Member Info for cl2201

"Don't hold your breath for any meaningful/realistic bid. Its engineered hot air!!!"

Engineered in what sense? SOU approached Angus with indicative proposals of 1p, 1.3p and 1.4p prior to the FSP - whether they actually bid again is yet to be seen (their SP has dropped since the FSP started and would need to up their initial offer of SOU shares just to meet the 1.5p "Possible Offer"), however, it was very real interest.

@HeadInTheSand My statement is correct by virtue of the fact it's exactly as per SOU's RNS. The potential to be issued share capital of Angus on the day of SOU's RNS release included warrants - the recent placing had no bearing on the figure.

"That roughly equals £16.4 million, if my calculator is to be believed".

No, the offer was equal to £21.6 million - for the entire existing issued and to be issued share capital of Angus.

"All this takeover/bidders story is from mickey mouse outfits with not a pot to pi** in between all of them put together..."

Whilst that may well turn out to be true, basing your conclusions on the emergence of one (possible) bidder isn't very scientific.

SOU have another 10,000,000 votes from Sebastian Marr to support their possible offer. They'll need a hefty amount more to get it through though.

There will, of course, be a tipping point at which SOU will have to back-out (if their SP drifts lower). It just looks appears as though they are very keen - that's not to say they'll try to get Angus at all costs, but I can see an offer coming in. If that happens, it would only be a good thing for Angus as it would force the hand of other interested parties.

"I can see SOU going firm with paper..."

I somewhat agree - they were persistent with the previous approaches (1-1.4p), prior to the commencement of the FSP. Given that anything below 1.5p would be rejected, one would imagine it would be in their best interests to make their possible offer a solid one sooner rather than later - otherwise, if their SP continues to drift, their share of the enlarged entity would diminish and thus a late offer might be their undoing.

Amazing what can happen in 4 days ;)

ALB1

Posted in: SENS

Posts: 794

Price: 19.50

No Opinion

Take over 27 Jan 2022 09:44
Will be taken over, 50/60p

From yesterday's Interims:

"The Company was therefore pleased to sign a Master Services Agreement ("MSA") with an existing pharmaceutical company customer recently. This MSA is expected to provide a framework to support the signing of new revenue-generating professional services agreements from within the current business development pipeline."

I do, however, think the language (Drayson/Keogh) used in the financing RNS leans heavily towards a sale versus other routes (strategic investment/secondary US listing).

"I am grateful to shareholders for their support in providing this financing, which puts the Company in a position to complete the Formal Sale Process." (BK)

"...he (Drayson) has committed to vote for any bid for the Company that results from the Formal Sale Process...."

@White-Wolf72 It certainly does appear that way. It was 19.79 to buy, but then a relatively small buy of 20k shares pushed it up to 19.94 to buy. Meanwhile, the sells prior to that didn't budge the 19.65 you mention.

I wouldn't judge so quickly - it's NT to buy 5k. Let's see where we stand by the end of the day - it wouldn't surprise me in the slightest if we finished blue.

I think that's the general sentiment: this was largely known via the trading update, so nothing new as such.

The focus now is fully on what Sensyne is worth to a potential bidder(s) - we will see in the near future what figure will be.

I wonder if this is the same Pritesh Patel who was a director of Sensyne Health Holdings Ltd back in 2015?

hxxps://opencorporates.com/companies/gb/09427409

@Mikey279

"Lock-Up

The Note Purchasers (excluding Peel Hunt) have agreed not to (and have agreed to procure that their respective affiliates will not) dispose of any interest in Ordinary Shares owned by them or persons connected to them until such time as such undertaking is released in accordance with the Note Purchase Agreement."

Certainly pleased to see this concluded - now onwards to the conclusion of the FSP.

I note the following snippet: "He (Lord Drayson) has proposed and the Company has agreed that he will reduce his base salary to GBP1 per annum while the Loan Notes are outstanding and he has committed to vote for any bid for the Company that results from the Formal Sale Process that is consistent with the Company's mission and maximises value for shareholders...". A small consolation but it's something.

Unfortunately, yes, you are seeing things. On a positive note, it's NT to buy 5k GBP - looks like the recent downward pressure was mainly attributed to Invesco.

AW - it's a catch-22: pay good salaries and get the best, plus recruit heavily to scale quickly, versus slowly but surely, where cash burn is reduced but you potentially lose your market advantage.
That said, I definitely wouldn't mind cutting some of the fat from the top!

I don't think the cash burn is suspiciously high - to quote Sir Andy Richards from the Telegraph article: "Most of the companies in this space have more money going in than revenue coming out. It’s typical of tech companies....It’s clear that the UK public market has not understood this".
The issue, for me at least, is how it has been handled. Funds should have been raised at much higher levels - this was not done and the blame should rest with Lord Drayson. After all, soured relationships with IIs (existing and potential) has led us to the position we are in now.
That said, I am of the opinion - some might say naïvely - that there is a lot of value here. I have put a significant amount of capital in here - it is, without a doubt, a risky move but I think the market is valuing this as already failed. If the funding comes through then, you never know, we might see a scuffle between MBO and non-MBO offerors.

Clearly the huge drag on the SP over the past week. Now they are almost out it will be interesting to see where we head - other IIs still in and seemingly set to stay. Those are (minus the trusts/NHS/Oxford etc.):
Jeffries: 1.273%
abrdn plc: 2.25%
Baillie Gifford & Co: 7.7%
Lansdowne Partners (UK) LLP: 8.15%
Gatemore: 6%
Schroders plc: 1.399%
St. Petri Capital A/S: 1.27%
Sand Grove: 6.69%

I had the same thoughts - I came to the conclusion they are likely one of the institutional investors providing the proposed loan to the company. The warrants they are set to be issued should keep them happy for now.