Member Info for corradus

@pinfinder
Yes looking forward to 28 July. They maintained guidance in RNS 28 April, and subsequently settled patent case with Dr Reddys.
Fingers in lots of fairly recession proof areas (IMO) and fingers crossed the tie up with Aelis Farma goes well.

It was a share repurchase program announced on 28 April for up to US$100m. You can track where they are as all purchases have an RNS. Need to convert to US$.

Link
https://www.google.com/amp/s/www.thehindu.com/business/dr-reddys-settles-dispute-with-indivior-to-receive-72m/article65562341.ece/amp/

Good news that the patent infringement case with Dr. Reddy's Laboratories has now been resolved. This pertains to the initial patent infringement claims and the anti-trust counterclaim from DRL. All litigation will be dismissed as part of the settlement, and the settlement amount of US$72m is within Indivior's allocated reserve amount.

Good to see JP Morgan now holding just over 5% as notified via RNS today.

Hi Robbie
You mentioned you want to move your shares into an ISA so the following link might be relevant about "Bed & ISA"...
https://www.ig.com/uk/help-and-support/investments/share-dealing-and-isas/what-is-a-bed-and-isa

Indivior PLC (LON: INDV) today announced that Mark Crossley, Chief Executive Officer, and Ryan Preblick, Chief Financial Officer, will participate in the Jefferies 2022 Healthcare Conference in New York City. Mark Crossley will present on June 8, 2022, at 8:00 AM (US ET). The live presentation will be available on Indivior's website www.indivior.com and can also be viewed using the following webcast link: https://wsw.com/webcast/jeff240/indv.l/2067675.

All good publicity leading up to the US listing.

Totally agree Humpy. Staying in at least until the US listing is completed - I believe it will proceed. Results to date still looking very good IMHO. GLA.

So following on from and modifying Hydro's post gives...

"Yesterday's net assets was about $4.5bn .. it's c7% up so that would imply an increase of $315m in Nav ... Now that's the assets. Does that mean $315m cash flowed into GDXJ today not so sure... ? No Probably not.... the underlying index increased 3% so the inflow accounted for the other 4%. So $315m x 4/7 = $180m. And 0.75% of that... is $1.35m or £1.08m of new money invested in GGP tomorrow?

That's about 9m Shares? Rough calc and a guesstimate, but could be significant."

This could be totally wide of the mark... assumed that if the fund NAV was 100 say and the underlying index increased by 5%, but fund increased to 110 then 5 has flowed into the fund?

I dont know if it's useful, but the latest daily increase recorded for the index tracked by GDXJ (that is MVGDXJTR) is 3.03%...

https://www.mvis-indices.com/indices/hard-asset/mvis-global-junior-gold-miners

Is anyone aware of either Berenberg or Canaccord Genuity having revisted their estimate for the 5% valuation?
I see they have been restating their target SP so one assumes looking again at that valuation, but no apparent mention of 5% valuation...
I find this a bit surprising if some of the (low) figures being touted are realistic?
For reference Berenberg at US$228m and Canaccord at US$280m.

It will be interesting to see how the tie up with Aelis Farma develops. They seem to be a very good fit with the Indivior business model, both in terms of addiction therapies and other cognitive deficit drugs (Perseris for INDV, AEF0217 for AELIS).
Aelis IPO was 18/02/2022 at 14.02 euro. Currently below, but large buy on 13 May (and 2 previous on 18 Feb and 25 Feb).

From first quarter results this year...
"In the first quarter, the group invested in a portfolio of investment-grade debt securities totalling $139m, and ordinary shares of Aelis Farma for $11m."

And previously...
https://www.pharmaceutical-technology.com/news/indivior-aelis-cannabis-therapy/

