Member Info for IntraVnus

For the record according to the 2024 published accounts and later RNS’s……

Executive directors:

Lachlan Smith purchase record is:

Dec22 - 19,341 for 54.2p (open market for SIPP)

Dec23 - 90,939 for 11p (subscription in placing)

May25 - 20,228 for 11.845p (open market excluding trading costs)

He also has options over 1,320,000 shares:

- 120,000 shares exercisable at 44.5p on 1,200,000 shares (from Dec25);

- 1,200,000 shares exercisable at 11p (from Jun27 unless a takeover or capital return event occurs earlier).

Bill Brown already holds 906,876 shares (RNS Feb25).

He also has options over 2,521,072 shares:

- 1,121,072 shares exercisable at 30p (from now until Jun28).

- 1,400,000 shares exercisable at 11p (from Jun27 unless a takeover or capital return event occurs earlier).

Non-executive directors:

John McKenna:

- Shares 109,694,

- Options 469,531 (30p); 225,000 (11p)

Geoff Berg:

- Shares 25,018

- Options 120,000 (92.5p); 225,000 (11p)

John Ely:

- Shares 4,167

- Options 120,000 (92.5p); 150,000 (11p)

Ian Ardill:

- Shares 272,727

- Options 120,000 (44.5p); 150,000 (11p)

Other employees options = 300,000 (11p)

Holders of TRAK got a surprise before the close today. A 280% premium cash offer out of the blue. This is a company creaking under debt yet still the stock pricing is woefully inadequate.

With RUA being in rude financial health and loaded with unique assets, I look forward to a 580% premium cash offer to make a mockery of this moribund AIM market!

The small cap broker, Hybridan, updated today with the summary:

“Hybridan Comment: The benefit of the acquisition (ABISS) is yet to be reflected in the valuation.”

Cavendish (house broker) has a new note out this morning, increasing their target price to 50p from 25p. The full 10 page note is available on Research Tree for those who subscribe. Their basic view is….

“…We believe RUA Life Sciences is significantly de-risked and offers strong upside for investors…”

One thing not specifically addressed was the final figure for the fair value of ABISS assets. It’s not trading related so maybe that will be addressed at the interims in June when the actual accounts are disclosed.

Cont…/

…have to wait longer.

There’s not much here that wasn’t already known. It’s in the ballpark of my thoughts posted here on 18th March. A trading update that meets expectations is acceptable. The overall markets are skittish, not bullish, so we are not immune here. My own takeaways are:

The existing Scottish contract manufacturing business is progressing nicely. They are aiming to add to this with a development of the vascular material for a global player (“…. most excitingly, the Group is actively pursuing an opportunity to combine our textiles expertise with ElastEon to create a novel device for a global device company…”).

The ABISS business had an initial bulge in back orders to fulfil (already known about) so the rate of sales was always expected to slow after that. Competitors (at least one is a US major MedTech) in their field have pulled out of the European market so ABISS should be well placed to win more European business. Maybe some skittish investors/traders sold because of the temporary destocking reduction in orders but that’s not expected to cause an issue due to the expected increase in market share. ABISS was acquired for virtually nothing.

Biomaterials royalties continue to grow steadily. That’s a dollar business so it will jump around depending on US currency moves.

Flyinghigher said RUA was a “low margin” business, I guess because of the low ebitda number. That’s not right at all. Contract manufacturing and royalties are both very high margin and are contributing good profits. Separately to those, RUA has always had a R&D cost centre which was its major activity before they bought RUA Medical (contract manufacturing). That obviously impacts overall group income but the R&D department is the reason that RUA has its unique textile/Elasteon material that could play a big part in future business. The bigger CM gets, the quicker profits grow.

The statement that they are not looking for finance for the vascular graft is no surprise and has definitely been the assumption for a long time. The material is being developed in other ways now. Far from being a “massive money spinner”, vascular was responsible for almost sinking the group with the bulk of the Dec 20 raise at 120p being sunk into its development. Continuing to fund its trials would have finished RUA off. It was never a money spinner except in theory. Rua wasn’t big enough for it in the same way it was not big enough to fund heart valve development in the old days.

