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Whilst porky has a valid point that its going to be tight between ramping up sales and running out of cash he doesn't understand the product. On ADVFN he confuses it a standard endoscope. Make of that what you will.

38 weeks from June 1st is I think last week of feb. So we are at 40 weeks already. I think the timeline is an average rather than strict framework as some products are more complex than others.

The point about Creo not communicating particularly well I think is valid. But thats often the way when there is a bunch of scientists at the top. I've download a few of their brochures from their websites and its a moderately complex read, such as explaining why speedboat uses two different energy forms and how that affects operation. Its understandable to the lay person but we are not the target market.

Its a significant holding for me - they sponsor one of my friends sons junior cricket teams too. Its not without risk, but the potential is huge (the recent lung diagnose and treat in the same procedure being an excellent example). Just have to prove they can make and sell. Not guaranteed, but I think if they can show great growth and get near to breakeven before the cash runs out then getting some bridging finance should be straightforward.

Well I wasn't expecting that. Seems Betaville were right on the rumour but wrong on the detail.

Currently MRL is valued at around £600m (market cap + Debt). So to get 400m for one division seems a great deal.

Leaves us with the TIC business + 200m cash.

How much this is worth is anyone's guess. Presumably they couldn't sell this for the rumoured 600m, but if its worth 400m that could give us a substantial rise today. Looks a decent deal.

Its a betaville “rare” rumour. £300m would be disappointing, but something needs to be done about the debt

£229m includes lease liabilities of c£40m. This isn’t bank debt so the accordion facility may still be available. Either way it’s far too high and they need to stop digging and preferably find a way to reduce it over the short term.

Fwiw the vesting date for the LTIP is tomorrow. The LTIP is based on the audited figures and given those aren’t yet available they may have to issue some sort of statement.

I don’t trust the management to do the right thing here. They awarded themselves a ridiculous amount of money for achieving average performance and then possibly manipulated the figures to ensure they hit it. Throw in the extension to the TSR element which they missed (surely it should just lapse) and it’s obvious to see this company is run solely for the benefit of the directors.

I can’t share the note as it’s watermarked for me and I can’t easily cut and paste it. You can sign up for free at their website though. I would say that their research is mostly biased towards positive write ups but it’s interesting nevertheless.

https://www.cenkos.com/research-portal/

PE of 16 is average. To use 10 assumes stagnation or contraction and it’s neither of those.

Debt is a concern. The cenkos note does show a downward assumption on their EPS predictions and I’m always a wary of adjusted figures as being manipulated. But if they achieve 500m revenues and a run rate of 100m then it’s a buy from me (as I did yesterday)

Why do you use a PE of 10 to make a valuation? Average historical PE ratio of the Ftse250 is about 16-20. One with a solid growth record wold be 20-25. Obv early days as this outfit is relatively new but 10 seems very much on the low side.

Debt is of course an issue an issue but I think rates are going to peak much lower than currently forecast.