Member Info for Lindon

Aston Martin seem to think Brexit would be good for them. Their expectation is that the resultant devaluation will make exporters products more affordable!

An okish move towards a bit of a higher sp level today. We have probably seen the last of any real lows for a wee while.... and the strong trading statement today could hopefully provoke some institutional buying over the coming weeks. Everything looks nicely all set for onwards and upwards and the numbers should be looking brilliant when they come out in June. Good to see the pension being dealt with and it seems that will no longer be much an issue, group debt was 'in line' and that was forcast to show a slight decline in the second half, so all good. Not sure what to make of the CDS report though... they are not giving much away and it's very carefully worded... I wonder if they are looking at taking the money and running if the opportunity arises.

Yep, we could well see a rerateing... if they run true to form the end of year MS will probably be released at the end of next week. Hopefully positive results of the review for CDS will provide some icing on the cake towards that end. Recent activity on that score seems to suggest that all IS going well with micropoc. This report from a recent PoC conference held 15th March: Carclo Diagnostic SolutionsTechnology Spotlight: Introducing micropoc®: High quality POC Results on Reader-less, Fully Disposable Systems Designed for Low Cost Manufacture Simon Forster, General Manager, Carclo Diagnostic Solutions An overview of the exciting development of a group of unique POCT platforms that utilise novel microfluidics design, material science, precision manufacturing, micro-electronics and biochemistry, to provide high quality results on reader-less, fully disposable systems for a wide range of applications." (14.30 on the agenda) http://selectbiosciences.com/conferences/Agenda.aspx?conf=pocd2016

Small cap biotech Skyepharma was up 5.2 per cent or 22.25p to 445.75p after analysts at RBC Capital Markets reacted favourably to its proposed merger with fellow respiratory specialist group Vectura (VEC) 'Strategically, we see the deal enhancing Vectura’s capabilities but think financial rationale is the main motive for the combination,’ said RBC’s Nick Keher. Vectura’s most promising treatment is a generic version of GlaxoSmithkline’s blockbuster asthma drug Advair, which may be approved next year. AirFluSal Forspiro was previously known as VR315 and is an inhaled combination therapy for asthma and COPD which is delivered by the GyroHaler dry powder inhaler... which is manufactured by Carclo. GyroHaler is an award winning device which came out of a joint CAR/VEC collaboration... with Carclo having sole manufacturing rights to the device. The device is the only generic replacement to win approval for one the top selling drugs in the world... Advair! It has already been launched on the market in several European countries as well as Korea and Latin America and it was recently announced that it has successfully completed all clinical trials in the USA... it is now under consideration for release to the market. This latest win in the USA has been several years in the making and opens up a huge market. Read more: http://www.thisismoney.co.uk/money/markets/article-3506750/MARKET-REPORT-TV-adverts-giant-multinational-firms-lifts-WPP-s-hopes-shares-increasing-1-8.html#ixzz43oS6kMpy

macaumike... I presume you mean why is the bid price quoted higher than the ask price? I'm not entirely sure for the reasons for it. It IS an unusual anomaly and rarely seen but it's not unheard of.... again it's nothing to do with the company or fundamentals of the stock in question... so nothing to be worried about. Only my opinion, I'm no expert on stock market shenanigans... but never forget the market stripped down to basics is just one big continuing auction! Someone wants to sell and someone want to buy... so there's asking price from the sellers and an offer price from the buyers. No different to buying property! It might seem crazy that someone would offer more than the asking price but it can happen! Say someone enters a bid higher than the ask price just in case someone else bids the same as the ask price, that could cause it, or it could mean that a sudden demand had driven the price up. It difficult to say for sure with an illiquid stock that has had hardly any trades being done throughout the day. A sudden increase in orders around the auction (which often happens) could be what caused it and it triggered the PME's to sort it out. But it is a stock market thing... nothing to do with the well being of the company! Hopefully the market will return to normal next week. We had the interim statement only last week, we know all is well with the core businesses and they are going great guns, which is all that really matters, a new LED program win for an existing customer, (possibly that was from Maclaren) is really great news... and CTP is rapidly expanding. With the latest completion of the USA clinical trials for VEC's v315 and with China yet to come ... both HUGE markets for the CTP Gyrohayler... I believe all is set fair. Hopefully CDS won't be the fly in the ointment! I Doubt we will see much sp movement for CAR until the end of March comes into view, when interest should increase again pending the close statement.

