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Hi john I didny buy into sphr in the end. Mitif bio passed phase 3 last week so i bought in their as an investment. I am also eyeing up a preclinical biotech and already in ast and chal (together with sev and delisted wrn) - thats me done now. Will sit back with a cuppa and biscuit and wait. Keep your spirits up buddy! Gla pk
Me too! Wales 11/8f...Ire c.2's.
Looking forward to this one...not usually an international type person...but this one looks tasty...if the first match in Dublin is anything to go by!!
I did notice that his portfolio has a lot of private companies in it...He does seem to like local bio tech start up companies....and fair play to him for looking long term......As long as we continue to get funding...it does seem to make sense...not to be at the whim of the market, that has no long term views anymore..... Good article JL...thanks for that... Still surprised this board is still open.......very strange but nice...
One of Britain's hottest biotechnology companies has said it expects to turn a profit within three years. The co valued at £1.2bn is among a swathe of UK innovators which while loss-making are tipped to become titans of the future..Their sky high valuations often pay no heed to revenue, instead focussing on the value of their scientific assets, er wot?....not in our bloody case mate, ours are worthless for chrissssakes! Oh well...Ox Nan lost £59m on rev of £4.5m last year making ON 1000x more valuable than Sphere. Good for them.
Cut from the ST article today.... The trouble with private companies is that detailed numbers are not given out. However, investors such as W are likely to be allowed a much closer look, (well obviously he owns Sphere... my words) ....A spokesman said W was not responsible for the pricing of unquoted companies in his portfolio. "Capita (the fund administration service) provides independent oversight to pricing" he said. Others in the investment community who do not subscribe to Woodford's approach suggest that the valuations of private companies can be pumped up by a small nos of investors. "If Oxford Nanopore were to float wirh a $1bn valuation you have got to raise at least £200m" said one fund manager. "That's quite a chunk of change. You get the same group of people putting money in after each other." Incidentally 44% of his PCT is in private companies. Woodford is still making new investments but some have said they will be less frequent. He can raise cash by selling down his stake in quoted companies but is more likely to pick his winners carefully. "As a new Co it's going to be harder to get into his Patient Capital fund," said one investor.
Morning pk...can't complain though Sphere as a private entity now, my lender is understandably nervous about being repaid heh heh heh! Forces me to have a more responsible attitude re discretionary spend....ie the ponies and the vino. Typically I had a 4/1& 11/8 win win win double come up and not a red cent on it! Grrrr!! Are you still invested in Sphere? Be interesting to see what prices are offered when and if the platform is set up. As to the technicalities I've no idea. Does one buy/sell through your broker? The paperwork might be a hassle, how would you transfer your stock if in nominee form? Guess this is being sorted out now. Am still out of the market 'cept here and no desire to re-enter the fray. A couple of stocks I identified long ago have done very well (Gfinity & Ideagen) both up 50%.. but I couldn't force myself to sell Sphere & buy in......idiot! Very much a wait and see now as Woodford owns the company, we can only hope he will do right by us. Perhaps Sphere will be the agent for change to his reputation? A big winner here when most everybody has deserted the company would signal that if you focus on the fundamentals and not look at the scoreboard every five mins you will be rewarded in time. I'm hoping at the P5 stage, that's the auto version of P and 3 or more years of sales & data we will be worth a lot more than current to a Co that can take Sphere to the next stage.
Hope you both are well Atb pk
Morning Del..Right kinda reassuring that Ortho are still on the register. I made it c.302m shares outstanding with others (inc pis) holding c.57m or 23%. Whatever good enough for our purposes. Not sure why they would extend the CPS to the 9th unless to help a buyer. Hope it's picked up as the extra £3m will push back the next funding round. If we get the £8m and a 40% reduction in spend we should be able to carry on for around another 24- 30 months enough to get us to the 510k and the automated version. After that it's in the lap of the Gods...
Dont think Ortho bailed out...I think they just sunk below the 3% mark after the issuing of the CPS the other day.... May still be holding but just didn't add....... My understanding is that just like a placing...if the offer is not taken they are just cancelled, unlike with a rights issue....
At a guess pis now hold c.5x the % of Sphere as a private co than when we were publicly listed. Quite the opposite of what Woodford thought I imagine. That shows to me pis the 'trousering' dealt us by the market was overdone and investors took advantage of the silly prices offered. Most of us think there is value in Proxima (broader applications) at least in excess of £1.2m at last quoted price. What the avc is of most pis I've no idea but at a guess I'd say between 1-5 ish. Some lucky ones could be below 1p. Whatever be interesting to see what the bid/offers are (there will be buyers) when it's up & running. Sub 1 will probably take 1. Personally I'd be a buyer (if I had any spare) up to 2.822 for starters. There is still the matter of the second investment round of 106.3m CPS shares to be concluded on 9/10 which W&E are not partaking in. Should the take up be negligible then these may be cancelled or go into treasury. Whether iis would buy these and keep under the 3% (if that applies in a private co?) not sure. Suspect no as they have washed their hands of Sphere. Surprised that Ortho baled out, Winterflood was always a loose holder imo. Oh well more for Mr W.
Only two iis left now on the register. Woodford has 184.3m (58%) & Wales life sciences 60.4m (19.0%). The rearguard hold c.56m (23%).
