Bionex Share Discussion Threads

[vuelands] 02/4/2005 22:10

I assure u Hoodless have much more stock to sell than Vandyk can buy without triggering a bid at current price levels. Q.E.D. nothing to go for!!!!

[topvest] 01/4/2005 21:30

Yes, but the Vandyk's keep buying!

[vuelands] 01/4/2005 00:45

This share is going nowhere all the while Hoodless keep sitting on the offer. They are perpetual sellers.

[ntv] 06/3/2005 21:00

cheers for that ,
lets hope anc results are really good :-))

[topvest] 06/3/2005 20:52

Yes, Redstone shares and Bionex were demerged from Abingdon Capital a couple of years back. Mountcashel is a hedge fund - I am not sure whether it provides an income or not. ANC have their results on tuesday - from the movement in the shares over the last few days, looks like they might be quite good.

[ntv] 06/3/2005 20:44

was it originally demerged from anc?

[ntv] 06/3/2005 20:42

hmmm that is very poor,especially in this mkt

[ntv] 06/3/2005 20:41

wd good price

[topvest] 06/3/2005 20:40

Not very exciting - NAV about 102p versus £1 paid:

[ntv] 06/3/2005 20:40

see edit in above post

[topvest] 06/3/2005 20:37

Got some in the demerger and the rest at about 1.35p. Fixed asset investmentes are the residual biotech holdings and current asset investments is a £500k investment in the Mountcashel LLP hedge fund which is Irish Listed. Not sure what the share price is at the moment. I'll have a quick look.

[ntv] 06/3/2005 20:28

what price are you averaging at the mo in this one?

[ntv] 06/3/2005 20:27

looking at the balance sheet topvest
,can you explain the difference between the fixed asset "investment" and the current asset "investment"
am assuming that its property for the former and shares in those three invesetments left in the latter,do you think i am correct or worth phoning chris roberts?
edit looks like that £500k is invested in an external hedge fund manager guess thats mountcashel?
and the former must be the original money invested in those remaining stocks
perhaps i should have invested it for them, mountcashel performance not that good since inception,perhaps they could do with a helping hand!!

[topvest] 06/3/2005 20:04

NTV - I don't think that is the case, but probably a prudent assessment. I am intrigued on what will happen on this one. I bought a chunk once the Vandyk's started buying as I rate Edward Vandyk as a rather smart cooky.

[ntv] 06/3/2005 15:00

have to assume rest of unlisted investments are worthless leaving the cash balance

[topvest] 04/3/2005 21:48

Not yet, but low risk at this price.

[alfodd] 04/3/2005 18:59

Anything new happening here?

[topvest] 23/12/2004 08:38

Well, close - I said 2.2p, but actually 2.37p net assets. A successful exit on Ark i think. Management expenses should be much reduced in the current year.......

requires a bit of patience this one, but 2005 could be interesting.

"I am pleased to be able to report that in the year to 30 September 2004 the
company made a profit after taxation of £391,585. At the same date net assets
per share were 2.37 pence.

As reported in the interim statement for the six month period ended 31 March
2004, the main contributor to this result was the successful flotation and
subsequent sale of our holding in Ark Therapeutics Plc. The disposal of this
holding realised a gain in excess of £1,000,000 for the company. Throughout the
year ending 30 September 2004 the company realised or wrote off substantially
all of its remaining investment portfolio. Such disposals realised losses that
had been provided for in the first half of this year or in previous periods.

The investments remaining in the company's portfolio at 30 September 2004
consist of holdings in three companies being Avidex, Biovex and MorphoChem. The
Board remains hopeful that these will ultimately realise some value.

Earlier in the year we announced that the company would not seek to make any new
investments in the unquoted life science sector for the time being and this has
remained the case throughout the rest of the financial year. The Board remains
of the view that further participation in unquoted biotechnology and life
science businesses is unlikely to deliver value to shareholders.

The Board will continue to review other investment opportunities including, but
not limited to, the acquisition of the entire issued share capital of
established and profitable businesses in other sectors.

Finally the Board would like to thank both Graham Wylie and Geoffrey Vernon for
their efforts during their time with the company."

[james111] 23/12/2004 08:00

looks good to me,
are we going to end up a shell or are we already?
regards james.

[topvest] 20/12/2004 21:50

Results expected by the end of the week apparently. Watching with interest!

[one for the money] 20/12/2004 08:27

Yes, I agree

They will get there sometime. I hope its sooner rather than later.

Cheers
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[topvest] 19/12/2004 12:27

Think the focus has changed here though. Basically, assuming the unlisted investments are worth very little, this is where I think they have got to in terms of assets:

Ark - probably sold the rest, if not 720,000 @ 85p = £0.6m. Assume sold and some tax to pay = £0.4m
Unlisted biotech investments, probably not worth a great deal, but include @ book value - £0.2m illiquidity adjustment = £0.3m
Net current assets with £0.5m invested in Mountcashel Hedge Fund (trading ok last time I looked) = £2.7m
Second half of the year costs - less trading profits broadly neutral

Total = £3.4m

3.4m / 158m shares = 2.2p NAV per share.

CONCLUSION - ASSUMING NO GOOD NEWS, RATHER ATTRACTIVE!

[one for the money] 19/12/2004 11:25

topvest

I hold these, but haven't been very active in seeking fundamental info since I bought. I've put them away for the long term.

...I keep this thread on the radar though.

Cheers
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