Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
daniel.f
I am confident that you are correct when stating, “the company can file for administration in the meantime…”, but does it automatically follow from this that admin would be granted.
I know that Wikipedia is not always correct, but they state:
Re Administration in United Kingdom Law
“HH Judge Cooke held that a court will ensure that applicants for a prepack administration provide enough information for a court to conclude that the scheme is not being used to disadvantage unsecured creditors.”
Pearls has already made, imo, some very credible suggestions as to why DOB might want to use a pre-pack to prevent MA from taking over the company.
I am not a legal advisor or financial consultant, but in view of the above is it really likely that a pre-pack would be granted before the 22nd April or before MA has stated that he is not going to make an offer?
TKS
I am not a financial consultant or a legal advisor, but please could someone explain why SPD’s stated position is incorrect and why pre-pack must automatically follow suspension today given:
Sports Direct RNS 8th April 2019 (also repeated in RNS of the 9th instant)
[…]
“Sports Direct also wishes to confirm that, in addition to consideration of the Equity Issuance, it continues to give active consideration to its pre-conditional possible offer for Debenhams at 5p in cash per ordinary share announced on 25 March 2019 (the "Possible Offer"). Sports Direct has until 5.00pm on 22 April 2019 to announce either a firm intention to make an offer for Debenhams or that it does not intend to make an offer.”
RE: The Takeover Code
Rule 2
“2.6 TIMING FOLLOWING A POSSIBLE OFFER ANNOUNCEMENT (a) Subject to Rule 2.6(b), by not later than 5.00 pm on the 28th day following the date of the announcement in which it is first identified, or by not later than any extended deadline, a potential offeror must either: (i) announce a firm intention to make an offer in accordance with Rule 2.7; or (ii) announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 applies, unless the Panel has consented to an extension of the deadline.”
2.6 C
“The Panel will normally consent to an extension of a deadline set in accordance with Rule 2.6(a), or any previously extended deadline, at the request of the board of the offeree company and after taking into account all relevant factors, including: (i) the status of negotiations between the offeree company and the potential offeror; and (ii) the anticipated timetable for their completion.”
TKS
pokerchips
Thank you for confirming a potential offer has legal standing - I will sleep a little better tonight knowing that.
DEB
I am not a regular poster on here, but FTR I hold slightly under 400K shares, avg 2.81p, so would be very grateful if anyone could clarify if MA’s original query about an offer to the BOD is really considered to be sufficient for the purposes of extending his option to bid by 22nd April 2019. I hope he can do this but if not, I am staying in the perhaps wishful belief that he will bid tonight. I know it is massive risk, but it is a risk I am prepared to take.
TKS
TF, thank you for kind and thoughtful comments.
I think Ixico’s potential is considerable esp. in view of their niche in the market, and the fact that people are living for longer, and populations are growing, not just in UK and Europe, but also in India and China.
As soon as I able, I will be topping up my position here and hopefully I might even be able to avg. down a tadge.
TF, thank you for advice on ISA –
FYI - I have two ISAs maxed out for this year and 2 holding a/cs. Ixi in both ISA a/cs. I spent quite a few weeks researching Ixico before making my commitment – I hesitated for 2 days – watched the 25p entry point rise to 27p before jumping in. When I did, only a small number of shares were available so could only buy shares as and when. Watched SP hit 36p and then go back down. I am confident that in the long term you are correct, and the SP will be much more than today. Hopefully, as you say in the next 2 to 3 years it will be in multiples. But it would be nice to be in the green and blue again! I hold the view that Ixico’s SP looks cheap – debt has fallen considerably; new contracts have been secured; directors are buying and the companies involvement with Kings might very well lead to other benefits – So for me I consider it a very good investment.
Another reason why my wife and I invested in IXI is that my brother-in-law has Parkinson’s and is in a Nursing home and my mother-in-law, who has been living with us for over 2 years, has vascular dementia. My wife and I are not emotionally involved with this company, but we both know how debilitating these illnesses can be and being invested in Ixi is something that might not only help use to make some money but also may in some very small way by being invested here help others with these terrible illnesses so for us it is a win-win. Thankfully, we are fortunate that we are able to accommodate my mother-in-law and look after her for now and also still have room for our children and their entourages when they decide to pay us a visit.
