Ip Share Discussion Threads

[davr0s] 25/8/2017 17:37

Not sure - it's in danger of making multi year lows. Can't believe those that stumped up 140 in fund raising can be that pleased

[p1nkfish] 24/8/2017 21:53

Agreed Davros but others in the same boat so it's not IPO specific.
Frustrating.

[davr0s] 24/8/2017 19:19

This ain't really going to plan - thankfully I got out some time back

[p1nkfish] 22/8/2017 07:16

Like the look of the Itesso news.
Worth reading up on them.

[p1nkfish] 17/8/2017 07:12

Chinese blocked from joining, £23M won't be raised but carry on with IVO bid as before.
Onward!

[swedeee] 16/8/2017 15:16

any reasons for the large swings in sp?

[sarpanch] 21/7/2017 10:18

Five investment analysts have rated the stock with a buy rating. More confidence from the market. Lets see if it can move towards 145 today.

[sarpanch] 18/7/2017 23:11

Finally a good news we have been waiting for -
The company said pretax profit for the period was GBP18.2 million, swinging from a pretax loss of GBP34.3 million the year previously. This was due to a change in the fair value of its equity and debt investments to GBP28.5 million, from a fair value loss of GBP24.5 million the year before.

Licensing income was nearly tripled to GBP2.6 million from GBP900,000 the year before. The fair value of its portfolio also increased to GBP663.0 million from GBP525.7 million year-on-year.

[sarpanch] 18/7/2017 20:12

IP group confirmed a better offer for Touchstone. Each Touchstone shareholder would be entitled to receive 2.2178 new IP Group shares for each Touchstone share.

Also, Imerial college supports this take over who got 15.3% touchstone share capital.

[p1nkfish] 14/7/2017 07:42

Ivo NAV now higher than current offer and further events might straddle year end but not massive impact. Something has to move or offer could fail. Snapping up ivo below NAV would be a coup but what chance?

Big holders won't suffer (they hold both) but ipo smaller holders will be diluted further in enlarged group with higher % going to ivo. Just mht.

[gilotron] 01/7/2017 15:10

I was thumbing through the annual report trying to find out what their annual costs are each year, seems like 20 odd mill. This debt they took on this year is it just a share issue or are they going to have to pay interest on it? Always difficult to value companies that aren't actually making a profit..

[bamboo2] 28/6/2017 14:41

Confirmed Head and Shoulders pattern is currently targeting 120-125 depending on neckline position. Probably only an intraday visit to these prices.

Could snap back up anytime once sentiment changes.

[seans66] 28/6/2017 14:33

Mistimed my top up very badly yesterday.

[p1nkfish] 21/6/2017 23:47

Still have an eye on UBI. Volume peaked up today as someone sold a couple 100k then price recovered. Pretty sure new management will get the 70p+ share price to get their £'s.

[p1nkfish] 21/6/2017 23:40

Yes.

If bought as a med-long term hold I wouldn't sweat it too much anyway.
Hold nose, buy, forget, come back in 3-5 years.
Combined portfolio is very impressive.

I hold IPO and IVO and have partaken to maintain % of increased shares in issue. Also added to IVO sub 293p, only a few added though.

The portfolio will have some dogs in it but some very big gems too.

A change in sentiment to bio-tech will give it a fillip. Only a matter of time.

[bamboo2] 21/6/2017 22:16

Hi pinkfish, thanks for taking the trouble to reply so comprehensively. That's precisely the info I was after.

So the combined group will have only a small premium at today's prices.

Another concern is the spending on Directors salaries, bonuses, free shares etc, but I guess there will be little we can do about that.

[p1nkfish] 21/6/2017 22:05

90% of ivo portfolio value is unlisted.

Ivo half year, end of Jan 2017 - "Net assets increased to £472.4 million (FY 2016: £455.9 million), NAV per share £2.93"

Original ipo approach was at 307p, could rise to 320p if ipo share price rises to 148p due to 2.1575 conversion ratio. MOST RECENT price equivalent was £2.89p per ivo share - bit of a bargain imho given the potential.

Ipo chanced their arm with 3 major ivo shareholders on side. Makes a lot of sense.

[p1nkfish] 21/6/2017 21:33

Not much. The NAV of ivo is heavily dependent on non-listed of which there is a bio-tech tilt that is out of favour.

Depending on the ipo share price the original offer come to 307p in ipo shares vs an ivo share price of about 284p (approx) at the time but I can't remember the ivo nav at that date.

Ipo + ivo makes a lot of sense if they can manage what will be a behemoth in pre-ipo new tech.

I bought ivo as I thought it excessively punished when circassia phase iii trial failed. The fact it was IVO'S largest holding appeared poor judgement on their part but recoverable.