As I said on 18th March, the share price does not allow for any success in the heart valve material. Previous sell offs seem to have been because people assumed the hoped for heart valve material deal with a major was off. In reality, it’s being looked at by several companies but for various possible uses including HV. That’s not a dead duck but the share price won’t reflect that in a non-bull market. It will need an actual announcement of some kind of agreement. Day traders here will

That’s funny.

Indeed we are. Guess they want to get the full picture on Abiss for the additional 3 months ending 31/3/25 and to hopefully finalise the asset revaluations in that company for the non cash gain on purchase.

Flying high in the wrong thread?

MNEMONICS R BOLX

The end of March sees the completion of the 12 months period that used to be RUA’s year end but will now be the second interim period for the 18 months to the new accounting date of 30 September.

I would hope to see a business update in April as I’m sure there must be plenty to report.

From previous updates, I envisage there might be an ABISS trading profit of £500k - £750k for the 7 months of ownership to date. There could also be a one off net asset revaluation of £1.5M - £2M being the difference between net asset fair values and the acquisition cost of the company (an amazing £68k!). It would be nice to hear things are ongoing well in that company.

The Scottish Contract Manufacturing business should also have made between £500k and £1M profit and that division announced a new long term contract with a global player as well recently.

Biomaterials division should have chipped in its usual £500k in fees and royalties for the year.

The question then is what control has been achieved in containing the overheads including R&D? Will they be kept under £3M? I don’t know but let’s hope they can demonstrate continued discipline there.

I’m assuming nothing but costs (in the overheads mentioned) for the Vascular and Heart Valve departments. Any news on discussions with third parties will always be welcome but I don’t assume that.

Overall, with the ABISS one off uplift and hopefully good trading profits there, the headline “group profits” could be impactful.

I don’t believe the current share price discounts any of this upside. Not that this stops scattered selling by people who maybe don’t study the numbers?

Mine was the 30k so we are all present and correct. Contributors to this board must own half the company by now, lol.

Even better, none of them were you or me (for a change….)!

With all what’s going on in the world, I expect investors here and there are trimming holdings as a general policy.

Certainly, I could buy this afternoon at 12.65p so I bought another 75k for the ISA. Should be printed soon. Yet there’s still at least 200k available at 13.1 and less than 125k at 12.8. Still can pay 12.65 for 60k or thereabouts.

Ultimately, it’s not the day’s trades that matter, but what the company is achieving in business. If they are on track as laid out in the recent RNS’s, the results should bear fruit in time.

Hi WW,

My main ISA and SIPP is with AJ Bell and I have no complaints about them. The quotes were via their platform. I would say the online platforms like them, Hargreaves and others are more intuitive, competitive and useful than standard banks. They also have phone brokers in case you need to deal in size above online quotes which can sometimes be illiquid in small caps.

For the record, online can buy up to 110,000 at 13.0975 and up to 190,000 at 13.3475 (precisely!). It’s actually a bit stronger than the 190k at 13.00 on Friday but still around 12.7 area to sell in quantity so pretty wide spread and neutral book. No sign of the masses wanting to buy…yet.

Perhaps RUA should announce it has invented a medical polymer anti-tank missile.

Hi WW,

Yes, the first thing I checked when the year end change was announced was to see if Coloplast’s year end was 30/9. It was indeed.

It’s clear to me, and hinted at in more than one RNS, that Coloplast’s interests are in play. My opening post on this very thread has more on that.

If you are thinking of topping up, there’s 165k available at 13p online currently. That’s been on offer for a couple of days. Was 190k but 23k was taken today.

Just to clarify, WW, the accounts date has been extended to 30/9/25 so the “full accounts” will be for 18 months to that date. There is to be a second interim period of 6 months to 31/3/25 which will give us the equivalent year’s worth of data. Those are due in June but I would hope for a trading update before then, maybe in April.

Just to add….. on top of this, if they suddenly come out and say they’re doing a licensing deal on AurTex, however small, things could get very tasty.