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Cant see the NASDAQ quote going, not after that HFCAA faff, plus you have a few US based funds/groups - Carlyle Group Inc, The Capital Group Companies, Inc - London maybe for reasons mentioned - this is probably just moving the furniture around though, much better off with larger non China domiciled pharma taking over the reigns

Who do you use to buy stocks in HK davey?

Posted this on another thread, has some relevance perhaps given strategic review/lack of UK interest in LSE quote

My top three holdings (THG, PHC and HCM) are all going through some sort of review/corporate action with THG receiving actual bid interest.

https://www.thisismoney.co.uk/money/markets/article-12037837/Whats-FTSE-exodus.html

On Tuesday (2 May), AIM-listed Plant Health Care became the latest company to reveal it is evaluating its future on the exchange with bosses ‘frustrated’ by its share price performance since listing.

Similarly, Italian entrepreneur Gabriele Cerrone, who floated Okyo Pharma in July 2018, said recently that building a biotech company in the UK 'is like trying to grow plants in the desert'.

https://www.thisismoney.co.uk/money/markets/article-12037837/Whats-FTSE-exodus.html

20% drop is more than enough for NOMAD to be in touch asking if they need to update the market, no RNS could be argued as being positive as reaffirms talks are still ongoing.

Another article much the same but underlines PE deals for April, includes you know who lol

https://www.thisismoney.co.uk/money/markets/article-12037837/Whats-FTSE-exodus.html

Here it is

Watchdog unveils plans for a shake-up of stock market listing rules in bid to stop City exodus

https://www.thisismoney.co.uk/money/markets/article-12038957/Watchdog-unveils-shake-plan-bids-stop-City-exodus.html?ico=mol_desktop_money-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fmoney%2Findex.html

I would think this garners peoples resolve to accelerate any take out/bid.

Currently invested in three main holdings inc THG - ALL three are exploring options to list elsewhere/buy outs for much the same reasons, that is just plain crazy ..

Person responsible for sorting this out made a speech couple days ago, hopes to get new listing regime in place by end of year, lost for words tbh - how can it take 2 years when there are existing well run and regulated exchanges to copy, Hong Kong being one such example

China opening up bond market, may help overall sentiment

http://www.chinadaily.com.cn/a/202305/04/WS6452e713a310b6054fad0e07.html

It was always going to happen, far too many posts from traders and far too tempting for margin companies.

Any takeover needs to be when there is at least some weakness, if they wait too long and the company is actually profitable then that much harder to get buy in - once the forward PE ratios start to kick in attention will be a lot higher imo

I did wonder what the Sparta entry was for, spot on research dpw.

If I am not mistaken this takes Balderton & Co to 13.45%, combined with Matt near 30% - far, far better than any activist investor as they have long term goals v activist investor short term breakup value.

One of the ongoing issues is the management structure both now and in the past, has always been geared up for much higher revenues and profitability to support such costs,

The option to go it alone is still a viable one but will take time, some holders here have been invested well over 10 years so patience may be wearing a little time.

Takeover by a larger company instantly leverages the technology at scale justifying higher salaries and costs, managements options some of which are 'out of the money' will also trigger making this the most likely outcome imo.

I can only see two viable options, namely:

# Go it alone, painfully slow growth trajectory

# Larger company takeover

So the question is at what price, it has to reflect the investment and time by existing holders to get their buy in and sign off, that level is going to vary with each holder.

The second question is how much is the tech and IP/pipeline valued at?

Cenkos has raised their price target to 37p but this is obviously not a 'Sale price' but perhaps a baseline from which to start.

Joking aside, if you take Baldertons main holding plus the two partners (one ex) it puts them second, not far behind Matt with 11.48% , enough to stop any hostile takeovers, no Golden share needed

Worth posting this again in today's context:

1/ Stick with it, through thick and thin

https://www.balderton.com/news/thg-a-direct-to-consumer-pioneer-born-built-and-thriving-in-manchester-england/

You gotta admire these two, buying 4% of THG currently valued at a cool £60m give or take..

..no fuss, no dramas, no media just money on the table..

..meanwhile Kelso ..with 0.60% on leverage ..

"We are over here, look at us"

"..change this ...change that, sperate that out..go on, go on go wid ya. (in a Mrs Boyle voice)."

(BOL)

We need the cob webs blowing off those ring binders for a 'opening the books type RNS..'

..then we are on fire

Watch out for any rule 8.3's which show existing or new holders declarations, Sparta may yet surprise ..

Boulder River, Janus Henderson and Richard Griffiths are all long term holders (10 years or more) representing around 28% of the vote, plenty enough to ensure a good price for holders.

Cheers bots, helpful info

Griffiths is an important player here given he is the second largest shareholder combined with board representation.

A quick look back in history, Griffiths first appeared in the 2012 AR under ORA (Guernsey) Limited, with a holding 10.80% this subsequently increased to 17% crossing notifiable threshold on 2nd May 2012 - limited price data for this early period but appears price was 50 - 60p peaking to around 100p, since then PHC has suffered dilution through various placings, Griffiths holding now stands at 13.43%

https://www.lse.co.uk/rns/PHC/holdings-in-company-ndbghqin30r7r6h.html

Its possible his buying helped the share price up towards 100p mark, either way his holding was purchased at multiples of where we are now which doesn't include dilution, another significant factor.

If we look at the initial TR1 holding notification in May 20212 it reports 9,088,853 shares which equates to 17.09% of the company, today he has 41,710,000 shares equating to 13.43% of PHC.

I am not suggesting he will try to recoup losses through a sale but its unlikely it will go cheap after 11 years of investment.

Scroll down, then continue scrolling and scrolling...

https://www.wilburellis.com/100th-anniversary/growth-through-acquisition/

Started to draft an email going through the various options, but tbh I think the board knows they are limited which means this is a bit of a funnelling exercise.

For example, PHC couldn't list on the NASDAQ as too small, even if they it were possible the cost is prohibitive, OTC market yes, but is this any better than AIM?

The only real choice is to be bought out which is probably where this is heading, its a bit like a consultation process when being redundant - you still get made redundant but they pander to you for six weeks to make it seem less bad lol.

Happy to hear other ideas on this..

OAP, if they have entered a consultation period they may be restricted, not sure on the rules would have to check that.

Its all very well dropping the price but if you cannot buy what's the point, went down to 25k lots to get filled.

Larger holders mostly qualify for overseas reporting rules which means higher thresholds unless they decide to disclose voluntarily.

Two divisions with Wilbur Ellis that have good synergies, Plant healthcare going it alone is possible but tough - far better under someone else's wing.

https://www.wilburellis.com/portfolio/