Member Info for bigpunt

Sandyman makes a fair point and it's been on my mind that another raise will inevitably be required given the amount of overhead. However one needs to balance that with the likely price in 1 year. Looking forward to the presentation

That's an interesting approach, Monk. One could look at that and say they feel bullish about their product and demand for it in the more-premium segment, or equally look at it and say there is not enough demand for the volumes they are producing. Obviously they are taking the aggressive and longer-term line but that doesn't point to profits any time soon

It's comforting the new exec are not as lavishly pursuing financially crippling vanity projects involving advisory firms. Big tick

My issue is Chapel Down are so desperate to ramp the brand and create a market for English sparkling wine via marketing spend. I do wonder at what point they will ever make decent profits

Er no, two large deals have been done, Exec can only report the sales when they get the numbers through. The other part of the investment case is the slow churn of R&D pipeline

Apologies if this has been covered in the deluge of tittle tattle on this board. How can management not know the revenue figure? Do we think they don't know how to account for Croda payment? Where else could uncertainty lie?

Still priced to go bust, probably because the ar5e has fallen out of their market

Looking back at the pipeline: 2022 annual report - secured pipeline £2bn. 2024 annual report - secured plus unsecured pipeline £2bn. 2025 interims secured pipeline £1.1bn

Additionally the CFO put a stark warning on missing the full year numbers

They need the refurb business to pick up quickly - it is easy margin - but they have no foothold in the public sector where the flow of work is constant

There is still a large risk of the fire remedials provision increasing when the auditors arrive for the FY

Market cap is at £65m....given the decreasing £1.1bn pipeline probably extends across 3-5 years, it's difficult to see how they will deliver £65m earnings out of that

If you can read and understand IFRS 3 then you don't need to incorrectly speculate around what the intangibles are. In a nutshell, as part of acquisition accounting, it is always favourable to reduce the value of net assets acquired and put as much of the different in to intangibles rather than goodwill.

That is why highly acquisitive companies are judged on their net assets after removing goodwill and acquired intangibles

Wrong - manufacture is a different part of the value chain. You need to sell and create demand for the sodding product before you try and carve a bit of margin through the value chain. This is strategy 101

Arguing about whether the Superdrug deal is the correct route to market or not is absolutely bonkers. It's a great deal - a chunky initial order, sufficient branch coverage, good exclusivity duration to build the product's following - especially given how hopeless management were in building this organically. They may well have forced the hand of SBTX, you wonder whether this is entirely true, but at least this dormant item in the portfolio is now moving while we await further news pertaining to the golden egg!

I enjoyed today's update, although there was absolutely no detail. I was also struck by how sensitive Ashman appears to be when it comes to criticism. I much prefer the controlled demeanour of Hewitson. No detail, sensitive - Ashman or Reeves?

I agree with shychap - it leaves more questions than answers - it reads that axisbiotix is going to be sold as consignment stock, like newspapers. If Superdrug were purchasing the agreed inventory then SBTX could have walked to any bank showing the Superdrug agreement which would be effectively a purchase order. I really don't understand why this seemingly one-off cost is being funded by equity

Net, have you considered someone may have placed a sell order at 19.05p hence you are being quoted that price?

Our CEO is under no pressure to announce anything because SBTX do not need to raise finance. Time for the PI's to face this new reality. I would add that whilst OPTI are still selling, our CEO is minded to sit on investor comms

2r, either the existing shareholders have said they will support in full, or the Exec will need to get out there and get investors. Either will be good for Verici in the long-term, although if it is the latter, there will be short-term joy

Brondy, your point is taken, but you must realise that this placing will be preceding by a trading update. Current momentum plus medical insurance clearance will inevitably augment to huge growth, and the Exec's primary duty will be to achieve a re-rate before the placing

Net, his resignation is not lodged with Co's House and typically the RNS does not state the date he leaves. Even if he resigned as a director today, he is a PDMR until he leaves

Manprit has been canned, end of story. This is not a complex group and is not likely to be so I am happy with this structure, leaving Stuart to sell and the other chap to run Ops and back office

I'm sure somebody made a few quid over the timing of those announcements. We are PIs, we have to just suck it up and take a view with the information we have available

Seems to be a lot of folk missing the point that we have a royalty deal with Croda but we will also be producing the product, thereby capturing that element of margin in the value chain. We are writing the theme tune and singing the theme tune!

Clearly their game plan is to announce regulatory sign off, wait for the SP to settle, then get the raise done. You'd think getting investors will be a row of beans when they are furnished with regulatory approval