Edit... bid 141.25 ask 127.50. Got spots before my eyes!

... yes, but again it's nothing to do with the company, it all to with bid and ask prices and when volumes are as poor as they have been the sellers have a hell of a job getting the pice they want to sell at and the buyers have a hell of job getting the stock as cheap as they want to buy at! The Bid price at close was 134.75 The ask price was 141.25 a hell of a spread and obviously miles apart and is one of the classic triggers for a PME. Pure and simple it's an auction and may the best man win! For every sell there is a buy... and vice versa! It's simply a method to agree on a stable closing price. I may be wrong but I expect to see Monday's opening price around 5p cheaper than today's closing price... simply because that's the closing ask price and I expect that to be what they settled on in the after hours PME auction. It means absolutely nothing if it does, except it might entice the buyers! With the year end statement being very close most CAR investors who have already filled their boots are simply holding on, trade volumes are poor and MM's have difficulty in doing what they do... making a market so they can pocket commission on the trade, they not worried if it's a registered buy or a sell,, they just happy to go home with their commission dosh in their pocket every day! :)

macaumike - Q. "is Carco finally going to reach expectations or disappoint once again"? A. dunno! IMO, much depends on the market review for CDS. The results are expected by the yr end. The half year RNS last Oct said - "We have now commissioned a healthcare practitioner review of the Micropoc platforms and intended applications as part of the board's wider strategy to continually evaluate the strength of the opportunity given our continued investment in this and our other businesses". I doubt anyone one believes there is any positive value priced into the current sp for any success for PoC device... but there is (imo) a negative value. In other words if the healthcare practitioner review is negative... then given that piece of 'company speak' about "given our levels of investment in this business" there is a chance they would call it off. IF... they do that then another impairment and write down will have to be announced and that will have an obvious impact on the sp once again and although I would expect that to be short lived, their reputation will take another serious nose dive! All other aspects of the company are going well, everything is 'in line with expectations' BUT remember those expections were to 'expect' a marginal reduction in year end profits due to the "delayed" VW supercar. Two other concerns which I believe are undoubtedly providing a drag on the sp are the debt pile and the pension deficit. Both are far to high for a company of this size. The debt is expected to reduce only slightly this year and given the continued investment in CTP I doubt it will amount to much at all. Both ARE manageable, no problem with that... but servicing those two areas is costing them! I believe their next focus should be on substantially getting them down. Hopefully when the latest investment expenses in CTP are over and done with that is what will happen. There is much that is good with CAR imo and it should prove to be an excellent growth story over the next couple of years. IF... The micopoc PoC devise DOES take off then the sky will be all blue all the way! All only my humble opinion! Don't be too concerned about the day to day sp... as has been mentioned before... Carclo is quite an illiquid stock and it can be difficult to trade at times and that can have a disproportionate effect on the up and down movements for the sp. All being well and hoping the review is positive the yr end statement COULD provide an good re- rating for Carclo.

