Member Info for Hartlebury

Agree that this is a broker issue, not a Quadrise one. The company had the choice to undertake the fundraise without giving investors the chance to participate, but they provided a retail offer so there is at least some opportunity to come in at the same price. They could have done an OO but the cost of that would most definitely have drawn complaints here. IMO they chose the best option.

agree Oracle, the value of the GXO shares under the offer is fixed, the number of shares adjusts to fit that (which is why a value is stated in the rns, rather than a number of shares).

Hey everyone-I heard there was a party over here! Really hoping this rise is the start of a lasting swing to the upside…

That sounds wrong. I’m on AJB and have been assured my spin off shares are there but will only appear when they become tradeable at end of lock in, sounds more likely it’s the same for you

If you mean your shares from spin off, if it’s like AJBell, the shares won’t show up until the end of the lock in, a year’s time.

I agree the accounts will be disappointing if you were expecting anything good...but it wasn’t (still isn’t) operating as planned so why would you?

Did you seriously imagine you owned shares in the only listed company that didn’t raise funds via the issue of new shares? Why do you think companies list on public markets? It’s one thing being diluted in a jam tomorrow scenario, to continue funding excessive salaries/overheads while SP drifts downwards - issuing to make a transformative acquisition is completely the opposite!

Its not it’s! Autocorrect v annnoying

If a formal offer is made then all shareholders would get to vote. If approved, then you would get whatever the deal provides, cash or shares in the acquiring company to do with as you wish. Your shares in SAR (and it’s listing) would be cancelled

Wilson I am still holding, keeping the faith, just got tired a while back of rambling repetitive posts about non-NCYT related stuff and personal bickering here, imagine I'm not the only one...

That explains it, they only started trading Aquis stocks a few weeks ago.

When did you buy Cornishpixie? I bought online on AJBell last week, no problem, although it showed as 73% down immediately and continues to do so, which is quite disconcerting, but I'm assured it is a teething problem as Aquis trading is new.

What would you have AIM regulation do Porky?

Isn’t the DM getting the wrong end of the stick with ‘unsold stock’ suggestion though? To me that suggests struggling businesses needing to offload stock at low value whereas I understood SYME to be targeting companies with stock moving through the production/sales process, holding its value?

Wondergoals I believe that CF wants to pay regular dividends from here on in and the tidying up of share premium account etc will allow this, giving them an initial £39m pot to take it from. I wouldn’t expect all of it at once, though in theory it would be possible.

Not if anyone is expecting big returns on day 1 of a spin off, no. Partly because it’s highly likely there will be a lock in period but also because the real return will hopefully come down the line as the spin off increases its market cap, but which we all know isn’t guaranteed. Spin offs shouldn’t involve a placing/dilution by ORPH itself though and CF has categorically said that none will be undertaken.

Examples of EKF spin offs are perfect: Renalytix spun off end 2018 went from £1.20 in Nov 2018 to more than £3.20 in April 2019 (rough prices/dates) then was over £10 last month. Trellus Health spun out in November last year with plan to ipo Q1 2021 but still hasn’t (and still isn’t guaranteed to do so), so EKF shareholders who received Trellus shares at present hold effectively zero value in those as they aren’t yet listed - and when they do become listed there is a 12 month lock in. So it’s a fantastic thing to have these assets being returned to shareholders, but good to understand how it works.

Ricky you are correct, all of those things are needed for an ipo and they aren’t simple or cheap, but a new company isn’t suddenly being created out of nothing, it is an independent corporate entity with its own management team and ORPH/ partners have incubated it as a non core asset. They will only spin it off at a point when the public markets would see them as a viable proposition, a placing (ipo - initial public offering, misnomer in that often it’s only open to institutions) to provide them with cash that is required to set them on the road to greater progress and profitability is the point of this instead of relying on the financial support as previously provided by the original owners. The point of the spin off is to reward those original owners for the financial risk already invested, not to cost them more. The funds required to pay for brokers, corporate finance etc would come from the placing.

Just to add, I’d hope that if people are buying now purely to take advantage of the spin outs, then by the time they happen they will be more aware of the value of the core businesses and so inclined to stay for the longer term.

Moniman I only said there ‘may’ (not ‘will’) be a drop in value following a spin off, that has nothing to do with the balance sheet value, but with sentiment. People are buying and driving SP now partly/mainly because it is public knowledge that spin offs are planned and that value should be extracted from ORPH, once it happens then that intrinsic value has gone and market cap will be based on what remains - which is still all fantastic but not my point.

It may end up being one for one but honestly, denominations of shares and market cap (and this shares in issue) will be down to decisions between BOD’s and brokers at the time of the spin off, unlikely to be determined by making sure the numbers match neatly to ORPH’s shares in issue. There’s no point getting hung up in it in any case, it makes no difference whether you have 1 for 1, 3 for 1 or 1 for 10, their value is what is interesting.