Member Info for WiltsInvestor

The ex FD exercised his options. If you look at the last AR he had the exact number of options that were exercised yesterday/

Point of interest for me was that the U.K. government supported the fundraise via a venture capital business wholly—owned by the British Business Bank.

It’s 12 months from the date that the accounts are signed off for issue.

The Chairman’s compensation package from his day job at Savills has been in excess of £2m for the last two financial years; don’t think he’s clinging on here for his retainer.

Valuation is part art and part science. In twenty years in investment banking I’ve seen companies unwilling to pay what we suggested a company was worth. This was both a desire to pay below and a desire to pay above.

Chris Woods being bought by Newcastle from Burnley is an easy illustration. Did Newcastle think he was worth paying his release clause of £25m or did they just want to ensure that Burnley lost their top goal scorer? Strategy worked one team relegated and one remained in the PL.

Strategic value can be significantly above what a risk adjusted NPV gives you. You can’t argue with whatever methodology someone uses for their own personal
Valuation as that’s what they believe works. What nobody can value is ownership of a coveted asset that your peers also want.

Any takeover is likely to be friendly; that is negotiated with the BOD to arrive at a price that both sides are happy with. The Directors will take advice from their advisers on the offer price and recommend that shareholders accept the offer. Given the size and nature of the business I can’t envisage a hostile offer.

The SP typically rises to within a small percentage of the offer price unless there is doubt about the acquiring company completing the offer. I dont envisage that this is likely given the size of potential buyer.

You can either sell in the market at the prevailing SP or wait to accept the offer and following whatever timeline has been set. Assuming the buyer reaches the percentage (from memory 90%) they can purchase all outstanding shares.

Agreed; interim FD looking after the day-to-day finance function while the FD is busy working on more strategic issues. Agency Company Secretary engaged to free him up on that side as well.

Definitely some corporate activity going on in my opinion.

I dip in and out of this board.

I am no scientist; however I read the research posted here and on the Reddit board and try to form a view. I find the views of more informed posters useful be they neutral, positive or negative.

For what it’s worth I think Scinv is making a valid argument. SNG isn’t a golden bullet; it’s a treatment that needs to be targeted at a subset of the population. The research is increasing around interferon and the role that Synairgen can hopefully play.

I seem to recall Professor Sir Stephen Holgate talking about precision medicine.

I don’t agree with the “aggression” shown in some responses and think it’s good to have balanced views and discussions.

I’m heavily invested here and believe we have a role to play albeit perhaps a slightly smaller role that I anticipated six to nine months ago.

Nobody is able to choose SNG as its yet to post trial results and obtain approval. If we achieve what many of us believe the science demonstrates then price will become an issue against the competing treatments. I wouldn’t be concerned that the master of detail (BoJo) talked about pills or capsules. His attention span is pretty short.

We headed to the US and that’s where success or failure will lie.......

Suggests you have to take it 12 hours before infection or twelve hours after; that’s going to miss an awful lot of people.

Scinv.....it’s a double edged sword. Larger funds don’t want a small shareholding relative to the size of their fund so avoid anything small-cap. Accumulating a decent holding often isn’t possible with a small cap as liquidity often isn’t there. Hence the slow accumulation of shares by Polygon. And only the sale of a small portion of Polar’s holding has enabled them to get to 5.01%.

If you look at the Morningstar list you will notice a few 4 and 5 star rated funds; indication outperformance over the long term.

There has also been a Bloomberg screenshot which shows various other investors who aren’t PIs.

Don’t know the exact percentage however PIs have significantly less than 80% of the outstanding shares.

Impossible to say; Morningstar only cover the U.K. funds; takes no account of other shareholders such as Tikvah etc. Nor Polygon o tinders any other shareholder who holds less than 5%.

A lot of larger well known fund managers will be prohibited under their mandate from investing in AIM-listed companies. Which explains the II names on that list perhaps being less than “household” names

Absolutely correct; there are a number of smaller funds which have a stake however it’s below the notifiable threshold.

There is a list here

https://www.morningstar.com/stocks/xlon/sng/ownership

Correct; Reade Griffith set up the European operation for Citadel.

Aurora as Nominee is holding the shares as custodian for Polygon. They have no beneficial interest in the shares; ownership resides with Polygon

Anyone funding a hedge fund will require shares to be held by a nominee/custodian. The only significant hedge fund in recent times who did not was Bernie Madoff.......which was why many banks wouldn’t touch him.

I think anyone concerned about the impact of Budenoside would do well to listen to Professor Holgate’s view.

https://www.ersnet.org/ers-respiratory-channel/innovation-and-collaboration-during-a-global-health-crisis/

Professor Holgate is asked about Budenoside at 40 minutes 30 seconds in. This event dates from late February when the initial results were released.

He also discusses the Synairgen trials around 19 minutes and 30 seconds for those who haven’t seen it.

First name could be Cynthia......shortened to Cyn-Air-Jen

Many congratulations.....truly a life changing moment. Enjoy every moment as they grow up fast.