macaumike... the rules governing the actions are extremely complex, Price Monitering Extensions are part of that complexity but nothing to be concerned about. When it happens it auto generates an RNS. Only two extensions are allowed. The following is proably the most easily understandable explanation for the part PME's play in an auction but I doubt you'll ever find anyone who understands the whole she-bang! PMEs don't exist on the SEAQ system, only on the SETS and SETSqx systems. (MM Electronic systems) To start, we must recall that the whole purpose of an auction is to generate a stable, reliable closing price. PMEs are initiated when the process fails to find one. Without getting too technical, the first PME can be initiated at 16:35, after the end of the typical auction period. It is initiated if the price found during the preceding 5-minute window is significantly different from the reference price. The reference price is the price just before the stock went into auction. If the difference is too significant, 'price tolerance' is said to be broken and the PME is started. The accepted tolerance is dependent upon the section that the company operates in. The initiation of PMEs warrants an immediate RNS to the market. Below is the text found in a PME RNS. "Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security's closing auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the most recent automated execution today." The RNS highlights to potential investors that they may be able to get a good deal buying or selling said stock and this encourages their involvement in stabilising the price through inputting acceptable orders. As with other parts of the auction, each PME is followed by a REP. Should a stable price still not be found following the first PME, a second PME can be initiated at 16:40, but this is the limit. There can only be 2 PMEs: in such an instance, the final closing price will be generated at around 16:45-16:50 when factoring in the REPs. If, during the two PMEs, no further orders are entered, the original auction price will be accepted. This final closing price will remain outside of price tolerance levels. An example: A stock was trading at -5% at 16:29, just before the auction period. During the auction period, trades get entered at the price equivalent of -20%. This will likely trigger a PME to try and relieve the price intolerance. You may wonder, why should this occur? One reason it may occur is if the share has a wide spread during the day. If the bid price is far below the mid-price, this could trigger it. Alternatively, the company may release a negative RNS at 16:30 that sets off a decline during the auction

macaumike... the rules governing the actions are extremely complex, Price Monitering Extensions are part of that complexity but nothing to be concerned about. When it happens it auto generates an RNS. Only two extensions are allowed. The following is proably the most easily understandable explanation for the part PME's play in an auction but I doubt you'll ever find anyone who understands the whole she-bang! PMEs don't exist on the SEAQ system, only on the SETS and SETSqx systems. (MM Electronic systems) To start, we must recall that the whole purpose of an auction is to generate a stable, reliable closing price. PMEs are initiated when the process fails to find one. Without getting too technical, the first PME can be initiated at 16:35, after the end of the typical auction period. It is initiated if the price found during the preceding 5-minute window is significantly different from the reference price. The reference price is the price just before the stock went into auction. If the difference is too significant, 'price tolerance' is said to be broken and the PME is started. The accepted tolerance is dependent upon the section that the company operates in. The initiation of PMEs warrants an immediate RNS to the market. Below is the text found in a PME RNS. "Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security's closing auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the most recent automated execution today." The RNS highlights to potential investors that they may be able to get a good deal buying or selling said stock and this encourages their involvement in stabilising the price through inputting acceptable orders. As with other parts of the auction, each PME is followed by a REP. Should a stable price still not be found following the first PME, a second PME can be initiated at 16:40, but this is the limit. There can only be 2 PMEs: in such an instance, the final closing price will be generated at around 16:45-16:50 when factoring in the REPs. If, during the two PMEs, no further orders are entered, the original auction price will be accepted. This final closing price will remain outside of price tolerance levels. An example: A stock was trading at -5% at 16:29, just before the auction period. During the auction period, trades get entered at the price equivalent of -20%. This will likely trigger a PME to try and relieve the price intolerance. You may wonder, why should this occur? One reason it may occur is if the share has a wide spread during the day. If the bid price is far below the mid-price, this could trigger it. Alternatively, the company may release a negative RNS at 16:30 that sets off a decline during the auction

... Finncap have reiterated - buy with 170p target. Peel Hunt have now also reiterated - buy with 165p target.

macaumike - your very welcome. This is a link to the bare bones of the latest agreement with UNXL. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=CAR&ArticleCode=frpzec2o&ArticleHeadline=Announcement_of_CIT_Technology_Licensing_Agreement (hope to works!) it's in the RNS list if not. Obviously and despite the previous animosity between the two companies, the hope is that UNXL make a go at it and go on to become a big player in the huge mobile sensor market... then Carclo can sit back and watch the royalties come flooding in! Unfortunately it's more than likley, given UNXL's long standing abysmal history... that little pink pigs will fly past our windows first! But you never know :)

