Member Info for EJL7

A Q & A with Adam Reynolds in case this was missed-seems to have a good record-very helpful for a small company. http://www.shareprophets.advfn.com/views/3111/qa-with-the-company-rescuer-adam-reynolds

From the admission docs. again- "The Directors and Proposed Directors believe that the IONA® Test will be the first regulated CE marked in vitro diagnostic non-invasive pre-natal screening product to market." Is anyone aware of any competing product presently in development and/or can we confirm that Premaitha is well ahead of the competition?

Hi everyone-appreciate the background info posted here already-some great reading. Will not address share placing & consolidation, but have a few observations to make-please excuse the naiveté/or if have been addressed already-don't know much about this particular market. Here goes- Looking at the market potential- From NHS Choices article(7-6-13)-(From NHS choices 7-6-13) "The cost of the test (currently not conducted by labs in the UK) is quoted at £400 in the papers. This is likely to be too high a cost for all 700,000 pregnancies per year in the UK. The researchers mention the possibility of only using the test in women who tested positive on the current screening test but before the invasive diagnostic test. This could cut down on the number of the new tests needed, and also reduce the need for invasive testing for some of the women who test positive on the combined test." 2013-about 1% of all pregnancies in UK(total 700,000)-had Down's. Figure that NHS will make decision based upon cost advantages first. Cost of the combined test(ultra sound scan & hormonal analysis) is about £ 180(see this- http://www.bbc.co.uk/news/health-22796078 Am aware of the much better false positive rate for the dna sequencing test-but cost benefit analysis will still hold sway. From the admission docs.- "Following the initial launch in Europe, the New Board intend to extend sales and marketing activities into Asia. There are no current plans to launch the IONA® Test in the USA. This is primarily due to the more stringent regulatory regime imposed by the FDA." Probably due to this- "None of the commercially available sequencing assays for detection of trisomy 21, 18 and 13 or other chromosomal abnormalities has been submitted to or reviewed by the U.S. Food and Drug Administration (FDA)." This cuts down their market tremendously. To be continued….

Looks like tight supply of stock over last week or so. Can't find any specific news except the following: http://www.livemint.com/Money/1x2tPDOtKtK27qufPratIO/Greenko-group-said-to-hire-banks-for-planned-bond-sale.html Probably better to raise funds via bonds than with a dilution of shares. AS of their last interim statement(12/13), as of end Sept., 2013, borrowings were about E 16 mm. Doesn't indicate borrowing cost-but assume cheaper in USD than Euros for them. Looking at their last balance sheet, they should be able to service the debt easily.

Another write-up- http://www.ukgrowthstocks.com/sprue-aegis.html

Check this out- http://www.spreadbetmagazine.com/blog/james-faulkner-on-sprue-aegis-small-cap-of-the-week.html

Sorry o/t- When u return, would like your input on SQS-how did you find them? Competitors? Anything else you can add-appreciated. Can respond on SQS board-thanks.

Good point-once the bb takes notice-this could get a bit stretched. I'm in for long run but it would be a shame to miss a top-slice opportunity.

A bit belated but welcome to the board Trevally-looks like good timing so far. As you can see by the RNS-some options exercised. Looking thru the Admission Document, most of the outstanding options have an exercise price between 19 and 35p. So very deep in the money. I quoted the statement below from p. 95 of the Admission Doc. "An Option shall vest on a straight-line basis pro-rata over a three year period following the grant date (the ‘Vesting Period’). An Option may not normally be exercised on or before the first anniversary of the grant date but thereafter may be exercised to the extent it has vested. An Option may not in any event be exercised after the day immediately preceding the tenth anniversary of the date of grant." So there is a time element to exercise-my first impression was that maybe the jump in the share price convinced someone to exercise, but not necessarily so. Also on p. 80 of same doc.-interesting reading about directors' service agreements and bonus targets-quite incentivised. Student-if you're not in yet-be careful-it looks like there is a squeeze going on here. Not sure what to make of it. At 276p- sp is now on an 18 p/e this year-mmmm.

P.S. and the BB can be absolutely hilarious-great entertainment-note Jasondalus on TRP.

