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So, this is a complicated picture but, to cut a long story short, we are closer to the point at which assets held by Origo, such as China Rice and Kincora, will start to be sold-off. All an investor has to do is work out if the collection of assets are worth more than the 7.2p per share they currently have to pay (also taking into account the preference shareholders' prior claim on some of any cash realised under certain circumstances). Given the brutality of asset revaluations of assets in this and other China-focused portfolios in recent years, I'd suggest that there is room for comfort here. In addition, the recent relaxation of foreign ownership rules and the fact that the SHCOMP is up 20% from recent lows, should all give more confidence. This is probably a fantastic buy for a retail investor willing to risk a few hundred quid...Of course, if I had the evidence to demonstrate that it's a fantastic buy, the share price wouldn't be down where it is. DYOR, etc. etc.

Ok, so Abbott have put a man on the AGY Board. His background fits my thesis from a month or two back (see post 14th Aug). You may recall that Abbott and Mylan have agreed to form a Dutch Newco in which they will both place generic and other established assets. Well, the Abbott man they've chosen to represent them on the Allergy Board is a senior VP from their Established Products Division. My hope/expectation is that the 47%-ish of AGY which Abbott inherited when they bought Chilean CFR for $2bn-odd earlier this year, will end up in this Newco. I would then hope/expect them to consolidate Allergy via a takeout of other shareholders in due course. There's not a lot of downside to being long this profitable company at these levels, particularly as we expect a launch of the final part of their well-regarded Phase 3 trial in North America v.shortly.

i lifted the para below from the H-L website today. It's just a reminder of how good TRX is at doing what it does and how attractive the TRX portfolio must be to others who continue to struggle to find their own product solutions in areas such as chronic wound care, etc. etc. "Here in the UK, Smith & Nephew has revealed revealed a phase-three study on its living cell spray-on therapy had failed to meet its primary endpoint. The treatment is designed to work with the body's own cells to stimulate healing of venous leg ulcers, but failed to result in a statistically significant improvement in healing over a placebo. "While this is an unexpected and disappointing development with this one product, we remain excited by the prospects for advanced wound bioactives as unique treatments for unmet patient needs," the group said."

It's not a strong buy or an 'investment' yet, but it's good for a punt. I'm v.encouraged that IP Group's venture capital arm has invested again in the last restructuring, as has Griffiths and Golightly (who have strong track records in AIM investing). OXA will be renamed and, with a bit of luck, something interesting will be reversed into it. OASL is now a separate entity and can self-fund but OXA investors still remain geared to any upside via their 77.5% holding. As it stands today, OXA's investment in OASL is worth £2.25mn (and that's pretty much bombed-out as valuations go), plus OXA has £1.85mn of cash. That equals £4.1mn vs a current market cap of circa £3.2mn. Sure, we'd all like to buy it trading below cash but I'm not sure we're going to get there. I'm backing Griffiths and the other senior investors to turn this one around....Take a look at EVO if you want to see how a failed AIM 'shell' can be repositioned and its share price reinvigorated.

More confirmation of progress in today's RNS. See my previous posts over several months for more detail on the theme (harnessing gut flora to fight disease, to you and me), the quality of investors and the company's fantastic capital/funding position....It remains pretty much undiscovered by private investors.

+ve solar prices in China... the quote below is from a daily email to investors sent today by the CEO of a China-based private equity fund, Origo Partners: " Solar stocks. A suspected shortage of photovoltaic panels could send shares of Yingli (YGE) and Trina Solar (TSL) higher. In the last years, oversupply sent prices down, making solar energy more competitive with other resources, hence driving up demand. Spectacularly, some key manufacturers defaulted and thereby removing capacity from the market – most definitely drying capital investment for the (few) survivors. Now that new installations are expected to grow about 30% in next 12 months – we are heading for a shortfall. I therefore think quite a few of the Chinese renewable stocks are in for a run! Other companies on the move include Canadian Solar (CSIQ) and SunPower (SPWR). Following Elon Musk’s Solar City’s acquisition to guarantee supply, I strongly suspect more M&A activity. Interestingly, many observers don’t expect prices to increase (much). Profits expected to come from improved economies of scale…"

another portfolio name given orphan drug designation. this stock has it all: - a fantastic macro theme - using the biome (gut flora to you and me) to develop a range of treatments for chronic conditions where there is a huge unmet need, like Crone's disease; a top grade list of all the best institutional investors in UK life sciences; an experienced management team that has delivered consistently over many years with similar companies; AND, and this is the cherry on the cake, no-one on this board or any other cares about it. Please, if you have a spare grand or two, buy this stock and sell it in 12months time and take the family on a great holiday or something.

