Member Info for PC01

a few things about Quilter's holding...firstly, the portfolio manager loves CPX and does nothing other than talk about the bloody stock! The paradox for him, like all of us, is that if he liked it at 10p and 8.5p and othing has changed, then he has to love it at 4p...and if he has to love it, then he has to buy more...as did all of us, despite deep misgivings about the price action.
His holding at 15% is from an asset manager...not a hedge fund or rpivate equity fund. As such, it would be most unusual for him to request a seat on the board. However, as he now holds 15% of the company, he most certainly will be able to vote for or against any board proclamations (such as pay n rations for those that run the company).
That he has upped his stake confirms what I and other have been saying for some time...there's been a lot of private investor selling and someone had to be mopping them up...
Finally, I hear this a lot - there is no way in god's green earth that Quilter will be privy to any information that is not freely given. In this world of Mifid 2 and GDPR etc, brokers can no longer give a nod ahead of news...I know some of you will say the info I was given in our 1-1 has not been publicly made available, but I think you will find the 'gist' has...so, what i would say is the conversation has been along these lines'Hi Anthony, Quilter here...we keep buying your shares at ever lower prices. Can you think of any reason why we shouldn't?'...'No, all in line, expect FCF +ve mid 2020. In talks with lots of contracts, all proceeding as expected and the board remains a very positive outlook'...or words to that effect!
Good luck all - technically a break above 6.4p and then 6.6p (where the 200 day moving average resides) will finally get that duck in a line...

Dear Afa
'That's how the big boys do it'....really? You are sure about that? The Big Boys short stocks with a free float of about 10%? I think, dear chap, you will find in page 1 of the do's and don'ts of share investing is the line 'Never short a stock when the price of said stock can be controlled by a few large holders'. As for shorting the shares for fun, along with sticking pins in my eyes, coming home to the UK after a lovely week in the sunshine and listening to Jeremy Corbyn, shorting shares in a company with a prospective yield of > 30% doesn't really do it for me. But thanks all the same.

Delighted to see the gentle move up this week. There should be a whole gamut of good news to come over the coming weeks n months. Maybe just maybe we have put a line in the sand at 4p?

Is the quite chunky volume that continues to go thru here. As per previous posts the free float of stock is v small...I know CJ and his friends would never actually put their money where their mouths are and short the stock so guess it’s small investors
Moving on...strange tho that might seem. Still given my in cost is 1p I guess I might buy some more here.

Pretty decent day. Up 6% 500k shares traded. And no posts from AimOracle or Trigger. Things are looking up.

I’m not sure it really matters. Legals have made a decision to reduce their shareholding. It might be a portfolio manager change or analyst change ...they only own 700k shares or so...I can’t believe other fund managers / hedge funds / private equity funds / small and large oil cos and anyone else not mentioned with a little bit of sense and some ££ to spend are not running the slide rule over Jog. I did buy a few at the open...will buy more if we drift into the 170s...

In addition to Investors Chronicle and the house brokers I received a strong buy note from ADVFN this afternoon in my email box. Like others I wonder how long the price can remain below pre Verbier levels - it is - to me - completely nonsensical we are 20% below where we were before the Verbier news...given that this news has given Jog so much more than Verbier could ever have done.
Hate to admit it but guess I’m going to have to buy more.

There was some cheap stock about first thing of which I took advantage. It does seem that there is a seller about but v heartened to see other buyers. Quite like the look of the chart with good support c £2.20...just need to break £2.65 then £3.25...patience required!

There seems to have been one thing that has been completely ignored over the past few days. As a long term holder the only thing that matters is that Jog is now derisked. Before Monday’s Buchan announcement we knew Jog had 17% of 25mm barrels in Verbier some cash and a large tax loss. But the risk was none of those assets either on their own or combined made one feel completely relaxed as we knew Jog will need more cash one day.
After Monday we know in all certainty that Jog now has an asset (combined with the 3 aforementioned ones) against which it most definitely raise more equity when it needs to.
If the SP as our useful idiot (is he trigger in disguise ??) goes to £1.10 well it will be boring but it will be incredibly cheap there. But for me over the next 3-4 years I can see no longer see any chance of Jog running out of £££ and given the assets it now has it has every chance of a violent re-rating.

I am more and more convinced that there is a buyer just working in the wings...As i posted to CJ the other day, there are too many sells and not enough published buys which make me think that a market maker has an order to buy c 4.20 - 4.5p....otherwise i think with the selling we have seen since post-patent news we'd have drifted further. The 500k order I would think is one of many that have been filled, so look for an RNS of yet more shares being bought by one of the big holders...and this sadly is the name of this game. We all await news of orders > ££ and in meantime rather lose the will to live as we continue to trade below the 200 DMA...I still have 20p target by year end, but admit to concerns that I might well be premature unless a few long white eared fluffy things are pulled out of a big black top hat!

I'm guessing Trigger has had to cover his short...he'll be sad that he had to pay £1.50 rather than the 40p he was hoping to see...ho hum. Couldnt happen to a nicer chap.

