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The company he represented on the board sold a large stake see rns below
TR-1 annoucement of major holdings
Oxford, UK - 5 February 2021: Oxford Biomedica plc ("Oxford Biomedica" or "the Group") (LSE: OXB), a leading gene and cell therapy group, today announces that Vulpes Testudo/Lifesciences Fund, has advised the Group that on 4 February 2021 it sold 970,000 ordinary shares of 50p each in the Group. The shares have been acquired by a subsidiary of Vitruvian Investment Partnership III, a fund managed by Vitruvian Partners LLP. Vitruvian Partners is a leading global growth investment firm with €10bn AUM, and has supported some of Europe's most successful high growth innovators. They are highly respected with a long term focus and strong interest in cell and gene therapy.
Martin Diggle from VulpesTestudo/Lifesceinces Fund said: "Through the recent sale of a portion of our holding to Vitruvian Partners LLP, Oxford Biomedica gains another well respected long-term shareholder. We are excited about the future for the Group, remain fully supportive of the business and continue to retain a significant shareholding."
Isn't that article dated 3rd July 2015?
Not sure what the angst is for. The director bought shares after the announcement was made public. So unless the director was privy to some additional information that was not in the public domain there was no obvious issue. The market could have taken it as a positive that having made the announcement the CFO still had enough confidence in the company to have bought additional shares.
I'm feel for you having sold out 'at a massive loss', but it was your decision to sell at that price. If you had waited until later in the day your 'loss' would have been less or possibly a profit.
Annual report: 'A Brent price of $26 per barrel covers the Company’s operating costs as well as its general and administrative expenses and the coupon cost of the Convertible Bond'
I would have hoped and expected that Dr T would have taken into account any of BP's on costs and discounts HUR have to give (sulphur content etc) when making the above statement and referencing the Brent price. Hopefully things aren't as gloomy as previous posts may have suggested about HUR's financial position.
Longwait,
What you said made sense. After wading through the documents (not my forte) I found this:
'Unless previously converted, redeemed, or purchased and cancelled, the Bonds will be redeemed at par on
the fifth anniversary of the Closing Date (as defined below).'
We'll just have to trust that HUR has access to $300m in cash come 24th July 2022.
Hopefully the share price will be above 32p by then and I will be back in profit (just), having been invested since 2017.
Longwait
'Upon conversion of the Bonds, the Company may elect to settle its obligations by way of delivery of
ordinary shares, payment of a cash alternative amount (calculated by reference to the volume weighted
average price of an Ordinary Share over of a specified period) or a combination of the two.'
Whilst as a shareholder I would like the HUR to redeem the bonds with cash, it could within the terms of the placing redeem the bonds with shares so as not to deplete its available cash.
Assuming HUR's cost base of $26 per barrel is based on producing 18,000 bopd then at a brent price of $20 per barrel the cash burn will be @$40m per year. With cash in the bank of @$180m, with careful cash management I can't see HUR running out of cash for 3-4 years.
The futures market is suggesting the price of Brent will be above $30 per barrel by the end of the year which will make HUR marginally profitable.
Just to put my thoughts in context, after the financial crash, I thought interest rates would be back to normal within the year....
If my dear wife new my exposure here, I wouldn't have anything left to expose.
It wouldn't just be squirrels hiding their nuts.
Report on bids for spirit by end of 1st quarter 2020 (end of March?).
But its perched and I'm sure I wont be stranded forever......
I love a good conspiracy theory.. a few quotes from RNS's
11th May - 'On 11 May 2019 hydrocarbons were introduced into the Aoka Mizu FPSO's process system. Introduction of hydrocarbons is the final stage of the FPSO's commissioning and marks the commencement of the Lancaster EPS start-up phase. During this phase, each of the two production wells will be individually tested and shut-in for data gathering purposes. ' - Is there really anything to be read into individual wells being shut-in?
11th July - 'The 205/21a-6 well produced dry oil at a maximum natural flow rate of ~16,500 bopd '
11th Dec - 'The 6 Well is currently flowing individually at approximately 14,700 barrels of oil per day with minimal water cut.'
So yes, well 6 is now producing water, but question to experts - is this abnormal?
2nd Sept - 'Forward commissioning for the Lancaster EPS over the coming months will include:
· Fuel gas compressor commissioning to reduce long-term flaring levels and operational expenditure
· Produced water system commissioning activities
· Return to dual flowline operations'
As well 7z is producing the most water of the two wells logic would suggest that this well would be shut in while the 'produced water system' was commissioned.
11th Dec - 'The Company is confident that the water cut observed is related to perched/stranded water, based on temperature data, lack of rate-dependency, and water production behaviour after shut-in periods.' - repeated just in case someone had missed it.
29th Jan - 'Hurricane has been carrying out these individual flow tests to establish individual well performance and the optimum combined well flowrate in light of the immediate and strong pressure communication between the wells. During Q4, the 205/21a-7Z well ("7Z Well") was produced on its own for 25 days, including periods at relatively low rates as part of the reservoir evaluation process.'
I know very little about the technicalities of the oil industry, just invested (long term) in Hurricane in the hope of making some money - but currently under water.
Imo, whilst the company may have been a little slow in updating shareholders and the market I have no reason to doubt the veracity of the RNS information - never could understand market sentiment.
Upwards and onwards - hopefully.
First post so sorry if mentioned before....
RNS 13th Dec: 'Production will continue from the 6 Well on a standalone basis until late January, at which point both wells will be flowed concurrently.' So I would assume that the recent offload was just from well 6.