Cyprotex Share Discussion Threads

[husbod] 28/10/2016 14:25

Up protherics - good luck and if you want my signature let me know. I am sure you wont forget to invite the FCA to consider the fact that the share price was just about at the offer price when the sell out was announced. There can only be one explanation for this and they need to investigate the share dealings from the date the company announced it was conducting its review.

By the way I don't think a hostile bid is competely out of the question so I wont be disposing of my entire holding for the time being

I've got a couple in mind bahiflyer but I want to build a position before mentioning them!

[p1nkfish] 28/10/2016 13:37

Good candidates are hard to find at this juncture.

[up protherics] 28/10/2016 13:36

As I mentioned before. This can be stopped/ Or an increased offer could be tabled

I originally spoke to the FCA/Survalance devision when the strategic review was announced. They basically said that if I feel anything un towards starts to happen in terms of a offer was to get back to them.

The time has come.. I will be contacting them once I have all my paper work ready together with trade dates carried out by the few.

As far as I can see they have breached one major rule, together with a number of others.

Also where is the trading update

[bahiflyer] 28/10/2016 11:30

I think for me there are a couple of disappointing aspects to this.

The first being that a handful of larger shareholders have made a pre emptive decision behind closed doors, to the detriment of the vast majority of smaller PI's. I wouldn't bet against a few golden thank you's being handed out after.

Even more galling is that I thought i'd managed to finally spot an absolute gem which would blossom into a several hundred million pound company. ( and I do think in time it would have).
How many other micro caps can say they are in such a privileged position as to offer guidance and assistance to the american FDA. For that reason i'm amazed that if a bid was to come it didn't come from the USA.

Unfortunately were not looking for a white knight to ride to the rescue as the only hostility about this arrangement is that it leaves us feeling short changed. My initial anger has died down somewhat and im not sure there's much can be done to change the outcome. But I will spend some time trying to construct a mischievous letter to the FDA, just for my own personal gratification.

This has been by far and away my largest holding so its now going to be a weekend spent looking for an equally bright opportunity for the proceeds. Would be interested to hear if anyone else has a suitable candidate in mind.

Best of luck all

[up protherics] 28/10/2016 08:51

INMO Cyprotex is quite different.. The board inmo were badly advised when they took the loan notes out.. Convertables you can justify, but a loan note separate from these which increases in value as the share price increases.. Come on think about it have you ever borrowed money . i.e a mortgage where your original loan increases as your house price increases.

I questioned this at the time and was pacified by the fact no one would have lent them the money to expand there business.I.E our wonderful banking system. Why wasn't a simple placing/rights issue sought after

THIS IS ONE FOR THE FCA AND SURVALANCE DIVISION TO LOOK AT. WHICH PERSONALLY I WILL BE VIGOUROUSLY PERSUING

[battlebus2] 27/10/2016 20:57

I've been a holder of a few Chris Mills investments and I think it's fair to say that with the four or five that have been taken out they always fall short of what I expected but then again by that stage we've already gained nearly 100% and CRX is no different. 80p was the time to buy.

[mathematic] 27/10/2016 20:51

I'll also be voting against.

[battlebus2] 27/10/2016 20:29

No point chadders, just take the 160 and move on to the next investment.

[chadders] 27/10/2016 20:07

Well, I'll be voting against.

[up protherics] 27/10/2016 14:18

I generally post on iii, but I feel the more people who question this scheme of arrangement the better.

The scheme can fail if enough small shareholders reject it. It is not the same as a standard takeover where 51 per cent is generally sufficient. The board of crx will require at least 75 per cent of acceptances and not mearly majority shareholders.

Also where is the trading update we would normally receive at this time of year.

The link below makes good reading



hxxp://www.lexology.com/library/detail.aspx?g=ee53fac9-bf98-4864-9b8d-a50ff914d8ad

[husbod] 26/10/2016 14:24

100% agree bahiflyer.

Fancy inviting the FSA to look into it? Might be worth a try.

[husbod] 26/10/2016 13:26

Tick up for that rrb. Agree entirely, not at all impressed by the extent of the premium based on the price at the start of the strategic review. Indeed as I said earlier I wonder about the extent of any insider dealing (take over talks are notoriously leaky)and even whether the company should have made the standard announcement that they were in the early stages of discussions which may or may not lead to a take-over.

The more I think about it the less I like it.

Also I don't like the bid-offer spread today - it should be minimal given the announcement of an agreed take-over price.

[rrb] 26/10/2016 13:00

N1 Singer are the advisors. Hardly the best of reputations.

In terms of hostile bid - not sure. They are dressing this up as if it is a massive premium to the price the day before the strategic review started. This is cheeky to say the least. The fact is that revenues will be £20m + with massive operational gearing. This thing is worth £100m.

Very sad. Very disappointing.

[p1nkfish] 26/10/2016 11:29

It's at a discount, not clear when last Trident and Oryx valuations were for the NAV.

hxxp://citywire.co.uk/money/investment-trusts/investment-trust-factsheet.aspx?FundID=3125

[p1nkfish] 26/10/2016 11:20

Yep.

Question - anyone know yet - haven't had chance to check -if the upside has shown in NAS yet? Look at their top 10 vs CRX holders. Will try to get enough time to check when last NAV was. Could be some upside not yet shown in the NAS share price

www.harwoodcapital.co.uk/fund/north-atlantic-smaller-companies-investment-trust-plc

[husbod] 26/10/2016 10:45

yep such a shame p1nkfish and my sentiments exactly - it's so typical of UK companies that they can't get beyond the development stage to world class. So many examples of selling out to foreigners prematurely rather than continue the upward trajectory themselves.

Maybe the Board just concluded, with the assistance of overpaid advisors whose self-interest means they are biased towards a sale, that the loan notes were an insurmountable obstacle to their continuing as an independent company. If so then the earlier advisors who recommended the loan note route have a lot to answer for.

I have to say that I was looking for a minimum of £2 if we sold.

[p1nkfish] 26/10/2016 10:36

Agreed Husbod. One of those times I would be prepared to pass a big capital gain now to see this lovely British company remain UK owned, run and growing.

I can't believe there isn't a US company willing to jump in too.
Low £, fast growth, #1 in sector.

[husbod] 26/10/2016 09:43

Very disappointed and to sell out to a German company at such a low premium is nothing short of disgraceful.

My high regard for the management has taken a huge hit and I also wonder how many insider trades have been made over recent months - it's far too much of a coincidence that the take out price is only a few measly pence higher than the market price over recent months. My 155k shares will be voting against although I expect by the time the vote comes I'll have taken my (massive) profits and moved on.

I assume the small premium reflects the fact that they will be paying 160p for the shares yet to be issued ie the convertible loan notes etc so those of us who are lucky enough to have them will benefit at the cost of the non-holding shareholders. This sort of situation was always the potential downside of those loan notes.

[mathematic] 26/10/2016 09:38

The fall in the pound makes it even cheaper for them. I was hoping for 1.75.

[chadders] 26/10/2016 08:51

I have to admit, I'm very disappointed. Too low a price methinks so I reckon there's a chance of another bidder. CRX is a vert tasty business in my view.

[saltaire111] 26/10/2016 08:44

Let's hope a hostile bid comes forward at a more sensible level. The market has seriously underestimated crx and it's crazy the board's accepting these terms. I wonder what sweeteners there are for them.

Salty

[lancasterbomber] 26/10/2016 08:29

What happens to the loan notes?