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This is the Dec 23 balance sheet of Abiss:

Intangible assets €723k

Fixed assets €98k

Financial assets €34k

Stocks and WIP €672k

Receivables €413k

Cash €279k

Unidentified €46k

Total assets €2,265k

Financial loans €294k

Trade creditors €58k

Tax and social creditors €289k

Total liabilities €641k

Net assets €1,624k

Can only assume Hybridan are referring to the receivables number?

StrictlyZinc posts and threads seem to have been erased..... something you said Popeye?

Turning to the subject in hand, the concluding comments from the Chairman were:

"The Group's development is centred on two key platforms: leveraging its intellectual property (IP) and advancing subcontract development and manufacturing of medical devices. Recent priorities have focused on strengthening the solid financial foundation established through last year's equity fundraise by elevating Contract Manufacturing to the next level.

The targets for the Group's graft IP and AurTex are to commercialise the investment made to date to license the Group's IP and to generate revenues through the manufacture of devices and components based on the Group's graft and AurTex technology."

Does this suggest that, after spending most of 2024 with preparing for and sorting out the Abiss acquisition, the board will devote more time in 2025 to monetising the Aurtex and Vascular IP assets? The tenor of the words suggests so.

That’s very interesting and demonstrates that Coloplast attach importance to their European markets. The products they take from Abiss are specific lines of their wider range and there’s another product that they take from RUA Medical in Scotland. If Coloplast is the main customer for RUA in Scotland (it’s never been publicised) then that’s an American subsidiary of Coloplast since we know the main customer is in America. The wording in today’s interims seems to hint at this but I might be wrong.

They’ve asked RUA to secure (a part of?) their French made products and work on improving that security of supply. RUA also presumably agreed to align their year end with Coloplast.

We can speculate that all these developments hint at strong bonds and a future of further manufacturing relationships with Coloplast products.

It would be nice to think Coloplast could eventually take an equity stake in RUA to inject further supportive funds if there was a need to expand manufacturing operations.

Stranger things have happened at sea but it’s a speculative thought on my part, nothing more!

Yes, and a later update said this had expanded to £700k, before any further possible extensions to it making it longer term in nature.

My guess is next week. There’s a bit more accountancy work needed with Abiss to consider and the last three years’ interims have been on 18/12/23, 12/12/22 and 16/12/21.

I also hope to see a presentation of some kind.

You can still get 2,000 at 11.3, but it’s 11.88 for 2,500

I’m going for week starting 16/12. I know they’ve got extra work in consolidating the Abiss numbers and business into the group.

Probably another two weeks for you to get bored waiting for the interims. There’s additional work to be done incorporating the first elements of ABISS into the group numbers.

I look forward to them and I think this will be a decent update. Buyers are standing aside while the seller sorts themselves out.

There’s nothing to stop you buying more at 10.7p….

Greeneyes, the company will issue its first interim results as usual in mid-December.

The trading update gave clues to what they may contain, namely a £0.5M operating loss for the businesses excluding Abiss. That is a vast improvement on previous periods due to both Contract Manufacturing and Biomaterials increasing profits while costs are being reined in with job losses and pared down R&D efforts.

On the Abiss side, they estimated a "fair value" uplift of £900k (GBP) based on its book net assets but said this is subject to revision while they value all the acquired net assets properly including, I assume, the inherent IP in the products they sell, make and already have regulated by CE Marks. I believe there must be scope for the fair values adjustment to be higher than £900k. That would represent a one-off uplift, non-cash, to the P&L and balance sheet.

Aside from the numbers, I am hoping they will lay it on thick about the good prospects for all of the businesses and give us a better idea of how good a deal Abiss was and any updates on MTA/HV/Vascular projects and prospects.

Bill did suggest to me a while back that there might be a webinar on the back of the interims.

The current price is simply bogged down under a wave of selling and lack of exposure. Hopefully, the interims will put all this right and prove to the sellers they were wrong to be impatient.

SZ, Bill Brown has c.600k shares and options over 2.5M, with over 1M of those exercised only at 30p (the others 11p). I’m pretty sure it matters to him even if he is drawing a good salary.

The only other executive director has options at 11p on 1.2M shares and he bought around 20k of shares at 54p a couple of years ago.

I think they both are motivated to increase the share price.

I agree it makes no sense to the likes of us who hold six and seven figures in RUA, but I bet there are those who see a new opportunity, decide they need to sell something to buy it and look to see what isn’t performing. It’s not black and white, there will always be some who decide to “avoid a loss” and sell a non-performer. I don’t believe all these sellers are just day traders. There’s a lot of stale bulls on the books and common sense is not always in evidence.

Come the interims, I expect a good picture to emerge and a reason for the share price to be bid higher.

The company needs to hit some positive notes in the forthcoming interims and really sell the proposition. Hopefully ABISS and contract manufacturing will show the progress toward profitability and highlight the yawning valuation gap.

To my mind, it relates to the 40M shares issued at 11p last year. That’s 65% of the entire company. No progress in the price in one year, therefore sell to recover at 11 and move on! Been a feature all year.

11.4 for up to 50k.

Online they are bidding for up to 330k at 10.86. 110k at 11.02, 55k at 11.12. Seems they are looking for stock.

Some meatier purchases enabled Peel Hunt to unload c.300k at 11. They’ve been the main aggressor on the offer ever since the last RNS.

They’ve now gone on the bid for now at 11.5 but have habitually reverted to offer so we will see. They must have had a big line to shift maybe from those put off by the uncertainty around the MTA/HV.

For me, the immediate focus at the interims will be uplifts around ABISS. Asset revaluations and cash accumulation within it should be in evidence.

Abiss should already be contributing cash if business is as described. That would be on top of the £3.5M cash pile already mentioned for the existing RUA group, plus there’s something like £180k due in tax credit according to the company.

Interims due early to mid December, so I would expect updates then.

Last time I spoke to Bill he said all the industry interest has seen the data and are impressed. As far as I can ascertain, it’s just the MTA partner that has done its own independent testing on top and we are told in the last RNS the results were as good as expected. The RNS said “for the time being” no commercial deal was forthcoming. That’s all it said.

I would say there’s all to play for. We should learn more at the interims. In the meantime, the sellers must play their own games.

Peel Hunt has been a seller for weeks but hopped onto bid at 12p five mins before close. Be interesting to see if that persists over next few days.

Still the sellers keep coming whenever the bid gets above 11. It’s a magnet for them with 2/3 of the entire share base issued at 11p last December.

The interims are due in December, maybe with a webinar to follow them. I’m hoping the company can provide a slew of positive updates across the divisions to finally get us clear of this psychological price resistance.

Last I heard, Abiss was doing well and they seemed pleased with what they had got for €80k! I hope they big it up at the interims.