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Presentation and Q&A at 11am today

A couple of TR1s arrive this afternoon that Ennismore Fund Management Limited reduced their holding on 07/06/24 and again on 10/06/24, from 7.36% to 4.81% in total. I also reduced my holding this afternoon, although I was unaware of the Ennismore sells. Nothing specifically wrong with Celebrus, just getting a little frustrated with the lack of momentum and wanting some cash for (hopefully) a more lucrative punt.

That's why we're here. Seriously undervalued in relation to its assets.

Early days, but about time one of my contrarian investment trust picks came good.

Recommend people check out the Bloomberg podcast "In the City", available on Apple Podcasts and elsewhere. Interesting talk on the mooted Shein IPO, which seems to be exercising the minds of all of us Boohoo shareholders.

I've said all along the the IPO would be an own goal for the LSE and it looks like that view is gaining traction.

... but it does look like that bullish phase has broken - down 5% today and nearly 25% from the high in early February.

I did think about cashing in back then, but this is a (kind of) 'buy & hold' share with a well-supported divi....

Interesting discussion. Honestly, for me the price s/be around the £1.80 - £2.00 mark, and that's taking into account the debt, the insurance travails and general sentiment.

I don't remember Saga's share price being so volatile - one day up several percent, the next day down several percent - it's like the market can't make up its minds about the company's prospects. Febrile is the word....

Good ship SAGA just can't catch a sustained breeze, which is v frustrating.

Well, as it turns out, this share is so bombed out that even piffling, mediocre (but at least not disastrous) results like these, are producing a 'relief rally' in the share price. The only way is up! lol

Just not yet, it seems...

Now we're told that we won't match last year's sales because last year's sales were exceptional - apparently due to a one-off, post-covid, restocking situation. Yeah, right! I don't remember them saying that last year. You have to love the disingenuous, bordering on dishonest, way these companies explain away negative growth.

At 70p investors would bite their hand off, I believe... suspect 50p would do it.

Another turnaround story which revealed itself to be a value trap. Difficult distinguishing between the two and I've been on the wrong side of the line more often than I'd like.

The pieces are falling into place for an excellent turnaround story...

Fund manager nicely sums up the mooted Shein IPO: “It’s a sign of weakness for London”. Totally agree, likely to bite the LSE in the *rse.

Shein or Shein/Frasers combo may even take out Boohoo, who knows?

...on the other hand, in fairness, the share price has been looking up these last days. Can't see a particular reason other than the price is so bombed out, but well done to (beleaguered) holders anyway. Why though?

Reported today, Apologies is already posted.

"Shein London IPO progresses amid Labour talks with company officials - reports.

China-based fashion giant Shein is expected to confidentially file for a London listing in the coming days, people familiar with the matter told the FT. Shein has been considering a London listing after tensions between China and the US stalled the retailer's plans for an IPO in New York. According to the FT, the filing will not imminently lead to a flotation on the London market but will enable Shein to be ready for a quick listing if the company decides to proceed with the IPO. Recent reports from Sky News suggested the IPO value could reach around £50bn. Meanwhile, according to The Times, Labour's shadow business secretary Jonathan Reynolds, shadow minister for industry Sarah Jones and shadow minister for creative industries Chris Bryant met with Donald Tang, CEO of Shein, to talk about a potential London IPO. According to paper, the Labour Party was “very supportive” of Shein's IPO in the UK. The meeting took place three months after Chancellor Jeremy Hunt held talks with Tang in February over a possible London float. French officials have also tried to persuade Shein to opt for a Paris listing despite the recent approval of a fast-fashion bill that would impose substantial taxes on companies supplying low-cost clothing. However, Liam Byrne, Labour chair of the business select committee, said the IPO should not be allowed ahead of the General Election, with Parliament dissolved and no one to scrutinise the listing. "Parliament needs to satisfy itself that the concerns raised recently by the US Congress of forced labour in Shein's supply chains have been thoroughly addressed," Byrne said".

That's exactly the dilemma for me, Tatty99. I've resolved it by bailing out this afternoon. Took a cold bath on it, which has eaten up the majority of the juicy profits I had made on Destiny Pharma back in January. I haven't had a single biotech come good for me, Destiny was the only one... and now I've just lost a good chunk of my previous gains here.

I wish all remaining holders good luck - I genuinely do, because anyone clever enough, brave enough and lucky enough to have made money on these sorts of companies will have totally deserved it.

Ciao!

Interesting thoughts on the changes at the top. Probably a mistake to second-guess the reason(s) for these departures, but certainly at this delicate stage in the company'e existence, it does nothing but add to the uncertainty (and to the lack of investor appetite for RENX shares)...

I've noticed that the 'animal spirits' have been evident in some 'value' mid-caps of late - previously battered companies, which can show improving cash generation and a viable debt reduction pathway have been the big recovery winners in the past 2-3 months, I observe. None of this applies to Renx of course - macro factors do impinge here, but company-specific idiosyncrasies seem to be the main factor overwhelming investment performance. What am I saying here? That when it comes to early-stage biotechs, it's a lottery!

Well, we appear to be heading inexorably back towards the 10p all-time lows. I'm past the point of feeling frustrated. I've had enough experience of investing in biotechs now to know that extreme volatility and risk is part of the package. Just when you think it can't go lower, don't worry, it can and probably will.

Maybe changes in interest rate expectations is behind this - moving from a fairly benign interest rate outlook earlier in the year to 'higher for longer' (again) more recently. I've noticed the share price of many pre-profitable and highly indebted companies are suffering lately.

Yup, as the market attests.

The sector is unloved, but IPX are one of the better operators. Divi looks secure. I'm hanging on.

Am I in an unusually good mood, or did I just read TWO positive articles for Boohoo in the one day. Along with the shareholders revolt on pay, we have this potential spotlight on the Shein IPO.

Myself, I'm totally against the London listing of Shein. The LSE may be desperate, but allowing the dodgiest dregs of companies to IPO here will only subtract, not add to the LSE's reputation over the long term. Actually they should be protecting companies already listed from unfair and unethical competitive practises perpetrated by foreign businesses, not encouraging such businesses to list!

Tbh, I didn't hold out much hope for the LSE or govt to do the right thing - they are, both of them, cheap-minded, immoral and incompetent - but this article mentioning "bipartisan calls" for "greater scrutiny"... well, it might, just might, mean something good at last...