June 9, 2021
Indivior and Aelis enter $130m deal for cannabis addiction therapy

In the initial stage, Indivior will pay $30m to Aelis to secure an exclusive global option for AEF0117. 
AEF0117 could become the first therapy for cannabis-related disorders.
Indivior has entered a strategic partnership and an exclusive option and licence agreement with France-based Aelis Farma for worldwide rights to the latter’s lead compound, AEF0117.
AEF0117 is a synthetic Signaling Specific inhibitor designed to hinder the cannabinoid type 1 (CB1) receptor. It could become the first therapy for cannabis-related disorders, the company noted.
In Phase I clinical trials, the therapy was found to have favourable safety and tolerability profiles. In addition, AEF0117 showed positive signs of efficacy in a Phase IIa study in cannabis use disorder (CUD) patients.
According to the agreement, Indivior will make an initial payment of $30m to obtain an exclusive option for AEF0117 globally.
After Aelis concludes a planned Phase IIb proof of concept (PoC) study of AEF0117, Indivior will gain the right to carry out all developmental and marketing works for the therapy.
In exchange, Aelis will get an exercise fee of $100m, as well as potential milestone payments and royalty payments based on product sales.
Aelis will fund the multi-centre Phase IIb study, which will assess AEF011’s efficacy in treating CUD.
Furthermore, the deal covers exclusive worldwide rights on a patent for AEF0117 and associated products, as well as on methods of use patent to treat cannabis-related disorders such as CUD and cannabis-induced psychosis (CIP).
Indivior CEO Mark Crossley said: “Cannabis is the most commonly used substance of abuse in the US after alcohol and tobacco. However, we have no FDA-approved medications for cannabis-related disorders, which are complex and concerning.
“AEF0117 is the most advanced new chemical entity under investigation in the clinic and potentially represents a unique opportunity to address a growing unmet public health need.”
The company noted that the latest collaboration would aid the company in boosting its position in substance use disorder (SUD) treatment via entry into cannabis-related disorders that are currently undertreated.

Costa/Jiffy
It is for any meeting. The only thing I would add is that you make it clear which account holdings you want them to submit the votes for, ie. if you have ISA, SIPP & Stocks and Shares accounts make it clear it's for holdings in all 3. I have also voted by phone, after going through security...

I have been reading some of the 5% valuation estimates and some do seem low if they transpire.
I was however wondering why the 2 broker estimates for the 5% previously issued were so much higher than some of these estimates (for reference Berenberg at $228m, and Canaccord Genuity at $280m). What perhaps has, or has not, transpired that would lead to these estimates being so significantly different? Interested in views on this.

Totally agree too, SAS. And I believe this adds weight to the reasons for buying more at the current SP, which then makes that argument even stronger... and so it goes...

The original JV details from the GGP RNS dated 12 March 2019 stated the 5% became available after stage 4 is completed, and this included the production of the FS. This all subsequently changed as per GGP RNS 30 November 2020 (2 weeks before the appointment of SD was announced), and I guess this is when the FMV "within 10%" clause appeared - not originally mentioned in March RNS. The changes meant that the 5% FMV option became available after the PFS was produced. The PFS and development path suits GGP (high grade first - early returns), but was also for a fraction of a fraction... This is now complicating things as regards the 5% FMV that became available post PFS (perhaps more consideration should have been given to this possibility when the JV agreement was changed?).

Extracts (12 March)
"After meeting the milestones in the four-stage Farm-in (set out below), Newcrest has the option to acquire an additional 5% interest at fair market value taking Newcrest's interest in the Farm-in to 75%."
"o Stage 3: If Newcrest incurs an additional US$25 million in expenditure in relation to the Tenement Blocks and delivers a Pre-Feasibility Study for a project on the Tenement Blocks (the "Stage 3 Commitment") within a period of 24 months from the date following satisfaction of the Stage 2 Commitment, Newcrest will earn an additional 20% Farm-in Interest (cumulative 60% Farm-in interest);
o Stage 4: If Newcrest completes and delivers, or incurs no less than US$20 million in expenditure toward the carrying out of, a Feasibility Study for a project on the Tenement Blocks (the "Stage 4 Commitment") within a period of 24 months from the date following satisfaction of the Stage 3 Commitment, Newcrest will earn an additional 10% Farm-in Interest (cumulative 70% Farm-in interest)."

Does anyone know know if there are any contractual time constraints within the JV on the establishment of FMV for the 5%? I have tried to find this info, but failed...
I had a vague recollection that in the original JV it was 12 months...
Thanks
C

I for one will definitely will be holding longer term. Operating in an expanding market that requires the help and benefit that their products bring.
@Dank3 Good comment as regards cash. At a great level...
Very pleased with the announcement regarding consultation with a view to US listing. This will give a lift to the SP IMO.
GLA LTH

Worth bearing in mind the level the broker estimates have been pitched at for the 5% - Berenberg @ US$228m and Canaccord Genuity @ US$280m.
(£85m = US$114m)

The current bid of 13.6p equates to a valuation for GGP's current 30% of Hav as 4.2b x 13 6p = £571.2m, giving 5% as £95.2m (if one assumes GGP's value is solely Hav...). This is the current Hav FMV as calculated now using the current knowledge of the ore body, and is only Hav... with zero value assigned to other tenements.
Will we get more than £95.2m ($129m)? Yes I believe so.
For reference broker estimates for the 5% FMV:
$228m = £169m (Berenberg) +77%
$280m = £207m (Canaccord Genuity) +118%