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I confess, I was a little worried that the SP would drop today, as the new shares became available for trading, but now I'm glad I held my nerve.

The bottom line is that the big players are increasingly embedding photonics into the AI supply chain and IQE are now in a much stronger position (both financially and in terms of relationships) to take advantage of this. You can't judge the SP based on sales for this year or next. I really wish that management had put a bit more colour on their prospects for the next 3-5 years in their last results, because it feels like the rewards could be huge, but notwithstanding that this feels like a company that is ready to take off.

It could of course be another false dawn, but on this basis, I'm going to carry on holding with a view to this rising north of 1.00 again - even if that takes a year or so.

GLA

Antonio Simoes: there will be no takeover of L&G

Keir Starmer: there will be no leadership challenge

Deny, deny and deny again until confirmed!

I had a limit order triggered this morning, selling my entire holding at 56p. Rather mixed feelings, because I've held this for years, but I was just about in profit, which I'd have bitten your hand off for at the start of this year.

My feeling is that this will drift down in the short term, especially when the new shares come onto the market later this month, and that this now looks overpriced based on revenue projections for this year and next. However, the long term is looking much more exciting, with new committed shareholders and greater clarity to the order outlook. So, I'll probably look to buy back in if/when it drops back below 40p.

GLA

I'm absolutely furious about this. The retail offer came came into my e-mail inbox at 17.18 yesterday. I opened it at 18.35, 5 minutes after the offer had closed. So, effectively I had no reasonable chance to participate. You can bet that IIs would have had a better to chance to participate, whilst us PIs have been diluted. I can't imagine that many PIs would have spotted and responded to this in time, so it becomes a lottery.

Does anyone have experience of making a complaint to IQE about not giving us a reasonable opportunity to participate.

With hindsight, the fundraise isn't a surprise. We all knew they needed more money to remain solvent short term. We thought it would be done through the sale of the Taiwan assets, or a possible complete acquisition. But the dramatic improvement in their medium to long-term outlook, combined with the surge in the SP this year has clearly given management the confidence not to accept any offers that may, or may not, be on the table. I take comfort from that.

I think that, in the short term, the SP will probably drift back towards the Rights price, but in the longer term I think there is still huge upside potential. As a long term investor here, I'm toying between going full-in on the rights issue, or selling up now and maybe buying back if the price drifts down in the coming months. FOMO tells me I'll probably go with the former!

GLA

It seems to have given back the gains this morning, so was clearly just a short term blip.

I think we need some more contract win announcements to get this back on track!

Big jump in the SP today. Anybody heard what's happening? Can't find any news anywhere.

There is talk below of a potential sale value relative to NAV. IMO that's not the appropriate metric. Even relative to current sales (1X based on estimates for FY 25 and current market cap) or forward sales(surely increasing) is not right, I think. Much more important is how potential purchasers would fit the IP and technical know-how into their business models/processes. Think about someone like Lumentum with a market cap of $25Bn: IQE is an important part of their supply chain and they would not want IQE being taken over by an unfriendly competitor.

Hopefully this more positive update with signs that sales are starting to build momentum in multiple areas will make this a sellers, rather than a buyers, transaction if there is a deal. Let's hope the Board have the guts and vision to do the right thing. Remember that until quite recently this was trading at north of £1.00 a share with real momentum. There's no reason why this shouldn't get back there, IMO, so I will keep holding this.

Hold onto your hats, folks!

We're all dying to know what the financial terms of the deal are! What we do know:

- CoreWeave has a mark cap of cUSD65Bn

- Earlier this year it paid an estimated USD1.7Bn for WeightsandBiases

- It also acquired OpenPipe earlier this year, also for an undisclosed sum

I'm guessing that it ain't going to be small bucks. If it is a chunky sum, there could be a much bigger spike in the SP. This wasn't even in their top 10 investments, so must surely get folk thinking of what other hidden and undervalued gems are hiding in the portfolio!

Results of the Tender have been announced. c106M accepted the offer, when the company offered to purchase up to 40M at 1.50 per share. I calculate that to mean that if you tendered all of your shares, you will be reduced down to c37.8%. So, the offer was over-subscribed, but the fact that it was not over-subscribed by a whole lot more (why wouldn't you accept an offer to sell your shares at more than the current trading price?), suggests that there is a decent amount of confidence out there on future prospects.

We'll see!

I've been pondering whether to sell on this rise, having bought in a month ago at 1.50. It's tempting, but then I had a medium term target of 2.50 and it's been over 2.40 in the last 12 months. Also, the business is growing, seems to have a decent business model and has a main market-listing to fall back on if a bid doesn't succeed, so any down side may be limited. So, on that basis, I'm holding for the moment to see what bids come out of this process. would be interested to hear other views. GLA.

Hmm - interesting that they also announced the implementation of a share buyback this morning.

The SP has simply fallen back to the price at which the loan notes are convertible, which was kind of inevitable. This deal also changes the risk reward dynamic for me, in that if the share price rises, then existing shareholders will get diluted one way or another, yet we still have most of the downside risk. I'm also a bit surprised at the need for short term capital after the sale of the US facility and potential proceeds from a Taiwan IPO. Of course there is still big upside if the take up of IQE fulfills its potential, but this deal today has left me feeling more wary.