Agreed rugs. Symptomatic of everything to do with Sphere these last few years. Little to no interest in the Co even the Cambridge news guy gave up. If I was W first thing I'd do is boot out Concillium a bunch of jobsworths. I'd make that my top priority. Woodford might well be a tip top investment manager but has he the man management skills to appoint the right people with vision and energy to drive this Co forward? We cannot have any more of this inertia and drift which most of us felt the board displayed. Without the right people there is no way forward for Sphere however good the product. Bad management has near wrecked this company and let's face it few get second chances in today's markets. W has given us a stake in the last chance saloon so it's up to him to change the dealers the run of the cards if you like, to give us the 60/40 end of the proposition. Its not a people business as such but boy oh boy you need just a couple of switched on people to turn Sphere into a little gold mine! The basics are done so get out and sell sell sell!
Am surprised that local papers whether in Cambridge or in Denbighshire have not picked up the story on SPHR and the redundancies. Didn't the papers make a big issue about Ms Hart, the Welsh minister in charge, opening the new facility ? Strange that if half the staff are being sacked that we have see no bad press. And just which directors heads are going to fall.
It's there you have to wander around a bit on you mob to access.
No company Directors listed on shareholder info site, it's been taken down.
I read there is no requirement in law that states private companies need disclose financial information to anyone (accept the tax man) or new developments, events etc..Woodford might take a different view. It is said that private cos are more interested in reducing tax than increasing t/o & profits. I'm sure that won't apply to Sphere although saving a bundle on regulatory filings to the markets must be worth a few quid. Another advantage of going private is that Sphere might be able to pursue longterm strategies that in the short term would cause holders to dump stock and depress the sp........ a not inconsiderable benefit if they get it right! It also rids the company of short term investors obsessed by the sp & next report. I think since the delisting announcement we have increased the pis base with a larger % of the outstanding which seems paradoxical given what happened to the sp. Perhaps pis saw through the absurd sp crash and resented having their trousers taken down? I was one of them. I hear that iis investing in private cos look to exit within a 4-8 year time frame which is a punt on finding a buyer or returning to the public forum. This probably suits most pis outlook of those in for the long haul. Unfortunately we have no real idea as to W's longterm gaol for Sphere other than to make money!
Two weeks since delisting and 6 weeks since notice of cancellation and the BB still open for comments and any news updates. No doubt some will ferret out bits of news but I suspect whomever is running Sphere will want the next few years to be very quiet. Sure doesn't seem like we went private just a few weeks ago and I doubt the management notice much change, business will carry on hopefully converting the possibles into actuals. For any chance of selling the Co in the next 5 years the Co has to show their is demand for P4 and hospitals are ordering and recurring revenue is on going. No doubt lactate (P4+) will broaden the patient base as this will take in sepsis, trauma, renal etc...Sphere have said that their main focus will be on being granted a 510k certification as opposed to a PMA as this would not require a full scale trial and be considerably cheaper. Whether data from Europe would be considered or even recognised in the US in support of a 510k i don't know. Achieving an automated version of P and getting clearance to the US market should improve Sphere's prospects no end as all regulatory hurdles would have been cleared and a wealth of data & sales to back up P would make Sphere a valuable addition to a larger Healthcare/med device company. I'm guessing but all this could be achievable by say 2020 that is all reg certs, three years of sales & data and possibly a main distributor in place. For sure all this is dependent on us getting through the next 18 months without additional equity and I'm assuming Sphere will receive £8m from the recent round and possibly as much as £11m in total down the line. Why this could not have been achieved at 6p instead of half a penny i'm at a loss to explain. I'll just say it was an excellent production.
Or capitalism doing its job? We have seen it recently in Monarch Airways and others that fell by the wayside as old business ideas and models were replaced by cheaper better systems. The Internet being a huge driver for change just look at the High St. That illustrates why the free market works so well, you must innovate or at least keep up or die. Prevarication and dither you will be swamped by new tech and pushed aside by sharper competitors and more savvy managers. For instance Nokia where are they now? Elbowed aside by Apple that's where! Healthcare.... perhaps the last bastion of change will be forced to adopt new technologies that save money and improve patient outcomes however unpalatable that is to the bureaucracy that rules the NHS way of thinking. Pulling up the drawbridge is no longer acceptable. The speed of change is frightening where an App on a mobile let's you do almost anything at the press of a few buttons, order tickets, food, do banking, shopping, book holidays etc, etc...market forces at work or creative destruction as it's now called rules our way of thinking. How long before the Healthcare service & management join the real world entrenched as they are in billions of free money supplied by us? How long before tax payers insist on an accounting? We will need to see progress and the efficient use of money and equipment, the ripping out of layers of pen pushers allowing for an acceptable/better service to patients and customers. The Govt cannot go on ad finitum bank rolling the NHS from one crisis to another. The private sector manages along good business practice despite the odd casualty so.....it won't be long in the free at the point of care sector where patients are herded like cattle in Texas stockyards or left in corridors awaiting a nurse or a bed. Where there is no imperative to innovate or profit the service will inevitably collapse & die despite the best efforts of our Doctors and nursing staff.
You're talking electronic poop then. Literally. Like sphere. Thanks. Goodbye.
You mean the conference division in Antarctica. The product was sh*t.
Forget it. They're worthless. Cost to sell?
Update on your SM shares. Mrs B has heard from HL that your holdings will be held in their nominee account until such time as the Co decides it's future. Some thought they would be held by Sphere....not so.
Seems to have resolved itself...so when and if anything to say will cont on the advfn.
I haven't posted on that board...but can do if you are having difficulty on the other site... Just book mark it...not much to say I would imagine..