|Post below from the DNA3 thread. If there were doubts about the resale value of the A380s why would Amedeo-Air-Four-Plus be buying 2 more?
sf515 Dec '16 - 10:14 - 4 of 5 0 0
Interesting that AA4, a sister company, has just received EGM approval to purchase 2 more A380s for lease to Etihad Airways (not an airline I'd heard of but 2nd largest in UAE)
|It may be that they never sell them, just keep leasing for the lifetime of the aircraft, by which point most of us will be old or gone, only pinch point is if major investors request a wind up of these vehicles and there is a forced sale.|
|I'd probably buy it. There seems to be doubt about the resale value of these aircraft but on the DNA3 thread there's a link to a new DNA type vehicle leasing out a new A380. The 258p value is based on valuation of 3 independent valuers so happy to go along with that. And apparently the fact these are long haul aircraft means they can remain in service longer, perhaps 25 years or longer, because they do less flights and so minimize the compression/decompression cycle which is the thing that ages an aircraft most.|
|You would only get 258p if they can sell the aircraft. According to Emirates own comments there, they don't sound interested in buying it. And they run nearly half of all the A380s in existence. So who will buy it?|
|2.25p quarterly divi declaration today
Also the quarterly update -
Forecast 258p total return over the next 6 years
"...Also in November 2016 Emirates indicated that it will likely seek to extend leases on its A380s. Asked about the probability of using the aircraft beyond the 12 years the operator has typically contracted, Emirates' senior vice president of corporate treasury said "we want to keep it for a long time. The type has proven to be a flexible platform" and is a core product for the airline..."|
|AA4 the new Nimrod IPO started trading today at a premium.|
|thanks for the link, StrollingMolby, an interesting read.
grahamg8, I guess the only difference is the nos of planes in the portfolios of DNA1 and DNA2... Like you, if I was buying any more at the moment, it'd be DNA1.|
|At release of results 31 July DNA1 share price was 123p and NAV 91.98p ratio 134%. DNA2 for comparison 226.5p, 162.72p, ratio 139%. Fair enough. But the share prices are now 118.25 and 247.5. This is a divergence of 13.2% in just over three months. And yet they operate the same business model with the same customer under the same terms with virtually the same yield. No brainer, buy DNA1 sell DNA2? Can it really be that simple?|
|Ex-divi today (2.25p), hence the drop.|
|Doric Nimrod Air Three IPO'd on Monday along the same lines - purchase of four Airbus A380s and leased to Emirates Airlines for 12 years then sold.
With thanks to Skegbyhouse on TMF who posted this today:
|Doric Nimrod Air Two (DNAT) has IPO'd today with the same model (per today's Times), though with two Airbus 380s bought and leased to Emirates rather than one aircraft.
Probably explains the interest here today (up 3p).|
|A new thread to follow the performance of a new Special Purpose Vehicle that is planning to buy and lease one Airbus A380 to Emirates Airlines and provide an income and capital gain to investors.
My personal interest is how this company performs in comparison to Avation (AVAP) and Capital Lease Aviation (CLA) which have portfolios of leased aircraft.|
|The human rights brigade cry out that it is an infringement on the human rights of people for the authorities to hold DNA of innocent individuals. The DNA database is searched against outstanding crime scene stains such as offences of Rape, Robbery, Burglary and Murder. The question is what harm will ever come to those on the data base that are innocent if their profile is searched for such outstanding unsolved crimes? Whom amongst the nay sayers against the data base would want everything done if someone they cared about was the victim of a crime that could be solved wholly or in part by DNA ?
We have to register our cars, pay road tax with supporting documentation, comply with poll tax and electoral forms and complete our tax forms but because this is for revenue collection as opposed to where people are victims of a personal crime there it appears is not such an outcry. The revenue loaded compliance asks far more questions of an individual and is intrusive. When you think about it if your DNA was on the data base and you did not commit a serious crime what would be the problem for you, other than you don't like them having it ? if something happens to you or yours you might think differently.|
|Horse genome unlocked by science
The genome of a domestic horse has been successfully sequenced by an international team of researchers.
The work, published in the journal Science, may shed light on how horses were domesticated.
It also reveals similarities between the horse and other placental mammals, such as bovids - the hoofed group including goats, bison and cattle.
The authors also found horses share much of their DNA with humans, which could have implications for medicine.
Horses suffer from more than 90 hereditary diseases that show similarities to those in humans.
