Member Info for Jatw

Investors in funds that have a narrowly defined focus are going to have to get used to more gating activity. It could happen because of a single currency action, smaller companies....high yield credit.....in our more volatile and connected world events can move more quickly than funds can reorganise their investments.

Can see this deal being referred to CMA.....major decrease in competition.

Slide 28....looks like approx 20% discount to be on NRDL. Not entirely clear, but I assume the non urban is what NRDL price actually is.

Nice to hold a share that is not really correlated with UK conditions. Will not be affected by labour.
£sp is impacted by cable rate but the US sets the price.

I am going to keep their 14 Aug paper as it contains a SOTP valuation. I intend to track how they change the values as the pipeline matures. This might be useful over the next few years to see how much additional value is being added.

Nic Nicandrou was on Bloomberg TV last week and was asked about increasing the stake in Citic-Pru JVs. He said that the focus was on expanding the JV and that would provide significant growth without the need for a capital transaction with Citic. These businesses need significant investment in technology platforms.....the capital will go there before M&A. Expect more bolt ons like the Thanachart asset management deal to bulk up.
MNG is seeking to acquire institutional investment clients across Asia, unlikely to get into the retail market which is PCAs expertise.

Davey, have you noticed that the US trading frequently opens down these days and remains down until London closes after which point it rises and closes higher. Not sure why but it has been the case for the last couple of weeks.

And the update is mildly positive......a continuation of the H2 progress and fewer acquisitions.
Pets not going out of fashion.

As expected Elunate is added to the NRDL.
No mention of the price agreed.....a data point for CH to comment on soon no doubt.

There will need to be a fund raise before the end of 2020 (not necessarily equity) The ramping up of pipeline spend makes this inevitable without asset sales as material new sources of income will not come on stream in 2020 (although Elunate royalties may increase significantly with a positive NRDL outcome). The market will want to see how the cash will be used , hence it will flow from pipeline news. Each of the three major prospects have material results expected next year and there will be some progress across the other five and maybe more.

Guess the US regulatory team is doing a great job

Davey, I see this as highly significant for the company not necessarily because of the value of the support available, it is more that the credibility of the company with the FDA is significantly enhanced which will be of interest and potential value to US investors.
Of course this is before US trials take place.....if this is successful and it may take a couple of years to play out, there is kudos and value for HCM.
there must be increasingly good prospects of a positive SANET-p trial result in China.....which will precede the US trial..

Davey, I have tried the links in the attached to no effect....Do you believe there is anything new here?

Trading update coming on Thursday.
Looking for indications the underlying business is operating to plan and past issues resolved.
No fireworks needed.

I hope the NRDL is not being used as a bargaining chip in US Sino trade talks.
It would be such a pity if Chinese patients are denied access to a Chinese developed drug because it is partnered by a US pharma co.

I don’t usually put any store by specific share prices, but recovering to $24 is something of a landmark, being the price of the CKHH disinvestment. We can expect some resistance if the underwriter still has an overhang of stock, if not then some further recovery is coming.

On closer inspection there was good volume in London, but nearly all selling. There was also a sustained drop in SP on nasdaq during 3:30-close. The US then went back into positive territory.

Fortunately the US volume continues to be strong and upward pressure continues from stateside.

Either there was something wrong with the data feed or Aim is not working for shareholders.
Only one trade logged before 15:23 today.

Labour’s policies NxS
NBS - broadband = nationalise BTOpenreach
NES - education = nationalise private schools

I am sure we can think up some more
NTS = national Taxi service = UBER
NDS = National delivery service = Royal Mail and Amazon
NPS = national pension service = MNG, PRU, AV, LGEN