Member Info for JSB1989

When does the clause for Mercuria expire?

Expect to see more late sells given the price action.

I do believe the company should undertake a buyback even for $1.5 million. They could take 10 million shares out of circulation for that amount at current prices.

Barno, they are the ones who are selling down. The TR-1s have come out the wrong way.

That was supposed to come out before the previous one. The first holdings RNS is where they currently stand at 16%.

Holdings RNS shows the 6.6 million disposed since Thursday. From 21% to 16%.

Close to 25 million volume in three days of trading. Whilst Sustainable Capital have sold some down, there has been some big buying and unlikely just from PIs. Given the turnaround in cash position and recent finds of big stones, it wouldn’t make sense for Sustainable Capital to cash out a full position unless they are distressed and need the cash.

Bought big yesterday at 134p which was shocking timing given the 10% pullback. Whilst the SP may stay depressed with the rest of the tech stocks in the next couple of weeks, I expect that interest will pick up very soon with the expiration of the LAT shares in early October. Novo have strategically taken a % in this for that reason. Either they can see a bullish run or are positioning to support a bid IMO.

I can't see anything short of £3 getting over the line.

More significant news will follow with Dennis at the helm. The market hasn’t factored in the progress made since he became CEO. The company is becoming far more efficient and the big contracts are coming. With 2/3rds of the cap in cash and all the inventory, it’s a bargain.

What role do you all think that ITM Power will play with regards to GB Energy? Interested to get some views?

How much would this be worth? Any educated guesses?

Worst deramper / ramper ever!!!

Hydrogen news is certainly picking up well. ITM should do with contracts in the coming months and sentiment picking up in the sector.

compound ****!

This has been a horrendous month post Tender Offer. Very annoyed with the share price and the lack of love from the market. I’m trying to figure out whether the SP drops to 150 support first before moving back up. 140p in cash and EV at £60 million is frankly ridiculous!

The company has a history of a fast moving SP in both directions. Cash is around 144p per share so you have 34p for EV.

I don’t understand why Invesco would want to be selling at this price given the upside.

It’s the tax issue which I think they only realised this once it was announced. Taxing on gross sales is ridiculous and in my opinion made this unviable for UK holders.

Absolute shambles Redeye. The 250p billed to UK holders was a con.

Support at 180p just broke too and sentiment on it’s backside.

Looks like a big recovery play here. Great cash position. I’m looking for a starter position which the SP is under 100p.

I’m the same as you Dallo. Great prospects but management are restraining it. I’m not far from moving on even though it’s stupidly cheap. It’s too unloved and the sheer number of tendered shares was a big surprise to me and really capped where I thought the potential was for Puretech.

Thanks for posting Lesley. Daphne or management won’t have much to say right now.

There is clearly some selling from a large holder who couldn’t sell down in the tender offer. Nearly 15% down in the week and 20% down in a month. At these times you have to refresh your investment case so here goes:

Post TO cash at £340 million ($429 million) which equates to £1.43 per share which is 77% of the current share price. I’ve seen other figures which are higher but they haven’t discounted the $32 million investment into Seaport and I’ve discounted another $12 million for 3 months cash burn.

The current EV sits at £106 million. For this you get the following:

100% LYT-100

100% Gallop Oncology

61% Seaport Therapeutics

36% Vedanta Biosciences

Karuna Therapeutics 2-3% royalties + milestones

£4.2 million from Alkili in Q3