The US ADR (IQEPF) is up 23% today!

My view is that the market is taking a 'glass half full' view of GSK and have for a while. I was hoping that the closure of the Zantac case would end this, but it doesn't seem to have done much, despite a brief relief rally after the announcement.

If you strip out the Zantac provision, these were a pretty decent set of results that beat expectations overall. The market seems to have focused on disappointing vaccine sales, but it could just have easily focused on better than expected results in HIV, oncology and other specialty medicines.

IMHO GSK has got a much better pipeline than it did 5 years ago, with some really impressive Phase III results over the last year (in oncology in particular), whilst they are continuing to maintain market leading positions in HIV, vaccines and respiratory. If they continue to progress this impressive focus on its development pipeline and getting these products to market, then the future is very bright and the market will eventually come on board with this. In the meantime the PE ratio (for operating EPS) makes this share cheap with a half decent divi in the meantime.

There's a lot of short term noise here. I've held LGEN for over 10 years (bought at 32p and with divis reinvested it's become my largest investment).

So, my question is has anything changed following the change of guard and Wednesday's announcements? My initial response is No. The LGEN brand and market position remains very strong. They are promising a compound annual growth rate of 6 to 9% over the next 5 years. Shareholder returns (whether through divis or buybacks) are promised to grow by c5% a year. That is non top of an existing c9% yield that is well-covered both by operating profits and a very healthy balance sheet. If there has been a question mark, it is over the asset management divisions, so it makes sense to combine these.

So, why the negative response to this announcement? The only thing I can see is that the market wanted more share buy backs and/or a stronger announcement on the sale of CALA and that this has dented the share price in the short term.

The other possibility is that the market doesn't like the cut of the new CEO's jib. I, for one, am prepared to give him a chance. For me, the underlying strength of the business is so strong and the share price so low that I have just added some more at 2.25. I've had a long term price target of 3.00 for LGEN, but I'm very happy to keep taking the 9% yield even if it continues to hover at near the current level.

Today's share buy-back announcement looks like a typical investment trust strategy to scenarios where the SP falls significantly below the underlying NAV.

Like many, I've been worried as to how realistic the declared NAV for IPO is in reality. So, I am pleased with today's announcement because it shows confidence from management on the realistic setting of the NAV - if it really is 1.26 per share, why would you NOT buy back shares at 50p, particularly when you have gross cash of £235M and have made cash realisations of £38M?

My view is that, as interest rates fall over the next year or so, the NAV should naturally rise (ignoring the impacts of value inflection events at investee companies) and the gap between it and the SP narrow.

I don't tend to put large amounts of money into riskier stocks such as IPO, so I probably won't top up, but I will certainly maintain my holding until it's at least north of £1.00 a share.

Good spot, thanks for that Narrative. Amazing that they have raised such a large amount of money for a company that has only done a few animal studies. The similarities to RENE are striking, though it is not clear where they will go with this first. Macular degeneration is mentioned on their website, but not retinitis pigmentosa specifically.

Not sure what's been going on with this today. As you imply Terry, it's easy to manipulate an SP in this kind of scenario, so probably nothing in it.

I took some hope from the recent Report. Notably that the cash runway seems to be extended well into 2024. With so many balls still in the air, in terms of ongoing research collaborations, there has to be potential that at least one of them will lead to something and that extra time could be useful. Nor are they small things: if RENE's exosomes really do provide an effective drug delivery mechanism, that remains very exciting. And who knows what Fosun's Trials will come up with? I hope that Sajy is right in his confidence on this. Like many long-term investors here, my holding's no longer worth much, so I think I would be crazy to give up now! GLA.

Thanks for that RoyGa. Water pollution is certainly one of the most urgent environmental issues that we face as a society, but it's too easy to simply blame water companies for this. The current model is based on ongoing discussion between OFWAT and water companies to decide how much capital expenditure should be made by the companies and how much profit is reasonable on top of that. OFWAT is clearly mindful that if capital expenditure is 'too high' then it is consumers who will have to 'pay the bill'. Yet, we have creaking water infrastructure that urgently needs to be upgraded and if it is not then we will continue to have these horrific spills and ensuing environmental degradation.
The government clearly needs to get more involved in deciding how much we should spend, how the cost is split between central tax allocations and consumer bill increases and how, and to what extent, businesses are incentivised for their role in delivering the improvements. I don't think we necessarily need a Labour-style nationalisation agenda, but if this is not effectively regulated and managed then this could be where this goes. The Thames Tidal Tunnel, with it's cost of c£5Bn, is an interesting case study, with the involvement of Thames Water, government, OFWAT and SPVs in its funding. From what I've read, though, there may be many lessons to be learned!
The reason I invest in utilities like UU, is that they give a clear and stable rate of return which seems to be reasonable and they perform a useful social and economic purpose. It feels like a perfect long-term investment for my pension fund. I have bought and sold a couple of times (I'm thinking about it now, because the SP is starting to get a bit toppy in my book), but generally I sit on it and reinvest the divi.