Hi macaumike... Phew! You had me worried there. Those news items refer to the old case in 2012 which was eventually and amicably settled out of court after a long drawn out patents saga. Since then CAR have a contractual 2 year exclusivity agreement in place with UNXL which grants UNXL rights to CAR's IP (intellectual property) to use CIT sensor film tec in the mobile device market only, that is in return for royalty payments on any sales that UNXL may make if they are successful in getting it to market. There was also an intial non-refundable payment made to CAR. Currently UNXL seem to have brought it into production and say they have won 3 tablet sensor Purchase orders. There is still remains a great deal of doubt If UNXL can turn it into a high yielding profitable operation where CAR and Atmel could not. As part of the agreement CAR had to supply UNXL with film in order to complete the CAR/ATML contact with HP for three XSense tablets that made it to market... and also provide assitance and training training for UNXL staff... The HP contract and the assistance package part of the contract ended last October. At the time the agreement was made CAR reported that they intended to sell the CIT factory in Cambridge when that happened but there has been no news on that sale since. The exclusivity agreement has around another 12 months left to run but there is provision for royalty payments to CAR for the years ahead if UNXL are successful.

Hi macaumike... Phew! You had me worried there. Those news items refer to the old case in 2012 which was eventually and amicably settled out of court after a long drawn out patents saga. Since then CAR have a contractual 2 year exclusivity agreement in place with UNXL which grants UNXL rights to CAR's IP (intellectual property) to use CIT sensor film for use in in mobile devices only, that is in return for royalty payments on any sales they UNXL may make if they are sucsefull in getting it to market. There was also an intial non-refundable payment made to CAR. Currently UNXL seem to have brought it into production have recieved three PO

... as it gets... for a ims that is! Now look forward to a good the end of year results with strong possibilities that they will beat expectations. macaumike... I'm certainly not aware of any pending court case with UNXL, there was one a couple of years ago but that was settled... obviously you believe there is another one in the offing, what is the subject matter about?

Under new corporate governance rules there is no longer a requirement to issue a quarterly IMS (interim management statement). Some still do, some now don't. The hope is CAR will continue the previous practice and if they do it will most likely be issued later this week going on past form. That will cover the 3rd quarter to the end of Dec. Any IMS is expected to be positive and at the very least confirm everything is 'in-line with expectations'. The recent sp rise is probably a reflection of those positive hopes. It is also an opportunity to announce any further good news that may be more recent... and that may be suitable for the bod to release at this time.

With all recent signs having been positive on all fronts across the board I doubt there is anything untoward to read into the current sp weakness. It may even end up on the day! Last years IMS was released 5/2 so shouldn't be long before we get the next update which (all being well) will confirm and consolidate all the positives and hopefully create more impetus.

Usual reason - mm's trying to encourage a market! There's not been much of a CAR one lately! It's a good buy/top up opportunity.

Hi buddy, yes indeed a good set of figures but I think that the sp getting back into the higher space it occupied prior to that last ms is more to do with the vitally important clarity they provided about the rest of the led contracts... and for that reason I'm hopeful the sp should now at least get consolidated around this level for the time being. "As reported in our half year trading update on 15 October 2015, the VW Group has announced that its flagship luxury vehicle which was due for launch in 2017 will now be launched as an all-electric vehicle. The full ramifications of this decision on the lighting design have not yet been confirmed but it is expected that this announcement will impact on the timing of anticipated related revenues due to the likely change in vehicle styling. All of our other vehicle lighting programmes are for specialist marques and none of these vehicles are currently subject to any reported, or speculated, concerns around emissions performance. The majority of forecast revenues for the current year and following year are expected to be generated outside of the VW Group and none of our forecast revenue from the VW Group is generated from the higher volume vehicle brands save for the delayed programme". And as stated... that last sentence about them having their eyes on the higher volume 'big ticket' market will put some cherries on the cake!

... and CAR need to come up with some good guidence regarding the VW contract. We now know VW is a major customer and its likley that at least one or two of the groups other high end brands are also LED customers (and THAT is the concern IMO) we also now know that the majority of revenue from LED is received during the pre-launch phases. Losing just the Pheaton contract is a knockback but not too serious for CAR on its own... the profit 'hit' is expected to be marginal.... but if VW's financial problems impact on invstment plans for the other brands, which will in turn impact on suppliers such as CAR ... then those apparently 'nailed on' future revenues from Wipac that have been promised may not be quite so 'nailed on' as CAR have believed. The market now seems to be discounting the analysts forecasts and LED!