Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Well I was not expecting this. I can only assume that one or more of the II's in HDIV have requested to buy into BIPS.
With a lower than usual premium to nav its hard to see how it does existing holders much of a favour (after the dilution of reserves, cost for BIPS of investing the raised monies etc), although it should reduce marginally overhead charges /per share (in theory!).
At least it is after the current ex-div date so that is not diluted...
I'm not really expecting them to cover the impact of the final divi entirely out of this quarters income, as you say they should already have around 2.5p towards this in the nav (why do they not break it down in the factsheets Nav+/- current income?).
I do recall that they mentioned, in one past presentation, that the start of the year was good for income from several asset classes, so it could be this is why we are seeing the nav stepping up as much as it has so far this year.
Their latest Investor Update presentation (Jan 2024) looks positive for the asset classes in TFIF.
Cavendish-
We remain confident that Velocity will complete the signing of its second customer for the Alabama facility in due course, but with a more accommodating timeframe. FY24 EBITDA guidance is unchanged, with the revenue mix now reflecting a smaller contribution from low margin initial-stage production. We provide details of our revised forecasts on page 3. - Drivers: Velocity continues to enjoy positive demand drivers in its civil aerospace and defence.
Summary: The FY23 results present a de-risked outlook and a clear pathway to near-term profitability. We believe that the current production facilities can support up to £70m of revenue, and the company is positioned for very strong revenue growth in FY24 and FY25 and beyond. We maintain a 101p target price.
All looks OK but they are tighter on the cash flow for the next year than I was expecting.
I think we are likely to get another placing if they land a big contract unless it is phased to start in 2025. Still, if it accelerates the growth than that would be reasonable.
The Cellsearch System is, I believe, the most commonly CTC capture method used, however it has limitations.
My understanding is it is because of the frequent loss of epithelial antigens by CTC assays targeting epithelial antigens it may miss what can be the most invasive cell population. There is a paper on this by A Gradilone
A more recent review of biomarkers highlights some of the issues of using CellSearch-
'.....pancreatic ductal adenocarcinoma (PDAC), giving a result of only 20% even in the advanced metastatic stage . This contributes to the underestimation of CTC number and could be, in part, due to the high number of CTCs with a mesenchymal phenotype undergoing EMT (i.e., from hybrid CTCs to EMT-CTCs).
Similarly, ' a study conducted on malignant pleural mesothelioma using the CellSearch® system showed a low detection rate of 33%, suggesting a need for efficient EpCAM-independent detection systems of CTCs.'
It is a limitation they mention is the assay details, along with a need to make sure samples are clear of Dox.
Note EMT=epithelial-mesenchymal transition
Hardman -HI review 2023 -Angle which is a constituent of the index is mentioned-
Angle (AGL)
AGL does have an impressive liquid biopsy technology (Parsortix®), which is highly
sensitive and accurate in the measurement of circulating tumour cells. However, it
has taken a long time to get to the commercialisation-stage that it has reached today
and investment by major diagnostic companies has seen competing technologies
moving apace – notably Grail’s all-encompassing early cancer screening test. AGL
started 2023 badly, with a negative trading update and restructuring announcement
on the first day back after the New Year holiday. There was a bounce in April when
it announced a services contract (Crescendo Biologics) and partnership agreement
(BioView). A further bounce was seen in September following an update to the
market with its interim results, but much of this had been reversed by November
when the company issued a trading update and further restructuring to preserve
cash. Although the sales growth rates read impressively (+120% for 2023), it is off
an incredibly small base and is insignificant (£2m) in absolute terms compared with
the massive market opportunity ($bns). The announcement also stated that the
company has sufficient cash until 2Q’25. Extrapolating this back, AGL will need to
publish its 2023 results around the end of 1Q’24 in order to get auditor sign-off for
its 12 months’ working capital requirements. Also, in our opinion, the market should
expect another equity raise prior to the announcement of its interim results in
September 2024.
It's always good to take some off on the way up.
You have the knowledge, and have been invested with Angle long enough to understand that just doing nex-gen sequencing on CTC's is not quite the major breakthrough that some seem to think. The results were interesting but not that surprising and there had been elements in past journal articles.
