Bioprogress Share Discussion Threads

[mad foetus] 13/9/2007 18:44

lacoquille - 13 Sep'07 - 17:52 - 20056 of 20060


'Pivotal' HAD to be both intentional and significant, hambi.

Hmmm - the rns announcing the EGM said the board would be recommending the results to us at the meeting. If they don't know the diff tween results and resolutions, I'd not read too much into the choice of a particular word:

Recommendation

The Board of Directors unanimously recommends that Shareholders vote in favour of the results being proposed at the EGM. The Board of Directors believe the resolution being proposed in the best interest of Shareholders as a whole.

[inghu] 13/9/2007 18:44

Right, the new Serious thread is up and running:
Can everyone please move over there and allow this thread to die. Thanks for your support in using the Serious thread as it was intended.

[aflynn] 13/9/2007 18:30

Vernit

Sounded like John Buchan's 49 Steps

How are you keeping?

[aerotus] 13/9/2007 18:25

Fantastic update Vernit. Much appreciated!

[rickus] 13/9/2007 18:20

Good arrer inghu

[vernit] 13/9/2007 18:19

I put a picture of today's Meldex display on the new 121 Group thread:



Didn't take many notes at the EGM today:

I got from Stratford to 10 Upper Bank Street without a single flight of steps [plenty of lifts available] - those into DDA will love this - then there was a flight of 6 steps into the hall for the Meeting, shown at the back in the picture.

Light refreshments were available in the foyer outside the meeting hall and alongside the display of the range of products, pictured above.

Peter Ibbetson stood in as Chair for Anthony Knight.
He was flanked by RT on his left and by Keith Hemmings (Dexo), the Melbrosin 'twins', SM and HP on his right - no room for the other NXDs, so Jim Murray and Alan Clark sat together in cahoots in front of me on the front row.

Jim pointed out that there were no name plates.

On the name change I asked - 'why NOW, before the Interims ?' - RT's reply amounted to Meldex being a completely different entity to BioProgress and he wanting to distance the Company from the mistakes and strategies of the past.

The formal business on the change of name was carried by 28m proxy votes for and 8,457 votes against -- was that bela's holding ?

RT told us at the end of the meeting that the PR people were against the idea of a full presentation - for some inexplicable reason. There were no cameras and no obvious Press and little by way of razzamatazz.

However, after the formal business RT introduced a short professional video, narrated by Ben Aldo, that really summed up the 'Meldex Approach' to marketing - it is really consumer lead - patients, carers, pharmacists and doctors receiving the most 'efficacious, speedy and compliant' medicines and nuitritional products available.

Sadly, RT's presentation was stilted and based on a swallowed dictionary; Hiral's 'Financial Positioniing' account was no doubt constrained by us being in the close period; SM choose to base his report largely on this morning's announcements by way of examples; the Melbrosins presented in Teutonic thoroughness and their slides were most detailed - worthy of far greater consideration than time allowed; KH's presentation came over as the most animated - he was clearly 'proud' to be part of this dynamic Group.

I established at the end from PI that the slides for the presentation would be incorporated into the Meldex Website, that HP was currently working on.

The MDX epic would be used from tomorrow, replacing BPRG.

I noted that of the 45 internal products currently being worked on 18 are due for launch within 6 months [ no greater clarity given on which might come in our Xmas stockings, though !]; and 22 were due for launch between the next 6 months to 24 months - truly remarkable in view of the full process for a new drug from inception to launch taking up to 13 years !

Questions from the floor that I noted were:

Why were the Melbrosin 'twins' so keen to be a part of this Group ? They answered that they, being only two persons, were too small an outfit to achieve all that they wanted to and that BioP was remarkably close to a 100% fit in terms of synergies.

I asked why the likes of Fidelity that were clearly unloading their holdings not getting 'it' ? - rightly RT would not speak about specific institutions and put it down to changing internal policies and the current credit crises clouding policy issues. He accepted that institutions had been 5% when he took over, grown to 40%, but had now settled to 25 - 30%.

My colleague asked why the Board was unconcerned with constant dilution and the low share price ? - RT gave his set reply that he is concerned only with 'growing the business'; the Market cap. of the Group had grown from £30m when he took over to £60m a year later to £100m now; and he has no control over the market machinations.

Question on Swollo ? - SM replied that Swollo and the like were taking back seats to those areas that would yield the greatest profitability and were in greatest demand - TabWrap, Meltums, Solupol and Soluleaves.

Someone asked about the integrity of all our systems - financial, IT, stock control, etc, in view of the diversity of acquisitions ? The NXDs claimed to be fully satisfied about these - XD's are challenged on these on a regular basis. SM pointed out that Meldex had achieved its biennial NHRA Inspection certificate for the quality of its systems last week and that the inspectors were piqued at finding no fault in our systems.

Someone asked if they liked retail shareholders [us lot!] - a little mirth, but the Group is seeking a good balance of retail and institutional shareholders.