Given bio-tech is out of favour, and ivo had a hit due to circassia, I think ipo have been very opportunistic and will pick up a good exposure to new future growth holdings and dilute their own excess reliance on Oxford Nano. There should also be overhead reductions. I don't see the price paid as excessive and its in ipo stock.

Can they manage the behemoth?

It requires much patience as I don't see this showing good value for a few years either combined or separate but handle right it has multi-bagger potential imho. The future is in that combined portfolio - how we power our lives, how long we live and how we minimise environmental impact. Well worth buying and holding for 5-10.

[bamboo2] 21/6/2017 21:13

Hi pinkfish, I haven't been following very closely. Is IPO Group paying a premium for IVO?

IPO looks more appealing to me without a premium, until such time as the businesses are successful in their own right

[p1nkfish] 21/6/2017 18:13

If IPO'S share price ris3s there is upside in ivo to 320p maximum.
Every penny extra on Ipo levers up in ivo price.
Worth keeping an eye on it.

If positions are sorted, valuation might be too if ipo rises in price.

[p1nkfish] 21/6/2017 18:10

Ivo response has been weak. They know it's a done deal and now it looks like they have positions so that objection is removed.. The original shareholder letter from ivo made the comments below apt at the time........

"Good companies are usually proud of their people and processes so that's understandable but the statement is weak given 3 large shareholders support IPO'S move. It reads that it comes down to money and ego no matter what they say about the portfolio.

A) What merits? He doesn't state them clearly. Alluding to them and not stating what they are is not cricket. Nil points for that. "........and because the proposal had certain merits, the Board agreed to engage." What merits? Being clear helps.

B) They want more money and keep positions at same level or higher in terms of job description and/or corporate level and same processes. "Meetings were held, but no real progress was made on two very important issues: first, on the valuation of Touchstone, and second, on the need to retain and build on the best of both companies and to establish a clear understanding of joint strategy, corporate governance and management."

I hold IPO and IVO and will vote FOR.
IPO, IVO, WPCT are all on the receiving end of less than positive market sentiment hence the valuation. IPO are being opportunistic but that's always a risk when the market has a downer on a market segment."

[robow] 20/6/2017 23:45

from The Daily Telegraph
IP Group closes in on hostile £466m Touchstone takeover

Science innovation company IP Group is on the cusp of a hostile takeover of rival Touchstone, after making a £466m offer that's already won the backing of close to three quarters of the target firm's shareholders.

Today's offer of 289p per share is lower than that proposed by IP in an approach on May 23, of 307p per share, as the stock value of both firms has slid since then, by 7pc and 4pc respectively.

Touchstone - which had already rebuffed the earlier approach - is expected to hold firm against its rival.

But the FTSE 250 suitor is in a commanding position, as it already has support from Touchstone investors holding 74.3% of its stock, just shy of the 75% level of support needed to make it unconditional.

IP Group said it had tried to win the backing of the Touchstone board but had so far failed to do so.

Touchstone’s investors have also been offered a smaller share of the combined company, 2.1584 IP shares for each Touchstone share, representing 33pc ownership, down from the 38pc stake initially proposed. Today had been the deadline for IP to make a firm offer.

It argues the tie-up will create an international leader in commercialising innovation that is “greater than the sum of the two parts”.

Both companies invest in technology and research in partnership with universities to bring emerging ideas and technology to market.

David Newlands
Touchstone chairman David Newlands has previously said IP Group's approach 'fundamentally' undervalued the business CREDIT: MARINA IMPERI
Alan Aubrey, chief executive of IP Group, said: “We remain open to engagement with the Touchstone board at any point regarding our offer.”

Touchstone declined to comment when approached by The Telegraph shortly after the announcement this afternoon.

IP Group insists it still wants the majority of the Touchstone board to join it after the deal, including chief executive Russ Cummings, despite Touchstone’s board earlier rejecting the approach for “fundamentally” undervaluing the business.

IP Group wants Cummings to join the combined board and remain chief executive of Touchstone, while chief investment officer Nigel Pitchford and executive director Tony Hickson would join an executive committee during the integration period.

Two out of four Touchstone non-exec directors would join the combined board.

IP Group completed a £207m capital raise earlier this month to help fund the deal.

In a letter setting out the reasons for the Touchstone board rejecting the approach on June 1, chairman David Newlands argued it undervalued the firm’s portfolio, its therapeutics assets, and its “unique” relationships with universities including Imperial College London and UCL, and with pharmaceutical firms.

Mr Newlands also said any deal would risk Touchstone losing key staff and relationships and argued the firm had a strong independent future “to drive overall returns and generate cash over the next five years”.

IP Group’s offer represents a modest 4pc premium to Touchstone’s market value the day before the approach was announced.

[bamboo2] 14/6/2017 09:09

A H&S could take this to 125, but prob intraday, and prob a good entry point for lth or a trade. Quite good to see the premium reduced to near zero.