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Bruce, they've covered themselves in the Additional Info I posted up. They have given all their inter-company links. Collective holding over 3% and 1% thereafter have been declared. Individual holdings if below these thresholds don't have to be declared but have been referenced as linked.
Surely collective holdings have to be declared under concert party rules
apologies for going over old ground again on the subject of the VHCP holding and todays RNS:
'11. Additional information xvi
Bong Koh and Nimish Shah are the voting members of VHCP Management II, LLC and VHCP Management III, LLC. They have a notifiable interest in excess of 5% of the voting rights of Synairgen plc as notified on 7 August 2020.
VCHP Management II, LLC is the general partner of Venrock Healthcare Capital Partners II, L.P. and manager of VHCP Co-Investment Holdings II, LLC, each of which holds shares in Synairgen plc falling below the notifiable threshold.
VHCP Management III, LLC is the general partner of Venrock Healthcare Capital Partners III, L.P. and manager of VHCP Co-Investment Holdings III, LLC, which in aggregate hold shares in Synairgen plc which represent 3.42% of the voting rights.
All percentages are based on the notified current issued share capital of Synairgen plc of 149,433,442 ordinary shares.'
https://www.investegate.co.uk/synairgen-plc--sng-/rns/holding-s--in-company/202008100950556416V/
Now I stand to be corrected but it does look like their total holding is only 5.09% (1.67% + 3.42%) which is held as follows:
VHCPII = 1.67%
This is split between VHCP Investment Holdings II and Venrock Healthcare Cap Partners II
As the total is below 3% they don't have to declare how much each holds.
VHCP III = 3.42%
This is split between Venrock Healthcare Cap Partners III (3.11%) and as this is above 3% it had to be reported.
VHCP Co-Investment Holdings III (0.31%) as this is under 3% it was not reported.
Their TR dates holdings crossed were:
24 July 0 to 3.25%
29 July 3.25% to 4.44%
5 Aug 4.44% to 5.09%
and on 6 August they obviously then allocated out the shares to the various companies/funds in the group, hence todays RNS.
Have a look at venrock Healthcare website Then funds and you will see they have invested in quite a few companies. Including the likes of apple and Microsoft in the late 1990s.
To clarify, the 5% is in one of the funds the other 3% is owned by the directors. Unless they put out another rns clarifying that the 3% has been bought by one of the funds under management.
Bruce - strange thing to say when you have contradicted the sng website who state 5.01%.
Wrong , they have 5 the other part of the COMPANY have 3.11 . It’s not my opinion it’s fact.
Bruce you are a strange creature, it is far from straightforward as your incorrect interpretation shows. As per the SNG website they owned 5.1% as of Friday, however this was reported as Bong Koh & Nimish Shah. Today we have a new holdings RNS which I believe shows a separate 3.11% stake, I say separate because in section 11 it states;
"11. Additional information (xvi)
Bong Koh and Nimish Shah are the voting members of VHCP Management II,
LLC and VHCP Management III, LLC. They have a notifiable interest in
excess of 5% of the voting rights of Synairgen plc as notified on 7 August
2020."
So 5.1% + 3.11% = 8.21% ownership IMO.
looked straightforward to me. Venrock has taken a approx 3% stake how hard is that to understand
Best to stick with the co. Website:
Name of shareholder Number of ordinary shares % of share capital
Lansdowne Partners 14,804,788 9.9%
Polar Capital LLP 8,264,047 5.5%
Leonard Licht 7,770,000 5.2%
Venrock Healthcare Capital Partners (II and III) 7,600,000 5.1%
SGD, is that section saying that mr x controls x% ? I.e. can we add the bottom 2 figures?
Yes I've got to say that's as confusing as it comes...BUT the bottom line is they are accumulating shares in a significant way, this is a very positive sign indeed.
Wow, they like to make it easy to follow don’t they.
Regarding posts suggesting Venrock is now at 10% - this is wrong! You can't add together the numbers in today's TR1, they represent a hierarchical chain. The heading for that section says:
"Full chain of controlled undertakings through which..."
Today's TR1 is because one of the subsidiaries in the chain has just moved above the 3% threshold, and so had to be notified.
The grand total must still be between 5% and 6% so it didn't have to be notified.