Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
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Private fund manager based in Dublin established 10 years ago
Here's a question, Medical Debenture Investments, who are they? All I can find is some address in Dublin, apart from that there is nothing. Plus directors Gillian and Paul.
Something to do with bid offer spread and can't be relied upon!
iii show today's trades as buys LSE show them as sells, wtf!
Good post what you've said says it all really.the directors don't you worry will be looked after whatever.jonesey of course hopefully may have just bought these l&g shares because they wanted to offload them. Normally when this sort of thing happens the share price jumps dramatically this time it has'nt perhaps he doesn't wish to buy the whole thing.
What you say regarding director share purchases seems logical. I hope your theory is correct. But I wouldn't rely on that. PJ may have some further propositions for them personally in terms of the future (following any takeover by him) which would guarantee they make up the difference (and more) if they accept a price below their average buy. What I personally hope is that PJ makes the mandatory offer of 0.525p which is rejected and over the next one/two years this company starts making serious profits from their contracts (and stops chucking money away in exceptional costs). Then ALL investors will benefit with a very much higher than today's SP... ah but we live and dream.
At the moment I am not really sure Jones is serious about taking over in the near future. He may just have taken the opportunity to get the L&G shares because they needed to sell, and due to the rules he is obliged to make the mandatory offer. If he does offer anything at all above the mandatory price or today's SP that implies that market has undervalued the stock (but PJ knows better). If that is the case how undervalued is the stock? As soon as he appears to be willing to pay more than the trashed SP the last two years' performance becomes more suspicious. And if the offer is 1.2p we should really reject it because it is obviously way undervalued by the market and PJ's first offer will obviously be less than he is eventually willing to pay (from what he knows about future profitibility). I expect , however, that he will keep with the mandatory offer or close to it, about 0.6p If it is rejected he will wait sit on his shares and accumulate at the most opportune time. The deck is completely stacked in his favour......
The majority of the Director shares were bought / given at well over 1p so I'm struggling to work out how that offer would be in their interest.
Agree on that...
Dcdan, with respect, he's not going to OFFER a FAIR price. That's not how business works. NAV/Future earnings/Goodwill etc are all different slants on a perception of fair value. A company, like anything, is only worth what someone is willing to pay for it. Right now, Mr Market (made up of millions of investors) thinks XPS is worth just 0.6p. In the long-term, Mr Market might be right, or he might be wrong; but why do you think that PJ, as a businessman out to maximise his profit, will offer a whole lot more than a perception moulded by millions? But, with luck and if the BOD are genuinely concerned with shareholder value (which is dubious at best, given recent shenanigans), we may yet get to a fair-ER price, with negotiation. I still hold that between 1-1.2p is the 'recommended' price that would be acceptable to most shareholders. Bear in mind that the highest price paid in last 12 months is 0.98p, and the share ownership churn must have been huge in that time. I reckon most shareholders would take anything over 1p - and the BOD know it. To hold out for more is to live more in hope than (considered) expectation.
But he needs to offer a fair price based on recent contract wins etc t mob USA
Guys it is not possible that he will offer anything above 2.00 offer. it is 4 times of SP price on the day he announced of offer. I think the offer would be around 0.80p to 1.00 p.. Everyone is waiting for that offer. Let's hope it comes before it is too late..
Owns 53% already. A 2p offer would cost him approx 12 million.
Oops, I made a typo (I got carried away with the 0's). Should be 0.47 x 1162m x £0.022 = £12m. (2.2p offer) £0.0022 would have been 0.22p/share. Definitely worth an offer more than that.
Ok I see your point, however your calculation is still incorrect as it equals £1.2m.
Hi Deathlehem. Yes but where does the £6.1m come from? I only saw that in media quotes which misquoted the RNS and didn't really say what extra he has to actually fork out. They just worked out the MC from the shares in issue and the offer price. At 0.525p I make it that he would pay out an extra £2.86m (not £6m). RNS: "the requirement for him to make a mandatory offer for the entire issued and to be issued share capital of EXPANSYS (other than those EXPANSYS Shares already owned by him)." The bit in parentheses implies to me that he doesn't pay for the shares he already owns (and why should he?) and also in the same RNS: "Following his recent purchase of EXPANSYS Shares, which has triggered the Mandatory Offer, it is understood that Peter Jones and parties acting in concert with him are interested in aggregate in 53.14 per cent. of the issued share capital of EXPANSYS." To me that means he owns (with his pal) 53% and needs to pay his offer price for the remaining 47%. 0.47 x 1162m x £0.0022 = £12m. Not certain but it makes sense to me since of course he has already invested more than that in his existing shares at a higher sp. He is still quids in on the whole thing though after his PJ Media sale.
If 0.525 equates to £6.1 million then 2.2 does not equal £12m. Why does it take Jones 28 days to count up to 2.4 anyway.
2.2p please. That is a cost of £12m to buy the rest of the company and own outright. Nothing to PJ that.
That's interesting Bring it on Top up time!!
Ahhh, I see...looks like I stand corrected. Thanks for the clarification, Mohsin. Lets hope it's a good offer!
So I spoke to n1singer who is dealing with the offer. They said that no offer is yet made. PJ still has to make an offer. The RNS issued last week was to inform that PJ is going to make an offer and minimum would be .52 which was the closing price a day before... so now super excited as what will be his offer... he has 28 days to make offer from that RNS date.
I still think that the board should have rejected the mandatory offer after 24 hours. This would have given existing shareholders and potential investors confidence and sent a clear signal that thé company was not for sale except at fair price. Regardless of how long the bod has from a regulatory perspective, to take this long allows a perception that thé mandatory offer is not actually too far from the mark. For crying out loud, it was a MANDATORY offer: by declining with pace they were hardly going to offend PJs feelings! And I agree - bod will never hold out to 2.4p: brokers ratings are BS anyway. But I would take 1p, which still leaves me at an overall loss (1.4 would see me break even on my total in/out investment in XPS).
Fair enough, so we'd expect to see an RNS next week then re the .525 offer
There is no delay, they have 2 weeks. Jones's offer will be rebuffed hopefully then he will not make another offer and the SP will rise of its own accord. The Directors holdings were mostly purchased / given above 2.4.
I really don't know it's delayed but I doubt the offer will go as high as 2.4 somehow