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Snowking. Their last few RNS' their holding hasn't changed from what I can see. They either increase or decrease their allocation to shares and do the same with swaps. Don't fully understand how that works but hey ho.

Always seems to be a reasonably large uncrossing trade at the end of the day. Seems too large to be a retail investor, especially today around the 100k mark. Has been going on for a good few days/weeks now.

I don't know where you got those numbers from. Q2 net profit was $51.6m on gold of less than $3200oz. Gold hasn't spent a single day below that price all Quarter. Net profit for FY25 will exceed $225m

Frustrating pullback on such tiny volume. I guess it plays into the hands of a buyer like Tang as they get to continue to accumulate at these lower levels.

A special dividend is a one off rather than commuting to increasing the dividend indefinitely.

I've said this before, I personally believe though that this would come in the forn of a special divi. THX doesn't have to commit to any long term increase in the divi and only pays out the excess when there is some.

Sorry no.2 should read p1b results

Looking at slide 17 we've got 3 very near term catalysts upcoming.

1. FDA meeting to align on P3 design (LYT100)

2. Topline P3 results in AML (Gallop)

3. ADEPT 2 readout for Alzeihmers. (Cobenfy)

At least 2 decent results here and institutional buying and we could see ourselves back at 52 week highs. Crazy to think but if that happens we might even see ourselves back in the FTSE250. (Would need to be around a £450m mcap). In which case we'd see some of the headwinds when ETFs etc. are selling, turn into tailwinds as they have to start buying. But let's not get too far ahead of ourselves.

Well spotted. Looks like in slide 16 it states phase 1b data in AML expected in Q3. The following slide it says it should be expected in Q4. So slipped slightly by the looks of it. But either way should be due any day.

Another big volume day today. Over 1.1m traded today add to the 1m traded yesterday. To give some context, just a few weeks ago avg. Volume was more like 150k. Looks like accumulation to me.

Thanks Malt

What percentage stake would Tang want before making a bid? I honestly don't think it would be that high given I imagine a lot of the institutional holders would be keen for a liquidity event and may well back a bid.

On a side note, can anyone remember the UK mid cap fund that was accumulating last year or early this?

The buybacks aren't bizarre. Selling the company because you have to pay tax is bizarre.

Bizarre take

Personally think the time to do the buyback was when the shares were at 13/14p.

Did anyone mention the Freeport Indonesia mine closure. Although it happened on the 8 Sep there still seems to be some serious shock waves in the gold market. The Grasberg block cave flooded killing 15 people. The GBC produced over 133000 tonnes of ore, or 64% of total mine output. Reports state the mine is operating at 30% capacity and will not be fully operational until some time in 2027.

The relevant point? The mine produced 1.5% of global gold, if it’s only operating at 30% the global gold market has lost around 1.1% of supply and won’t get it back for 2 years. Big news!

Balls....cash we do trade below a SOTP valuation. Cash circa $300m, Seaport $270m and ~$300m in royalties and milestone payments due from Cobenfy until 2033. Thats assuming no additional value for additional Cobenfy readouts for Alzeihmers/Bi-polar. That's $870m vs an mcap of $400m after Fridays rise. This also assumes no value to the Gallop/Celea IP.

Tang typically makes offers based around cash value (or hopefully SOTP here). The offers typically include a CVR - Contingent Value Right. Which provides shareholders with future payments based on asset sales. I.e. the sale of Gallop and Celea IP or future royalties. In which case perhaps we'll see an offer around the value of cash and the Seaport holding. With a CVR for royalties/milestone payments and IP sales.

Also watch out for Concentra Biosciences appearing on the shareholders register. That's a cash shell operated by Tang. They've also been buying up biotech companies this year, making 7 bids and completing 2! Those that haven't completed have often merged with other biotech companies in a poison pill situation.

I think things are about to get interesting for the first time in a while. Was doing a bit of digging last night. Tang's MO is to take stakes in Biotechs typically trading below their cash value. Wind them down and distribute cash to shareholders. Although we don't trade below

Are Citigroup in this instance a holding company acting on behalf of a wealthy client? Seems coincidental to me that Tang and Citi are both accumulating at the same time.

Over 9m traded today. Thats about 4% of the company changing hands. Looks like one of, if not the largest ever trading day.