George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
Morning don’t see any movement out of current range until 11th April when next CMA communication comes out.
Then depends on what action they decide.
If they go for a full investigation then this could drop further not on fundamentals imo but on general sentiment so lot of money waiting on sidelines but this is not a typical AIM stock
No worries,
It is not CVS way to respond in same way but they have along with couple of other corporate groups made approaches to CMA about a more limited half way house investigation but not sure if that will work.
You have to look at individual corporate models and how any possible wider investigation may impact the different groups and the fact the SP here has fallen so much.
So the underlying business here is still robust and they did make most of there U.K. purchases a long while ago so less likely to be in a monopolistic situation locally and plus they have been very careful with U.K. purchase since as well as establish new Practices like Southport.
They can easily change their local names and they also have ANIMED so an on line presence plus Vet buying group as well as related business.
So yes they have a big exposure to Vet market but as I said SP has halved and I believe the CMA will leave them relatively unscathed so imo this will bounce back nicely in time.
Better day today.
PAH are much less exposed to the specific Vet sector than CVS and also they issued a more robust response based on their specific model.
However still believe this drop is well overdone
Just got back from BSAVA and as usual busy during breaks but quiet during ie tires.
Not much talk about CMA report and industry just carries in as normal.According to Vet Times CVS are the only named corporate group to have approached the CMA about suggesting an intermediate framework rather than a full investigation.
Much better day today.
Yes great post Surprised.
Don’t forget in Feb 22 when CMA did report on purchase of QPC the lowest the SP got was £16.Then they did an investigation into local monopolies but only with CVS- if you look at those including Nottingham and Warrington and know anything about Vets in those localities and which ones are CVS you will know if the CMA simply required the divestment of The Vet then they could not have been that concerned with CVS dominance.
So if CMA require further divestments which is the main worry to the Corporate sector then CVS are very unlikely to be impacted
The Vet market particularly Companion Animal where CVS are strongest has exploded since Covid in terms of numbers of all pets as well as more expensive treatments such as the mABs vs Osteo arthritis which are now amongst the most expensive medicines.
CVSG have improved their own margins by their policy of white label and the huge increase in their PHC numbers and yes they may have paid highly to get into the Australian market but most of their U.K. purchases were at a time before prices peaked here.
ATB
Morning Monkfish,
Good observations and yes likes of CVS will look for geographic expansion overseas or in U.K. where it allows.
Have seen a move over last few years of ex corporate partners setting back up as independent vets and this trend will continue but I do believe CVS are in a much better position than other Corporates as they bought their bigger Practices much earlier.
Morning,
The state of the industry is still Is very buoyant and CVS are very well placed to to continue to benefit.They are expanding geographically outside of U.K. and have very little exposure to large animal sector.
As they were the lead corporate it will be harder for them to be asked to divest surgeries plus since QVC they have been very selective in current investments.
They can change the names easily enough and again their referral centres were early so their strength is the first opinion surgeries and as long as recruitment and retention is OK they will be fine.
Morning Bojo;
The point you highlight is valid the more you do to improve the Science by fine tuning and addition of extra bits like Avidmab then the more difficult it is to evaluate the individual effect of relative synergies.
No one disputes SCLP doing everything it can to improve the outcomes and of course if successful will increase the value but the history here is of continuous improvement and at some point it needs to realise value for the main assets.
Personally I am hopeful that the next set offSCIB1 Combo results will firmly put us on that pathway
Afternoon surprised to see it fall down so much and the results info was published in Vet Tines today and seems bullish.
Will get a better handle on state of the industry at Manchester next week but pretty confident it is still buoyant
Have a good w/ end all
Morning WTP
I see it as pretty positive as it focuses on CMC support which is more important as you progress the drugs through the trial process so it further validates SCLP commitment to becoming a later stage drug development Company.
Am surprised young Mr Tsbs does not make it his mission in life to find out how he can better the life of folk in Carlisle by following the example of the Barrow Boys.
Anyway nice to know that that despite us all being underwater here ( know Coggy you are used to it being in submarine land) but hopefully we have been thrown a life jacket
Ha ha life is hard had to look him up and believe it or not my one time attendance at a football match in Scotland was at Starks Park.
For context Coggy I went to school with an ex Chairman of Barrow
Never mind Brian Potter we could do with Harry Potter.
Hope you are well Coggy
Sorry shop mind you the predictive text could have been worse so apologies as no offence meant
Thanks Looed for clarification and all your other work.
Interesting you chose Woolies as an example of SN behaviour as we all know someone who threatens to be a serial offender in Woolies window if this boat ever comes in.
At least if Coggy is ever seen in the window we will know whether he is a ship lifter or not as he will have nowhere on display to hide his plunder.
Hope all are well
Hi Bermuda,
My main point is that Nasdaq is not always the answer people are looking for as the normal reason given its costs are to have access to additional capital.
SCLP have done pretty well to get support from US investors so yes it is possible that if LD goes for the £30-60m it could make sense to go for it and as you say it may tie in with part of RM exit plan given CLN conversion could be at about same time.
Anyway look forward to more positive SCIB 1 results as that seems to be key driver in the next few months
Morning Balerno,
As Violindig says you can consolidate on both sides of pond but much more likely imo you just consolidate on US side by issuing ADRs so basically consolidated shares to get the price up.
Personally I don’t see a US listing on horizon but no one can be sure and you will see plenty of evidence of preparation in advance but it is not always the panacea that some predict even though theoretically you should get an element of arbitrage
Morning,
Agree with C11 re Covidity.Whilst it would be great to get concrete news on funding if you look at the actual evidence such as LD AGM comments on the subject and the clear statement of SCLP that progress was paused until a point where a commercial partner may pursue an interest.
This situation as far as I am aware has not been updated for well over 12 months with no hint of any discussions taking place.
So whilst Covid rears its head I understand the interest but prefer to focus on the other upcoming trial results and the possibility of a Glycan deal and just accept the benefits that Covidity brought rather than continual speculation about potential development.