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There it goes again, the close auction has been manipulated by a large release of stick at a price below the closing bid price. That's gotta be an indication of hedge fund involvment... and imo it's that's GSK behind this obvious manipulation. It's gone on like this since the start of the year. The only question imo is why?

I believe it can only be due to a GSK business strategy that keeps their manouvering options wide open.... it keeps VEC's sp pinned down on the floor in case the decision is made to remove VEC from the game board.

I can see no other reason for the close auction sp ending up below the closing bid on such a consistant basis.

It's how strong it looks in the close auction that counts! It's not every day but it must be at least the majority of days that the stock is sold consistently well under the daily bid price... and for any product in an an auction to not at least meet what is in effect the 'reserve price' on such a consistent and regular basis... ain't good to say the least!

Only some definitive good news such as a partnership with one of the majors for development of generic options of GSK's Ellipta range is gonna swing it the other way.

Yes, all normal commercial trading aspects and growth seem to be fine. But If we take this further delay/event in conjunction with the recent loss without notification of a very highly thought of legal eagle... who was immediately employed in a top position by much a bigger international company, it could well be a sign of rats deserting and indications there are some rather more serious problems in the corporate governance stakes in the background that she didn't want to be professionaly associated with. I had reduced my weighting in relation to my long time previous positions in this stock anyway... but to play safe I'm now out completely again too. I'll be looking to get back if the sp buy price gets closer to the 102- 100p range in the short term but will see if the tide turns if further clarity is given as to exactly what is going on with this company,

Only one shorter left now (0.6%) The other listed as dropping out the day after results reported. There are also some early signs of some buying increasing.

Mike... all the rest of my holdings are in main market, mostly small growth companies, NCCL is my only aim market holding. As a qualified senior electrical control engineer I'm a member of the IEE (Institute Of Electrical Engineers) and before retirement I was employed as Major Projects manager for central south England. My professional background is involvment and management in the building and maintenance of high votage power (33kv-132kv) transmission and distribution systems for a national electricity company. I also have an African family background. I have an interest in the area and therefore an interest in how the NNCL project would eventually develop. Iv'e had some successes and some failures as a pi.

Mike... I bought 500k of this stock for 2-3p years ago and basically stuck them in drawer for a rainy day and forgot about them. I took profits and got rid of all but 50k of them a last month on the last rise... so although I'm as interested as anyone in seeing them get up to 20p or whatever before getting rid of the rest and acquiring a good bonus. I'm not going to cry over spilt milk if it doesn't happen.

I'm afraid I just don't see the business sense in world class players with hard nosed American and Chinese 'suits' getting involved in the absolute nonsense of making a binding JDA and all that it means... dependant on a new appointee for what in this part of the world is just a comparatively small 'bit part player' ... signing a NONE-binding 'letter of intent' before they agree to settle the terms of a major contract to buy into a very major project on whatever percentages they have decided on.

There is no reason whatsoever for the MOZ officials not to have signed off on any required (supposedly none -binding documents) when they had ample opportunity to do so last week in China... especially when so much has been made of a supposedly immensely important white paper that sets out the govermant policy in this area for the next few years. Sorry, but I don't believe it!

It's really ludicrous that the MOZ president went all the way to China, met with the Chinese president for a trade agreement and MOU you signing day... and yet it didn't include a signature on a none- binding 'letter of approval' for the Ncondezi project that has been made out to be so vitally important to Mozambique's future prosperity.

Strange that a binding JDA which is apparently so important towards fulfiling the ambitions as set out in the MOZ governments own recently produced white paper... which, so Hanno said, would release vast funds just waiting to progress the project... but which is now on hold because it's apparently dependant on that none- binding 'letter of approval' being signed instead by a newly appointed and as yet... unknown CEO.

The new appointment might not even happen for another couple of months and even then it could be the case that, as often happens, that this newbie will be unable to take up his/her new position and get feet under the desk for another several months. Maybe that reason will be used as the next excuse for delay! Given the supposed importance of this project to Mozambique... Hanno really needs to come up with another load of hopefully more believable excuses for the delays.

MrBB... ha ha! Hopefully the proposed partnership with one of the majors for this could suddenly be announced at any stage from now... (or at least before the kids section us and send for the men in white coats!!) when it does, it’ll put a massive bonfire under GSK... and light the blue touch-paper for VEC!

