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I'm the same unhooked - way over my head in Renx despite selling some last year. We all got blindsided by the focus and success on FDA - and I include the company and its core shareholders in that comment as well. On reflection I should have balanced my healthcare holdings more evenly - something I am now in the process of addressing hence the move to try and pick up some of the vrci retail offer (not that there is much of a discount but I guess I would rather any investment I make was to the benefit of the business) - details were issued today. Mills picked up 3m+ shares and Julian Baines another c.300k. Still a bit of a gamble I agree but market cap is still very small compared to the rewards if they can get all three tests into the market, continue thermo relationship and build an effective sales strategy (Renx take note.....). SB
Morning both - I also noted the VRCI news this morning - I'm pretty sure I will apply for some additional retail shares assuming a 9p offer price - although it will be interesting to see if its pro-rata to existing shareholdings or an open offer with a pre-determined number of shares available. Mills/Harwood taking up placing rights. He also went into ekf for another 100K shares a couple of weeks ago. I'm surprised we have heard nothing from RENX on fund raising - there are lots of reasons for the delay - some good, some bad and some disaster scenario. What is clear is that time has almost run out - Harwood and Sinai need to sort this out asap. Best case scenario for me now is that existing shareholders retain a % of a recapitalised business - that % could be as low as 20% but its better than nothing. SB
Based on todays RNS we can assume that the £200m OFTO realisation has been received and used in part to fully pay off INPP's corporate debt (£80m) and commence its £30m share buyback programme - with c.£1m spent yesterday. Will be interesting to see the pace of spending and impact on price - I also wonder if the company has an internal target on what an acceptable discount to NAV would look like. £100m of further equity investments due to close in near future from remainder of OFTO realisation. Progressive and pragmatic approach from company which should see positive impact in coming weeks and months alongside wider macro benefits later in year with (hopefully) falling interest rates. SB
I think any upward movement will be linked to upcoming dividend announcement and general sector uptick today - and I guess any increasing share price could be viewed as a capital return which is different from the return of capital anticipated later this year. SB
Perhaps Investec/Rathbones felt a bit exposed with 100m shares....or perhaps not. We shall see. For me - a share which at 70p is likely to issue dividends of 7p this year which are 1.2 times covered by earnings, plus a proposed capital return of £50m (c.5p a share) , plus the prospect of capital growth from a low base/significant NAV discount, plus a commitment to significantly reducing its £104m credit facility (possibly even paying it off in full) - GCP offers a substantial double digit return this year imo. SB
Good grief. Getting into the NGS website to see if there are any further details on the upcoming LCD determination typifies what is happening here - layers of bureaucracy to access basic info. CMS will probably publish on the 8th Feb. The fact the meeting is being held on 29th February gives some hope the business might still be around at that point - although of course it had to be on the one day which only pops up once every 4 years....SB
Hi unhooked. Like you and no doubt others here I am feeling a bit of an idiot for remaining invested when it has been clear the company had failed to commercialise its product - gaining FDA approval was a significant achievement but in tandem and bearing in mind the cash burn more attention should have been paid to sales. I think Sinai and Mills have major questions to answer if they take the business private - lots of IIs will get burned who have been supportive and assisted in fund raising. Mills has already alluded to the difficulties in securing funding - perhaps trying to soften the blow. Likely to be a case of what might have been. Doesn’t make it any easier does it….SB
Almost there. Good grief. Needless to say can’t quite comprehend how bad this is. I think they are now running the clock down before the inevitable. Makes rather a mockery of the hundreds of millions of $$ raised to get to this point don’t you think. SB
As always with Renx this type of news - which from a clinical treatment perspective is undoubtedly positive - is greeted with despair by investors. Looks like large holders in the US have given up - Nasdaq in free fall - or word is out on funding news and it’s painful. Expect we will hear whether business survives in its current form very soon. SB
