Member Info for BIGBangs

Anything is possible but 25k shares is 0.00013% so even if that happened 10 times a day not really likely to be holding us back.

I have taken the opportunity to add to my existing position - anything below the placing price of £2 is an absolute bargain. Otherwise do you believe that the guys who just spent $57m just got their timing wrong? Don’t really understand why or how but the SP is being played and will come back stronger. ATB

There is no chance that the market would allow JB to buy back via a discounted placing after the part he played in crashing the price. To be fair I do not think that JB would want to pursue that route in any event, he is enjoying the support of retail shareholders whose participation here has been made possible at considerable cost to himself and he would not throw that away by doing something that might hurt them even in the short term. We have seen a significant rise over the last few days but expect more to come - hold hard.

Loki, I agree - trying to apply normal rules to his actions has driven me crazy at times, he could have achieved the same ends in other less costly ways but for better or worse he has held true to his word throughout and garnered the support of even us, his most battle weary investors. ATB

Yuri we can agree that there has been no financial logic to anything that JB has done so far but that has not stopped him.

Entity

Of course I am assuming that everyone realises that once RB holding falls below 10% the shareholder agreement is removed and - although not ideal- if the undertaking has to be followed there is nothing to stop JB just buying the 1% per day through another entirety - providing he is upfront about this it would not be market manipulation so 10% is the important turning point.

If we assume that when JB approaches the board the SP will rise, the question is will he wait until he reaches 10% or will he act before that outlining what his intentions are once his holding has fallen to 10% and suggest a deal to them that might remove his commitment to sell and and instead allow him to re-invest? It may be totally irrelevant but assuming JB sells his current stake to zero and just uses the money recouped from the sale of RG’s previous 60% holding he would have cash to buy back between 20/25% at 25p per share if he can get them at that. Hold Hard.

Well I have read through 3 pages of new posts and all of JB’s tweets. There can be no doubt about JB’s intention to get directly involved again, he has stated that clearly. I do not believe MTRO have any interest here and they could hardly afford us - the BooHoo guy is interesting - this is definitely a good investment and he has a lot of cash he might want to diversify. JB comments that he will shortly make a proposal to the board, what will that be? It could be a buyout, it could be that he will buy up the loans and convert to shares or it could be something else entirely but it will have a positive effect on the SP. He comments that GC will show the remaining Directors the door and confirms that as it stands RG will sell down to zero as per his undertaking - so to have any control he will have to buy big, certainly not 60% again but a large holding. He remains confident that we retail investors will support him - he can rely on my vote and hopefully yours but how he can be so sure that his sales have been taken up by retail buyers is, in my opinion it is extremely unlikely that 237 million shares will be in private hands by the time he reaches 10% and presumably makes his big announcement. The risk with this does not rest with us but entirely with him and the way he has handled things - if offshore companies or a buyer with a specific buy order has got involved then he could suddenly find himself in a very weak position and we could find ourselves in the middle of a bidding war. I will be honest, I want JB to succeed and through his success to benefit myself from a significant rise in the SP but a lot could still go wrong for him I just hope he has considered all possibilities. Things must start to happen soon. ATB

I agree the results are worthy of a much higher SP - it will come.

John, they may well want 15/20% but they will not get that amount at this price - they can only buy what others are willing to sell. As far as leverage goes then they already have a significant holding at 6%, when the target is 51% then voting for or against moves the result by 12%.

I agree Newbie, I believe that the COPD data is a vital component to a speedy and successful outcome.

Again only my personal view Manifesto and forgive me but actual approval is almost secondary in as much as everything will be dependent upon approval being achieved. Whatever the state of play with a bidding process the BoD will be working hard to achieve approval concurrently - no approval no deal, achieving approval derisks the entire project and nobody will spend the level of money we are suggesting here without a clear route to market.

Hi Manifesto, whilst I do not pretend to be an expert on Big Pharma, I do know a little about how the market works and can imagine the conversations that are currently ongoing. Pure speculation on my part but as I believe the overall good is represented by Big Pharma taking this forward and getting it to market quickly and efficiently then the board and its advisors will be having detailed discussions with potential investors trying to establish who has the biggest appetite for this project and will therefore pay the most. The hope will be that they can determine the best bidder and then make an announcement that carries BoD support. That does not stop any other interested party subsequently making a higher bid to the market although the BoD will be committed to the original offer until such a time as that offer is rejected, removed or lapses. Of course any potential bidder who had already built up a substantial holding would be well placed in such a situation - achieving that position should push the price up in the short term pending a bid.

Obviously the institutional investors carry some weight but again at the right price they will be happy - the BoD have a very powerful position, if they support a bid then the acquirer only need 50% plus of the vote whereas if the BoD do not support (therefore hostile) the acquirer requires 75%. A bid will come with BoD support my guess £1 - £1.5 billion likely but could be a little more. ATB

Personally I believe a take over to be the most likely outcome and one that I would be very happy with - I realise that with a license agreement we may achieve more but that would require you to remain a shareholder for years to come - not a terrible proposition but I would prefer a good price now and to free up the funds for other opportunities. I also believe the SNG board are very up for a deal from big Pharma and at the right price I would not expect the takeover to be hostile but come with BoD support. For the moment hold hard.

Expru, you may well be right and indeed I have speculated just such a thing myself but not if JB is following the rules - he would be creating a concert party and they should disclose based on the total holdings.

Hi Mark I can only agree that this things will look a lot more positive once JB stops selling and starts buying but this is hardly a drip 1% every day is a torrent - he has sold something like 200 million shares so far and they have been taken up by the market but who has bought them surely not just us retail punters? Where are the TR1’s?

But it certainly is common courtesy Richmond.

To call the meeting within the terms of the shareholder agreement JB must hold less than 10% - once advised the board will have to call an EGM and from memory the notice period required by the M&A’s is 3 weeks. JB has instructed his broker to sell down to zero so unless JB and the board make other arrangements he will continue to sell - then he will have to buy if he wants to influence the vote which he certainly will. There is a further slight complication that in order to call an EGM JB needs to hold 5% so if he falls below that the right to call an EGM would lapse. This causes some complications for all involved - if the instruction is to hold then by the time RB calls the EGM JB would technically need to hold at least 5% in an unassociated company to join his call for an EGM so that when the original holding (held by RG) falls below 5% then the other party will still be in a valid position to call the meeting.