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johnht - no disagreement at all about Acacia. Was more the "discount". But let's agree to disagree. A lot easier. Have a good weekend :)
Anyway, what matters more is they don't have that much left, and interestingly:
- when they first acquired the shares (transfer from link was on 8th June) the price was mid-40's in the previous week
- they sold a load of shares pushing it down to about this price (recently got the holdings RNS to confirm that they were down a chunk on the 10th June)
- it then appears they stopped selling and this went on a run back up to 50p
- they then appear to have started selling again (and the other RNS shows them down another chunk by 1st Jul)
So thus far, they appear to have sold it down to 35p area roughly, let it rise back up significantly, sold another big chunk back down to 35p.
With any luck they'll do the same again (if they're really cheeky them or their mates are loading up with extra longs each time it gets down to 35p - because they know when the selling is stopping - and it's going to go on a run upwards - at which point they close out before dumping whatever they have left).
No I'm not assuming he owned all of it as you've claimed, the "5%" I mentioned is sufficient evidence of that. Fair value or not, CEO of Acacia will spin it as he wants, but the numbers don't add up for him.
Clifford Press, when caught with his pants down claimed it's all tax and jurisdiction issues - which was not the case. Almost a month later, to the contrary, he's made approx half his money back and 17 companies in his back pocket. That's in ONE month.
Hopefully Acacia will be gone soon - I don't like their business model, Clifford is repulsive and the quicker he's gone the better.
Anyways have a great weekend.
Yes I know that johnht but you seem to be assuming Woodford owned the whole thing. They didn't. Just a small stake. Worth more like £125m at fair value as I said.
Forgot to ask, what kind of discount do you think Acacia got?
That's wrong, Oxford Nanopore was valued at £1.7bn in the last valuation, as per recent Times article (link below) - Jan 2020. Theravance is another company valued at $1.5bn around mid-June. Just these two would give a £2.9bn, and we know that Link to Acacia sale would be more than 5% for each (at a minimum). We haven't even accounted for the other 17 companies.
https://www.thetimes.co.uk/article/oxford-nanopore-fundraising-boosts-value-of-woodford-s-former-pick-7q6thppvf
johnht - Oxford Nanopore stake was last valued by Woodford at £111.6 million in June '19 at £51.75 per share and they later raised at £58. So it wouldn't be worth £1bn stake. It would be more like £125m at fair value. But obviously it wouldn't be fair value in the firesale especially being unlisted.
The maths is sound as is the logic behind it. The £2.2bn valuation is what you're worrying about. At a 90% discount, the 17 companies would average a mcap of £130m. I'm not too surprised at this figure - Oxford Nanopore alone would justify a £1bn chunk.
johnht - yes they're just unscrupulous flippers. No disagreement there....I just disagree with all your maths and conclusions you're leaping to ;)
That's 17 companies they sold at £224m, and as such the massive 2.2bn suddenly gets averaged out. And the last two RNS should be sufficient evidence of 3m block. Midatech gave them a massive £750k profit in days, that's not small cookies - bought for a meagre 65k.
So no, I disagree with your assessment - they're unscrupulous a***holes - who have a track record of this behaviour. I'm surprised you're thinking that Acacia are anything but.
Don't agree with any of that.
Acacia won't have got all their shares for a tenth of the price. They paid £224m and if your assertion was correct then the market value of those companies would be £2.2bn or more (which obviously it wasnt). The Midatech stake was the tiniest portion of the block of companies and probably just the irrelevant part of the deal £65k they paid for it.
Don't know why you assume they're offloading in 3m blocks either - doesn't seem to be any data to support that either.
There's no way in hell they bought SNG for 3.5p per share.
Acacia seem to be off loading 3M shares at a time. They should be down to 8,266,293, which implies a 5.53% holding. My view is that if they're aim is to completely leave (as per Midatech and Theravance), then they won't be gone until end of next week.
Link probably sold them to Acacia at a massive discount - we know from Midatech that they made approx 12x (bought around 1.7p and sold at 21p) within days.
This could mean they bought Synairgen at 3.5p per share and could be around when good news falls this month.
If anything Link who were there to administer the fund should be ashamed - worse than Woodford, at least he was aiming to make money for the shareholders, company and himself.