"Horses and humans suffer from similar illnesses, so identifying the genetic culprits in horses promises to deepen our knowledge of disease in both organisms," said co-author Kerstin Lindblad-Toh, from the Broad Institute at the Massachusetts Institute of Technology (MIT) in Cambridge, US.
"The horse genome sequence is a key enabling resource toward this goal."
To generate a high-quality genome sequence, the researchers analysed DNA from an adult female thoroughbred named Twilight.
The horse's DNA was sequenced using capillary DNA sequencing technology (known as Sanger sequencing) to reveal a genome that is roughly 2.7 billion "letters", or nucleotides, in size.
In addition to sequencing the genome of a thoroughbred horse, the researchers also examined DNA from a variety of other horse breeds.
These included the American quarter horse, Andalusian, Arabian, Belgian draft horse, Hanoverian, Hakkaido, Icelandic horse, Norwegian fjord horse, and Standardbred breeds.
The team surveyed the extent of genetic variation both within and across breeds to create a catalogue of more than one million single-letter genetic differences in these breeds.
This is slightly larger than the genome of the domestic dog, and smaller than both the human and cow genomes.
So far, scientists have also sequenced the genomes of the platypus, mouse, rat, chimpanzee, rhesus macaque and, of course, human.
Horses were first domesticated 4,000 to 6,000 years ago. Over time, as machines have become the chief sources of agricultural and industrial muscle, those roles have shifted to sport and recreational activities.
Story from BBC NEWS:
Published: 2009/11/05 22:41:38 GMT|
|Genentech Executives Start Leaving in Wake of Roche Acquisition
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By Rob Waters
April 15 (Bloomberg) -- Top leaders of Genentech Inc., the biotechnology company acquired by Roche Holding AG for $46.8 billion, will leave the company as part of personnel moves that put an executive of the Swiss drugmaker at the helm.
Arthur Levinson, 59, Genentech's chief executive officer since 1995, will become chairman of its board, steering efforts to combine the two companies, Roche said yesterday in a statement. Other key executives, including product development chief Susan Desmond-Hellmann, will leave by mid-year. Genentech employees become eligible to receive retention bonuses July 1 under a program approved last August.
Pascal Soriot, who runs commercial operations for Roche's drug division, will become Genentech's chief executive officer responsible for U.S.-based pharmaceutical operations. Roche officials also will take over from departing Genentech employees as chief financial and compliance officers. The changes mark the beginning of the company's transformation, said Stephen Burrill, a venture capitalist who invests in biotechnology companies.
"By and large, the Genentech leadership will move on, staying as long as their golden handcuffs require them to," Burrill said yesterday in a telephone interview. "The spirit of entrepreneurship won't be the same. People who were excited by entrepreneurship will find new homes and those that are comfortable with a large corporate structure will stay."
Genentech was founded in 1976 by Herbert Boyer, a genetic engineering researcher at the University of California, San Francisco, and Robert Swanson, then a 29-year-old venture capitalist. Boyer and Stanford University scientist Stanley Cohen pioneered the technique that allows scientists to insert genes from one organism into another, laying the foundations for antibody-based drugs, bioengineered crops and gene therapy.
In the ensuing decades, South San Francisco, California- based Genentech made the first human protein by splicing genes into E. coli bacteria and later synthesized human insulin and human growth hormone. The company went public in 1980 in an initial offering that raised $35 million, and saw the share price rise to $88 from $35 in less than an hour.
Basel, Switzerland-based Roche, the world's largest drugmaker by market value, held a stake in South San Francisco, California-based Genentech for almost 20 years and controlled 56 percent of the biotechnology company's shares before starting its acquisition bid in July. Roche sought the takeover to boost income from top-selling cancer medicines such as Avastin. Roche completed the transaction on March 26.
"It is a sad day for me and many others," Myrtle Potter, former president of commercial operations at Genentech, said in an e-mail. Potter left the company in 2005.
Levinson will be nominated for a seat on Roche's board of directors at its next shareholder meeting in 2010, according to the Roche statement. He and Soriot will lead efforts to integrate the companies, Roche said.
Soriot joined Roche in 2006 and was previously a U.S.-based executive with Sanofi-Aventis SA, the French drugmaker, said Geoff Teeter, a Genentech spokesman. The management changes take effect May 1, Roche said in its statement.
Desmond-Hellman, 51, will advise the company after her departure as a member of the Genentech Scientific Resource Board. By staying until June 30, she will be eligible for a retention bonus of $4.59 million, Genentech said in an Aug. 21, 2008, filing with the U.S. Securities and Exchange Commission.