Again I am left wondering why they had not already done this prior to the FDA clearance.
Well done on your start to the year, you should be able to go on a very nice holiday! I certainly would not have the cojones to have punted that much on Angle.
I agree.
One of the reasons for perusing the planning was to see who was involved. They don't own the site so I guess an alternative is it could be (in part) a lease arrangement? One of the local aggregate companies has also just got planning for a concrete batching plant there and it is the site of Quinn Estates a local developer, both of whom were reportedly at an on site Canterbury Council meeting with Chapel Down last year....
In addition there was a linked application for warehousing at the site - this seems to be separate from the winery although it is not clear if it will be used by Chapel Down (or is integral to their needs). The application was supported by Defined Wine (and a number of their customers) , a contract winemaker already on the Highland Court site.
There was another block of warehouses in the original plans but they seemed to have been dropped as the application progressed.
Probably maximum positive spin on growth but the extracts below are from the Economic Benefit paper in their planning application. Also an idea of cost.
It is expected that the development of the site will lead to a significant private sector construction investment amounting to approximately £32 million. The assumed build costs and other costs have been derived from developer estimates. As such, this level of investment is considered to be a conservative estimate and in reality, may be higher.
The new state-of-the-art winery is designed to allow Chapel Down to continue to grow. It will have an initial capacity of 3,500 tonnes of fruit and the ability to produce around 3.2 million bottles of wine per year. The company’s objective – fulfilled every year since 2009 – is to grow by at least 15% each year. At current growth rates. Chapel Down expects to continue to grow by two further phases of approximately 1,500 tonnes to take the total capacity to 6,500 tonnes, producing on average in excess of 6 million bottles per year by 2032, with a peak capacity of 9 million bottles in exceptional harvest and with further capacity to grow. After storage, the wine needs to be riddled, disgorged, bottled and labelled. This proposal therefore provides Chapel Down with the opportunity for a new packaging line that would sit alongside its wine processing facility. The existing facility at Tenterden will not close, but will remain a tourism centre and small boutique winery for very specialised wine cuvees.
As Chapel Down grows, it will need increasing storage capacity for its wines as they mature. Generally, the company’s still wines which will account for circa 45% of volume by 2032, require only 6-12 months storage. However, its sparkling wines can require storage of 3 years or more. In 2021 that will amount to storage of up to 3m bottles, whereas by 2032 that number could be 10-12m bottles. This will mean Chapel Down becoming the UK’s biggest selling premium sparkling wine brand, overtaking Moet and Chandon.
Liquid biopsy company Angle (AGL) has signed a ‘pivotal’ contract that signals a ‘landmark achievement’, says Berenberg.
Analyst Odysseas Manesiotis retained his ‘buy’ recommendation and target price of 120p on the stock, which added over 3% to 12.1p on the first day of trading in 2024. The shares plunged 75% last year.
Manesiotis said the group announced a ‘pivotal contract’ with Eisai Inc of Japan to test oncology drugs that is worth $250,000 over the study’s duration but ‘also marks a significant milestone for Angle, offering potential for extensive follow-up studies and establishing a promising collaboration with a major company in the pharmaceutical industry’.
‘This contract with Eisai Inc represents a landmark achievement for Angle, signifying its entry into high-profile pharmaceutical collaborations and the potential for a transformative impact in oncology therapeutics,’ said Manesiotis.
‘While Angle’s approach remains novel and hence less likely to be trialled during periods of weak biotech funding, we continue to think it offers significant potential in one of the most attractive cancer diagnostics niches, and with a fresh commercial muscle, products and now strong validation, the shares could trade very well as biotech funding recovers.’
From The Times-
'There was a record-breaking backlog of 15,000 aeroplanes on order in November because of soaring demand for travel coupled with supply chain challenges, according to the latest figures from the UK’s aerospace trade body ADS, which represents aerospace, security and space, reported that there was a 350 per cent increase in the number of orders for aircraft compared with last November and a 10 per cent growth in the backlog. '