Seplat Energy's CEO Roger Brown hosts London Capital Markets Day and focuses the strategy. Watch the full video here.
joel. As advised - email trading212 or ring 'em up, find a human and ask 'em the direct question. Don't be fobbed off. If you don't understand what they're saying then ask them to explain it. Stick at 'em 'til you're satisfied.
Your in specie POLB shares are now on the official register in your name (via your broker's consolidated nominee account). Don't fret, that's just routine. You, and I and everyone else, might not know where those shares are electronically stored but that doesn't matter and no-one can take them away from you. They've been logged against your name and that's that.
As for receiving a cash dividend in your account somewhere down the line instead of shares I'd be very wary. You were awarded shares not cash. Cash value on AIM admission or nine months further on is not the issue. It's up to you when you capitalise your shares once they're in your account (should you wish to), not some faceless autocrat. Don't let 'em bully you.
Just out of curiosity, you joined lse on 22nd December last year but these two posts are your first ever. Any reason for the interim silence?
GS. Thanks back and no worries mate. Keep the family pf smiling, eh?
Always thought a TU three weeks before a half year statement was a bit strange. The big boys will know what's coming so who's the TU aimed at? No idea why Luxor are still short. Seems daft. Love to know what they've lost on it. HMRC considerations? ATB.
Jimzi. "The moaners are trading ffs."
You're completely wrong on that re regular posters. The criticism of CF is spreading among LTH's as they look back on what he's said. These guys aren't trading, they're not trying to move the sp either way, they're just taking a reality check and voicing their thoughts.
Many LTH's have kept quiet but I'm pretty sure a lot of the comments from such a wide base of OO supporters have hit home. I hope CF and his other BoD members are looking in and taking note.
Blah. Apart from the "profitable in Q4" mantra we also got 'cost savings through consolidation, reduction in headcount, premises, debt, much leaner than before', etc., in various presentations and podcasts. With costs ahead of revenues I'm wondering where that leaves us on net debt this year.
Moni. Fine, but our income didn't support that level of investment and CF diverted our attention from that fact.
I've said enough about CF now. I'll wait and see what this 'completely different place' looks like when it arrives. GLA.
Si. You only have to look at this eejit's posting history, if you can call it that. Joined lse last Tuesday, total posts 1 (that's one!), ie., this one today. https://www.lse.co.uk/profiles/pearlwhite66/
He may earn the distinction of being my first ever one post and out. Binned on debut. Bit like a throw away wipe.
... that a Xmas cash divi from ORPH (if we get one) can be received into an already fully subscribed (£20,000) 2021/22 ISA without problems? Also, the POLB in specie shares should be released into our ISA this tax year at whatever cash value they then hold but they'll go in as Poolbeg shares rather than another (permissible) ORPH divi. Could HMRC try to view this as a further (non-permissible) subscription if we don't have an existing Poolbeg position in our ISA at that time? (No probs with trading accounts, of course).
Rr. Yep, I follow the spin outs logic but their value accrues to spin out shareholders not ORPH s/h's. Is this a question of robbing Peter to pay Paul hence the ORPH value dropping? Is that how the market is currently seeing it?
I agree the assets, if left in ORPH, could atrophy or be overtaken by others and for sure they weren't doing anything just sat there - probably an ongoing cost to us actually. The trick which CF, JS and others have to pull off is for rising spin out values to more than compensate for any ORPH value drop. We won't know 'til they happen and the calculation (guesstimation?) is not possible without more information from CF.
Maf. Subs price? Sorry, no idea.
Vasc. I don't think you're missing anything with that plan as long as they all perform. 1 + 4 = 6 is fine, 1 + 4 = 3 is not. Yes, we've already got our freebies, and nine months will soon pass, but I was questioning whether to buy more at IPO.
We'll learn more about the other spin outs in due course but the big imponderable is what effect are they gonna have on the sp at 'rumpORPH', as ext has named it. The markets are non-plussed and this week's action so far is not promising.
Nine months ago it appeared OO would simply capitalise the non-core stuff. That changed to 'we would retain a shareholder interest in the spin outs as separately managed and quoted subsidiaries' who fed part of their profits upstairs. We were gonna sell or keep DIM, then we launched it's own platform within hVIVO (page 1, anyway - what happened to the rest or the Covid Clear corporate testing initiative?) and now we're gonna spin it out this summer as a "stand-alone business". What does that mean? Cut loose from OO? How does OO then profit?
And now POLB is gonna be self funding and hold / monetise disease and viral data as well as POLB-001, etc.? It's gonna develop lots of new anti virals and "flip 'em out post P1 to big Pharma then rinse and repeat". Does that sound serious? Is that viable? And if so how do any POLB profits accrue to OO?
What are the plans for PrepBIO and Imutex? Are these in any detail? Is there any agreement on them? Where's OO's continued interest and influence in all these spin outs? Importantly, how does CF turn OO into a $billion company without them?
AIUI, ORPH will become a 100% service company, reliant entirely on new and repeat clinical trial contracts, it's growth limited only by the size / scale / scope of its facilities and a continued accident free record. All legacy products and IP will have gone into the spin outs who will do their own thing with them.
In monetising the non-core assets, ORPH is stripping out historic, albeit unquantified, value - the comfortable feeling you get from having family silver in the attic, if you like. Leaner and unencumbered, ORPH should be able to focus more clearly and move faster according to CF. How the market values the new slimmed down ORPH going forward is the crunch.
Ricky and others are baffled by peeps selling, but depending on peeps liquidity it's a cautious and understandable reaction if, through CF's faffing around and lack of clarity, some think the spin outs will damage ORPH's residual value. Perhaps that's the way the markets are also looking at it.
To clear the haze CF needs to:
1) Slowly and calmly, and without hype, set out his plans for the next three months
2) Release some blockbuster ORPH news in the next few days as promised
3) Come up with a believable prospectus followed by an oversubscribed POLB IPO
4) Price the IPO to ensure a rise on admission.
Lol. I'm quite an agreeable chap really. It's just a question of 'some of the peeps all the time, all the peeps some of the time, and then those peeps who haven't a fecking clue what they're talking about in the first place'.
Jax. CF keeps referring to the EKF model but their lock in was six months. Peeps would probably live with that (and there's nothing to stop the POLB BoD reducing the 9 month lock-in period) but the market needs more info for peeps to run with it. No-one commits to buy a pig in a poke when they don't know how healthy it is or how much it weighs. In trying to ramp up the value of POLB with this 10-20% finger in the air crap CF has dealt a significant blow to ORPH sp, imo.
DS. You agreeing with me??? Well, well. I'll allow myself a little chuckle. Lol.
"When this goes above 40p again ..."? And when might that be? What's your unbiased logic?
Put some plain un-tinted glasses on, stand back and take another look. Apply the same rules you would if ORPH was a potential new investment for you. This is about more than just timing. I'm in long term and in decent profit. I have no intention of selling out but slicing to re-buy later has entered my head for the first time ever. That's what I call getting a grip - but of my pf.
I've given my reasons. Convince me this is heading back to +40p and tell me when.