ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

CBF Cobra Bio-Man.

2.25
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cobra Bio-Man. LSE:CBF London Ordinary Share GB0031704835 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 2.25 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 2.25 GBX

Cobra Bio-manufacturing (CBF) Latest News

Real-Time news about Cobra Bio-Man. (London Stock Exchange): 0 recent articles

Cobra Bio-manufacturing (CBF) Discussions and Chat

Cobra Bio-manufacturing Forums and Chat

Date Time Title Posts
22/2/201018:03Cobra Bio' , News and Forecasts4,476
11/4/200615:51Cobra BioManufactoring, Growth Stock38
05/3/200520:32Massive expansion!!!!!!!!!!!5
07/1/200515:03Cobra Bio - A strong recovery386
05/7/200414:36cobra bust by xmas5

Add a New Thread

Cobra Bio-manufacturing (CBF) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type

Cobra Bio-manufacturing (CBF) Top Chat Posts

Top Posts
Posted at 22/2/2010 13:30 by the_doctor
SkyLift

The order book is somewhat irrelevant if it wasnt enough to make a profit.
It is unclear if the company will ever get enough orders to make a profit.

The assets should be considered at fire sale value.

I'd see your view if this was a company that wasnt about to go bust

IMO it IS fair value, since that's the highest value that larger shareholders/the company were able to negotiate.

The alternative was to go into administration. Sorry, but if the offer was good enough for the Dixons to accept, it represents fair value.
Mark Dixon had to lend money just to get the company to survive as long as it did.
So, unless he has some interest in the new company, he will have gone for the best price he and you could get.

I dont think you have any chance of appealing, but that's just my view.

Maybe jdb will refund your money if you were unfortunate enough to believe his ramps (not saying you were)
Posted at 19/2/2010 11:24 by godolphin
skylift - the compulsory acquisition price is the same as the bid price. You will have no say in the matter. If they had less than 90% then you could have kept your shares, but now it's over.

One of many quotes
"In the event the bidder gains 90 percent or more of the targeted shares, the bidder can, and usually does, acquire your shares compulsorily, paying you whatever was paid to those who voluntarily accepted the offer, so you are neither better nor worse off."
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% already

Yes, 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 18/2/2010 18:46 by boadicea
the -doc - Yes 90% as I understand.
However, in view of the statements here, why do they need to extend the offer? -

".... as at 1:00 pm (London time) on 17 February 2010,
Recipharm either owned or had received valid acceptances in respect of
40,297,275 Cobra Shares, representing approximately 90.88 per cent. of the
entire issued share capital of Cobra."

"Compulsory acquisition
As described in the Offer Document, once Recipharm receives valid acceptances
under the Offer in respect of, or otherwise acquires, 90 per cent. or more of
Cobra Shares to which the Offer relates, and 90 per cent. or more of the voting
rights attaching to Cobra's issued share capital, Recipharm intends to exercise
its rights pursuant to Sections 974 to 991(inclusive) of the Companies Act 2006,
to acquire compulsorily the remaining Cobra Shares for which it has not received
valid acceptances of the Offer or otherwise acquired."

???
Perhaps compulsory acquisition, although at the same offer price, is more expensive to administer.
Posted at 18/2/2010 14:25 by skylift
Yes, I understand that these will be shares in an unquoted company.
Shareholders will still have right to dividends etc and it is not inconceivable that Recipharm might list in the future.

As I see it, the share is worth more "post-offer" than "pre-offer" as there are no funding concerns now. So I do not see the need to accept the offer at that price - my only concern is whether the shares can be purchased at the original offer price using a minority rights "squeeze".
Posted at 18/2/2010 13:47 by skylift
Noticed the offer has been extended again

As a LT holder (who has not accepted the offer as yet), does anyone know how a "squeeze" of minority rights works?
Can they compulsorily buy remaining shares at the original offer price or do they have to renegotiate an offer price.

Post offer, surely the shares must be worth more than 2.25p as Cobra now has no funding concerns and they must be worth at lease net asset value. So, I cannot see how they can buy all remaining shares at 2.25p as this would infringe minority rights?!

Any info appreciated
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 12:55 by the_doctor
'because you think there may only be 10% premium'

that was NOT what I said.
I said I've seen bids of financially struggling go through at 10% of the share price
A 90% discount.

It is not impossible for the Dixons and Sultan to team up and offer to buy your shares for what you'd consider a disappointing price.



Where have I got this wrong? I never suggested another offer couldnt come.
The only one getting things wrong has been wrong


You said there would be no delays - there were
You said there would be no cash issues - they had to desperately raise cash
You said they could easily refinance - they got a loan convertible at a 40% discount!
You ramped it up after the last approach - it came to nothing

Ah, the old 'cant face the truth, so talk about shorters' line again.
There cant possibly be any negatives, so I must be looking to short.
Posted at 20/7/2006 08:13 by alibongo612
In short you have confirmed my stated view that the market is not prepared to build in any expectation of future performance/prospects into the CBF share price

This is contrary to what one would expect with a co such as CBF ie with a market leading position,enhanced and partly protected by IP, supplying a rapidly expanding,highly technological niche market that is capacity constrained.

Indeed it is contrary to the way it was previously treated by the market as evidenced by both its share price on flotation and when the share price achieved a price circa 3x the current price.

There is only one reason for that change in sentiment.

It is nothing to do with the co or its technology,but simply that the management has lost the confidence of the market who no longer believes that they are the best team to ensure that the undoubted potential is achieved.

Until they are changed the share price will languish/stay behind events.
Cobra Bio-manufacturing share price data is direct from the London Stock Exchange

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com