Member Info for Jatw

Intriguing what this BB will do to the SP.

They have issued several million options to directors, so many of the treasury shares will be reissued……

I assume the terms of the BB including paying above market were agreed with major shareholders…not sure if treasury shares count towards the total shares in issue for % ownership, if they dont then slater will have to sell some to the BB - they may want to anyway.

What % do you think Tempus might take? 30% 50%..The gatekeeper always takes a high risk free %.

….and how much margin does that leave RENX?

Can’t see Haleon wanting to buy little VLG…..more into swapping major categories / brands with other large consumer healthcare manufacturers (eg Kenvue).

VLG is looking better value now the excitement of the disposal has gone and buying is available well below 60p. Waiting for a trading update/results/acquisition before moving (up?).

A very high percentage of votes were for the deal…….it is now only regulatory approvals that stand in the way of this deal.

Our only decision is whether to sell in the market, or hold for the final payout (effectively a variable interest rate as we dont know when it will complete).

Individual factors to consider will be whether the shares are held in a tax wrapper (Pension or ISA) or whether income or capital gains tax will reduce the payout….and your personal view of the opportunity cost.

The Board has added $1bn to the authorised buy back…..they were getting low at $208m on the existing mandate. While there is no time limit or target to achieve the now 1,2bn authorised, they can continue to buy at the Q2 rate of 158m for nearly 8 quarters…..my guess is they will increase the quarterly rate.

The share count may be closer to 65m at the year end and taken under 60m during 2026. If the company can maintain its mcap, that will push the share price to near $120 and the quarterly dividend close to $1.

With the new Fed likely to be softer on interest rates, now may be a good time to buy some more.

Three days to go and there is no hint of a shareholder rebellion.

HK volume was 27m, US 450k and AIM 120k all were 2x average volume, with HK nearly 3x.

Liquidity is important as are costs.

For UK investors, AIM still makes sense due to the FX costs entering and exiting trades, but for those with USD/HKD accounts buying there is cheaper.

The UK market has much wider margins as a result of low liquidity and the fear that there will be a discontinuity of price between HK and NY. My view is only to trade on AIM when HK or NY is open (and NY seems to give better UK prices for some unknown reason), but always check the other markets to see if the price offered is fair - it may be only on the buy/sell price that it is fair with a large spread applied to the other action.

And followed by AZN pausing the Cambridge expansion.

Building pressure on Wes Streeting to come back to the table on NHS drug rebates…..I suspect if they negotiated discounts up front and reviewed periodically they the suppliers may be happy, it is the the retrospective rebate nature that means companies cannot be certain of their price and appears to punish success that they do not like.

In other news AZN seems to be making more progress with new applications with the EU.

10% plus gain incoming from HK today.

Double usual volume shortly after lunch break…..no reason as others have not reacted similarly. Is the R&D date that exciting?

Does anyone know what to expect in terms of trading updates and results given the expected change to 31 May as the next year end?

We would usually get a HY set of results in September and a Q3 TU came with the H&H acquisition last year so there is no particular pattern and with the large disposal, there may not be much rush to get the 6m results done.

I am currently in Shanghai, and the general conditions look positive within China…..continued development and the people seem content with life.

From here it looks like the West is the problem…..aggressive and chaotic.

And now the actual results……the market has recovered what it lost between the TU and results.

Is 60p going to be a cap? Or a new trading level…..hoping this will kick on if the next 12m show continued improvement.

HK woke up with a fright this morning that Trump is about to issue another EO limiting access to China drugs.

Beone and Innovent opened 10% down, recovered half of this after an hour….and HCM is slightly ahead.

HCM is not directly selling into the USA, but I cant see any EO being good for US sales of Fruzaqla unless the supplies come from EEA/Japan in future.

We wait for the actual EO,which may well be a buying opportunity if the TACO trade is repeated.

I happen to be in Shanghai (not visiting HCM)….but I have to say the development of the whole region is phenomenal.

Almost all their private cars are hybrid/electric and the electric scooter has superseded the bicycle. High speed rail between the major cities is affordable (atleast for western tourists).

If they only paid themselves a bit better their income levels would soar and we would get goods inflation.

Although I think the pharma staff do relatively well.

This business is shrinking…if I were Mr Coombes I would be thinking about how to cash out…..

I think business went soft during CoVID….it should be no surprise to anyone that a business should seek to address its poorly performing staff.

I am surprised it is not 10% at risk…..that used to be a routine level of pull your socks up or you are out.

Govt depts need to do the same…..

Broadly as expected…..asset management profits up, positive flows. Strong capital position (+7pts)

Dividend uplift reflects change in FY24 dividend.

I expect it will follow the market given there is no reason for major divergence, as good as any other UK Financial to hold.

It is quite possible that MNG announces a buy back with its HY results……given BBs and the DaiIchi market purchases would be concurrent, does this mean double the restricted buying is permitted or do they share the daily limit so as not to distort the market?

An example of a buy back enhancing value when the shares are undervalued.

Too many BBs are used to prop up an otherwise falling SP and mop up willing sellers, but they return as bears once the BB is completed and the SP falls which seems rather self defeating.

I am still feeling the deal is mean and does not fully reflect the prospects for the Company, so I voted against the deal.