Aortech Share Discussion Threads

[tadders2] 12/12/2013 10:48

Can't find anything.

[deanowls] 12/12/2013 10:28

Any reason for the big drop over the last week?

[deanowls] 04/12/2013 12:51

Im being lazy here but what are the forward forecasts for the company?

[gac141] 04/12/2013 12:46

Bearfoot..I think Frank was on $200,000... the rest of savings are the factory...

[gac141] 04/12/2013 12:45

McDaid returns to heart valve company AorTech amid withdrawal from US market

Simon Bain
Business Correspondent/Personal Finance Editor
Wednesday 4 December 2013
Eddie McDaid is to return as chief executive of AorTech, 11 years after quitting as chairman.

Mr McDaid, 63, a co-founder of the company he led to flotation in 2001, stepped down in November 2002 as the heart valve maker's losses mounted. But he reappeared as a non-executive in 2005, the year after the company closed its headquarters in Bellshill, North Lanarkshire, which at its peak had employed 200.

In April 2011 Mr McDaid almost became a Liberal Democrat candidate for Holyrood but drew back amid a row over his donations to the party. Four months later, he was appointed finance director as AorTech moved its base from Australia to the US.

In 2012 AorTech had to raise emergency funding to fight US litigation over its patents by its principal customer St Jude Medical.

Two months ago chairman Bill Brown, a former fund manager at F & C in Edinburgh, announced a deal with Biomerics of Salt Lake City for the manufacture and distribution of its patented Elast-Eon and ECSil materials, and the supply of polymer to AorTech's licensees.

Mr Brown said yesterday that the company was transitioning from a medical polymer manufacturing business to a "pure play intellectual property exploitation company". He said: "Within the next month AorTech will cease all operations in the US, including manufacturing, which will result in cost savings due to the significantly lower cost base in the UK."

In the transition, chief executive Frank Maguire decided to resign with immediate effect to pursue other business opportunities, after 13 years on the board.

Mr Brown paid tribute to Mr Maguire's contribution especially in the past year, and said Mr McDaid would become CEO with immediate effect. "Over the past year, Eddie has become much more actively involved in all client related issues and as a result, we anticipate an orderly handover."

Non-executive Roy Mitchell, a chartered accountant with international taxation expertise, would replace Mr McDaid as finance director.

AorTech's shares, which sank to 44p in July, have risen by 61% since the deal with Biomerics was unveiled on October 1.

Yesterday, shares fell 2p, to 124p, to value the company at around £6m.

[bearfoot] 03/12/2013 19:43

so.....Frank was/is on half a million dollars a year???? (over 12 years of wealth destruction = ???). I wonder what his consultancy rate is? :-?

[gac141] 03/12/2013 18:59

Estimations are that this dramatic change in costs will save Aortech about $40,000 a month!!!!!!!

And they get the knowledge of Frank on a consultancy basis.

Everyone wins!

[spurious] 03/12/2013 10:46

Excellent news all round and offers a saving of $200000 against potential redundancy costs and further substantial savings with the early closure of the Rogers facility.
Good to see Roy at the heart of the company and looking forward to confirmation that the new business model offers a real opportunity for shareholders to profit.
Confirmation of success will also raise the likelihood of a bid/bids, and if I were Biomerics I would certainly be assessing the options sooner rather than later with a ready made listing and an opportunity to maximise retained profit The opportunity for a reverse takeover at some point in the future may also be a consideration for Aortech offering additional management, marketing and product expertise. I do not believe we will get to this point however as I genuinely feel we will attract a bid or bids in the very near future as demand for our product increases substantially. Time will tell
regards Sp

[harrogate] 03/12/2013 09:29

Agreed this is good news. I bought a few more at £1.25 since I think this is a positive development. Fingers crossed that the general positive mood music from the company and the posters produces some numbers that show we are undervalued. In the US Biotech shares of all types are at record highs so this should be our moment if we really have something by way of IP and royalty steams. They will be valued as highly now as ever I believe.

[gac141] 03/12/2013 07:49

This is good news for us!!!... Frank is a massive overhead and his resignation removes a huge cost from the business as well as the Rogers facility.

Looking forward to seeing what deals Biomerics and bring to the party!

[way2000] 19/11/2013 17:30

Something is up! Sudden return in buying!

[way2000] 19/11/2013 11:27

Oh do tell!

[1prophet] 18/11/2013 17:10

Not interesting guys. Very interesting. We're going to be stoked!

[harrogate] 01/11/2013 16:48

Is that Oooooooooooooooooo for Halloween?

[1prophet] 01/11/2013 14:31

Oooooooo interesting times!

[way2000] 29/10/2013 09:17

I believe there is every opportunity for a bid well above the price today. If a bid is made I think competitive bids may come in from others.

[harrogate] 29/10/2013 08:50

look forward to it !!!

[g2theary] 28/10/2013 23:51

330p bid offer!

[tadders2] 28/10/2013 12:53

Was expecting some news on the 25th October.

[1prophet] 25/10/2013 15:59

Brucie AOR could shoot to the moon again! 2 Quid by Christmas?

[brucie5] 25/10/2013 09:59

I'm not minded to chase this, but pleased to be in it. I still hold a ridiculous portion from a purchase made in 1999. Went to the moon and back within a year.

[gac141] 24/10/2013 13:42

I don't think you'll get any at this price 1prophet. Good luck to you if you do.....

[1prophet] 24/10/2013 13:03

Buy order in.

[way2000] 24/10/2013 11:37

I am unable to be specific. There were hints at the AGM and if this comes to be, will be highly positive for Aortech. Well done to the top brass for getting this underway.

[gac141] 24/10/2013 11:10

I am hopeful too. I hope that we will get a positive confirmation that the partnership is working.....

Certainly that is what the market is reading into this. When we get an analyst note I am sure it will provide some realistic numbers going forward.....

It is hard to think that we are still a tiddler with a tiny market cap.