Member Info for PC01

it doesn't half pi55 me off...we talk at length about JOG and the good news re equinor...and down it goes. Out comes the guru Simon Thompson and bang, hey presto...you heard the news..there's this great little oil company...
Sigh!

Still if that is what it takes then I guess it works!

I agree very fishy. I would ignore it as well.

Now where are you Tesla? :-)

Sorry just back - no I was completely unaware re Maxwell (or if i dod know had completely forgotten)...looked thru the CPX website and saw the CDE settlement. I have received no info at all from the broker (Allenby) to whom you would think it would be of interest so I think - as per most - its probably nonsense. Just very strange to get a missive out of the blue like that. Still, there's always hope!

'Woodford Patient Capital Trust said in a statement after markets closed on Tuesday that “Woodford Investment Management Limited ("WIM") has today served notice of termination in relation to its role as Portfolio Manager.”

Woodford will stay on for three months to manage a smooth transition and the Patient Capital Trust board said it is in “advanced discussions” with a new manager.'...so WEI gone completely over next 3 months and WPCT likely to have a new hand at the wheel...no idea what that means for our dear friend Reneuron...there will be those that will predict its demise because of the stock overhang (would seem strange) equally the optimists amongst us believe we will come in one day to see the shares placed in orderly fashion to a new owner leaving those short wondering how to get their stock back. At £1.25 the equity is much more appealing than at £3 and therefore the market may well have done the broker's job for it. Time as ever will tell! But my stock remains locked up!

Morning all...I havent really been following the ins n outs on this board over the past few months...whenever I drop in it seems the same...OS getting abuse and a few techies talking about the latest super 3v or whatever...anyway, has there been anything discussed re Tesla? Reason I ask, completely out the blue a mate of mine whats apped me last night and suggested there has been a settlement with Tesla...anything to suggest that might be the case?

Excellent, cos our 100mm barrels are currently valued at or close to zero. And there was I thinking markets were efficient.

Losses or enemies ?? :-)

Apologies FD20 - I keep having to look down the back of the sofa to see if I can find anymore ££ to buy the shares :-)...prob time to turn the machines off and look again in 6 months time!

1-2% in WEI and 30 0dd % in WPCT (has been discussed a few times but nae bothe!)

HI Ajax, yes it was stated in the CMD presentation that there are, as I'm sure you understand, 100s of ways to skin this particular cat as to the cheapest and most efficient way to get the oil out of the ground. They will have a look at all of them and skin them back to 6 which they will then do a 'beauty parade'.
FD 20 - I think that's right. I'm not sure why that would be a surprise, building something to take 100mm barrels of oil out of the North Sea over 5-15 years will take quite a bit of $$. But lets go back to basics. JOG has $2.5bn of post tax FCF to play with. It reckons it will cost $1bn or so to get the oil out of the ground. This isnt news. But investors suddenly seem very fixated on how JOG pays for it all today. If that keeps you up at night, I strongly suggest this isn't a share for you. To reiterate this is going to be the largest oil producing project in the Central North Sea. And JOG owns (currently) all of it. As Dick has said umpteen times, by selling 10% of its reserves to pay for this and another 10% to pay for that will enable JOG to get to where it needs to, only now it can actually get something for 50% of its stake as opposed to giving that bit away for free.

Yes that's true...the difference between the 2 funds however is that you can sell your holding in Patient Capital today...whereas you couldn't sell your holding in WEI...so they are 2 totally different funds. WPCT would only need to sell if the NAV of the fund fell to zero (even then I'm not sure it would have to sell) or it broke its leverage covenants (more likely). Its very apparent that having a huge holder has its benefits (stability in good times etc) but also its major negatives if / when the **** hits the fan. I would argue that this remains a 2-4 year story during which time we will have more deals done a la Fosun. What the company is doing and achieving IMO will be too attractive to big US pharma to ignore at some stage -especially as the results are top of the class. That doesn't stop the haemorraging of my portfolio, just means I have to sit on it for that much longer...

All good questions DTR - Equity income owned a very small amount of Rene (cos lets be honest there is no income from rene) so i think c 1-2%. Patient Capital is the main holder c30%. Patient Capital has its problems, being over-leveraged at the moment, but its WEI that is being closed. 1-2% isn't very much here, but it won't stop the shorters having a go and spreading gossip that there is 30% for sale.

Who knows where it ends up - certainly the hugely positive technical outlook has been destroyed by the collapse from £3. Market cap now £45mm. EV £30mm. Cash in bank 26mm. Fosun deal worth £80mm depending on milestones hit. Its not expensive here under any valuation, with no need to raise more cash until 2021. When the SP is rising we're all brilliantly clever and when it falls like this its a **** share...maybe something in the middle is more the truth. Reneuron remains a company of great promise - the SP today at £1.30 doesn't make that any less the case...it just makes you and I and any other holders that much less sure as our emotions get caught up in the washing machine of life. Best suggestion - turn the screen off. Or if you really believe, breathe deeply and buy some more.

about 3.7p by the feel of it :-)!

