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The board seems to back the current offer strongly, and while the SP action suggests some expectation of further bids, any counteroffer would need to be meaningfully higher to change the board’s stance. What time frame are we looking at here, until shareholder and court approval is obtained, or up to completion in Q4? What are the chances the SP reaches the forecasted median of 88p? Or is the forecasted price not relevant here?

Perhaps other (block) trades have gone on in the background and will be reported later today or tomorrow. Positions are changing hands based on 8.5 and 8.3 forms.

This NHS article is just the catalyst that liquid biopsy providers, including AGL, needed to start gaining momentum. We know Angle has a best-in-class system that can provide significantly more data than Guardant Health; however, this opens the doors for many more providers of varying capacities to access more patients, not just those in clinical trials. NHS will have an issue keeping up with demand, hence NHS is also evaluating and piloting similar approaches in other hospitals and through national studies, suggesting that capacity will not be limited to a single facility or provider.

Angle's Parsortix system has been incorporated into clinical trials run by NHS Trusts and leading UK cancer centres. For example, it has been used by the Cancer Research UK Manchester Institute, which works closely with NHS hospitals such as The Christie, one of the largest single-site cancer hospitals in Europe. The Parsortix system was adopted for routine use within their clinical trials portfolio, supporting both research and patient-focused studies.

Angle has also conducted clinical studies involving NHS Trusts, with up to 1,000 patients recruited as of mid-2024 for the INFORM study and other cancer biobank initiatives. These studies are designed to generate patient data and validate the utility of Parsortix in various cancer types, often in collaboration with NHS clinical teams.

The company’s technology has been used in multiple NHS-linked trials and research collaborations, supporting the development of new cancer therapies and personalised medicine approaches. Hence, there will be a halo effect of this. This probably explains the uptick in buying this morning.

AGL is a market leader in its biotech, with patented and credible products supported by over 100 peer-reviewed papers, which major pharmaceutical companies utilise. As the global liquid biopsy market is in demand, it is forecasted to reach $13.44 billion by 2030; it is only a matter of time. In the biotech world, we know that deals take time, but when they come to fruition, they can be valued at anything upwards of 50p in a takeover. Consider the competitive edge the products could provide the bidder in terms of precision and efficiency, as well as access to the above-mentioned $13.44 billion opportunity. Even if no TO and just pharma deals roll as has been reported in the next 18 months, this SP is highly undervalued. In either case it is only a matter of time. DYOR

Indeed, and it seems it's back on the rise, see a charting perspective possibly heading back to the 550s by the end of June: https://www.youtube.com/watch?v=19SctqQrfyE&list=TLPQMjIwNTIwMjVIieWl2opH6g&index=1. Scroll to the end, it's the last few minutes.

The tech is sound and solid. Angle seems to be getting the word out wherever possible. It's only a matter of time. Don't stop believing in this tiny but mighty company, which could transform how cancer diagnostics, care and treatment are handled going forward. Hopefully, tissues will be mopping up tears of joy.

EmeraldCarrots, what is your source to suggest early June for results? Their website states May. If this is pre-results buying, this could indicate positive news, perhaps on the horizon? Let's hope there is some commercial deal or partnership being announced.

Something is going on, though. The traded volume is up, and although it doesn't take much to move this north, this level of attention without news suggests something may be in the works.

I'm surprised this has reached the eighties yet. So, I looked into Reynolds' current P/E compared with its peers. It seems the industrial machinery sector in the UK often trades at higher P/E ratios, in the 12–20 range or higher, especially for companies with consistent earnings growth and strong margins. Renold’s current P/E of 10 is still below or at the lower end of its sector average, suggesting it is valued conservatively relative to peers, despite delivering record profits and margin improvements i.e. EPS growth (19% CAGR over five years), which typically warrants a higher P/E.

This may end on a high as after acquiring Mac Chain, approximately 47% of Renold PLC’s group revenue is now generated from the Americas on a pro-forma basis. This figure includes both the United States and Canada, as Renold’s North American operations span both countries, and the Mac Chain acquisition covers facilities in the Pacific Northwest of the USA and British Columbia and Quebec in Canada. No doubt there will be investors across the pond.

The consensus 12-month analyst target price is between 86p and 90p per share, with a median of 88.67p. This suggests 81p is below the fair value estimated by analysts.

Is news incoming for this sort of price action?

Monday, May 12th 2025, Full Year 2024 Trellus Health PLC Earnings Release

Worth 22m. Well, that should balance the books.

Warpaint plc’s 2024 results exceeded analyst expectations on profit and EPS growth, but revenue growth came in slightly below forecasts. The share price will likely remain volatile in the short term, with technical signals mixed and market sentiment sensitive to growth deceleration compared to 2023, when revenue grew by 40%, while 2024 saw a 13% increase. However, the company’s strong profitability and positive outlook may provide support if investors focus on fundamentals rather than the slowing growth rate. It will be interesting to see if the analyst price forecast remains 600-700.

