Member Info for Wigwammer

Worth noting that the brewing dividend from Carlsberg was £13.8m in H1, or £27.6m annualised. This is only just short of the £32m op profit this “jewel” was generating prior to the creation of the Carlsberg brewing jv… On top of this, the divestment enabled the company to pay down circa £100m net debt in the depths of Covid… ATB

It would be great to see all those things warren, but I am not expecting it at this stage. The company are in the midst of restructuring their largest division - the US - so I think it would be premature to expect beautiful fireworks at this stage. I am hoping for a positive update and perhaps guidance based on substantial and tangible progress made. Personally I do not think Carclo is a zombie company, or that we will have to wait many years to see the benefits come through. And I also believe Carclo operates in a growing industry with many avenues to growth. Great combination = low valuation, rising margins and growth. Good luck all..

That the debt is suppressing the value of the equity (he’s even getting others to repeat the bleedin’ obvious now).

Apols. The interim Carlsberg brewing dividend was £13.8m, which if annualised would give £27.6m…. ATB

Supercharger - I agree there is an interesting asset story here. One aspect that is rarely mentioned is the Carlsberg brewing dividend, which has sequentially risen post covid and stood at £13.7m at the interim stage. Indications from the FD suggest that another £13.7m will be paid in H2, so this would be £27.6m for the full year. The asset was written down to £221m in the last accounts, but at that valuation and dividend is yielding around 12.5%, so perhaps an understated asset?… The company generally need to get a bigger return off the assets and there is obviously a sizeable seller out there currently, but medium term I can see value here. Of course, others are welcome to disagree. I won’t accuse them of being a novice or gullible as a result. ATB

The nature of free speech is that I will write whatever I choose, and that is what I will continue to do, thank you. Given that your basic premise is to repeat the bleedin’ obvious for the benefit of all the “gullible novices” out there, I suspect the self appointed expert with an overinflated opinion of himself is you. ATB :)

Well for all you novice and gullible posters out there, count yourselves lucky to have fairdealer here spelling it all out for you. For the rest of us, would be useful to get some alternative insight from industry insiders about the current state of play. Has to be better than being vociferously told on repeat what we already know… ATB

Hmm.. I think the issue is that NOBODY here has difficulty with the truth. We ALL know Marstons has big debts. If you believe this is news to people, I suspect you have a tendency to rather underestimate others… ATB

“Have said many times and will no doubt repeat, again and again, Debt is a huge millstone around the neck of Marstons….” … Why on earth would you say this once, let alone repeat it again and again? The high debt is the most consensual point imaginable, known to every poster on this board. But the point is the company is also asset rich, with the possibility that one day those assets deliver a commensurate return. I think one thing the consensus repeatedly gets wrong is - Marstons are not targeting the average beer drinker, they are targeting a more mature/wealthier customer with drink/food in a comfortable local pub. They don’t have to grab a very large additional shate of that customers wallet to see a step change in return. ATB

What is the relevance of the incanthera paper loss to the immupharma investment case today? Answer - very little. At the time they made the incanthera investment in 2018, immuoharma had over £9m on the balance sheet. They now have sub £500k. The shares are also now at a materially lower level of valuation. So the paper loss is already reflected in the immupharma valuation, and evidently the value of the cash from an operating perspective is more important now than it was back in 2018… This is all pretty obvious stuff - unless of course your objective is to always invent a counterpoint, and never make a decision… GLA

It is often forgotten, that immupharma rose from circa 25p up to around 180p, and many investors locked in profits and made money. From memory, nolupus was not amongst them… Personally I would rather hear from somebody with a history of making decisions and getting some wrong, than the views of someone whose apparent objective is to never make a decision at all… ATB

Nolupus will wait until all his ducks are in order, and buy Imm shares at 20p+… Was it 150p you paid back in 2017/18?

Well spotted, Dallo. A useful asset that has provided liquidity already, and may do so again. Regarding the wait - bear in mind we saw a long period of silence from incanthera prior to the deal news arriving out of the blue. Also, simbec orion took around 10 months from initial award of contract prior to news flow picking up in 2015/16. Latest round of share options will keep management motivated. ATB

“I agree with your assessment of Incanthera with a market cap of £30m , 3 times that of Immupharma.” Yes that’s right, Dallo. Different level of valuation, far more priced in… ATB

Good point Dallo. Another £1m+ asset, as long as the incanthera share price stays buoyant. I own shares in incanthera, but post dilution it will have a valuation of £30m+. Pretty sizeable stocking orders, but we have yet to see what realised and ongoing demand will be. Regarding Tim McC - it appears some people have forgotten he is also the Chairman of Incanthera, and was key to bringing in AS Watson (the largest beauty retailer in the world). ATB

Great. You pop over there then.

Bye bye :)

Good to see incanthera up today, another £200k+ added to the value of the warrants in one day.. :)

Indeed. Moneymule said all his negatives before, at less than half the current share price.

The touch of an ape.. :)

“Eyes to the sky while feet on the ground”

“Two sides to every coin”

“Like it or lump it”

Bottom line is… the guy can’t make a decision. ATB

Actions speak louder than words. Indeed. And it is clear some posters here have added shares in recent months and others have reduced.

But what has nolupus done? Talked a lot… :)