It appears Renx no longer qualifies to be listed on Nasdaq due to its diminished market cap and ADS shares trading significantly below issue price. Company has 180 days to remedy the situation, although by my reckoning there is likely to be enough money in the bank to get us through January expenses but that's it in the absence of any new funds - so Nasdaq issue may be academic. SB
Just as we start to make some positive progress Liontrust appear to have lent 500K shares to shorters who have sold them into the market in last 48 hours reducing share price by 10%. Whilst Liontrusts 500K shares get repaid at the strike price the rest of their significant 12% holding gets hammered. Unless its a play to lower the price to allow them or others to purchase more shares below the recently increasing price. It remains a difficult market for PI's when this type of institutional behaviour exists. Dartron - appears your +19% exit was very well timed. SB
HNY all. I increased my position here pre-Xmas - good timing for once. I’m still under water but have lowered my overall average and as noted previously I’m hopeful ekf will have a decent 2024 - core business is still growing at 10% and if they can secure some decent enzyme custom then we should see a gradual increase in overall positive sentiment - noting we have already started that in the last few weeks. SB
Your not all alone oldbut......I think the whole infra sector offers pretty decent value at the levels across the sector - including INPP. Debt free in January despite making a further significant OFTO investment, chairman buying shares, increasing 2023 dividend by 5%, confirming minimum 2.5% increase going forward, £30m 2024 share purchase programme - I agree we should start to see the discount to NAV narrowing over the course of the year alongside interest rates potentially starting to reduce mid year. Still decent upside from current price (my average is just over £1.40) - should easy make a 10%+ annual return here (capital and dividend) I also hold GABI and GCP - some interesting stuff happening there as well - and RECI. To 2024......ATB. SB
I prefer omnishambles PB….closer to the absolute car crash we have witnessed. I watched the vox update unhooked - mills not exactly inspiring any confidence there is a rescue plan here - and given he is chairman that’s not a good sign. Huge shareholder dilution or pre-pack admin methinks. SB
To think they have taken a $billion company to this point losing hundreds of millions of investment is quite incredible. Cannot fathom why they let it get to this stage if this wasn’t the plan all along to take the company private for a few million. I know AIM is high risk but this type of corporate behaviour is very very poor. SB
Lol uhhooked!! AGM at 3.30pm today - I half expected an AGM RNS statement from our Chairman (think we still have one of those) this morning. But alas.....we will get the voting results close of play. SB
Non exec resigning with immediate effect (that’s two in six weeks), 25% fall on nasdaq, no sign of financing in place and an AGM on Friday which could spell the end as we know it. Omnishambles. SB
AGM on 15th. Includes votes on issuing new equity…..if the company makes it to next week. Wonder what our new financial non exec has been up to as the company implodes. Our new CBO Doran got 300k share options at 30 cents a share a few weeks ago. What on earth is going on here. SB
Glad to be of service unhooked!! Unfortunately I chased the price down and am sitting on a large loss. I sold some at 70p recently for which I had paid 75p - goodness knows how I wished I had sold the lot. To think a few months ago we were at £1.50 let alone 2 years ago and here we are now staring at a penny share. And the crazy thing this is without large volume selling - just shows the impact of PIs running for the hills and Armistice short selling. They can only have enough funding for another few weeks so the end could come quickly. $8m from Jefferson Capital wiped out in 10 months - pretty sure Tony J will be asking a few questions from his pals at Mount Sinai. That said he's probably part of the team eyeing up whether to take this private - although they will need to commit a lot of $$$ for the next few years - and that's possibly what's holding things up. Next RNS sure will be interesting......can James M pull a phoenix out the flames??? SB
What a fall from grace - a complete investment disaster. It’s not just PIs who have been burnt - core shareholders, II’s and bond holders all virtually wiped out. James M - highly paid I’ll give you that - has lost $30m in paper. Cant see all that value and potential going without some attempt to capitalise the company / but it’s looking very grim. Armistice have made a packet - and that’s the name of the game. We all hung around in hope and that’s not good investing decision making. Another stock for the AIM cemetery. SB