I take your point on insider trading, but I thought that Directors’ ability to buy or sell shares was restricted only in the case of M&A and not new business contracts unless they had insider information that was not known to the public. I am not sure where the line is drawn if directors have insider knowledge that informs that a company might soon be likely to want to do business with them. I assume Ixico is proactive in encouraging new clients to use their technology and must have some insights as to which pharmas are about to start trials etc.
TommyFlowers thanks for sharing your SP info, I am pleased for you. Sadly, I was late to the party and now avg. about 30p. At the time I could only buy small trunches, but was in when SP went to 36p but did not sell as I was looking long term and still am. Now SP has gone south - I wished I had sold and bought back in – Then I would have acquired more shares and a better avg. - Hindsight is a wonderful thing - C'est la vie. However, I am learning every day. TBH I am about 1k+ down today on Ixi but am not worried as I am very hopeful and confident that we will see the SP rise in the next 12 months. I am also hoping that in the next 8 days - if the very risky investment I just made works out (a bit of a gamble) I will be in a position to buy more Ixi shares than I sold the other day and who knows, if the Ixi SP stays where it is for a few days, I might even be able to average down a tadge. I read somewhere that people on these BB don't usually share their investment details so I am sorry if I have broken some etiquette, but having seen so much ramping and de-ramping statements by some investors on other BBs, I hope that anyone can see from my comments that I am not being duplicitous, and genuinely want Ixico to do well and for the SP to rise.
TommyFlowers thanks for your reply. As always, your comments are really appreciated. I hope your notions of 12x and 20x are correct. I too like you are looking long term but hope to see some movement in SP in the near future. I like smith999 am heartened by the Ixico’s sole broker’s comments. However, sadly in the last few days the SP has moved south, let’s hope a new contract is secured soon (which is what I have been hoping for) and the SP moves north again soon.
FTR I sold a small number of my IXI shares yesterday inorder to invest in something else - If it works out I will be able to buy back those shares and add more.
Hello Pearls,
I sincerely hope you are correct in your assumptions about MA making an offer, then I like many others I am sure might recover some of the losses incurred so far by investing in Debenhams and perhaps dare I say it, even make some profit.
As previously stated, I am very new to investing in stocks and shares, but I am gaining in knowledge every day. However, I was wondering if you have had any thoughts on whether MA needs to acquire the entire issued share capital that he does not already own in Debenhams to achieve his aims, and whether any offer he might make would necessarily be solely on the basis of a cash consideration?
Thank you TommyFlowers for your comments, which I found very interesting. TBH I didn’t know anything about PML or Ixico had any involvement with it - I will try to do some research on PML as soon as I get a chance. Regarding the failure of the amyloids plaques targeting trials, I guess that in the short-term, as you say, many in the pharma community will go back to the drawing board to think about new and alternative approaches. However, as you will no doubt know there are already some alternative approaches being undertaken e.g. Royal Hollow are seeking a way to restore levels of normal autophagy to block the death of brain cells; and there is also an ongoing study being undertaken in respect of the Chamorro people’s mysterious ailment called lytico-bodi, which some seem to believe might have merit in helping to find a cure for AD. I also read that currently there are more than 100 clinical trials in progress – I have no idea which phases. So in view of these trials and the new contracts Ixico picked up; as well as the new collaborative project with Kings, and also the directors’ recent investments I had hoped that we might see an announcement that some more collaborations with Ixico were in the pipeline and would see a subsequent rise in the SP, which sadly does not seem to have happened yet. I still have my fingers crossed. Have you any thoughts on how son befiore we will see the start of a sustained rise in the SP?
Thanks TommyFlowers for posting info on Biogen and the link.
