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|rainmaker: Thought a few People here might be interested in this Posting so copied from the Value Thread(VAL)
I believe in Evolutec(EVC) you've most definitely hit the paydirt.Their is so much I like about this Company-for example unlike Evolutec,the vast majority of Cash shells I have come across trade at a premium and not discount to their cash balance.Evolutec has £6.2mln cash v £4.5mln market cap.
I estimate that if you bought now and they voluntarily liquidated in a year's time which they will be forced to by the newish AIM rules re Cash Shells(introduced in April 2007) then you will make approx 38% but if there is a reverse takeover then sky's the limit-I've seen cash shells like this multiply their share price five even 10 fold in a very short space of time . This reminds me of Ben Graham's old adage that a good investment is a good speculation, in that if a company's share price has limited downside then conversely it must offer good upside potential!
It's no surpise to me that their major Institutional Shareholder, Gartmore opposed and subsequently blocked, a voluntary liquidation. Look also at the Company's tax losses-in the last four years they have lost approximately £20mln and think what that is worth to an acquiring Company seeking a listing. Also consider the time and expense a Company spends preparing for a listing. I've heard figures of 9 months and £250k.Basically I think this Company at current prices is a win, win situation. I would also be very surprised if they failed to attract a Suitor.
|andypace: Hopefully we'll wake up one day to a done deal and 40-50p share price.|
|hugepants: These things can drag on a while unfortunately. PIX took 5 months or so to announce a sale. Hopefully it wont be as long here. Ive got quite a lot of cash tied up in EVC now.
Another couple that may be worth looking at are BEK with share price of 5.75p and cash and bonds worth 16p, and Asterand (ATD) which is another biotech, market cap £5M and cash of £4M.|
|pugg1ey: timing is everything here (as always!) share price very weak at the moment, will probably keep drifting once more if there is no news.|
|yes prime minister: £8.7m disclosed cash turns into £7.2m when debtors and creditors are taken into account. Admin, contracted and non-discretionary expenses for 2007 are estimated at £4m, which will leave them with about 12 - 13p in cash. so the share price is currently trading at 25% above cash value.|
|davidosh: lets be a little careful though....
It is true that the reported cash is about 33.5p per share as at 31 December which looks attractive at a 15p share price. However the company have spent about £7m in the six months to December and while spending should now slow down, future cash burn will depend on whether they continue with any further trials. There will also be ongoing admin costs and any dramatic reduction of overhead is likely to create a one off exceptional charge.
The question must be whether the company is to turn into a cash shell and how much cash will remain?? What assets or IP really have significant value?|
|seasons in the sun: rkj
see post 119.. that will clarify. they have at the moment around £8m to £9m in cash. cash burn will have reduced quite a bit now, now that the dud drug is out of the way.. that drug burnt a lot of cash.
Market will now wait for the results of a another drug.... which is mentioned in post 119. Current cash per share is around 36p.. so present share price is more than underpinned by cash levels. If the next drug test results are positive then share price should motor. I feel the share will appreciate from current levels, in anticipation of the next case results... due i believe early feb next year.|
|master rsi: IT DOES LOOK A BARGAIN AT THIS PRICES ........
Cash of £17M and market cap of £5.7M so is almost 3 times
£17M Cash : 25.95M shares = 65.51p on cash and share price of 22p|
|mcrose: wing, the so called range only came into existence in the past 3 days.
i feel today we saw a temporary bottom at 17 - 20, when buyers came in and pulled the share price up to recover some of the losses. I feel there will be follow through buying tomorrow taking the price up, it should stabilise around the 28/30 region.. then the market will await the results of their other product, in early feb i believe.|
|golden lane: P1, good to hear you are a supporter and I agree that it is not fanciful to think the company might be taken out at some stage. In terms of share price action though in the short term I think it is a one trick pony in that the real share price driver in the next few weeks will be th phIIB hay fever results.|
Evolutec share price data is direct from the London Stock Exchange