The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Legal claim settled for £0.6 million - payable by NTBR ... that's roughly what 1 years worth of normal dividends would cost ... maybe this will mean that a dividend will will not be paid again this year (no dividends have been paid for the last two years) - it will be entered as an exceptional cost in the accounts ending 31/03/2022 reducing profit by circa 3.3p share
Latest annual report out today - NAV still circa 35p a share - property valued at £61 million dividend from BISI expected to be £300k CEO salary £590k -- skim read it very lightly -- nothing surprising or interesting to me even - possibly a harmless but crap position!
according to my hand written notes from July last year I had £71million for the property portfolio and Net Assets per share at 35p -- loss per share 8p and an "I think rental income has not covered company overheads - so may be LAS is in terminal decline" --- I think all that came from a casual read of the last annual report .. guessing now that we are sort of more post covid than then things could be a bit better?
Sold 25k at 24p each - holding 50k - got mixed feelings bit selling because on the one hand due to agency type concerns I have been quietly hating this share for a few years - however on the other hand BISI is now trading at £2.30 share - making the 40% stake owned by LAS worth circa 47p a share -- LAS excluding BISI I think may be worth 20p to 30p -- so quite a substantial valuation anomaly may exist?
NTBR is being sued for £1.9m by Engie - they seem to be part of a larger group of companies..
The amount is nearly 20% of NTBR's market capital and equates to roughly 3 years worth of normal dividends (from back in the day when dividends were paid- last two years not paid).
The RNS appears to me to be saying that along with the "formal notice" of the claim the directors have recently received new information about the claim; and they are currently considering it. Prior to this notice the directors had received "informal or less formal?" notices/claims/information etc and considered them to be without merit. The claim relates to work done in 2009 - 2011 - from memory this was a period when NTBR was burdened with a significant debt load.
The lack of liquidity in the market for this share is not strong enough to facilitate a low cost panic attack for me in my position! -- the RNS is a somewhat depressing bucket of cold water poured on to what was otherwise looking like a fairly promising few weeks ahead, from my point of view.
Released last friday - H1 eps 6p in line with underlying eps inferred from trading update so looks ok to me - pity they came out on that day! - dividend policy to be reviewed in due course... could get resumption of a dividend sooner than normal? (normally one dividend per year circa 3p- 4p paid in august - last 2 years not paid due to covid - Full year ends 31 March - H2 generally weaker than H1 but not always - from memory) -- didnt really notice any commentary or info given on how many or which subsidiaries are currently or yet to be firing on all cylinders??)