I believe the market is still fixated on Advair issues to such an extent that it's missing the importance of the impending introduction of generic options for the Ellipta range... which is becoming a very real near term prospect.

Anticipated Major News flow 2018 -2019 Potential generics licensing deal, H2 2018 Open-Inhaled-Close Device

As previously announced, Vectura has received feedback from the FDA that its Open-Inhale-Close device could be considered for use in an AB-rated substitutable generic drug-device combination for the GSK Ellipta® portfolio.

This is a significant opportunity, with consensus analyst projections of global net sales of the Ellipta® products of approximately $3bn in the US by 2022.

Device and formulation development with Vectura’s Open-Inhale-Close dry powder inhaler is continuing, with good progress being made in parallel with ongoing strategic partnering discussions.

“we continue to make good progress in our open-inhale-closed program, which we talked about for the first time at the beginning of this year. This product is a potential multiproduct development for an AB-rated substitutable generic program addressing the currently strongly performing GSK Ellipta portfolio. Device and formulation development is progressing well, and there is continued interest in partnering this valuable Suite of potential assets”.

gods... absolutely spot on.

Nothing is going on, it's simply intraday market forces and supply and demand, a recent glut of buys due to the sp being 'cheap as chips' for totally obvious reasons... and a general view that it's worth a punt!

Okay. So let's turn to the royalties received from Novartis Ultibro and Seebri, the second-most important driver of the revenue growth on the inhaled side. Novartis continued to see growth for Ultibro, with total end market sales up 11.4 -- 11.5%, driven by strong growth in particular in Europe of almost 9% and rest of the world growth of 25%.
Ultibro is highly differentiated in the COPD arena and remains the only LAMA/LABA combination with demonstrated superiority versus ICS/LABA in terms of the exacerbations reduction the most serious asthma endpoint prior to mortality, of course. Ex Ultibro U.S. maintains its market leadership, despite now growing less strongly in the fast-growing LABA/LAMA market with multiple entrants, new entrants, most notably from Boehringer Europe. But you can see the impact to the sales for entry tapering off, and the rate of uptake for these new entrants is now slowing.
Ultibro reported end market sales were over $500 million in the first -- for the first time on an MAT basis and H1 this year. And combined Ultibro Seebri end market sales were close to 700 million growing at almost 10% MAT Q2 '18.
Despite the lack of growth in Japan and the absence so far of meaningful revenues from the U.S. to date, we continue to see positive outlook for Ultibro and Seebri overall with combined percentage of revenue continuing to be close to $1 billion.

... continue to make good progress in our open-inhale-closed program, which we talked about for the first time at the beginning of this year. This product is a potential multiproduct development for an AB-rated substitutable generic program addressing the currently strongly performing GSK Ellipta portfolio. Device and formulation development is progressing well, and there is continued interest in partnering this valuable Suite of potential assets.

I'd like to start with giving a short overview of Vectura's portfolio, which is aligned to the refocused reinvestment priorities announced at the start of this year. As you're aware, in January, we announced our strategic investment priorities away from early-stage novel formulation device and partnering. These types of programs typically carry high molecular risks and extended periods of lower revenue. Today, we are now more focused on outlets with the highest likely value returns and lower molecular risks.
You can see in the slide our large inhaled generics portfolio, where we continue to believe we have the wherewithal, capabilities, experience and expertise to be highly successful. This segment is characterized by high barriers to entry. And today, there are a few competitors entering this highly valuable U.S. market with AB-rated programs. Secondly, this portfolio reflects our increased focus in Vectura's enhanced nebulized therapies. Following the approval of Breelib in Europe and the progress we've made with our own nebulized portfolio, we are further extending the leverage of this platform, announcing additional new programs, which Gonzalo will discuss in a few moments.
Another area I would like to call your attention to is our potentially AB-rated substitutable generic products, which I will discuss a little bit further in the next couple of slides. As a final point on the pipeline, as you saw yesterday and as James mentioned earlier, the progress we've made with flutiform's breath-actuated k-Haler device, the launch in Europe, initially in the U.K., with further launches anticipated across European countries in the coming months.
We believe we are clearly at a tipping point for inhaled respiratory medications in the U.S. And I'm excited to spend the next few minutes reviewing the markets for generics and the progress we are making for with our development portfolio in the generics space.
As I said, we remain committed to our belief that the respiratory market will behave like other disease areas. Generics will gain approval offering wider and more affordable access to these important medications for patients. We at Vectura are pleased to be in the leading group of companies developing and progressing these products. As you know, Vectura has already demonstrated the ability to develop and gain approval for generic products with our AirFluSal product in Europe. And as James mentioned in our earlier -- in his earlier comments, we've also gained approval for our VR632 program of SYMBICORT generic in Europe with our partner Sandoz.

