Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
C7, I dont know anything about IMM .... but I think you can ignore MTFB as they dropped after rejection by the FDA after phase III trials.
I have no idea to what extent they are working on this, I would assume it would be with a partner if they are but if they ever translate their lead in the VR field in to a product for the home, that could be used in conjunction with a games console the potential would be enormous.
Something for the future and as 42trader points out a more than sold business at a sensible price even now.
Papillon, I agree it all looks pretty good .... It is always refreshing to see management and board buying on market. I am prepared for some softness in the AD market and possibly even more cancellations to the extent that effects IXI is impossible for me to judge .... the danger is that given their size they are very reliant on a couple of large customers. Cambridge Cognition (AIM listed) and Cogstate (ASX listed) have both recently reported softness in new AD orders.
All of that said I think IXI is in a much stronger position and their niche is applicable in a lot more areas than just AD. 60% of the current market cap is cash, they are almost cash flow breakeven (though I would expect that to deteriorate again as they pursue growth). I think Guilio comes across very well and his strategy makes sense to me. As for Susan Lowther .... No idea at all, but I do not it can sometimes be very difficult in a smaller business when a new broom gets dropped in at the top and is mandated to make change.
So overall in complete agreement with you the one caveat is I am not expecting the SP to fly (would be nice if it did) but more perform strongly over an extended period.
Based on Jamal's last video update .... on a normal time line, we can expect CE mark decision during April (possibly early May). Also in early April we should get the top line numbers for the financial year and I think we are due an update on the animal trials of the other proprietary products. So plenty coming up in the next 45 days to move the share price one way or the other.
Have we definitively established that the final day for a patent grant is Tuesday (or Wednesday to allow for time difference) ?
I wonder if we have lost a few posters to the naughty corner ?
Just following on from my shareholder comments earlier I also noted that ING (non client account ) has reduced its stake this year (was never huge) ..... I wonder if Mifid II has caused some of the Prop/ Market makers to step back from the market and off load inventory. If that is the case that process seems almost finished. That just leaves the City Financial position as obvious possible overhang.
Sorry misread the news ... should be Bruce Williams ..... I was thinking Die Hard !
New Chairman ..... Mr. Morgan resigned. Bruce Wills to the rescue.
Also top holder Calculus has sold 140 k shares ... not from its main fund but from its managed fund which only entered the shareholder register in 2016.
Only other seller in the top 20 is Halifax client account which has sold 603k shares year to date from client account and bought 350k shares in another account called Halifax Share Dealing LTD Share Plan for a net sale of @250k YTD
I have just had a look at the shareholder register the largest seller of SCLP stock year to date would be UBS .... at the end of last year UBS held 12,134,904 shares (8,192,483 in UBS Client account and 3,942,421 in UBS Prop trading/Market Making account) As of the latest available figures UBS holds 1,440,629 shares (All in client account. Prop Trading account down to 0). So they have sold 10,694,275 million shares year to date.
City Financial are second on this list at 5million of net sellers. Morgan Stanley are 3rd at 1,000,000 sold (interestingly also from their prop trading/ market making account).
So those three account for @16.5 million of the total of @ 25 million share sold year to date.
The top 3 net buys in order have come form Lombard Odier (5.4 million), Hargreaves Lansdown (@ 2.05 million), Sharecenter (@ 1.08 million).
I also go back to an earlier point that one of our biggest disadvantages is the shareholder structure. given the number and relatively small size of most shareholder SCLP becomes and easy share to sell .... it is probably not meaningful to most investors portfolios and given the number of investors you are always going to have a few that might be minded to sell. So when there are no reasons to buy in large quantity the sellers will set the share price.
Crumbs, don't disagree with anything that you have said .... When I say unbridled optimism I am referring to the science is the only thing that matters brigade. I would have a different emphasis .... we don't yet have the data in a form that a big pharma is prepared to pay for, we all hope that situation changes soon .... but with out some certainty in regard to this on at least 1 front it is very hard to see why the shareprice would rebound meaningfully. It is all very well saying the market is wrong, which it probably is but for the big buyers to get involved you need to show them why it is wrong .... this is where the board has been an abject failure in my view.
We all point to Biontech as an exemplar, Biontech was founded after scancell but has been able to access capital and make deals with big pharma .... both areas in which we have struggled. They way well end up with a US$ 4 - 5 billion valuation ours is US$30 million. To my mind this proves there are factors other than science that are important to any success in this space. You are either in a vicious cycle or a virtuous cycle and until such time we have news to change it we are in a vicious cycle.
I am fully onboard with your approach .... keep nibbling away.
Just for fun here are the Total Returns in GBP on an investment made in 1 March 2012
SCLP - + 2.24%
FTSE 100 - + 59.94%
S&P 500 - + 185%
Any date after March 2012 and you would have negative total returns and if you had invested October 2012 you would be sitting on a 90% loss.
I should not have said "market is telling you" in the post below I think the better way of putting it is "the market is assigning"
Ratty, The problem I have with some of the unbridled optimism is it does not explain why the shareprice is at its lowest price in 7 years .... I accept that this could turn around quickly if certain events were to unfold. However at 5.6p the market is telling you that these events are low probability.
I am sure I will be told that the market does not get it .... which is a possibility but if that is the case, did they get it at 52p and have now forgotten it or is it that they did not get in then either ? The other contradiction I struggle with is that the unbridled optimists say that the share price does not matter but then react so strongly when a blemish or flaw with SCLP is pointed out.
Lets be honest even if the unbridled optimists are right nobody like to sit for years on a significantly underwater position, it is not fun and as the years tick on being underwater has an opportunity cost .... long term shareprice underperformance has a cost to shareholders. Here is to hoping that we get some news this week .... if we don't we trade lower still in my opinion.
Ratty, sorry .... was not meant to be a trick question. I think logically the delay has to be someone’s fault no? I am saying probably Ichor .... do you agree ?
Ratty, where do you see the blame for the delays with SCIB1 .... With Ichor for not handeling FDA issues correctly or with SCLP for not anticipating that a new device would likely encounter delays?
This is one area I am prepared to give the SCLP board a pass. I think the SCIB1 delays can be laid squarely at the door of Ichor. Whoever is a fault the timing is horrible and it is the SP and SH who pay the price given the tightening cash situation.
The Ichor site is a huge improvement, start to look like a real company, the old site was pretty shocking.
The disclaimer at the bottom is new ...
© 2019 Ichor Medical Systems. All Rights Reserved | Privacy policy/legal. | Claims not evaluated by the FDA, device is for investigational use only
DA, If the patents are granted and there is no deal announced in parallel it would strongly suggest to me either there is no current deal in place with Biontech or there are further conditions that need to be meet (maybe related to clinical data?) but in either case these elements are beyond there control. If that is the case I feel it would have been reckless to run the clock down with respect to raising capital when they knew there were elements of a deal with Biontech that were beyond their control. If that is the situation I would view it a kin to gambling with the share price .... I have said before raise capital when you can not when you have to .... it works out cheaper in the long run.
Ray,
The problem with your position I am afraid is if the majority of investors are not investing the way you invest and it is the majority of the investors who will then determine where the shares trade. You just have a different investment perspective to the majority of investors you approach requires a strong stomach and lots of patience, history of markets shows many investors do not have that.