I do not know about any collaboration with Ixico and Biogen for AD, but I thought I had read somewhere that Ixico were, or had been in collaborating with Biogen iro MS since 2015. I noticed a latter commentator on Bloomberg stated that a large part of Biogen’s revenue comes from a drug called Spinraza (iro MS), which is getting old, and that a new company called Novartis would be presenting a new gene therapy treatment for Spinal Muscular Atrophy (pos Zolgensma) soon, and added that this might be a major competitor to Spinraza. Given Biogen’s major setback today and possible loss of expected future profits from that failure and resulting falling SP, as well as a possible downturn in their revenue from sales of Spinraza then I imagine if Ixico are still in collaboration with Biogen they might experience some fallout from today’s events, if not soon, later on. Hopefully, not too much.
I think we both agreed in previous posts that a consensus was developing that previous approaches to developing drugs that could tackle beta-amyloids was something that pharmas were moving away from. I assume Biogen’s trial had been going on for a while and was implemented before the current views about the lack of effectiveness of drugs trialled that could break-down amyloids plaques esp in elderly clients. However, notwithstanding today’s events I would have thought that in respect of AD trials and research that Ixico would not be much affected. Presumably, alternative ideas fro fiding cures for AD will continue but plaques and tangles will still be used as biomarkers to identify the presence and progression of AD. Therefore, would I be wrong in assuming that these proteins will continue to be used to identify suitable clients for trials and for monitoring purposes. In which case I assume that new trials would still benefit from Ixico’s data programs and mapping facilities. Is this assumption wrong?
Thanks for the replies.
I agree TommyFlowers that trials have been pulled and results from other trials have in the main been disappointing, and that Ixico’s size and their reliance on a few large clients could make them vulnerable. However, their recent announcement of collaborating with Kings IRO the new Medical Imaging and AI centre, as well as the recent investments by 2 directors are for me encouraging. Especially, as some researchers are now suggesting that AD trials underpinned by assumptions of the role of amyloid-beta in AD, could be mistaken, and are instead now suggesting that there is a greater need for research to be undertaken to find out how and why memory loss happens, as well as research to develop better methods of prediction and prevention of AD through AI. Data Collection, Wearable devices, Mapping, Bio-Markers etc. In which case do these views not appear to bode well for Ixico and COG who are at the forefront of some of these technologies, esp given the potential demand both locally and internationally for these technologies which could be considerable? I waited until today to post because as I had hoped there might be some development announced from the Alzheimer’s Research UK Conference in Harrogate today that might have been posted on the web IRO AI etc. Alas so far, I haven’t been able to find anything specific.
I am new to investing in stocks and shares and have not posted on this board before or for that matter any board before until today. Therefore, please forgive my ignorance if I have not followed some kind of etiquette. I have followed this board for the last few months since I invested in DEBs and have gained a great deal of knowledge from the comments made by all. However, in view of the the criticism that has at times be levelled at Pearls I just wanted to say that I have found his comments very helpful and a source of encouragement.
GLA
I hope no-one minds me joining BB. I am very new to investing and am learning more every day. I have never posted to any BB before and don’t have a Twitter or FB a/c so please forgive me if I accidently break some etiquette for posting on here - This is all new to me. I am currently holding 45K+ shares and have been for a little while now.
Re the earlier post by oldtrader2 IRO Susan Lowther - I was concerned when Shares Magazine reported on 11/12/2018 that “Ixico said Tuesday that Susan Lowther had resigned from her position as CFO to pursue other business interests” from my research she now seems to have moved to Arecor Ltd, as their new CFO. She does not appear to have made a public statement about why she left, but perhaps a clue might be gleamed from her remark on her Linkedin a/c https://uk.linkedin.com/in/susanlowther about the book she enjoys reading entitled, “ Integrity is by far the most important asset of a leader“. This is complete speculation on my part.
Notwithstanding the above, I too like others on this BB have been impressed by the new contracts and contract extensions Ixico have secured, esp those over the last few months. I am also very encouraged by the latest Directors investments and the company has a strong FC position. Given all these events and the appointment of the new CFO I would not be surprised in the least if further news was just ‘round the corner that might see this SP fly.
Does anyone else feel the same?