So let's spend a few minutes focusing on the U.S. market today. Reported U.S. sales of respiratory products of approximately $23 billion in 2017 with nearly 65 million inhalers sold in the key DPI and pMDI maintenance classes. However, less than 1% of all sales for generic products -- they were less than 1% of all these sales were for generic products. And this is despite the fact that many of the underlying molecules in these products are long past their patent expiration.
As you know, one of the key classes currently in focus is the ICS/LABA class. In this area, the 2 main competitors, ADVAIR and SYMBICORT, have seen declines in sales values as they battle for market share and as they have attempted to build a buffer against generic entry. As you can see in this slide, evaluate pharma reported sales of $2.1 billion for ADVAIR and $1.1 billion for SYMBICORT in 2017, which is down from $2.5 billion and $1.2 billion, respectively, in 2016. While we see the declines in value, the underlying volume of the ICS/LABA market remained stable at 35.8 million units. We remain confident in the value of the market based on the margin and volume available for generic products to capture once approved and launched.
But our focus is not solely on VR315 or generic ADVAIR. Based on our experience, device and formulation expertise, we, along with partners, are well positioned to progress further generic products in the other current and emerging major classes in the inhaled respiratory space. Here, you can see the potential size of some of the products we believe Vectura is well positioned to progress. As James mentioned, the Ellipta range of products is estimated to be about GBP 3 billion by 2022. -- tiotropium for Boehringer is currently at GBP 1.8 billion and the combination LABA/LAMA is expected to be about GBP 0.6 billion by 2024. These products provide significant additional opportunity for our generics business moving forward.
So what progress are we making on the current and emerging GX development portfolio? On 315, we have already discussed the large market opportunity that remains despite the price erosion we've seen. With our partner Hikma, we are 1 of the 3 sponsors of programs under regulatory review. Recruitment is progressing on a key clinical study, and Hikma plans to submit data to the FDA in 2019, which could allow for potential launch in 2020.
In terms of other programs, we announced last year at our Capital Markets Day the licensing of our VR2081, a generic of an existing major inhaled combination therapy for asthma and COPD in the U.S. using a pMDI. The development work on that program is progressing in line with our expectations.
Our tiotropium program, VR410, that we licensed from -- is progressing with ongoing formulation and development work, and we will conclude our technical feasibility and commercial opportunity to review in the second half of this year and look forward to providing more information on that program once that work

Leyton41.. of course the sp is dropping! The MOU signing day was 1/9th and the MOZ pressi didn't sign the one we were interested in.
Even though it's supposed to be none- binding one according to Hanno... even though the EDM is said to be only a 'bit part player' and it's the Pressi who is the 'main man'... and even though any actual binding JVA which would apparently allow the release of vast amounts of funds, which are just waiting to be placed, is on hold till some new head honcho is appointed who can read and write and sign such a letter, so that such a none- binding letter of agreement can be received. You really couldn't make it up... but some do!

Really not much of surprise that the sp is dropping is it?

"So for the loan on its own once signed and sealed and get the RNS confirming it, we will be at 10p guaranteed? Am i reading this right".

Nope... wrong, approval will make no difference to the sp.

Approval of the loan restructure roll over plan has never been in any doubt from the get-go... approval has always been 'priced in' by the market and continues to be so. It's a given! That is because the proposals also contain the 'comfort' of a 'safeguard' option.

Quite apart from permission being given to enable conversion to equity at some/any stage in the future if they so wish.... the 'plan' also includes the facility of electing to have their money back plus 12% interest at some/any stage in the future if they so wish.

