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Unfortunately still reducing & I had hoped that our results may have encouraged them to hold their remaining stake but looks as though they remain committed to reduce despite forthcoming special dividend,buy backs & prospects for a substantial injection of cash from GSK.
We need to find supportive IIs to take up the slack & the appointment of an experienced CEO with a solid track record would be a great start.
Well I thought that the news that the judge upheld the verdict in VEC s favour was great news, although GSK can appeal, they will not be doing so from a position of strength.
Will HIK come calling before GSK who knows but even if one of these doesn't another suitor may.
All looking interesting now VEC future is looking a lot brighter than it did, with the special dividend combined with a share buyback plus the share consolidation and not including the cash from the court case, I would like to think VEC is worth more than its current mcap, with the additional benefit of being a thorn in GSK side, which will have to be removed at some point, the burning question who's going to do the removing?
Agree that it is a positive enough update & a special dividend at least gives shareholders the possibility of a return presumably with more to follow if we receive a total of $180mill + from GSK & the $32mill final Exparel payout in 2/3 years.Pity new CEO appointment wasnt announced .
Given 20% of company value now held as cash and the increased cash return announced as a supplement to great results , I am expecting plus 10% on sp today. we shall see.
Positive enough update & prospects of return of cash will appeal to many .Not sure how they can announce return of cash due to lack of investment opportunities until a new CEO has been appointed ,assesses our position & considers the viability of acquisitions .I can’t believe that there aren’t some great opportunities for bolt on acquisitions in order to demonstrate that we can be a growth stock .If current management cannot work out how to grow Vec I would rather we were sold to the highest bidder & I would gladly exit @ 180-200 p .Perhaps once the GSK case is finally resolved we will be sold to the highest bidder ?
Seems like the market has very little interest in this which is a real shame. Can we take this as GSK not wanting to appeal the decision that the US court made with all this cash being returned?
least 10% rise
10% of mcap to be returned to shareholders and further returns promised means a rising sp today imv- 10% is my guess.
Decent week for Markets & unloved Vec joined the fun,for once & probably against expectations as we currently have no CEO,GSK have asked the judge to reconsider his conclusion (pending possible appeal,our formerly largest shareholder (HBM)is likely to be continuing to reduce their stake .Perhaps 'those in the know' are aware of positive news & maybe the worm is turning for Vec & a very long overdue relating may have just about begun
Have asked the Judge to reconsider his decision & best for anyone interested to look in on the debate on ADVFN
Rax, it also clears the decks for a takeover - no ceo in the way of a good deal as happened at PFD a few years ago and in other companies where they cling to a failing strategy e.g FGP.
The market is a strange beast, for all his time at VEC the sp has only gone in one direction, but he did oversee the merger, and he hasn't blown VECs cash pile on ego trips, he has maintained it, taken on GSK and won.
The slow and steady build of revenues and write down of intangibles as necessary gives the impression VEC is a loss making company, which it is for accounting purposes, the increasing cash pile tells a different story.
Its ironic as these charges are decreasing and will eventually stop and the headline figures will show hopefully significant profit to the passing investor this will look like the work of our new CEO and what a great job they are doing, sometimes timing is everything and whoever gets this position should do well.
At least the market is celebrating with a sp rise. Contrast that with gle, where the same occurrence has been greeted with a 11% drop in sp - overdone. I wish a few more greedy and underperforming ceos were sacked.
For all of the fine words - "He was a very popular boy at school & all his friends and the staff will miss him greatly", the CEO has been dumped. What next? - we shall see.
Very poor SP performance over a sustained period & our major IIs may consider him to be too conservative & risk averse,preferring a CEO who uses our surplus cash to make bolt on acquisitions to help us grow,rather than accumulate cash or embark upon another share buy back.Pity Dame Louise Makin will probably remain in a non exec capacity but her appointment would certainly boost our SP & prospects.
My guess is he wont do the deals the investors want. So should be good news over next few months.
Shore Capital remains cautious on biotech firm Vectura (VEC) but believes there is scope for share buybacks.
Analyst Adam Barker retained his ‘hold’ recommendation on the stock after a trading update confirmed full-year guidance.
‘We continue to have caution around the overall strategy and note the limited visibility on the timing of possible capital allocation updates, mergers and acquisitions and/or licensing deals,’ he said.
‘However, we do note the potential for upside from possible share buybacks and the recent success in litigation versus GlaxoSmithKline, which could lead to a further cash payment if the parties settle outside of court or in the event that Glaxo opts to appeal and is ultimately unsuccessful.’
You just can't beat sitting on the fence, I don't think he'd be sat on the fence if the litigation had gone the other way.
Makes me wonder if they put these statements out there to put people off the scent, and generally give the impression nothing to see here folks, move along.
The bottom line here is in spite of having to account for litigation costs twice, and write downs in the accounts due to merger reassessment of intangibles, headline figures are losses VEC cash balance increases, I thought he'd be recommending buy on any weakness.
Solid statement & they may return physical cash or buy back 10% of our issued shares
Maybe on the cards given the uodate - expecting sp rise today.
$2.5 mill received + a further $5mill on European approval,which is expected by the end of 2019,with royalties thereafter,if approved.
Our cash pile grows,together with our prospective future revenues ,which should increase further due to the weak £ ,yet our SP continues to languish.
If the HBM overhang is the reason for our stagnant SP I really dont understand why James does not make hem an offer for their remaining holding,which we could comfortably afford out of current resources ,without the substantial amounts due from GSK.
Unloaded another 6mill + shares last week,despite our court victory V GSK & they clearly want out.Pity that their selling is acting as a drag on our SP which is likely to remain until the overhang is removed.It would be interesting to know if anyone is quietly accumulating our shares ( although our SP suggests not ) & I do not understand why our Board ,or Brokers, havent approached HBM with view to our buying back their remaining holding for cancellation,which we could easily achieve out of our current cash resources- & that is without recourse to our expected cash inflows from GSK.
Hopefully GSK won't appeal against the US verdict & our respective lawyers can thrash out a mutually acceptable settlement covering both the US & the U.K. Litigation .Alternatively perhaps GSK are contemplating buying us ,although I appreciate that would present problems with view to our generic deals with HIK to compete directly with GSK.
Anyone know if VECs appeal against the UK adjudication has started yet or when it's scheduled to start?
Extract from full year results statement:
GSK litigation.
As previously reported in December 2018, the UK High Court ruled in favour of GSK in an action based on certain additional Vectura patents which GSK previously had an option to take a licence to under the patent licence and option agreement with Vectura dated 5 August 2010 and which they chose not to exercise.
Having taken advice from experienced advisers on the issues covered in the judgement an appeal process has been initiated.
The judgement applies only in respect of the UK patents and does not directly affect the proceedings which Vectura commenced against GSK under its US patents.
There is no impact on the timing of US litigation; the Group still expects the US jury trial to go ahead in April/May 2019. The Group will provide an update on these litigation actions in due course. (which of course it did with great results!)
Be good if they can now also win their UK IP appeal! GSK on the run! :) :)
Flutiform sales in Japan.... Y13.1b yr end to March 2019, beating Kyorins target of 12.3b by 6.5% and last years sales
by 10%.
Targeting Y14b for this year.
https://www.kyorin-gr.co.jp/en/ir/pdf/20190514_presentation_doc.pdf
What nonsense from broker Numis, they started coverage of VEC in January with a target price of 160p in the meantime VEC win the US lawsuit and within a few days Numis issue a new note to reiterate the same 160p rating, I shudder to think what their rating would have been should they had lost ........ 160p