David A. Ebersman, the departing executive vice president and chief financial officer, could receive $2.73 million under the retention plan, according to the filing.
Desmond-Hellman's departure is "the beginning of senior executive departures and it's symbolic in that context," Burrill said. "She's a hot rock and will be very desired by a lot of other companies to take a leadership position."
To contact the reporter on this story: Rob Waters in San Francisco at [email protected]et.
Last Updated: April 15, 2009 00:01 EDT|
|Genentech Withdraws Psoriasis Drug Linked to Brain Infections
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By Marilyn Chase
April 9 (Bloomberg) -- Genentech Inc. began pulling its psoriasis treatment Raptiva from the U.S. market because of the drug's link to a rare, fatal brain disorder that has troubled at least four other medicines.
Genentech, the biotechnology company acquired last month by Swiss drugmaker Roche Holding AG, has told doctors not to write prescriptions for new patients as part of a phased withdrawal of Raptiva to be completed by June 8, the South San Francisco-based company said yesterday in a statement. About 2,000 U.S. patients may be taking Raptiva, Genentech said
The decision to withdraw the drug, which generated $108 million in U.S. sales for Genentech last year, came after three patients were diagnosed since October with the brain infection progressive multifocal leukoencephalopathy, two of whom died, said Tara Cooper, a Genentech spokeswoman. The risk of PML, which causes irreversible brain damage, outweighed Raptiva's benefits in controlling psoriasis, the company concluded.
"We said, and the Food and Drug Administration agreed, that Raptiva likely causes PML," said Ivor Caro, Genentech's senior medical director for dermatology, in a telephone interview. What tipped the balance was that Genentech could neither predict which patients were likely to develop PML, nor come up with a strategy to lessen that risk, he said.
"It was the clinical science perspective, not how much Raptiva was being sold," Caro said.
$125 Million Charge
The withdrawal will result in a one-time charge of about $125 million, the company said.
Raptiva, approved in 2003, was designed to suppress the abnormal immune response that triggers psoriasis, a painful, scaly rash that afflicts about 7.5 million Americans, according to the National Psoriasis Foundation. Sales never took off as other anti-inflammatory medicines, including Amgen Inc.'s Enbrel, Johnson & Johnson's Remicade and Abbott Laboratories Humira, entered the psoriasis market.
"Most people could see this coming," said Eric Schmidt, a biotechnology analyst with Cowen & Co. in New York in a telephone interview. " We knew this drug had a severe side- effect profile, and its efficacy isn't that good."
A fourth patient on Raptiva, who developed worsening neurologic symptoms, also died of unknown causes, the company said.
At least four other drugs have been linked to PML risk. They include Roche's Cellcept, used to prevent transplant rejections; Biogen Idec Inc. and Genentech's cancer drug Rituxan; Biogen's multiple sclerosis treatment Tysabri and Genzyme Corp .'s leukemia drug Campath.
No Other Withdrawals
Schmidt said he doesn't expect Raptiva's removal will lead to other product withdrawals.
"I see zero impact" he said. "Rituxan treats cancer. Tysabri, multiple sclerosis. The risk benefit for using Rituxan and Tysabri for their respective indications is very favorable. That's different from the profile for Raptiva, which Genentech decided is borderline."
PML occurs when a common germ, called JC virus, mutates, then evades the body's immune defenses and penetrates the brain. People with suppressed immune systems are most at risk for PML.
Biogen, based in Cambridge, Massachusetts, has been testing a malaria drug and a blood-cleansing therapy as treatments for the deadly brain infection.
Biogen's multiple sclerosis drug Tysabri was pulled from the market in 2005 after three PML cases were reported. It was reintroduced a year later when U.S. regulators said the medication's effectiveness, twice that of other MS drugs, outweighed its risks. Five cases of PML in Tysabri users have been reported since July.
Genentech's Caro said the company contemplates no similar withdrawal action for its Rituxan drug, which is used to treat non-Hodgkin's lymphoma.
To contact the reporter on this story: Marilyn Chase in San Francisco at [email protected]t
Last Updated: April 9, 2009 00:00 EDT|
|FDA 'Unclear' If Genentech Drug Data Backs Expanded Approval (Genentech (Delisted 3/27/09)
By Jared A. Favole
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The Food and Drug Administration said it's "unclear" whether positive responses seen in clinical trials involving Genentech Inc.'s (DNA) Avastin are sufficient to support accelerated approval of the drug to treat an aggressive type of brain cancer.
