Member Info for extrader

Hi CuffMeGently,

.."Well the FCA approved the prospectus in March last year ..."

You must have missed this IN BOLD on the first page of the Prospectus :

.." THE FCA ONLY APPROVES THIS DOCUMENT AS MEETING THE
STANDARDS OF COMPLETENESS, COMPREHENSIBILITY AND CONSISTENCY IMPOSED BY
THE PROSPECTUS REGULATION. SUCH APPROVAL SHOULD NOT BE CONSIDERED AS AN
ENDORSEMENT OF THE COMPANY THAT IS THE SUBJECT OF THIS PROSPECTUS OR OF THE
QUALITY OF THE SECURITIES THAT ARE THE SUBJECT OF THIS PROSPECTUS AND
INVESTORS SHOULD MAKE THEIR OWN ASSESSMENT AS TO THE SUITABILITY OF INVESTING
IN THE ORDINARY SHARES OF THE COMPANY. "

HTH

Hi RF Investments,

AIUI (I'm not a tax expert) if you receive dividends 'in cash' on a share held inside a tax wrapper (ISA, SIPP) they are tax-free, just as if you sell shares for a capital gain, they're tax-free; if you receive a dividend in specie (ie shares in a company that's been spun off), you should also receive those inside your tax wrapper. There may be some paperwork eg W-BEN 8 if the spin-off co is US.
If you sell these shares and re-deploy proceeds buying other shares inside the wrapper, the proceeds/gain are all tax-free.

If you withdraw proceeds from your ISA, you pay no tax on amount withdrawn ; if you withdraw proceeds from a SIPP , you pay tax as you would with any other drawing from your SIPP.

All AIUI
DYOR, NAI

HTH

Hi Phildon,

..", how do I get them into an Isa without selling and re buying them back ? I have roughly 750,000 shares at an average of 12p.."

No quick solution. And to 'bed and ISA' you have to sell and buy back, that's how it works.

If you've got the money to spend £ 90K buying shares in ZIOC, you should invest £ 1 or 2 K on getting some good tax advice, not rely on anonymous folk on a bulletin board.

By all means use the internet/google search to inform yourself before going to the professional.

HTH and ATB

Are the 2 x 1.5 million trades @ 08:50 and :52 this am just a (tight) rollover ?

TIA

Hi trading4good,

.."The definition of multiple is more than one..."

https://dictionary.cambridge.org/dictionary/english/multiple

" very many of the same type, or of different types:
e.g.
The young man died of multiple burns.
We made multiple copies of the report.
These children have multiple (= many different) handicaps. "

HTH

Hi Phildon,

.."please can we do a deal before Rishi puts up capital gains tax.."

I think it's a pretty safe bet that you've got enough time before 'a deal is done ' to bed and isa ' your holding or work out some other tax shelter method of avoiding CGT....

NAI, DYOR etc etc

HTH

Hi all,
There are 2 relevant sentences in today's RNS.

People have understandably focussed on : "The Company also confirms that no FCA investigation is underway.", which offers some degree of comfort....but isn't the whole story, IMO.

The preceding sentence is : "The process has taken longer and is more complex than normal due to the change in accounting reference date, RTO transaction occurring during the period, and multiple financial statements that have been issued..."

This suggests that while the 'technical breach' has been cured by production of the 'overdue' accounts as at 31/12 and 30/6, there are issues with other financial statements issued over the relevant period that the FCA is reviewing.

Hence use of 'multiple'.

There is reference to the RTO as part of the 'complexity' and around this event there are

(a) the various 'financial statements ' - including pro-forma 'post-event' illustrations that formed part of the Prospectus dated 4th March; and
(b) the financial statements issued @31/3 ie immediately post-RTO.

The main difference between the 2 being the accounting treatment of the £ 225m IP intangible in (a) that was subsequently written off in (b) ; and its subsequent treatment in the 30/6 interims just released.

This is a significant amount in the context of SYME's current market cap and (historic) trading performance.

The FCA won't Investigate (formal) with all the attendant legal, commercial /reputational and political risks, until / unless the conclusion of their review (informal) of the above suggests that's warranted.

So ball still very much with the FCA, IMO.

ATB

My notes :

(1)0700 call tomorrow with 7 x Chinese pharma companies and the Chinese equivalent of the FDA...

(2) trademarked ' Disease in motion ' wearables co's 'form an orderly queue , please'
'May be worth as much as the parent'...

(3) vaccines ' a gold rush across the world'....[and ORPH isn't one of the gold prospectors but the co selling Levi's, pans and pick-axes to all of them...]

(4) " we'd like to buy out Invesco... or maybe the Chinese will..."

(5) SEEK > ConserV, our interest is secure, possibility of a 'monster deal'

(6) Ethics approval awaited, 'very optimistic'.

(7) Finncap update ? 'May have to nudge them'

(8) Personal shareholding ? 'Already largest, probably increasing if I can, lots of 'insider' restrictions '

All sounds pretty encouraging IMO

E & OE

ATB

Hi Sportstrader,

It looks like Codagenix are the major client which has got the new facility off the ground; and they might have an option on 2H capacity for their Phase 2 challenge trial.

Other Codagenix plus points he mentioned :

- backer of Codagenix is Jim Simons , Euclidean Capital, the founder of Renaissance Capital *;

- Merck and Novartis are keen to push Codagenix as a 'next generation' coronavirus vaccine, because they missed out on round 1...

