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And indeed, it is now available:
https://sourcebiointernational.com/wp-content/uploads/2023/05/SourceBio-International-Limited-Annual-Report-2022.pdf
If anyone is still here... I was wondering where the latest Annual Report was, as it is later than the date it was released last year so I contacted the company. This morning I received a reply from the CFO saying that the report was signed off last Thursday and is currently being upload onto the website and filed with Companies House.
It is already private. The delisting RNS came out 30th Dec.
A take it or leave it price has been offered already at 115p. As you didn't take it, like myself, you are now a shareholder in a private company.
I'm not quite sure how corporate comms works from here - i.e. how we receive notices of AGMs etc.
I'm not experienced in this kind of thing, I don't have much invested - but what happens now, do I get a take it or leave it price when it goes private?
Voted against every proposition. Losing battle.
Money launderers this lot. AIM to blame.
Not invested but the volume here both retail and institutional was always rubbish even for small caps to be fair.For some reason nobody much seemed interested in buying and/or trading.
I'm wondering just out of curiousity right now whether anyone can clear up if they get the financing (probably from private equity in this macro market?), whether they can compulsorily buy the shares that aren't tendered if enough people tender % wise.Similarly to other takeovers pretty much.
There are some large sells at around 105p, you think they’d wait for the tender offer and get 115p. I’ll see who sells up and make a decision in the next 2 weeks or so.
I don't blame you for hesitating. I'm not invested but I'd say it's very hard to judge what to do here, although clearly this is a bad turn of events for existing holders.
I am an interested party in the sense that I'm invested in RENX and VRCI, two other Christopher Mills backed loss-making bios... so I'm wondering if this might be the start of a trend.
Yes, I should, yet I hesitate because although you and I consider the price to be cheap, a lending bank might not given most of the PCR testing revenues have dried up. Also, banks like shareholders to also have some skin in the game so I wonder if they’ll be an equity raise in conjunction with the financing. Need to not put this in the ISA either as unlisted companies are not ISA compliant.
Surely it's a certainty that they'll get financing for the tender offer at 115p - that's a very cheap price after all.
In which case, according to your theory wakeyinvestor, you should be buying in now and holding through the delisting to better times, have I got that right?
Just realised the flaw in my plan. The minute they get the financing they’ll suspend the shares, so I’ll have to buy in at some earlier point and take the risk or stay out. Mmmmm…..
This is a great company that for reasons I cannot fathom is unbacked and unloved by the market. The volume of shares traded is low and even when the SP goes up a bit after results / interim results / positive trading update, the SP shortly thereafter dips back. The company is cash rich and debt free and in the current economic climate that is a valuable position. It seems to me that the main driver behind delisting is to achieve a better price on an exit and that being the case it will be a moot point that shares in an unquoted company are illiquid. I’ve lost money on this company in the past and am currently out, but if the company can get financing for the tender offer I will be back in and I will not be accepting the offer for my shares (assuming it won’t be a compulsory purchase). The RNS yesterday is a strong signal that the Board is looking to break the impasse. It will be interesting to gauge what Christopher Mills is going to do as he has been singing the company’s praises in VOX interviews I have seen.
Littlened, when it’s private it will be nearly impossible to sell your shares should you want / need to. Not a situation most people want to be in, especially given the lack of communication.
Surely you can refuse the buy back and remain an investor in the 'private'company ?
Bandits. Goodbye.
Its bordering on fraud and how the BOD can sleep at night is beyond me.
Support the company at IPO, see the SP almost half through what should have been boom time during the unfortunate covid period, and spring this today. Still the private investor get shafted once again.
Cheap management buy back of the company.
This sort of behaviour brings the whole market into disrepute as far as I'm concerned. If you go public it shouldn't be possible to then take the company private again 2 years later at a 35% discount to the IPO price and 50% below the all time high.
LSE needs significant reform in my opinion, there are multiple examples from the ASX which should be implemented here ASAP;
- Admission Documents have to be publicly available at least a month before listing
- Shares with material news / placings have to go into a trading halt as soon as anyone outside of the company knows (especially brokers)
- Trading hours should be 10-4 so investors have a chance to read news properly before the market opens
- Significant shareholders should have to provide full transparency on the dates that they bought / sold shares and this should be publicly available
- Reporting should be quarterly
- The threshold for publicly disclosing short positions should be reduced from 0.5% to 0.1% to prevent hedgies gaming the system
- MIFID rules should removed so that private investors can get access to proper broker research at the same time as institutions
The UK market is tilted far too far in favour of city institutions and 'old money', the influx on new money during Covid was the perfect chance to reform but if anything things have got worse and most of the new crowd will have a very negative view of the market. If they don't sort it out then the UK market faces a slow and painful death.
Wasn't expecting that.
The SP and lack of communication is a big worry.
Large director buy confirmed by RNS
Director /PDMR share buying today ?
Wakey, This company is just under the radar-It will get noticed once the sp starts rising which will then be too late for most
Thanks Regulator-I did miss that, but very pleased they're considering it.