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JamesLast, have u a link, cheers?

California State Teachers Retirement System votes with backing of 17 of 20 Management Proposals. Only against election of Dean Moore and proposal 14 & 20.

There's lumpy short positions on many of these biotechs which is probably causing a bit of panic for hedge funds, just how do they get out of companies with such small free floats such as HCM..

Good for sentiment, no? spotlight on London listed companies with an Ai edge perhaps..

https://www.cnbc.com/2025/06/09/nvidias-jensen-huang-gets-rockstar-treatment-at-london-tech-week.html

Agree, crazy volatility, you only have to look at the MSCI index below.

Gained 62% 2020 then preceded to lose c85%

Not sure if the formatting will work but link further down:

2024 -19.45

2023 -20.39

2022 -25.49

2021 -18.89

2020 62.01

2019 39.14

https://www.msci.com/documents/10199/53d45d8e-28a9-4a1f-8f91-c9dfddaf10bc

That's an interesting line from Frasers today, it looks as though the offer for sale is being pitched with a fund raising/share issue;

'It is currently contemplated that any offer for the issued and to be issued share capital of Revolution Beauty would be all cash.'

That's ridiculous, what about the other shareholders would their percentage just stay the same, of course not.

Posted this over weekend but worth a jog Monday morning.

'Obviously a guess, but I would say Frasers are still active based on recent activity, volume on Tues was similar to the amount notified being a handover day.

Good news in the long term but probably a bit pants short term while brokers/props do their thing..'

Australia and US are from 2020, would have thought that has now increased, initial press release:

Revolution Beauty

Initially delivering a DTC online business for the US and Australia in 2020, THG will complement the British beauty brand’s existing ecommerce offering and enable it to enter new markets. The partnership reflects the growing number of established brands that are benefitting from THG’s international infrastructure and local knowledge of global territories to expand their presence.

REVB board might be more favourable towards THG as opposed to Frasers given Boo situation, it would make a great purchase for THG at the right price - instant boost to top line but depends on how much debt they have to take on.

THG is a natural acquirer with REVB already using Ingenuity, maybe Ingenuity are another interested party ?

Both Hang Seng Biotech Index and CHINAAMC Hang Seng Biotech ETF (3069.HK) up c4% over night.

Received a reply from HK exchange enquiring what are the differences between above, my understanding is 3069 is an ETF of Hang Seng Biotech Index which share the same components.

Yup, some savings for sure Kbkyn.

The new financing deal was also in Euros for the Term B loan, need to check the small print but if similar to one it replaced then maybe some savings with rates dropping, AR should have further details..

'Post year end, on 4 April 2025, the Group announced the completion of its debt refinancing to 2029. As part of a plan to delever, the refinancing reduced the Term Loan B from €600m to €445m with maturity extended by three years to December 2029.

The Term Loan A was partially repaid with a final stub of £35m maturing in Q4 2025. The undrawn RCF totals £150m. The reduction in facilities was partially funded by an equity raise on 28 March 2025, with gross proceeds of £95.4m.

The demerger of THG Ingenuity will materially reduce the cash outflows of THG PLC with substantial reductions in lease commitments (of c. £20m cash saving per annum) and capex requirements, which in turn means that the Group requires smaller banking facilities.'

For anyone following the whole whey thing, few notes below.

The Cial web site as mentioned before is a two week survey with a bid and offer, currently at 789 / 1.183 EU per metric ton

Futures prices on the other hand do not have a spread and are more or less the opposite of above quote being forward looking

currently quoted at 830 EU per metric ton

The June 25 contract is detailed below which (scroll down) gives a useful year on year comparison, around 17% down on June 24

-170.00 (-17.00%)

since 06/06/24

https://www.barchart.com/futures/quotes/W5M25/overview

Obviously a guess, but I would say Frasers are still active based on recent activity, volume on Tues was similar to the amount notified being a handover day.

Good news in the long term but probably a bit pants short term while brokers/props do their thing..

..in other news

EU whey dropped 2% reflecting modest futures decline

New research busts 6 AI myths: Artificial intelligence makes workers ‘more valuable, not less’

https://www.cnbc.com/2025/06/06/ai-makes-workers-more-valuable-not-less-according-to-new-report.html

THG and or Ingenuity is mentioned over 18 times in Frasers Annual Report, with a good overview of partnership potential.

Add this with consistent accumulation of shares I would read that as a positive.

I doubt Frasers have stopped buying though, depends largely if brokers are able to source more stock. This time round they had a bit of luck over last two months with Trump tariffs causing mayhem, prompting trackers/ETF's to sell down CD.

I like the idea of blocks of shares being held by long term holders (similar to S4) rather than trackers that sell based on any headwind.

Well there we go, its taken just over two months to acquire c21.3m shares most of which I suspect has come from trackers/ETF's (see iShares)

This to me is good news as sooner or later the dynamic will change going from non-sticky to sticky hands (repeating myself, I know lol).

..in other news

ECB rate cut today

Expecting marginal 1-2% decrease in tomorrow whey numbers

China Economy

It’s not just AI — China’s quickly gaining an edge over the U.S. in biotech

Published Thu, Jun 5 20258:10 AM EDT

- Out of five critical tech sectors, “China has the most immediate opportunity to overtake the United States in biotechnology,” the Harvard Belfer Center said in a new report.

- Just as China is developing its biotech sector, reports from the U.S. biotech hub of Cambridge and Boston reveal layoffs and empty labs.

https://www.cnbc.com/2025/06/05/chinas-quickly-gaining-an-edge-over-the-us-in-biotech.html

Broke, yes, only a small error on inflation

The comment on diversification is an important one as far too many investors just have the one investment paying no attention to other sectors/companies ect..as 404 points out, whole sector is taking a hammering.

On your last point, my own view is management have made a fair effort (not dissimilar to THG) at forecasting events but have repeatedly come unstuck, I'm sort of okay with this as the tariff (latest excuse) thing was out of the blue, no one could have forecast that or indeed Trump getting in.

There are some crazy valuations out there, HCM which is in pharma sector recently trading close to cash with profitability one year ahead of forecasts, only mention this as completely unrelated to S4 sector but still bewildering valuation by any metric.

In summary, prepared to give it another 18 months or so, if other companies start to recover during this time and S4 stays in the doldrums that would prompt a re-think.

That's the best i've got, not very bullish i know..

edit:

The European Central Bank on Thursday announced a 25-basis-point interest rate trim taking the deposit facility rate to 2%, down from a mid-2023 high of 4%.

...ahhmmm..

UK April inflation overstated because of car tax error, UK statistics agency says

https://www.cnbc.com/2025/06/05/uk-april-inflation-overstated-because-of-car-tax-error-ons-says.html

Who can blame them, what a fiasco the last two quarterly reshuffles have been.

British fintech Wise to move primary listing to the U.S. in blow to London stock exchange

https://www.cnbc.com/2025/06/05/wise-to-move-primary-listing-to-us-in-blow-to-london-stock-exchange.html