Poetical-I'm trying to do the same thing-build up a PF thru aggressive capital building-but my problem is-I'm cr-p at short term trading. I've always made my money through longer term ideas & being patient. So that's why I've been paying attention to you & a few others to get a better idea of short term opportunities. Most of my capital is invested in funds with heavy amount in cash-but AIM is a real hoot & a way to amass capital very quickly if one is careful. The AIM market is so inefficient but one can get burned very easily(as most pi's do). SPRP is one of my longer term holdings-have had stock since 2001-very conservative management, lots of room for expansion-steady eddy as they say. But think sp is getting ahead of itself-so take your time-my target is a 5-10 bagger over 5ish years. Think once they expand into States & more in Europe-along with helpful legislation-should make a big difference in sales penetration. As I've said before here-the products are good, I use them. Some other ideas that might be off your radar: GKO(alternative energy in India); SQS(world's largest supplier of independent software testing and quality management services-German); JLIF(infrastructure-hold for div. & solid growth-low risk): STJ(one of the best wealth managers around-I have funds with them so know them well). Will check out POG-thanks.

Schiff- You think the sp woke up? Probably a bit oversold or maybe due to continued strength in Indian market. Can't find any news, but then again couldn't understand drop last few months.

Thanks for response Earlsfield- I prefer the comparison to comps vs. WACC. Agreed difficult to find exact comps, but whichever ones you use, SPRP seems to compare favourably, as long as we expect some small company discount & illiquidity. As to WACC, I think that I see where you're going with this-but as stated before, I find it difficult to use properly in this situation. However, a WACC 0f 10-15% seems like a good estimate here. Anyway-hope you're in with some cushion in price in light of what I mentioned to Poetical below(Student-hope you got in also). I'll give some more thought as to valuation & offer what I can-maybe the other people will have some thoughts. GLA

My pleasure Poetical-your past posts have given me ideas so nice to reciprocate. Agree-be careful here. As i said think that short is forming or formed-going up on thin volume. Also very thin float-works for holders but you still need buyers to take it up further. See holdings below- http://www.sprueaegis.com/InvestorRelations.aspx And that's just significant holdings-nearly 65%-so very little left. And I still think that Jarden(thru BRK Brands) might still go after SPRP in the future-just not at this price. As for independent corroboration of company-they're just not covered. So think I'll check thru product reviews that's a start for me. Any thoughts on my questions to Earlsfield(see below)?

HP- Saw this, but assume that Slater holds XLM in other funds(on XLM website-he owns 9.918 mm). http://slaterinvestments.docsperfect.com/reader/3b436521d67aead3 Maybe another holder(altho only updated 31/3)- http://citywire.co.uk/fund/marlborough-nano-cap-growth/c450133#assetalloc

The AGM presentation is now on the website.

Was anyone able to go to the AGM this morning?

Good morning-thanks for the post. I too am holding this longer term & based on fundamentals-agree with you-good story. As you can see by the 265,000 share trade this morning, looks like an institutional holding created. Stock seemed a bit tight. Thanks for figs.-was wondering why the EPS figs from Westfield are a bit lower than those quoted in the article from Shares Magazine-I had thought the author was repeating Westfield's estimates-maybe not. Which set of figs. are you more comfortable with? Any feeling about the SPRP p/e comparatively with the sector/and which sector would you use? Regarding WACC-not sure how to use it here nor as to how to check Westfield's assumptions-company has no debt nor does it seem like they will need in near future-so what equity return do shareholders require? We don't know dividend growth policy-so this could be difficult. Any thoughts?

Reff- I could be misinterpreting RNS but looks like prior to 15 Jan. 2014-Blackrock had 25,903,672 shares, then on 15 Jan. did a CFD contract for 2229 shares which brought them above 5% threshold for voting rights, then on 19 May they unwound the CFD, bringing them back down under 5% with the original amount of 25,903,672. In the scheme of things-no big deal. But agree that I too wonder about the some of these investment fund disposals. As for charting, agree can be self fulfilling, use charting more to try to understand crowd behaviour rather than for prediction. I guess, whatever works.

My apologies FG- I just saw the comment by john boy-mixed it up-meant to address my comment to john boy-but again no disrespect to either of you.