er, I know an investor in Venn that happens to have a few hundred grand down the side of its sofa - and needs to spend it.... EVO

Hi Lancygeo, nothing scientific, unfortunately (never anything scientific from me..). Once Briangx had flagged it as something to look out for, I just noted the increase in volume and size of the buys (and those buys recorded as sells) y'day...It seemed to me that the bid/ask was also moving around to reflect some buying pressure in the afternoon after a very dull morning...

good spot...US buyer back in again today, the 22nd?

Just finished reading the prospectus for this AIM new arrival. Am impressed. Not only is management quality exceptional (incl the 'founding father' of Shire), but their interests and other investors are completely aligned via very high share-ownership. The business model is fascinating. They carry out most of the support activities that a biotech company would need to bring a molecule through the regulatory/commercialisation process, but they sacrifice some upfront fees for a part of the eventual upside if the product is launched. It already has a proper revenue line, a backlog of future revenues, etc. etc. This is worth a look. It appears to have been overlooked.

Ok, so Mylan and Abbott have agreed to form a new company, based in the Netherlands, which will hold Abbott's branded generic and speciality products. What relevance to AGY? Well, Abbott took out the major shareholder of AGY back in the spring when it bought Chilean pharma group, CFR. The AGY stake is clearly not a priority for Abbott but it has to find a home for it somewhere or sell it. After tuesday's Mylan news, it's highly likely, in my amateur opinion, that that home will be this newly formed dutch NewCo. IF I were the CEO of this NewCo, I'd be very keen to consolidate AGY asap. Not only does AGY have £40mn of revenues, with Germany as a key market, but we all know that it's going into phase III challenge chamber trials for Pollinex Quattro (PQ) in North America, soon. PQ and other pipeline product offers the CEO of NewCo upside that he/she is unlikely to get from other, largely generic, assets to be transferred to them. This stock offers a fantastic risk/reward here...

note the latest RNS. It probably provides the answer to Moneyspider's question over the paltry £ amount invested by CEO/directors during the recent shareplacing. Key board members have now been given a big slug of options to chase - and 3years to do it. They have adequate skin in the game now (though admittedly not as much of their own as we'd all like).

If these guys are raising capital then it's because they know they're going to need it to fund an opportunity. More importantly, they had to persuade a number of institutional investors to come to the same conclusion. Any PA holder should top up here - (by roughly 40%) - to match the new shares to be issued and prevent dilution. This is a sign of strength not weakness.

Lansdowne Partners have gone thru the 5% threshold and now holds 7%+...An excellent vote of confidence for the Board of RVG.

i think you're right. I was looking at the chart for US peer, Alnylam today. It has started to rebuild very nicely over the last month or so since the growth stock 'correction' earlier in the year. As a reminder, Alnylam's market cap is north of $5bn. We're struggling to make $200mn?! The other US 'peer' is Dicerna but that's at an earlier stage of development compared to the other two and its chart remains effectively broken after an overly enthusiastic IPO debut at the start of the year...

: ).... in this context it means a multiple return. for e.g. "this stock is a 10 bagger..!": translation - "this stock will increase 10x from current levels, in my humble opinion". however, given how Ceres has performed historically, I could be convinced that your definition of 'multi-bagger' is more appropriate...

Ceres has had a great move over the last two months and no-one seems to have noticed. Whatever your view on fuel cells, Ceres is one to watch because its Chairman is Alan Aubrey, the CEO of IP Group. IP Group is perhaps the largest backer of university-linked innovation companies in the UK. Alan's technical experts must have done the work on this name before he'd be happy to put his name and reputation behind it. If the Ceres technology is sound (and the Korean's and others seem to think it is), this is NOT worth 9.50p but is a multi-bagger.....

