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jungla - y, good point, could lots of reasons. I was accused of deramping for mentioning it before so the possible positives weren't aired. Back then, I took it as broadening its relationships for production or collaboration as the legal text mentions "partner" as well as institution or a venture capital fund in the sector.
Isn't it interesting to think of the cash NCYT has now compared to the the scarcity it faced trying to fund their valuable research? 14% on convertible loan stock was probably the best deal even when shares issued on conversion of loan notes are presumed to have been offloaded before the value of the work was recognised.
@t2bl
I think this possibility to issue more shares can be there for multiple reasons.
For example, say Nova want to take over company XYZ and want to pay part in cash and part in shares.
For example, say AZN wants to take a stake in Nova as part of a distribution agreement (AZN to distribute Nova products).
For example new shares need to be issued to finance a joint venture.
Just speculating.
I am sure there may be many other reasons, but again this is imo a testimony to Nova management's foresight and ability to cover all eventualities.
Y, lost myself !
A) Significant shareholders:
RNSs say NCYT aren't governed by City Code, they are on French Code.
They don't seem to announce every %age change.
Reasons for that belief:
There are changes that have not been RNSd - like what happened to Negma, L&G build up.
I don't think Camberley has access to enforce notification of changes.
Financial websites seem to collate info that they can't find in usual process (RNSs) so disclosures lists don't all agree
Financial statements for Ncyt do not disclose a list of significant shareholders as statements prepared under UK law would do which means the auditors in France don't have to test a disclosure back to the company's share register (& company secretarial function).
My Conclusion - take II holdings with a pinch of salt, holders may be off the list, believe the ones that change more but Blackrock seem reliable.
B) Potential for hook up with large institution (someone mentioned AZN)
The EGM back on 7 Sep gave the directors permission to issue another 20% of shares at a 20% discount on average SP in previous 5-30 days to a "preferred shareholder" which is an institution, financier or business that has been in the sector.
My view: the way could be open to could hook up with AZN but perhaps that resolution is only for issuing a placing to a Fund Manager at a discount if they wanted - don't know.
Richard Leonard, a fund manager for Trium says something about it in the clip below about 34.00 in.
https://www.youtube.com/watch?v=lv0Tt9V-r8E
They might have been asked for it in the past but did not have the power written UK companies usually have. Remember NCYT had to borrow at 14% or more to do their work during 2019 & had to doubled the shares in issue as they developed their superb expertise.
GL! KR
try2buy, you have lost me from the second paragraph. I am interested, can you try and explain again please.
Proportion of II holdings depends on history & expectations for businesses. Traditional dividend stream producers are quite highly owned & could be 90% comprising many holders (each under 30%). I suspect PIs are not as conscious of Vatel & L&G because they are not on some financial web sites. Those web sites seem to source information from RNSs and information they get from organisations themselves. I don't know their access to share registers in France (open to public inspection in the UK with annual opportunity to double check to disclosures agnst audited financial statements. Ncyt takes care to warn us that it is not registered under the UK City Code - see footnote copied from 1 March RNS which is on all share related RNSs - read final sentence.
I'm guessing we get RNSs on Blackrock because they churn them out for all their holdings but note the absence of disclosures on L&G, Vatel & the fate of shares held by a crowd called Negma. The stream of RNSs showing shares issued to them in conversion of loan facilities came to 20,620,245 shares at 30 Jan 2020 or 35% of issued capital at that date (& over usual ceiling for a take over bid under Uk regs of 30%) without a single notification of a reduction, although, don't panic, they've gone apparently. (perhaps selling at 2019 - Q1 2020 prices).
I agree about hook up thought concerning AZN. I believe a resolution passed in the EGM back on 7 Sep (No 16) granted permission for the BoD that has not yet been used to issue 91 shares to an institution involved in this business. I'll copy the text below if I can fit it in.
RNS 1 Mar 21
"The total number of ordinary shares in the Company is 70,626,248. This figure may be used by ... their interest in, the Company pursuant to Article L. 223-7 of the French Commercial Code and the Company's Articles. The Company is not subject to the disclosure guidance and transparency rules made by the Financial Conduct Authority under Part VI of FSMA.
Sixteenth resolution (Delegation of authority to the Board of Directors for the purpose of issuing ordinary shares
of the Company and/or transferable securities giving access to the share capital of the Company, with cancellation
of shareholders’ preferential subscription rights in favour of specific categories of persons) ... in accordance with Articles L. 225-129 to L. 225-129-6, L. 225-135, L. 225-138, L. 228-91 et seq. of the French Commercial Code,
1. Delegates to the Board of Directors, with the power to sub-delegate, its power to decide to issue, without preferential subscription rights, (i.e. to us).... capital increases that may be carried out by virtue of this delegation,
immediately or in the future, may not exceed a total nominal amount of 941683.31 euros (i.e. nominal value of 1 share is 1/15 euro so 941x15 = 14,125,250 shares or 20% of shares in issue currently) at .... para 7....a maximum
discount of 20% weighted average SP previous 5-30 days.
This isn't a deramp btw, its just relevan
Welcome back from retirement Shaun, not too surprised you made a welcome return to steady the ship. ;-)
Hi Hamsters! Yes, there's no shortage of fun, laughter and a good dose of naughtiness at our house. I'm gonna miss him when he goes back to school next week, will seem awfully quiet. Hopefully the sp will have perked up by then to cheer me up. I am hoping we are gonna grow out of Paw Patrol, that's one thing I won't miss lol Take care
Airline boy; very true, good to lighten up once in a while, though suspect you have no issues there with your fund manager and paw patrol?
Institutions and insiders already hold approximately 24% of all shares outstanding at the moment. I don't know about other companies, but it sure seems a lot to me. Must be they all expect the company to produce stellar results this year, or they expect a take-over to be in the cards.
I always considered Astra Zeneca the take-over candidate of choice, since they already have a close working relationship with Nova (Pillar 1), and they expressed the desire to have their own diagnostics division.
On a side note, I wonder when we will hear about the outcome of the active discussions with the DHSC to extend the September contract (as mentioned in the trading update, already over a month ago). Surely cannot be long now?
@Shaun, welcome back old boy.
Absolutely troublesome! Could not agree more. Try to have fun, be silly everyday. Some folks here need to try that and lighten up!
Great way to look at it Trouble.
In which case, I’m doing all I can to beat the clock!!
You don't stop having fun when you get old.
You get old when you stop having fun.
It’s hotting up nicely, isn’t it....
Big question is are all these funds building for themselves, or are some helping to build a position for a third party? Time will tell, but lots of games being played below the surface at the moment.
Try to remember you’re well invested. A TO would result in a good, and relatively stress free, profit for all holders. No TO and a reversion to fundamentals will see a potentially higher return, but not before further concrete news re contracts, revenue and future plans being made clear. Either way, NCYT are positioned well, if I’m reading this correctly....not always the case!
DYOR and have FUN!!
Pork,
Vatel Capital they holding 4.18% and Legal & General 3.56% at the moment, why the Company didn't reported?
Broker doesn't care to report? The know Novacyt signed a deal?
https://twitter.com/gggg2120/status/1367105557098881029/photo/1
Likely with the Blackrock increase it may flag on the radar of other fund managers. I hadn't paid much attention to L&Gs holdings they are in at 3.56%