[fade to grey] 13/9/2007 18:16

you idiot bela!!
blady good job scotland don't win more often :-)

[aflynn] 13/9/2007 18:08

Bella

Get rid of that link, took me 10mins, 3 shutdowns to escape.

[pilkington] 13/9/2007 18:05

Alchemy - 13 Sep'07 - 17:37 - 20053 of 20057

And yes to Hirral Patel's slide - and presentation.

He also had a slide I described to him as courageous and useful showing a projected market cap of £500 mill in some three or so years' time.. it was cleverly done by referring to previous company's aims or some such.


Alchemy, (or anyone else who attended the meeting) can you give us a bit more on this? What exactly was he saying? Was this him trying to dampen expectations? ;o)

[shanksy1] 13/9/2007 18:03

Hambi - 13 Sep'07 - 17:45 - 20055 of 20056

I would not be surprised to see NC wait until the interims are out before issuing an updated BN covering the resent news, etc. And hopefully a nice new target price of somewhere in the £1.15 - £1.30 area.....(my guess only).

I have also been onto the Uluru site. Nothing popped up yet in the News section.

Couldn't make the EGM due to workload. Thanks to all that have taken the time to summarise the day that was the last day of BioProgress.
Regards.

[optimist at large] 13/9/2007 18:02

It would be very unwise to click on debaleb's link

[kwizza] 13/9/2007 17:59

Thanks Inghu for all of your time and efforts spent
keeping the threads going

Many thanks also to those reporting back from the EGM

[lacoquille] 13/9/2007 17:52

'Pivotal' HAD to be both intentional and significant, hambi.

[debaleb] 13/9/2007 17:45

Sorry folks!

[hambi] 13/9/2007 17:45

anybody seen any comment from bridgewells or nomura. it will be interesting to see whether nomura are silent on today.

i think the use of pivotal in both rnses is significant. i would not be surprised to see a regular flow of deals coming

[parieur] 13/9/2007 17:39

Many thanks Alchemy!

Goodbye all!

This is Edouard le Parieur signing off.
Thanks to all who have made intelligent, thoughtful, (and concise) posts.

Le P

[aflynn] 13/9/2007 17:37

All BB threads should be suspended until after the interims. We forget that we are British and show out true feeling by posting, this gives Mystic Meg a means to calculate our sentimentality rating and allows unscrupulous investors to control our stress levels. We have to thank poorold for his mood swings which have thrown a spanner into Meg's work and reduced her conclusions and effect by a miniscule amount.

I noticed that the initial euphoria that greeted Englands win and Scotlands non compliance with the our French Entente Cordiale, shame on you Scotland, was gradually erroded by the stupidity of the company in issuing an RNS, a sure way of depressing the share price and losing all the momentum generated by the English commentators and Scotlands McFadden.

[rickus] 13/9/2007 17:32

Thank you for the EGM updates. Good to hear positive comments from those who heard from and spoken to the company face to face.

Inghu - a thought for the new thread to help avoid RSI.
This thread
has a click button on the top of the page that takes you to the first post on the page. Saves you having to scroll thru the header info.

[branca] 13/9/2007 17:25

>> Inghu although I do not post on here I read, and I must say thanks for both your past and future efforts in providing a regulated sane place to visit.

[parieur] 13/9/2007 17:24

Goodbye all!

This is Edouard le Parieur signing off.
Thanks to all who have made intelligent, thoughtful, (and concise) posts.

Le P

[lacoquille] 13/9/2007 17:22

So, a seamless transition with the name changed throughout, but at this point nothing else that I can see in terms of better formatting/organizing.

[inghu] 13/9/2007 17:15

Alchemy and Nick, many thanks for reporting back to us who weren't able to make it to the EGM. I'm especially happy to hear that the in-house tabwrap products will be on the shelves in 2007. I was also curious if the SCP-meltums was the reason for the hold-up on the SCP deal and it does seem to be the case, but for good reasons. If the partner is waiting, and is happy with the results, he'll take the pair of them which means more revenues to us from one deal. Nick, as you have said, it seem odd that the re-rating hasn't already occurred. After today's news, I too am even more confident that it will happen, it's just a question of when.

Regarding the B-P deal, I interpret the reading of "...partner and co-promote..." as being two separate things. I think that B-P will license some products from us - that falls under the 'partner' label, but separately, they'll agree to co-promote some of our other Dexo products through their sales and distribution chain. In essense, they'll be a licensee on certain products, and purely a distributor on others (that's the co-promote label). Meldex is able to organically grow its existing product volumes in this manner which is certainly good news.

kwizza, yes, I do intend on setting up a new Meldex serious thread. The header will be blank for the first day until the MDX.L symbol is live but I'll populate it in the even tomorrow. Continue to use this one until I give the all-clear to migrate to the new one.

That share price is a funy beast, isn't it!