Paulus47, totally agreed with your comments. Let's not forget the unique SKIL platform, which is also an asset and commercially lucrative. Comparable tools on the market include:

Structure-based design platforms (e.g., Schrödinger's computational tools or Recursion Pharmaceuticals' AI-driven drug discovery), though these lack SKIL's kinase-specific library.

Kinase-focused competitors:

Blueprint Medicines' kinase platform (e.g., Ayvakit for gastrointestinal stromal tumours).

Carna Biosciences' kinase profiling services and inhibitors.

Nimbus Therapeutics' computational chemistry approach (e.g., TYK2 inhibitor acquired by Takeda).

While other kinase-focused platforms exist, SKIL's combination of proprietary chemistry, CNS-targeting capability, and dual therapeutic focus differentiates it in niche areas like autoimmune disease and cancer immunotherapy. With the new BBB penetrative angle, there is a focus on neuroinflammatory diseases, which is no small discovery, as in this area, there are very few candidates.

Key competitive advantages:

Blood-brain barrier penetration: Three compounds from Sareum's library showed meaningful CNS penetration, a critical hurdle in neuroinflammatory drug development. This positions them ahead of many systemic anti-inflammatory agents that lack CNS accessibility.

Dual kinase targeting: Unlike single-kinase inhibitors like deucravacitinib (TYK2-specific), Sareum's compounds inhibit both TYK2 and JAK1, potentially offering superior inflammation control in neurological disorders.

Preclinical validation: Lead candidate SAR-20347 showed efficacy in psoriasis and rheumatoid arthritis models, suggesting cross-application potential for neuroinflammatory pathways.

Competitive landscape

PTPN11/SHP2 inhibitors: Preclinical studies show robust reversal of neuroinflammatory signatures (RMC-4550, TN0155), representing a mechanistically distinct approach.

Complement system targets: Emerging research highlights C8G's role in neuroinflammation modulation, though clinical viability remains unproven.

BTK inhibitors: While growing in hematology/oncology (projected $28.9B market by 2034), their neuroinflammatory applications remain underexplored compared to Sareum's direct focus.

Market alignment

Unmet needs: The IL-6 inhibitor market (forecast $53.96B by 2029) reflects demand for neuroinflammatory therapies, which Sareum's CNS-penetrant inhibitors could address more directly than systemic biologics.

Dual mechanism potential: The success of kinase inhibitors like brepocitinib (TYK2/JAK1 in Phase III) validates the pathway, though Sareum's compounds claim improved exposure profiles.

Neurodegenerative focus: Growing recognition of neuroinflammation in Alzheimer's and Parkinson's creates opportunities for Sareum's BBB-penetrant candidates, particularly where current anti-amyloid therapies show limited efficacy.

The options, exercisable at 14p with a 12-month trajectory, signal some growth, potentially giving us an idea of the deal(s) in the pipeline and confidence in making it happen. Let's hope that after the board has sorted out their incentive package, the updates on the deal start to roll in.

I've been researching this acquisition and thought I'd share my notes. This takeover will significantly expand Greencore's market share in the UK's convenience food sector, particularly in ready meals, salads, and chilled foods, while reinforcing its dominance in sandwiches. Key impacts include:

1. Market position consolidation

The combined entity will become a £4bn-revenue leader in UK convenience foods, with enhanced bargaining power across major retailers like Tesco (24% of combined sales), M&S (21%), and Sainsbury’s (18%). This scale will pressure competitors such as Samworth Brothers and BakeAway to consolidate or innovate.

2. Category dominance

Ready meals: Bakkavor is already the UK’s top ready meal supplier, and merging with Greencore’s distribution network will solidify this leadership.

Sandwiches: Greencore’s existing dominance (748m units annually) remains unchallenged, as Bakkavor has minimal overlap here.

Salads/sauces: Combined operations will deepen penetration in these fragmented categories.

3. Synergy-driven efficiency

The £100m+ estimated cost synergies from procurement and factory rationalization (36 sites combined) could improve operating margins from 5.1% to 6.4%, enabling more competitive pricing and reinvestment in innovation.

4. Regulatory considerations

While the CMA may scrutinize overlaps in ready meals and salads, analysts suggest the fragmented nature of some categories could facilitate approval. Any forced divestitures would likely target specific product lines rather than core operations.

5. Retailer dynamics

Major supermarkets may push back against increased supplier concentration, but the combined entity’s efficiency gains could offset pricing concerns. The merger might also accelerate retailer demand for category-exclusive supply agreements.

This acquisition positions Greencore as the clear market leader in private-label prepared foods, with the scale to drive industry consolidation and set category standards. However, successful integration and regulatory clearance remain critical to realizing these gains. Sources: Grocery Gazette, 4 Apr 2025: Food Manufacture, 3 Apr 2025: The Grocer, 19 Mar 2025: BakeryInfo, 2 Apr 2025.

Where do investors believe the share price to be a fair value? We have surpassed analyst price forecasts, and the more you factor in gold prices, cash, and additional drilling projects, the more it feels like this can be at least double today's SP.

Hence, analyst forecasts range from £2.20-£3.