Member Info for AGBR

I guess the 9p transaction on Friday is a cross trade. They don't have to be reported at the point they are executed, but it looks like it was a sale that went through at about 9:00am. There was a purchase for the same quantity later in the morning. I can't claim to have inside information, as I say it's a guess. It's also only a small transaction of course.

Whale Head minerals have a deal with Fujax SA to take 6,000 tonnes HMS a month. But from conversations with Dennis at the AGM it's apparent they are still working through options they have for varying percentages of local processing. The more it's processed at WH , the less unusable component in the product, the more they get per tonne. This obviously affects shipping costs as well.

Probably matched roll over trades to keep an existing spread bet position open.

Same in Lloyds Share Dealing, which is the same platform.

New research out note this morning. "Our updated valuation for MTL, including Runruno, La India, and the explorations prospects in northern Luzon and Nicaragua is GBp13/share. The main catalysts should be meeting guidance at Runruno, hitting development milestones at La India, and initial exploration at the Abra projects. Runruno’s 2024 production beat revised guidance, with 2025 production guidance above our previous estimates."

No, Lloyds Sharedealing/Halifax users are the same.

Adam, great posts. Very interesting. I was an early investor in Condor, in 2011 I think I had a nearly 1% holding and used to go and visit Mark in the St James Park offices (owned by Jim of course). He is pretty straight down the line and would have tried to get the best deal for everyone as you say. That was my experience of him anyway. I recently bought back into Condor because I think MTL is a well run company. I'm confident Darren will bring his "magic" to La India.

Monday's late reported trades.

03-Jan-25 09:23:12 1.70 2,500,000 Unknown* 1.60 1.75 42.50k O

03-Jan-25 08:23:35 1.70 1,942,376 Unknown* 1.60 1.75 33.02k O

06-Jan-25 15:50:03 1.7269 434,073 Unknown* 1.60 1.75 7,496 O

06-Jan-25 16:35:29 1.65 1,631 Sell* 1.60 1.75 26.91 UT

I think Tim said each unit costs £10 to produce.

Volmer, maybe you have a greater insight of the terms between Marionnaud A.G. and Incanthera than I do: so this point you make "it sates how unique the formulations are for Marionnaud" could possibly mean Marionnaud AG have guaranteed the cost of production in some way. If this is the case, then I agree with your valuation analysis.

Volmer, my concern here - quite apart from the comms which hasn't been good enough. (Tim and Simon should tell us more about the nature of the claims and the company making them despite what the lawyers say.) Are, that the company has to pay Frike Cosmetic A.G. in Switzerland for the production orders. These amount to 100,000 units plus a further 250,000 units. These orders were placed by Skin + Cell A.G. but I assume the liability still passes back to Incanthera as the parent company. The patent claims must put a question mark under the Marionnaud AG agreement otherwise the launch wouldn't have been stopped. I think it's not unreasonable to assume Incanthera would go bankrupt if this isn't sorted out quickly - finger in the air - 6 months?

Volmer, I really hope this doesn't go to court because it could take years to resolve. Incanthera will need deep pockets even if they are eventually able to defend their position.

From P20, Incanthera Annual Report and Accounts 2022 "Risks and Uncertainties"

"Intellectual Property"

"The field of pharmaceutical development is highly litigious.

The Company’s priorities are to protect its IP and seek

to avoid infringing other companies’ IP. However, no

guarantee can be made that infringement proceedings will

not be initiated against the Company. A patent is limited

territorially to the country or economic area in which it

was granted. There are countries in which the Company

has not filed patent applications. Some territories have

patent applications pending and not all patent applications

filed by the Company have gone through the full patent

prosecution process."

So it would seem that for some jurisdictions they file patent applications without fully checking their validity. One of those has now popped up by the sounds of it.

If there is an agreement reached, it might be around which markets Skin + Cell can be sold into.

@cloud9surfer

The small trades are algorithmic trades.

@FB

Catalyse Capital Ltd & Related Parties RS & CA Jennings (27.15%) + Tracarta Limited* / John Wardle* (5.47%) + Dennis Edmonds (1.71%)

= shares held by Dennis, Dr John, and Richie. Total 34.33%

That makes sense. It's a decent chunk shares. On a different but related note, comms is truly awful. I assume IMM's future is threatened if the INC IP question isn't resolved PDQ.

2.2% of the company.

I agree Lamps

What about the orders placed with Frike Cosmetic A.G? The last one alone was 250,000 at £10 per unit (I believe). I assume Marionaud have already contacted Incathera to point out that they placed all orders for Skin + Cell on the understanding that the intellectual property behind the product was properly secured. Given likely legal costs, £2M is hardly much consolation.

Stanford Capital Partners - Announcement re Skin+Cell 26/11/24

"Consequently we have suspended our outlook for FY25 and forecasts pending resolution of the dispute or an update, and revised guidance from the Company concerning the status of the proposed launch of its Skin + CELL product. "

They are tell us all to sit on our hands before more is known. i.e. be patient.