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Hi Rob, I agree SARS was not really a optimal choice, especially considering biotech is a investment focus area of the company. Maybe the company are not aware of it so it would be good for you to email them it. What did you think of PHC preliminary results. I was very disappointed that even when the one of restructuring charge (2,098) was excluded there was such a large loss (4848). Still if they land one big repeat order for Harpin and Myconate from a giant US agrotech they would be in break even zone next year. However, I think they need to cut more admin and sales and marketing costs.
Hi Rob, What do you not like about the ticker? I think most people have forgotten about the SARS virus outbreak, if that is what you mean.
You could always try the SRC chairman's ORA capital email address michael@oracp.com. Do you think the transfer of shares for SRC share holders to SARS shares will be automatic for CREST accounts?
Hi Rob229, this was the first holding that Antisoma took. They have not stated when in 2012 it was (I would guess in the middle of 2012 at around 128p). CTH is now 240p with a 2.91% div yield. They went in before CTH purchased the freeholds property they use (as they were renting before). To quote CTH "The rent saving in 2014 will be up to £4.4m, compared with interest payments associated with the acquisition of the properties of £1.6m. The rent saving is expected to increase in future years as the previous rental terms were subject to increases based on inflation." This obviously improved profits and has led to a nice CTH share price increase. It is the only Sarossa holding paying a dividend (the GVC holdings are options). So it helps cover the small recurring salary costs for Sarossa.
Hi Rob229, I think the 3% holding is Caretech (CTH). Griffiths is even on the board.
Hurray, some share buyback has begun. Hopefully they are only using profits for the 22.8M shares.
Hi Rob & jollyspeculator, thanks for pointing out the pref. share adjustment to price/TNW ratio. I am only a amateur investor and I missed this. It changes the discount to a small premium. However, after taking into account the recent SLN price improvement SRC it is probably fairly valued now. I have high hopes for the turn around plan in PHC and SLN. In addition, I think a profit has been made in the CTH investment (I would guess they paid somewhere between 105p-129p at the time for the 1M investment). Which they have not yet announced when or what price they paid for it. I hope they soon get on with selling one of the investments and use as promised the profit to buy back and cancel some shares in SRC. Has anyone noticed the major loss Mr Griffiths took when he dissolved ORA capital in October and put the shares into his name (29.37% to 23.99%). He sold 5.38% at that point. He took his position in multiple buys in antisoma between feb 2011-Nov 2011 (2.33p - 1.833p). The SRC share price average in October was 1.4p.
jollyspeculator, they are starting a expensive R&D expansion for there 2nd generation product and getting new lab. Spending precious cash reserves!
"parties deemed to be acting in concert with ORA will hold between 25.83% and 29.95%" I am still wondering if Antisoma did buy into Ceres power at the same time as ORA capital did. If they did join wily Richard Griffiths in his 30% stake (1.65M) at 1p a share, a big profit has been made. As Ceres power shares are now 8.7p or (14.355M). I can not wait to see the annual report, when they should show what they have bought.
Unfortunately, British Empire Sec & Gen Tst PLC are referring to ASM international (ASM ticker in holland). Not antisoma. http://www.google.co.uk/finance?q=AMS%3AASM&ei=1ecMUfDvFIiOwAP86gE
No dividend with antisoma. They plan on using money for share buy back to get the price up a lot. Once the share price has risen considerably will they swap to a dividend. Which I am ok with as it is a long term investment for me and dividend distrubution has a lot of costs associated with it.
After analysis of all the AIM listed carehome providers. I have worked out the 1.04M investment in the carehome was the AIM listed "CareTech Holdings (LON:CTH)" RIchard griffiths (ORA) is on the board (10.9% holding). CareTech Holdings has 4,15% dividend yield and 12.3 EPS for 2012.
Antisoma are buying £4M of shares in GVC holdings (gambling company, 9% owned by Richard Griffiths). So that GVC with William hill (Australia) can jointly buy out sportsbet.
I like the ORA guys (Bretherton & Griffiths are from evolution), they know how to run low cost companies to make money. They restructure to make value in novel patent protected companies that are poorly run (usually because they spend to much money). As investment companies they can use leverage then grow fast. Antisoma is valued less than the cash balance and I can see them easily doubling the penny share status. They just need to be careful not to go into anything that exposed to heavily to Europe. They seem to be aware of the issues and are being cautious. It to me is a nice medium/long term investment.
As Antisoma are a little secretive with there acquisitions, I am wondering if ORA have brought antisoma along for the restructuring/takeover of Ceres power. See quote in press release "parties deemed to be acting in concert with ORA will hold between 25.83% and 29.95%". http://www.4-traders.com/CERES-POWER-HOLDINGS-PLC-4004950/news/Ceres-Power-Holdings-plc-Revised-Business-Strategy-and-Proposed-Fundraise-15557751/. In addition, please note American Biothera who bought the rights to Antisoma-Muc1 antibody when it was sold off after the initial trial failed are having another go using it in combination with immune activating agent in 2nd/3rd line metastatic cancer. Antisoma have no more liabilities with the Muc1 antibody programs (if it is a failure) only 1-2% (my personal guess) share if it it successful. Biothera have renamed it BTH1704 http://www.biotherapharma.com/pharmaceutical/pipeline.html
I guess the stakes will be diversified (not just care homes) like with ORA capital who are supplying most of the ideas to Antisoma. Look at the companies ORA own for idea of the type of companies. I think it makes sense for Antisoma to wait a little for Europe to settle down before they go on a larger leveraged shopping spree. As it could lead to large ftse and especially AIM market drops.
Down to 3 directors salary 10K each. Still getting oral fludarabine payments for £619,000 per year (for 2 more years). Now back in profit £0.38M for 2012. Net assets £12.91M (2011: £12.54 million). First investment made for 1M in undisclosed care home. R&D tax losses available for carry forward are over "£156 million" to offset against future profit. Sounds good. The ship has finally turned around and over the next 5 years as Antisoma's smaller investments stack up and I think the share price will improve. Also shares held by directors or affiliates is over 50%, so should give some stability.
Does anyone thing that the move to AIM will be with a merger with ORA capital's only non listed company Novum Securities? I think it could make sense. As I guess ASM is really only a cash shell now so it need not matter if the other company is not in the life science sector. Novum Securities describes itself as a independent stockbroking house. I think for its first listing there could be a reasonable upside. However, I am a little worried that ASM maybe thinking of a share dilution to raise capital for the acquisition.
I believe I have guessed what Allen Miller and ORA Capital Partners are going to put into Antisoma (effectively now a shell company) once they have finally taken it over. It is very close to being announced (I think they may have 30%). The private company is called Pharminox another anticancer UK biotech that is not listed yet. Allen miller is a non-excutive director at Pharminox and he also runs Spencer-Churchill Miller Private. He is also non-excutive director at Tissue Regenix Ltd which ORA capital partners owns. Pharminox has only one phase1 compound and some pre-clinical compounds, so the new market cap will be valued at not more than say 30 million.