Trinity Update!13 Jun 2019 21:22
Trinity Delta view: The sizeable stake by a new investor is welcomed and serves as useful validation of the investment thesis. Vulpes’s track record of its timings of investment suggests that the shares are materially under-valued, which helps corroborate our valuation model. To reiterate, we value Scancell based on a rNPV and sum-of-the-parts methodology, with conservative assumptions. Based on our model we continue to value Scancell at £82.0m, previously equivalent to 21.1p a share, which accounting for the new shares issued now drops to 17.2p.