Appointing an interim chair whose already a director whilst they find someone to fill the chair is is a sensible decision. Most chair's are only figureheads anyway, it's the CEO who runs the company. Peter Siunders was an exception and hopefully they will eventually find an equally high caliber person to fill his position.

As for the new company Secretary... a summery of her CV is illuminating:

An experienced and highly motivated CFO (AIM listed & PE) who thrives in a dynamic organisation requiring real business partnering with the senior management team at both a strategic and operational level.

Managed multiple P&Ls across Europe, Asia and North America in technology led organisations, manufacturing, retail, sales and service.

Valued contributor to executive-level strategy through preparation of detailed and incisive performance analysis, forecasting, and reporting. Proven commercial acumen, with experience challenging existing assumptions regarding competitive markets, finance drivers, structures and controls to drive growth.

Well-honed M&A skills with extensive experience of developing the business case for high level investment decisions.

Hardly call It an uptrend but each to their own. The MOU signing day between the presidents was 1/9th and was done and dusted ahead of the big bash which was a two day event between 2/9 -3/9th. Not sure why NCCL decided to tweet about it well after the event. The MOZ president should by now safely back home by now. It's a shame that there's been no 'breaking news' that the MOU day included the Necondezi project, that is unfortunate.

Its become interesting if it's the president that's the main player and EDM is just a "bit player"... or it all comes down to the future new appointee having to sign a supposedly none -binding 'letter of approval' but one which JVA is supposedly hinges on. Both sides against the middle I suppose.

The sound of that can being kicked down the road is now a little louder, so the possibility of the sp being closer to 5p than 6p sometime soon still looks promising.

She seems she moves around a lot... however her CV shows her to be particularly experienced in the M&A field, which A.P. may see as the definitive deciding factor behind her appointment.

UK’s Largest Data Centre Campus Owners Appoint M&A Expert As CFO
PUBLISHED: 16:33, 1 December, 2017 UPDATED: 16:33, 1 December, 2017

Company runs 750,000 sqf property in Wales, close to the border with England.
Next Generation Data (NGD), operator of the UK’s largest data centre campus, have appointed Joanne Estell as Chief Financial Officer (CFO) as the company plans to expand its facility in Newport, Wales.

Estell has joined NGD from Stadium Group plc an Aim listed electronic manufacturing business where she was Chief Financial Officer and Company Secretary for five years.

Previous roles include Head of Mergers and Acquisition for Survitec Group Ltd and Finance Director, Specialised Businesses for John Crane, the mechanical seals division of Smiths plc, a business with a total turnover of c. £900m.

Estell has also held a number of senior financial positions and strategic leadership roles in Smiths Group since 2001 and began her career with hotel and restaurant group Whitbread plc.

Estell said: “I am very excited to join NGD’s dynamic management team and looking forward to helping the business maximise its future growth potential and financial performance.

“The company has already proven to be a major disruptor in the data centre industry and has significant funding behind it from Infravia Capital Partners for accelerating expansion.”

Simon Taylor, NGD’s Chairman, said: “Joanne’s extensive corporate finance experience will be highly beneficial as we continue to expand our flagship data centre campus, the largest in Europe, and look to acquire several additional sites over the next few years.”

Only 1.1% of VEC stock is being shorted and that has been the case for quite a while now. This is again being Algo traded, mainly in the late pm's... and imo it's the impending results publication thats started it up again. The 16.35 auctions are indicative.... and there some very weird trading patterns emerging and showing up after the final bell... obviously with the aim of keeping the sp low,
The only question is why? Possible answers are whoever is responsible is selling and buying to themselves and making profits from the tiny fractions involved... or it's being done ahead of making an offer for the company if there proves to be nothing to get excited about in the results. We know there will be the reported ongoing loss due to amortisation and the resultant sentiment after the results may not be good and there could be a further shift down on the back of that.

The company needs to be able to report some definitive good news to counter this concerted manipulation of the companies sp. if the FCA won't/can't act there ain't anything that VEC themselves can do about it. The announcement of a partnership with one of the majors to develop a generic for GSK's upcoming new Ellipta range would put a complete stop to any further sp manipulation. Good news is the one aspect that completely kills off the algo trading guys. They detest the day it turns up.