All good questions OS - i sent an email to the house broker the other day wondering how they were meant to be the house broker if there was no information to 'broke'...to which the response was a very simple 'its the way he is'...I have no idea whether the optimism engendered in the last update and supporting the positive noises made earlier in the year (monies spent in retooling manufacturing capability, orders etc plus all the noise over patents) will be maintained in the upcoming release. I do fear that - as has been this company's modus operandi recently - we get more jam tomorrow (which the current SP would suggest is what the market is thinking) which might cause the last of us holders to severely question our sanity...but who knows, we might get a positive update...here's hoping!

Don't think this says anything we don't know but :
Summary
ReNeuron has presented more detailed efficacy and safety data from the Phase I/IIa clinical trial of its hRPC stem cell therapy in retinitis pigmentosa (RP). The data continue to show a dramatic and sustained improvement in visual acuity for the first three patients treated, with a lower but gradually improving response from the next three evaluable patients. From a safety perspective, the data show a good overall safety profile, with no immune or cell-related adverse events reported, while the two cases of surgically related adverse events are consistent with those expected for sub-retinal injection procedures, and may be mitigated in the future with technique improvements. We continue to believe the hRPCs are delivering clinically meaningful improvements in vision, a measure of efficacy that gene therapy approaches for RP have thus far struggled to generate. We therefore believe the results fully support further clinical development of hRPCs, and ReNeuron's EV of approximately £35m is far too low and fails to reflect adequately the value being generated by the programme. Reiterate Buy.

Key Points
More detailed efficacy data at AAO. ReNeuron released further detailed clinical data at the recent American Academy of Ophthalmology Annual Meeting (AAO) in San Francisco. Pravin Dugel MD, an investigator in the ongoing Phase I/IIa study, made the presentation at the conference, which continued to show dramatic gains in visual acuity from the first three patients treated in the Phase IIa efficacy segment of the study, with an average +28.7 letter gain (range +22 to +38) after 6 months. For the next set of evaluable patients (with better residual retinal activity and acuity at baseline), no meaningful improvement was observed after 2 months (average +3 letters), but appeared to show more of a benefit after 3 months (average +8 letters). Excluding the two subjects with injection-related vision loss, the average improvement was +17.8 letters for all six evaluable patients after 3 months:

I think we have said it a 100 times GELL - if you own shares in co's like JOG, you cannot buy them for instant gratification. It might just be your timing is spot on and today is the day that every one in the investing world decides JOG shares are cheap, but let's face it its pretty unlikely. If you have bought in here (like a few of us have) then you will be consoled by the fact the co has plenty of cash, it has a substantial tax loss (which is an interesting asset for a private equity fund), it has plenty of oil which the CPR report recently published suggests might give the co a NAV of between £23 and £42 depending on the price of oil with $50, 62.5 and 75 given as the 3 scenarios. Throw in a competent management who are not driving pink ferraris everywhere and jetting around in a helicopter and seem to know what they are doing and there are plentiful reasons to be cheerful and dare I say it optimistic. But if you need a 25% profit NOW this might not be your share...if you want a 1000% (no typo) profit over the next 3-5 years, it has as good a chance as any.

'From a safety perspective, according to Dr. Dugel, the clinical trial data continue to show a good overall safety profile for the hRPC therapy, with no immune or cell-related adverse events reported. The isolated episodes of surgically related adverse events are consistent with those expected for sub-retinal injection procedures, some of which may be mitigated in the future with technique refinements and injection site selection.'
That should quell those nervous about the potential side-effects...seems to me the results read fine but much work remains to be done...so kinda as we were?

Christ I'd forgotten about the Felton road...wonder how B7 is doing...luckily he didn't take me up on the double or quits 55p next share buyback...i'm led to believe things brewing in SLE - I've rather kept out of the spat between the believers and the unbelievers...rather pointless name calling. The SP is where it is due to a lack of confidence that the loan monies are coming in on time...but i think there will be a hurry up on that sooner rather than later and then I suspect a further buyback or dividend. I also suspect the majority shareholders might like a dividend. There are a few good oil performers on AIM at the moment, but the majority are trading well below perceived value, whether it be Hurricane or JOG or Amerisur. SLE in a similar boat - i think its a generational problem with investors forgetting that there is no need for shares to give them multiple X their investments TODAY, when these things take time. I suspect SLE will, over time, gravitate back to a more logical level (lets choose 50p to start) but does it go via 20p? maybe...

I followed you Chester - actually i think I predated you as I paid £1.75 but there we go. Am locked and loaded and fingers n toes crossed for news of the clarifying variety. That said, I read a horrible story about WPCT and his leverage problems so I think we could all do with some sort of clarity there.