Member Info for SGD27

There was no hint of all this in the webinar, nor in this interview with Robert Lyne earlier today:

https://www.vo%78markets.co.uk/articles/arix-bioscience-final-results-eenergy-interims-results-and-glen-goodman-on-crypto-af47175

In fact near the end he says "We have an expert team that selects and manages these investments". Acacia clearly disagree!

I think I'd like to see the response from the BOD, which I'm sure won't be long in coming.

Well, I certainly didn't see this coming...

https://www.investegate.co.uk/acacia-research-corp/rns/acacia-initiates-plan-to-improve-arix-governance/202103091743367082R/

Hi skid35, you just beat me to it with the tax observation!

Proactive article:

https://www.proactiveinvestors.co.uk/companies/news/943327/arix-bioscience-sees-sharp-uplift-in-net-asset-value-in-2020-943327.html

I wonder if they'll do an interview?

Two RNSs today, not showing here yet: annual results & new portfolio company.

Results look good, and there's a nice bonus:

"
Taxation

As a UK operating group, Arix is subject to UK corporation tax on the majority of its activities, which can include the gains arising on investments. However, wherever possible we aim to take advantage of the UK's Substantial Shareholding Exemption (SSE), which exempts taxable gains or losses arising from the disposal of shares, where certain conditions are met. This is a nuanced exemption and is always dependent on individual investment fact patterns. For the largest realised gain arising in the year, the sale of VelosBio, we are now confident that the entire gain meets the conditions for SSE and therefore expect it to be free from corporation tax. This exemption will also be claimed for the realised gains arising from Harpoon and LogicBio during the period.

Where investment gains are unrealised and are not expected to qualify for SSE, the anticipated tax due based on the current valuation of the underlying investment is reflected in a deferred tax balance.

These factors, combined with the ability to utilise certain brought forward losses, have reduced the Group's tax expense in the year to £nil (2019: £nil).
"

In the recent IC article (see 5 Feb post) they'd allowed for a £18.8m tax liability on the VelosBio disposal, which equates to 14p in the SP!

Results RNS:

https://www.investegate.co.uk/arix-bioscience-plc--arix-/eqs/annual-results-for-the-twelve-months-ended-31-december-2020/20210309070010EIVDQ/

Twelve Bio RNS:

https://www.investegate.co.uk/arix-bioscience-plc--arix-/eqs/arix-founds-new-portfolio-company-twelve-bio/20210309070104EMRNP/

The way in which they adapted the injected IFN to be nebulised for inhalation is described in detail here:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7734101/

I assume this was just referring to the existing MOUs (RNSs of 27/04/18 & 04/06/18)?

Director holdings are shown here :

https://www.sunriseresourcesplc.com/aim-rule-26

Oh dear, we don't seem to have much luck with crushers, do we? A year ago there was a similar problem with the pozzolan - in that case it wasn't ground finely enough! (Some may recall I emailed PC and got clarification that the problem was indeed with the crusher, not our product.) This does make it particularly annoying to see a similar mistake happening again.

Looking for a positive, at least PC didn't take the easy excuse of blaming covid, though that might have made it harder to get someone on site for quality checking.

I believe PC does look at this BB, so will be aware of what is needed from the webinar:

- How did this problem happen, and how will we ensure it doesn't happen again?
- What exactly is the CS strategy, and what are the timescales?
- If we're taking CS into production, when will we see some kind of road map?
- Personally I don't want the distraction of discussing the PM projects right now.

Dubliner, great analysis as always; "frustration" is certainly the word of the week (month, year, ...)

NB 18:00 CET = 17:00 GMT

... more info here :

https://fxnewsgroup.com/forex-news/retail-forex/ig-to-withdraw-900-small-cap-shares-for-spread-betting-and-cfd-accounts/

Hi Brighty1, thanks. However, we don't appear to be in the list:

https://www.ig.com/content/dam/publicsites/igcom/uk/210219_IGM_UK_Affected%20Markets%20-%20Non%20TT.pdf

To save people trawling back :
"
Jackson Wash Project

Five reconnaissance samples were taken in this area. Test results highlight a significant additional target for horticultural grade perlite. The best samples come from a perlite flow that outcrops more or less continuously over a length of 1.6km with a width averaging 150m and a vertical projection of up to 10m from its immediate surroundings. Other perlite flows within this claim block have yet to be sampled.
"

Hi Dubliner, I'm wondering if this is anything more than was already mentioned in the 14th May 2019 RNS? But if not then it does seem odd to be suddenly tweeting about it now.

It's looking less and less likely that the Acacia shares will be sold off :

https://www.proactiveinvestors.co.uk/companies/news/941301/neil-woodford-set-to-return-with-new--professionals-only--fund-941301.html

Boral's Half Year Results are out today. It's always worth keeping an eye on what they're up to, and this year they've "Conducted a detailed study of the US fly ash market".

Presentation Slides, Management Discussion & Analysis, etc are here :

https://www.boral.com/results-announcements

A few random notes:

* "Detailed Fly Ash review undertaken – maturing plans to grow targeted alternative supply sources" (Slide 28)

* Fly Ash review outcomes (Slides 30/31, & MDA Page 11) - lots of detailed stuff here, including
"our US$35m capital works project in Arizona to bring the Kirkland natural pozzolan source to market, which is on track for completion around June 2021 with annual production expected to ramp up to ~500k tpa over a two-year period."

* Fly ash average selling price up 9% for 1H FY21 vs 1H FY20. Their volume is down, but mainly covid-related I think (MDA Page 9)

[@Dubliner Apols for not responding to your question on 16 Jan - was quite busy & had nothing new/useful to add.]

Thanks, hanoihank.

(BTW, it's been transcribed as "Synogen", if you're trying to search for it!)

NB I think there may be a typo here:

"... I estimate the company now holds net cash of about £155m (124p a share), a sum that backs up two-thirds of its market capitalisation of £232m (171p)."

In the accompanying table we have:

"Proforma net cash at 28 January 2021 £155m 114.4p"

which squares with there being ~136m shares, and the "two-thirds" comment above.

So I think "124p" should have been "114p". Anyone agree/disagree?

Anyway, undervalued, but slightly less so today!

This morning's rise will be due to this - thanks to yellowdog on the advfn BB for spotting it :

https://www.investorschronicle.co.uk/ideas/2021/02/04/bargain-shares-for-2021/

(The Arix part starts about a third of the way down.)

New today :

https://clinicaltrials.gov/ct2/show/NCT04732949?term=sng001&draw=2&rank=2