Genentech is seeking FDA approval to market Avastin, already approved to treat advanced breast, lung and colorectal cancer, for patients who suffer from an aggressive form of brain cancer in which the survival rate is 9 months to 12 months.
A panel of outside medical experts will discuss Avastin at an FDA sponsored meeting Tuesday. The panel will decide whether to recommend approval to expand the drug to treat brain cancer. The FDA generally follows the group's advice.
The FDA said it's "unclear weather the response rate and duration of response seen" in Genentech's application are sufficient, according to briefing documents posted on the agency's Web site.
-By Jared A. Favole, Dow Jones Newswires; 202.862.9207; [email protected]s.com|
|Roche Completes Tender Offer For Genentech, Holds 93.2%
Edited Press Release
ZURICH -(Dow Jones)- Swiss drugmaker Roche Holding AG (ROG.VX) said Thursday it holds 93.2% of Genentech Inc (DNA) shares after completion of the tender offer, with 3% more guaranteed for delivery.
Roche's wholly-owned subsidiary, Roche Investments USA Inc., completed its tender offer for the publicly held shares of Genentech.
The offer expired at midnight, New York City time, at the end of Wednesday, March 25. A total of approximately 395.7 million shares of Genentech common stock were tendered representing 84.7% of Genentech's publicly held shares. Roche Investments USA Inc. has accepted for payment all shares validly tendered pursuant to its tender offer.
Together with the 55.7% of the outstanding shares already held by Roche, Roche now holds a total of approximately 982.9 million or 93.2% of the 1,054,555,886 Genentech shares outstanding. In addition, a further 3.0% of Genentech's outstanding shares were guaranteed to be delivered within the next three business days which, if added to the shares already received in the tender offer and Roche's existing stake, would represent approximately 96.2% of Genentech's total outstanding shares. Public shareholders who have tendered their shares will promptly receive $95.00 per share for their shares.
Pursuant to the merger agreement between Roche and Genentech, as soon as practicable Roche will cause a short-form merger under Delaware law in which Genentech will become a wholly-owned member of the Roche Group, and all remaining public shareholders will, subject to appraisal rights, receive $95.00 per share for their shares. Following the merger, Genentech's common stock will cease to be traded on the New York Stock Exchange.
Company Web Site: http://www.roche.com
-Zurich Bureau, Dow Jones Newswires; +41 43 443 8040; [email protected]s.com|
|Roche Chairman: Friendly Deal With Genentech Cuts Out Uncertainty
ZURICH -(Dow Jones)- Roche Holding AG (ROG.VX) Chairman Franz Humer said Thursday that he was delighted to have reached a friendly deal to take over Genentech Inc. (DNA), because this will eliminate uncertainties for shareholders and employees and speed up the integration process.
Roche said earlier Thursday it has reached a friendly deal with Genentech Inc. (DNA) to buy the 44% of the U.S. biotech company that it doesn't already own for around $46.8 billion.
Humer said he was confident that most, if not all, senior Genentech managers will stay with the combined company. He also expects Genentech's scientists and other staff to stay on.
Roche has the financing of the deal in place, he said, after the Basel-based drugmaker raised nearly $40 billion in bond markets in recent weeks.
Company Web Site: http://www.roche.com
-By Anita Greil, Dow Jones Newswires; +41 43 443 8044 ; [email protected].com|
|UPDATE: Roche, Genentech Reach Friendly Deal, Worth $46.8 Billion
By Anita Greil
Of DOW JONES NEWSWIRES
ZURICH -(Dow Jones)- Swiss drugmaker Roche Holding AG (ROG.VX) said Thursday it has agreed with Genentech Inc. (DNA) to buy the 44% of the U.S. biotech company that it doesn't already own for around $46.8 billion.
Roche, based in Basel, said it expects the transaction to be accretive to earnings in the first year after closing.
The agreement ends a nearly eight month battle, in which Genentech repeatedly rejected Roche's offer.
Last Friday, Roche increased the offer price to $93 a share. The agreement reached now is for a slightly higher price of $95 a share.
"We believe this is a fair offer for Genentech shareholders," said Charles Sanders, chairman of a special committee of independent Genentech board members in a statement. "We look forward to working with Roche to complete the transaction as expeditiously as possible."
Company Web site: www.roche.com
-By Anita Greil, of Dow Jones Newswires; +41 43 443 8044; [email protected].com|