The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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man
you have a point
what will it buy us after death
cat
Many of us PIs will probably be dead before we get the money.
Nice idea...I can't imagine those who have invested over the intervening years in support of the business, or those who held during the same period, would agree.
It's not the company's fault that this situation arose. It was always presented as their 'intention' to do what was published.
Regardless, the courts will decide, not us.
I am sure the courts will do the right thing if it comes to that. The sale was a beacon of light and even with the escrow money finally being returned to any holders at the time, many investors still suffered huge losses. Someone who buys a share today how could they be entitled to cash that has been held up for years and played no part in? £1 returned per share at the time was voted on and agreed and if it was not for funds going into escrow that is what would have happened so only right the final installment is paid out now.
".....but as I am aware any shareholders at the point of sale from S&G are still waiting for 10p per share to be returned. "
Personally I think you are wrong on that. The money will be returned to shareholders who are holding shares at a date yet to be specified. No matter when people held shares if they don't hold them at the date yet to be decided, they will not get any money from the company. Why should they? They haven't been taking any part in it.
Not sure if anyone can help clear something up, but as I am aware any shareholders at the point of sale from S&G are still waiting for 10p per share to be returned. I understand this will now be adjusted to take into consideration the 50M in escrow is now 11M lighter. So we should be paid roughly 78% instead? Not sure why there is not a clear message coming out to get this finally wrapped up and to be paid out as soon as possible.
As with most deals, I believe WTG acted in good faith in choppy waters and the resulting deals didn't work out as well as the clients/purchasers hoped and the various legal challenges have been sour grapes. I know they are complex issues and Rob Terry is a massive c. u. next. tuesday, but since his departure the new leaders have done well to organise and rationalise things. I'd forgotten about Aviva Canada, but again I think we will settle in a positive fashion or win out right. Significant value will be returned to shareholders, but its more a question of when and each individuals opportunity cost.
And in the meantime the sp is slowly slipping back....
I emailed the company. A very short and Sharpe response stating simply that any news will be released via RNS. I suppose Mr Borson has had a lot of similar emails, but fair play to him, he responded in a very timely manner, which I am thankful for.
We taking all sorted within 12 months with cash back to investors?
Also the 25M USD Aviva Canada claim which is ongoing and worth another 40p/share.
This was posted sometime ago. Lots of water passed under the bridge since : https://masterinvestor.co.uk/evil-diaries/im-holding-tight-watchstone/amp/
I would tend to agree with those numbers.
At 215p I'd be extremely happy. Above that would be 'more than acceptable', however I realise that many may never recover losses.
I did some calculations over a year ago and came put at over £3 (incorporating everything). Let's see then!
I'm guessing that's a reasonable assumption. ;-)
So I'm assuming more then based on value of businesses to be sold?
Of course. Here's what I posted elsewhere:
Interim Results showed Cash (Aug 30) £37.9m (82.4p/share)
Sale of Healthcare for £22.3m (48.5p/share)
Escrow release £39m (84.8p/share)
So around £2.16 /share in CASH.
Plus the eventual sale value of the remaining business.
My view is: I'm assuming a further court application to do the CR, which may still not be approved due to the ongoing SFO case.
The company may decide instead to hold the escrow, like the pending Healthcare sale revenues until a 'final sale' happens. At that point a 1-off distribution to SHs would also minimise the costs and maximise the return to us.
END
Able to show calculations at how you arrive at over £2?
There will probably first be an application to the courts to distribute the cash. If (when) approved there will be a cut off date defining who is entitled to the capital return. Same as dividend payments/ex-div dates. Same as last time.
The company is currently worth over £2 just in cash. If you buy shares now,......do the numbers ;-)
The IIs who now own a huge % of shares aren't stoopid....they ran the numbers.
I had enough and eventually ditched my shares however has anybody an idea if now that the escrow funds have been released am I still entitled to the return of approx £1 per share as I was a shareholder at the time of the debacle?