From their website

*.."A viral gene design algorithm that is unlike any first-generation vaccine platforms

Codagenix developed a viral gene customization algorithm that is unlike any first-generation vaccine platforms. We do not use an attenuated backbone virus carrying an antigen, virus-like particles (VLPs), or mRNAs expressing a single antigen. Those iterations of vaccine platforms are just that, “platforms,” or physical entities of some kind to which you can attach only 1 or 2 target antigens.

Codagenix’s unique approach targets the Achilles heel of all viruses.

Every virus, whether it is influenza, zika, or the common cold, uses the host cell machinery (ribosome) to translate its genome and synthesize its proteins – how the genome is read by the ribosome is our algorithm’s point of attack/attenuation

. The Codagenix computer algorithm re-codes and “deoptimizes” the codon pair bias/codon bias of viral genes – putting the genes in a language that is read slowly by the host cell ribosome.

These deoptimized genes encode the same exact protein sequences as the wildtype but do so in a suboptimal fashion.

Deoptimization results in a vast reduction of pathogenesis, yet induction of a potent immune response given the presentation of all perfectly matched antigens of the wild type virus, yielding a potent vaccine.

Codagenix deoptimized viruses are ideal for use as live-attenuated vaccines and given the re-coding and atypical RNA, robust oncolytics for solid tumors.

HTH

Hi occams,

Crowe is a franchise and the SEC regulates the conduct of auditors in the United States. So, on the face of it, not much- if any - read-across, IMO.

HTH

Hi barwickman,

Thanks for getting back to me.

I'd assumed a merger or takeover as CF's exit plan...and therefore a likely 'highwater' for the s/p ...with the 'rising tide' lifting all boats, including my little dinghy.

As to the challenges of home schooling : make the best of it you can, the kids grow up and flee the coop soon enough !

ATB

Hi PeterS23,

Thanks for this - I'll have a root around, tho' the sort of restriction you're mentioning may not show up in a public document.

It always bothers me if there's something about an investment that I just don't get...and where most replies , if any, aren't helpful or even plausible.

So a double thanks to you !

ATB

Hi IanBowmer,

Similar mindset, different strategy ! Bought MARS just over 30, sold half after it doubled and put the profit into SAGA...
2 x Covid-relaxation plays , with differing horizons.
You timed your exit better than me... and Carnival and co haven't moved much yet...

Direction right, timing wrong. Story of my life ;->

ATB

Hi barwickman,

Not for me , I'm afraid.
The only other reason I can come up with for CF wanting a depressed s/p would be if he were planning a cunning MBO...but , apart from him seeming pretty straight, that wouldn't tie in with his enthusiasm for talking up the business .

'It's (still) a mystery'....
Can you 'splain things to me like I'm a 5 year-old ?

TIA

Hi 99ice-cream,

Zanaga has better logistics (shorter distance to export terminal, easier terrain and deep water close offshore) and less complex ownership issues than the 2-part multiple shareholder interests in Simandou.

And ' the panel' here certainly seems to be thinking that some 'streamlining' of Zanaga's already simple 2-share holder structure might be on the cards.

Zanaga is much less of a 'transportation project with a mine attached' and a PN SEZ tie in offers all sorts of synergies that AFAIAA Simandou doesn't. Even the Floating Offshore Port idea has commercial spin-offs for Yantai.

Getting 'local co-operation' seems to be about equal (ie equally bad/risky) , which maybe a consideration for GLEN....:

- Beny Steinmetz's recent conviction for corrupting (unnamed ) Guinea officials may have given pause for thought there.
https://www.bloomberg.com/news/articles/2021-01-26/steinmetz-sentence-opens-new-front-in-war-on-mining-corruption;
- but in Congo , our favourite first family are 4 square in the Swiss limelight , see
https://www.reuters.com/article/us-gunvor-grp-congo-corruption-idUSKBN...

Choices, choices...
ATB

COIDIC's Framework Agreement is with Jumelles and the Project Team is or was headed up by a GLEN man, so yes, they have pretty much all the cards.

Glasenberg has 'form' in this regard : AIUI, he ('the trader') double-crossed his mate Mick Davis ('the digger') , when what was supposed to be a 'merger of equals' GLEN /Xstrata with Mick as CEO morphed into a takeover by GLEN and Mick out on his ear.

There's an expose by the Torygraph I don't have to hand that makes fun reading.

I take 99icecream's point re tag-along rights, but if the buyer is GLEN, not a 3rd party, they don't apply, surely ?

Obviously, if Elphick even got wind of a GLEN plan to buy and flip, he'd be in a good negotiating position to get an improved offer....but his leverage might be time-limited...and then his own circumstances and 'opportunity cost' considerations kick in....

IMO

Hi all,

Still trying to understand why CF might be interested in a depressed s/p.

People point to his 'lock-in' ....but that is a long way off (time risk) and if accelerated by a 'monetisation event' aka M + A, I'm sure his lock-in has over-ride provisions.

Maybe he just wants to buy more ORPH ?

With so much going on of a 'price sensitive' nature, there must be very limited dealing opportunities for him ie when not in a closed period.

Could the explanation for his apparent off-handedness re s/p be as simple as : he has an outside investment or other source of capital available shortly and he's happy to see things as they are ?

Occam's razor ?

Hi NewKOTB,

Absolutely ! Elphick has about 80m, Everitt 20m, Higgins 14m, then there must be a number of others in from the start but now flying 'under the 3%/9m shares radar'.

Hi 99icecream,

In my search for the Treasury holdings number (up to 12/19, there hasn't been any buybacks since then AFAIAA), I overlooked the cancellation of the $ 2.6 billion interim 2020 payout.
If cash continues to be 'tight' , selling off (tarnished) bits of the 'family silver' continues to make sense.....

ATB