Member Info for notrac

Hugo Bulmer of the cider family has purchased just over 3%.

Your comments lack punctuation, are predictable, unhelpful and serve your own ends. Please refrain from any further such messages.

Worth reading for the reiteration of the Chairman's views on the EU.

Surprisingly low level of irrevocable undertakings. Agreement late in the day, or restricted because of fear of it leaking out.

Options granted to management but they only vest in Oct 2019. Will FUM still be here then?

Not great. 82 p per share

Interesting that they now say that they were very disappointed by the Church and Dwight withdrawal. Good news is that there are sufficient funds. The company is a steal at this price.

The Institutions will only act if there is a requirement for another fund raising. I notice that Quantum Pharma, currently subject to a possible offer from Clinigen, signed an agreement with Futura in 2015 but I presume that it has never come to fruition. I would be surprised if anyone would make a bid until the approvals are in place.

QP. has strong institutional support: Legal & General 15.06% Schroders 8.65% Fidelity 9.7% Janus Henderson 3.90% Slater 2.18% Aviva 4.5% In the Clinigen camp, Legal & General hold 0.159%, Janus Henderson 4.17% and Schroders 1.84%. There is a much wider distribution of shareholdings in Clinigen.

A slightly late declaration. Returned from holidays? If I get a chance I will go through all these 8.3 forms to work out who the holders are.

A slightly late declaration. Returned from holidays? If I get a chance I will go through all these 8.3 forms to work out who the holders are.

The IIs in the two companies are not the same.

We all need to remember that Clinigen have not yet made an offer. There is currently no offer but there could be one.

In the financial summary of the Clinigen RNS dated 28/09/2016 which provided the final results for the year ended 30/06/2016, adjusted EBITDA is shown as 56.0 million, and adjusted earnings per share 35.0p. 20% on to top of this, as indicated for the year ended June 2017, would be 67.0 million (rather than 70 million), and EPS 42.0p.

Thank you for your response Rylidan. Clinigen have not produced their results yet but they indicated in the earnings update that profits were up 20% on last year. That would give an adjusted EBITDA of £70 million and adjusted earnings per share of 42.0p. QP. have issued half yearly results suggesting a likely EBIDTA of £12 million for the full year, which would presumably be around 7.0 per share. Therefore I do not understand how this will double Clinigen's profit. Agree that they can use their highly rated stock (currently in the high 20s based on the forthcoming results) to fund the purchase but I would be very surprised to see them paying much above 18 times earnings (126p). We live in hope.

Clinigen's market cap is about nine times that of QP. I cannot see this as being other than a bolt on acquisition for Clinigen as opposed to " a huge deal". Consideration between 100p and 120p per share imo.

Riggs can exercise his shares at 30p per share on a change of control. I imagine today's buyer of 2.25 million shares has spoken to his accountant and is trying to reduce his family's CGT bill. Only the difference between the cash consideration and the purchase price of 30p will be subject to CGT in 2017/18 This suggests that there will be cash consideration in excess of 30p per share in my opinion.

Thankfully we have Schroders as an II. I am sure they will make sure that QP. obtain a fair price. If there is a paper offer, difficult for PIs because QP sp will remain at a discount to the offer.

The last cash raising exercise was at 2.5 p per share. If there is a farmout before the money runs out in Q4, the next exercise might get away at 3p, if not 2p.

Intend to make an offer or make an offer. I think that by Sept 13th will either make an offer or go away.