Member Info for dallo

JSB

With the SP still down 17% since the start of the year I will reserve judgement on the "new " management until I see some tangible improvement in newsflow and the share price.

However it is good to see them buying shares as it adds to the general feeling of positivity engendered by the Tang Capital stake.

I cannot imagine Tang will stay at 3% for long as such a small shareholding is not going to effect the direction of travel in Puretech.

I still thing we will get a further Holding RNS this week.

Well Citigroup didn't hang around.

Very bizarre behaviour by a large Institutional investor.

I must admit I am very surprised by the lack of follow through so far this week in terms of the SP with trading volume today almost negligible.

It's feels like a Mexican standoff between buyers and sellers.

Probably needs some further clarity on Tang Capital's intentions. Is Tang going to stick or twist at c3% for a while....that's the key question.

Imminent news on the LYT-100 52 week outcome and Cobenfy revenues could be catalysts over the coming weeks.

It looks like a lull in the fighting for now but that could change utterly in an instance imho

ATB

Another problem for potential buyers of Puretech shares this week is now that Tang Capital has shown its hand and Citigroup has added ,is the small free float of shares with Institutional investors holding c70% , Management/ founders owning over 12% and sticky long term shareholders.

Where are the sellers to come from in this scenario?

Tang Capital or another stake builder is really going to find it very difficult to add without paying big.

That is why I think we are close to a takeover as Tang has no influence at 3% with mega Institutional investors holding shares in Puretech and is going to find it very difficult to build up a stake of 10% plus where it may be able to be a factor unless it pays up .

Final thoughts for tonight.

Interesting day tomorrow

ATB

Nordic Capital can return to the table in 10 days as its 6 month exclusion period ends.

The temporary Interim appointments of a Chair and Ceo was a direct invitation to predators to approach and so it has turned out with the arrival of Tang Capital.

However Tang needs more than 3% of the shares to exert any real influence over a company with big Institutional investors such as Invesco and Citigroup holding large stakes.

So more corporate action is now inevitable imho and I expect further Holding RNSs this week.

If any takeover is contested by a number of potential buyers we could be in a serious bun fight.

I would not rule out BMS getting involved particularly as the potential savings in not paying any royalties on Cobenfy to Puretech could be enticing.

Crucial week ahead for all us LTHs .

Golfnut

Having added 35,000 shares in the past week, I have no more ammo left.

Now hold 225,000 at a breakeven of 140p.

At 72 years old this is my last rodeo.

I was in Immupharma for 10 years and sold 5 million shares when it went from 1.2p to 7p earlier this year to reach breakeven and sold the last 1million last week when it went from 1.5p again to 18p on some dubious lodging of a patent for immune disease therapies which haven't even got to trials yet.

No cash and 10 people working in the company but the herd of TikTok, Telegram and Twitter lunatics thought they had discovered the Holy Grail.

That is why I was astonished at the crazy valuation in Puretech with an unbelievable record of drug discovery , a world class Board of Directors and a valuation equivalent to its cash .

Now hopefully we will all be vindicated for our lonely

and frustrating views on the stark and , to us, crazy undervaluation of Puretech.

ATB

Puretech SP up 17% on Nasdaq

Hotting up at last

The herd has been startled indeed

Citibank joining the party...now at over 6.3%.

More to follow imho

Snowking

Not necessarily Tang just buying.

It seems the announcement of Tang's holding has startled the herd into action.

Interesting week ahead

Sorry ..pressed go too early

To finish

Tang must notify of any subsequent positions which increase/ decrease it 3% holding in respect of every 1% change.

I expect such notifications via RNS next week.

Then we are off to the races!

The next week will be interesting indeed .

I dont feel Tang Capital has taken 3% shareholding just a small passive investment...it is just not its modus operandi.

Now that Tang has disclosed a substantial shareholding above the notifiable 3% , it must any subsequent potions

It will be interesting to see how the Nasdaq Puretech SP reacts today.

When Tang Capital moves on a US Biotech , US investors take note and will follow aggressively imho.

Share price has further to go and will spike even higher if Tang keeps buying to get to c 10%

ATB

Tang Capital's c3% in a small Pharma like Puretech which is over 70% owned by Institutional investors, is not a sufficient shareholding to exert any influence or obtain a Board seat.

Accordingly Tang must go higher and nearer 10% to get noticed if that is there intentions.

However this may be a prelude to a full takeover.

Who knows but things looking better now than over the past 6 months .

ATB

I said in my post last night it was game over.

It is now as Tang move in on the bombsite with no permanent Chair or CEO in Puretech to foil them and Institutional shareholders cheering from the rooftops.

Also it is very strange that after Millennium driving down the SP to all-time lows , hey presto yang buy over 3% at these very lows.

No insider trading , off book concert dealings no no no !

Quatar buys $2billion of Trumps phoney cryptocurrency and Trump organises delivery of $2 billion of high grade AI chips.

No connection whatsoever.

Sadly you are not in Kansas now , Toto or should I say Senator.

Golfnut

On mature reflection the Millennium short is too small to be part of a wider strategy so my previous comments may be a little over the top.

Nonetheless a really silly move by Millennium and I fully expect a recovery in the SP but still concerned about a low ball bid.

Time for a nightcap

However the Millennium short is not really significant at c 1.2 million shares but enough to do some damage in a recently illiquid market in Puretech.

To expand on my theory

Taking out a private call option prior to a takeover could be considered insider trading but taking out such a position to cover a short position is considered hedging even if the call arrangement proves more lucrative in the event of a takeover.

A pure short in Puretech has no rational motive other than being a part of a wider strategy imho.

Golfnut

Explains the 22% drop in the SP in 1 month on no real negative newsflow.

Could be a concerted attempt to buy out Puretech on the cheap with Interim Chair and CEO and disaffected shareholders....using the short to drive down SP while organising a private call option arrangement with a potential buyer to cover the short for a guaranteed profit.

This a common Wall Street tactic and is not illegal as it is teemed a hedging strategy particularly in potential takeover targets.

It is dirty and unethical but acceptable practice on Wall Street and elsewhere.

A short seller in a company where the market cap is equivalent to cash is an utter folly unless it is part of a strategic move involving other parties.

A private off the record call arrangement doesn't have to be disclosed to the market.

Nordic Capital can come back with an offer again in 2 weeks after six months restriction period ends.

It looks like game over here imho

In the past 4 weeks the SP has dropped daily from 140p on the 18th August to 105p today.

I haven't such a relentless daily drop in a share apart from some AIM shares who have run out of cash or going bust.

Amazing

Good civil debates today with both bear and bull cases expressed with intelligence and insight.

Senator's thesis is the one that the market is listening to at the moment and indeed has been in force for the past number of months and even years .

Citibank increasing its shareholding recently was a minor vote of confidence but relentless selling continues.

The markets are reaching daily highs and the biotech sector is recovering well with serious M&A action taking place.

I looked again at the Puretech, Seaport, Celea boards of Directors and they are seriously impressive individuals with major experience in the US Biotech industry and its largest companies.

It makes the current wretched SP even more puzzling.

I feel the issue with having an Interim Chair and CEO is something the market is concerned about as well.