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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cobra Bio-Man. | CBF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.25 | 2.25 |
| Top Posts |
|---|
Posted at 19/2/2010 10:51 by skylift Its a good point that extending the offer might be a cheaper way to pick up remaining shares.The realisable net assets of CBF must still be worth more than 2.25p and that probably excludes any IP that Recipharm thinks is valuable as per their offer document. With funding secure and cost synergies I believe that any compulsory acquisition must be at a fair price - to my mind this is not the 2.25p anymore although this might nave been a fair distress value pre-offer. That is why I am interested to know how a squeeze works esp as it has been pointed out Recipharm has over 90%. |
Posted at 19/2/2010 09:50 by the_doctor I didnt see that they've got 90.88% alreadyYes, my guess is the same as yours, that now they've got 90% anyway, it is cheaper/easier to extend the offer rather than do through compulsory acquisition It's a shame for CBF holders, but there hasnt been any other solution. It was take this offer that will allow the company to survive... or administration I just hope that few were suckered into buying on jdb's ignorant ramps claiming value x, missing that they couldnt borrow money and pretending that there werent significant risks in terms of getting enough orders through. The show almost over here and he hasnt once been man enough to concede that his unpleasant comments about my views were wrong. |
Posted at 05/1/2010 08:31 by the_doctor It may have been too late a long time ago. They were on the wrong track and that only became apparent once they'd invested too much. By then, all they could do was continue and hope. A merger with ABH was considered, but ABH felt it wouldnt work out to be a good move for them for the above reasons.To operate as a small contract biopharma, you need to be in real niche segments where you can provide value. ABH does that, although even then it is unclear if the business model can work (I'm not a holder there by the way). CBF paddled around in the sea, but unfortunately there werent any waves to catch. Many years ago, it may have looked like there was a much bigger opportunity in this space. ie. sometimes companies just fail due to insufficient market demand. While it is their job to assess where the demand lies, when you're looking 10 years ahead, luck plays a key role. In other words, I'm not sure Cobra made any real goofs - maybe they did, I've not followed that closely years back. More recently, they've simply tried to make the most of what they had. Perhaps management was no good at getting out there to win contracts - hard to tell. I must admit, although I come from the biotech sector, in terms of investing, I've trimmed my exposure quite a bit in the last year or so. Quality will continue to do well, but it is often impossible to say where the quality lies until trial results come through and it is then priced up anyway - getting in before just increases the risk. At the end of the day, oilers are somewhat similar in that case, so high reward is high risk all over the shop. In terms of biotechs, sticking where the pharma money and deals are going is IMO the best plan. |
Posted at 05/1/2010 08:08 by hyper al CBF could have gone down the ABH route, it did not, which was a real shame.I do not have a working knowledge of the biotech sector and I have always struggled with my research, which is another reason for me to keep clear, waste of time for me. |
Posted at 05/1/2010 07:49 by the_doctor Biotechs have had a rough run! UK biotechs in particular.co.s like AZM and SKP have helped make the sector look worse - a little bad luck in there though, but companies make their own luck. OXB isnt bad. Trovax failure a shame, but was always going to be a long shot. ICX seemed high risk, but I guess you (and they) hoped deals would get them through. I'm not sure CBF ever had much of a chance - it may simply have been in the wrong area and been doomed to fail. ABH is positioned more sensibly and struggled but is not doing better. Good you didnt make a loss here. |
Posted at 16/12/2009 12:00 by the_doctor jdb,Well, I'm not going to gloat, but you'll see that exactly what I warned you of, seems to be happening. 'Recipharm will be making a mandatory offer for the Cobra Shares not already held by Recipharm at a price of 2.25 pence per Cobra Share in cash' This follows the risk of delays that I warned of. Having worked in biotech, I know how easily that can happen. The comments by myself and the company of what could happen if cash flows were delayed. The highlighting that CBF would struggle to get further loans and therefore could see significant dilution if they needed more funds. I also looked at asset values, which suggested there might be no premium, or any successful offer might be at a sharp discount. Perhaps you'll consider taking back some of your sillier comments. As said all along, my negative views here were not due to shorting, having a chip on my shoulder or anything like that. I simply gave genuine comments on what I saw - sadly you chose to belittle those sensible comments rather than think about them. Anyway, bad luck to you and other shareholders. I hope those working at the company wont have too much to worry about over Christmas and the new structure may actually have improved their stability. |
Posted at 11/11/2009 10:45 by the_doctor does making a silly 'blue-*rsed fly' comment help you to ignore the truths I posted??'CBF are only going to change hands if Dixons want to cash in their chips' so could be a stalemate then, with the approach coming to nothing? The Dixon's holding would drop to 26% if/when Sultan converts. Is there any reason why Sultan couldnt agree to join with the Dixons and make a bid? Between them they'd have 66%. Taking it private would remove needless listing costs. What's to stop them saying a) we're going private b) we're offering something like 2-4p per share for anyone wanting to sell now. |
Posted at 11/11/2009 10:38 by jdb2005 Phoney - Your comments are as expected from someone who flits around these boards like a blue-*rsed fly, trying to convince yourself that you have not wasted your education entirely.CBF are only going to change hands if Dixons want to cash in their chips. Therefore if the latest suitor wants bio-manufacturing facilities they will have to do better than the last bid. |
Posted at 02/10/2009 20:54 by boadicea Quote:"the_doctor - 26 Sep'09 - 11:27 - 4422 of 4422 - .... Unclear who Sultan are - do the Dixons have any stake there?" I don't know about the Dixons but I would guess there is a strong connection between Sultan and the recent chairmanship change at CBF. The Funding Announcement gave a reasonable explanation of the make-up and objectives of Sultan imho - "Sultan Scientific Limited operates internationally, investing in and building specialised companies capable of rapid commercialisation and value generation in the Medical and Environmental Technology sectors. "Sultan is a Private Investment Company under the Chairmanship of Sir John Banham with Managing Director, Dr Mike Hudson and management advisers and shareholders who often personally play key roles in the management of the companies in which they invest. Sultan is an active investor in a portfolio of high growth companies, selecting a single lead partner with whom to invest and work in key industry sectors." As regards the views of the Dixons on dilution etc, they may not have had much choice in the matter other than to dissent with possibly catastrophic results (although that is pure conjecture, of course.) Anyway, they are presumably part of the consenting 52% claimed in relation to the EGM. |
Posted at 21/8/2009 07:26 by the_doctor New chairman"Danny Chapchal, aged 64 has a reputation for managing turnarounds and helping early stage companies bring new technology to market. His primary role at Cobra will be to develop strategic partnerships and explore financing arrangements for the business." Poor chap doesnt have a lot to work with! I'd be interested to see what he comes up with as a plan My outsider aim would be to get a pharma client to give a loan that could be convertible. Trouble is, CBF already has loaned against its assets, so the loan would have to rank below that. Equity issue looks very tricky, given the low market cap. The only answer IMO is to get orders signed. They should perhaps merge with Angel Biotech or other, giving one stronger company - there dont seem to be enough orders for both [I dont hold, never have and not planning to] |
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