So, 4d now own 83.5% of GT Biologics. GT is exposed to a very interesting theme area in life science - human microbiome (harnessing gut flora etc to assist body's fight against disease/infection/allergic response/etc.). I've posted a short section from the World Econ Council's report on technologies to watch-out for in 2014. Human Microbiome is one of them...: "Human Microbiome Therapeutics The human body is perhaps more properly described as an ecosystem than as a single organism: microbial cells typically outnumber human cells by 10 to one. This human microbiome has been the subject of intensifying research in the past few years, with the Human Microbiome Project in 2012 reporting results generated from 80 collaborating scientific institutions. They found that more than 10,000 microbial species occupy the human ecosystem, comprising trillions of cells and making up 1%-3% of the body’s mass. Through advanced DNA sequencing, bioinformatics and culturing technologies, the diverse microbe species that cohabitate with the human body are being identified and characterized, with differences in their abundance correlated with disease and health. It is increasingly understood that this plethora of microbes plays an important role in our survival: bacteria in the gut, for example, allow humans to digest foods and absorb important nutrients that their bodies would otherwise not be able to access. On the other hand, pathogens that are ubiquitous in humans can sometimes turn virulent and cause sickness or even death. Attention is being focused on the gut microbiome and its role in diseases ranging from infections to obesity, diabetes and inflammatory bowel disease. It is increasingly understood that antibiotic treatments that destroy gut flora can result in complications such as Clostridium difficile infections, which can in rare cases lead to life-threatening complications. On the other hand, a new generation of therapeutics comprising a subset of microbes found in healthy gut are under clinical development with a view to improving medical treatments. Advances in human microbiome technologies clearly represent an unprecedented way to develop new treatments for serious diseases and to improve general healthcare outcomes in our species."

High performance materials are often difficult to bond. Sarah Vickers of Oxford Advanced Surfaces explains adhesion promotion of polyurethane and epoxy coatings to difficult to bond substrates and introduces Onto™ surface treatments. Reinforced thermoplastic composites are increasingly being used as replacements for metals in high performance products because they combine strength with other beneficial properties such as light weight, flexibility and chemical resistance. The excellent solvent resistance and heat stability exhibited by many engineering and speciality plastics used in such composites is a result of their semi-crystalline nature, and whilst these features provide excellent bulk mechanical characteristics the lack of reactive surface chemistry can cause bonding difficulty at the material surface. Coating durability and component adhesion Coating durability and component adhesion is important in many high performance markets. In many applications the substrate will require a functional or decorative coating that must be durable over the product lifetime. Weak bonding at the substrate-coating interface will be catastrophic to product performance and this is particularly exacerbated for applications where there is a large degree of wear and tear from environmental weathering effects and repeated usage. Similar issues arise if the substrate needs to be bonded to another component using an adhesive because weak bonding at the substrate-glue interface will result in delamination. Clearly, delamination is unacceptable in applications where durability is crucial to performance. Surface modification methods Often to achieve good bonding to thermoplastic-based substrates, the surface must be activated or modified in some way. In many industries, corona or plasma processes are used for this activation process, but such treatments are not always suitable owing to specialist processing equipment being required at the point of manufacture. Etching processes like plasma or laser ablation as well as mechanical roughening techniques such as sanding are common methods of surface activation but they are sufficiently harsh that in some cases they can cause surface damage. This can be particularly problematic for materials such as fibres in which the surface area is large in proportion to the bulk material because it can cause weakening in of the substrate and may lead to diminished product performance. Primers are often used to improve bonding to engineering and speciality plastics. However many of these treatments use a combination of aromatic hydrocarbon solvents and chlorinated polyolefins and, owing to the regulations surrounding such harmful materials, much effort aims to reduce or even completely remove these chemicals from manufacturing. Onto™ surface treatments Oxford Advanced Surfaces (OAS) develops surface modification treatments for adhesion promotion of coatings to difficult-to-bond substrates based on its pr