I note the rise from £1.10 to £1.35 this am is after Simon Thompson in Investors Chronicle has come out all bullish...interestingly, his numbers are v similar to ones produced by others on this board today (oh and me :-))....
https://www.investorschronicle.co.uk/comment/2019/07/22/jersey-gushes-higher-on-transformational-licensing-award/?utm_campaign=Copy+of+ICDailyEmail_new2016&utm_source=emailCampaign&utm_medium=email&utm_content=

So let's pretend we don't know the SP has traded has high as 3.90 and as low as 30p...I'm sure I've bought ome up there and sold some down there buts thats a different story! Value :
Current mkt cap £25mm.
50% of 100mboe with a $5 profit is $250mm...a $10 profit = $500mm...with £/$ at 1.25, you could argue that value creation for JOG today is worth between £200mm and £400mm.
The company has liquidity but undeniably will need to raise cash going forward...I would suggest that SP is worth at a bare minimum £10 especially if they can prove Verbier, Meribel and Cortina actually hold the oil they always thought existed?
A good day.
Anyone seen Trigger?

What I like about the research piece is the confirmation - that I had in mind - of no need to raise fresh cash with cash balance of £26.4mm to last well into FY21...as has been discussed on here before, the SP of the company will be driven by its primary job of clinical trials success or otherwise...we know there are new co-ventures coming and again, as per chats on here in the past, the terms of those agreements will be much more in Reneuron's favour due to the improving financial footing and clinical trials success. As such, as per Edison's note, the idea then becomes more realistic that the company can issue debt in 2021/22 rather than further equity dilution....however, I'm afraid that's where my optimism runs out as I find it almost impossible to believe that Big Pharma won't be prepared to spend a few hundred million ££ to take Rene out once clinical trials become increasingly positive.

Morning CJ - your pleasure that the SP keeps going down does make me still wonder...given 86%+ of the equity of the company are held by 3 shareholders, I can't for the life of me think anyone will be shorting the stock...so the drift in SP from a lovely 46p bid to 36p represents one of life's challenges...do we start to buy back those shares we sold in the tender? With Mr Fanning upping his stake and with MWP doing similar, 2 of the more 'in-touch-with-what's-going-on' investors seem very happy to be adding...so here's a thought...perhaps your daily Harry Potter dementor-driven diatribes (alliteration huh?) which continuously suck the fun out of this board (and your alter ego on ADVFN) have got the shares to a price where you can finally buy some, having missed out on the last rise? Just a thought...

Sidney - you may well be right...we may well slip back to £1.50 and your somewhat aggressive toned msg will be a brilliant piece of trading...equally you might be talking out of your ar5e given you have no idea what is going on at WPCT, nor what is on the cards here....which is why your pessimism and attempt to stop today's rise is worth as much as my optimism and my hope to see it rise much further...and maybe flush your and other's shorts out....tis the game we all play. We are all adults...so no abuse and good luck, but I hope u r wrong!

Its always good to see a good dose of buying come in - I wasn't expecting the SP to double today :-) but there we go...

Today's RNS does a rather nice job of reminding us of what might lie in the future and how 2 of the company's directors will benefit from personal milestones being reached :
1) When the Company has signed out-licensing deal(s) for any of its
technologies or programmes which, together with other financial resources,
provides sufficient funding to allow the achievement of clinical proof of
concept data for the CTX and hRPC programmes, one third of the options will
vest.
2) When the Company's share price has doubled from the price at the date
of grant, one third of the options will vest.
3) When the sixth clinical trial of a ReNeuron cell therapy completes,
one third of the options will vest.

I have a feeling that no2 will happen in conjunction with no 1... this company is sending out as many messages as possible to the market place that it fully expects further marketing deals to come, that it is highly optimistic about future trial results and that its current share price is somewhat lower than it might be (maybe due to external factors such as young master woodford)...
Personally, i think the risks of being out of this stock until October far outweigh any further Woodford inspired selling and will use weakness as an opportunity rather than as something to be feared.
Good luck one and all.

An RNS where the company announces it has appointed a chap to look after existing and future licenses ...we might not get trial data til October but I think there’s plenty of other good news washing about here...

This board is such fun...those who are long from ages ago, still desperately unhappy about the company's SP performance over the last 5 years...those, who I still think are disgruntled ex-employees or the like who hold no financial interest (long or short) but would like nothing better than see anyone make a dime out of SLE...then those of us, agreed lucky in terms of timing, to have got on board an ever improving investment story and are currently enjoying the ride with an all-in average cost of c 2p...(I think I worked out after what I sold at 46p)...then you get a ray of sunlight today with the CEO buying a few shares at 37p...and you get that quiet sort of pause from the unhappy brigade...ok, how do we respond to that....and there sin't one...really is there chaps....
This isn't a perfect company, by any means...its made plenty of mistakes, for sure...but...its had the good fortune to have found a soul mate in a deep-value buying UK special sits fund who is prepared to do what is necessary to get the company in which they are heavily invested pointing in the right direction whilst divesting itself of the bad mistakes it made in its previous incarnation...
I wonder what the outcry will be...if/when SLE announces a tender at 60p...and the depressed see Mr fanning bought a load of stock at 37p...oh, the outcry....can't wait!