RE: Significant Investors6 Feb 2020 15:26
Hi Rich.. You make a number of interesting points:- If we look closely at the current SNG major shareholders
Name of shareholder
Link Fund Solutions Ltd 21,341,293 19.5%
Lansdowne Partners 20,673,111 18.9%
Richard Griffiths 15,391,112 14.1%
Leonard Licht 10,700,000 9.8%
Southampton Asset Management Limited 3,600,000 3.3%
Some 2.7% of SNG managed by Woodford on behalf of a third party I would now assume has been sold (over the last 3 or so months) through the market.. this equates to some 3 Million shares sold.
One can presume these were not taken up by either Lansdown, Griffiths or Licht.. No TR-1 has been issued by any of the major shareholders regarding increasing or decreasing their stakes. A possible major reason for this is that to increase their stakes beyond their current holding would take any one or all near to the 29.9% maximum holding before a bid for the rest of the equity of SNG would need to be made.. Alternatively their maybe the potential issue of acting together as a Concert Party and therefore forced to bid for the remaining equity... Not something I suspect anyone of them would want.. especially if the expected results of the Interferon B trials are positive and the share price of SNG reaches new heights..
Raising individual stakes substantially makes it more difficult for a potential bidder to acquire full control of SNG .. with individuals holding the cards are to what is or is not an acceptable bid price...
In summary it looks as though the Woodford stake as Rich states is still whole and is awaiting either an acceptable bid for it in its entirety or await its value to increase very substantially on positive trial results.. When it would be an attractive purchase as part of a full bid for SNG.
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