash balance of £13 million when the notes would need to be repaid which without any share dilution would be enough to repay the loans.So if that's the case surely they do not need to do anything
up protherics
03 Apr 2016
One Thought One small positive.. If they do try to take this out at a low price I would a thought other bidders may approach them as they would need to communica
up protherics
03 Apr 2016
Re: Future I hope your right about Friday being the level.. Lets just hope they communicate matters as you suggest as everyone will end up loosing out as you mentioned.Surely this cant go for 60 pen
Carefully Does It
03 Apr 2016
Re: Future What I mean is there is some share price that will maximise the total return to Harwood. It will vary with the cash levels in the bank etc. The total Harwood return is their shareholding valuation plus loan note valuation.60p is probably not it. I don't know how to calculate a price that optimises the return but I very much suspect that price is where it is heading in any transaction, no matter if merger, buyout or whatever.Fridays price, if all news is in the market and if the market is efficient, might be it.Whatever happens they need to communicate clearly with all parties including customers. Spooked customers would be bad news for everyone.
up protherics
03 Apr 2016
Re: Future Are you seriously suggesting that shareholders could end up with nothing Or have I interpredated your article incorrectly.Whatever the outcome Harwood/Trident have already intimated that they will not convert their holding until the net asset value is above 50% . Also there is still a further two years to go until redemptionPersonally I am hoping for a total buyout not a Joint venture. SBS seems the likely candida
