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Pharmagene Share Discussion Threads
Showing 251 to 273 of 275 messages
|so you have sold out? Is there a thread for Asterand. Share price rosen today by 10%|
|Hi Witteklip, If you look at the figures from Asterand - or more importantly the margins in the figures AST management doesn't look too shrewd to me. It's a low value play which simply will not scale - even if they do the kind of things mentioned in this article. http://news.independent.co.uk/business/analysis_and_features/article332462.ece
PGN has millions in the bank. If the institutions would wake up and exert a little pressure and adjust management objectives. But of course they won't do that because it needs insight and effort. After all of this time seeing value eroded I guess everyone is just bored. Its all very sad.|
|Wazzock - PGN's problem was naive, amateur management - Riddell put a stake through the company's heart with his ambitious speculation. Openshaw appears to be trying to save what's left by given the business away - It's the easy way out and negotiated from what he considers to be a position of weakness. None of PGN's management appear to have the heart or ability to turn the company around alone.
Asterand will asset strip and cherry pick the bones of this to our cost - they must be delighted with the deal - as will be their shareholder's.
To be honest - unless you know a white knight with dosh and nouse then we're well and truly stuffed already ... the current PGN management could't fight their way out of a paper bag - so even if we stop the process they're unlikely to manage a recovery.
The deal with Asterand gives us managment who are more shrewd and capable than PGN's - unfortunately the cost to us has been HUGE.|
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|Judging by the series of trades on Friday compared to the previous days it seems that someone with a mission is starting to mop up the sales. Small regular quantities... I guess they'll try and mop up as many small holders as possible while moving the price gently back up towards 24p -
If you're really brave - you could buy now and dump this dog as close to 24p as your nerves will allow.
My thought is that the general market is too fragile to risk further exposure.|
|At -24p there's an arbitrage deal for Asterand Shareholders here - they could be buying PGN and selling Asterand - knowing that they'll get back their Asterand shares at a discount.
If you like the look of Asterand then buy PGN - @ 17 p there's a 29.2% discount on the agreed valuation.
They may not be doing this because they can't sell their Asterand shares for that valuation? If not what on Earth is PGN management doing buying into this deal at these valuations? If it's a good deal why isn't PGN buying back their own shares for the treasury? (If I was the new incoming management I'd be bending Openshaw's ear to do so)? - if the deals good the new company could bank on selling or distributing these at a 'profit' - It seems that the management of PGN and Asterand have no confidence in their own valuations - If so, I guess there are a lot of Asterand shareholders sitting on a paper profit that they're hoping to cash in after the merger when the share becomes publically traded.
(D.Y.O.R my views aren't reliable - otherwise I wouldn't be foolish enough to still be a PGN shareholder)|
|Wazzock, many thx for replying. I see your point. What I'm trying to understand is what exactly do existing Pgn shareholders receive for their shares?
It's my understanding that OldPgn ceases to exist after January and NewCo shares come into play. If that's the case, then what is the deal for existing Pgn shareholders when the company they hold shares in ceases to exist? Thx.|
|Boobeliboo - how are we going to jump back to 24p?|
|Can someone pls confirm that this is how it stacks up?
1 NewCo share will be worth 24p.
Existing Pgn holders will receive 1 NewCo share for 1 OldPgn share.
NewCo shares will begin trading at 24p at the beginning of Jan 06.
All of this still requires voting through at the December EGM.
|PS - You would have thought the least these people would've done to back their own plans and values would be to buy back PGN shares under 24p as treasury shares - after all they've still got some of our cash.
Oh ... silly me ... I forgot - they need the dosh to reward themselves.|
|Wazzock - I agree - we should stand up against this.
Andrew - A good deal!? I think we're stuffed. If the new guys know what they're doing they'll sell off the loss making, non core business (i.e. Stick to the Asterand model) and produce an instant profit for 2006. Our representatives at PGN have conceded 5 x 2006 profits to the 'preferred shareholders'!!! - I guess this means - if there are lower or no profits in following years - the company will be in debt to the preferred shareholders.
Here's a reading from my Crystal ball... There will be an unexpectedly high profit next year which will stuff us by producing an unsustainable debt - the 'Preferred shareholders' will end up converting that debt at depressed prices into equity. Management insiders and their private backers will be in the money - ordinary shareholders will be shafted - nothing new.
Of course this is just my opinion - someone please tell me I'm wrong and why.
PGN management has taken this company from £1.10 cash to 16p - They've paid themselves well in cash and shares on the back of ordinary shareholders... Now we're being shown the back door... A swift kick in the rear and a jolly; "tara suckers - thanks for all the cash"|
|A call to action - Owners of Pharmagene make your views known. Some - but not all of the institutions have made up their minds according to the circular. My view - there is nothing in this for PGN holders. With new management PGN can recover - they have cash and assets with real value. The deal with Asterand gives us nothing.|
|We have to turn up at the egm and vote against this deal. There is nothing at all in this for Pharmagene shareholders, just more misery. Much needed cash going into the pockets of manager who brought us to this juncture - read the circular. I really feel we need some shareholder action! It's outrageous.|
|Looks like it's a good deal!!!|
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|The market has voted on Mr Openshaw and his teams efforts... What a bunch of heroes!|
|Looks like my PGN ticker gone|
|Tone - based on what? Technical analysis? Insider Information? Your Guess? Please substantiate.
In my opinion - PGN looks great for insiders and close to junk for ordinary shareholders.|
|Kcom about to go up 30 per cent don,t miss this one|
This I understand:
" The Merger is being implemented by means of a share-for-share exchange such that Asterand Shareholders, on Completion, will become entitled to receive approximately 54.2 million Ordinary Shares representing 50 per cent of the
issued share capital of the Enlarged Group. "
This I don't:
"In addition, Deferred Consideration will be payable to Asterand Preferred
Shareholders equivalent to five times the profit before tax of the Enlarged Group for the financial year ending 31 December 2006, subject to certain adjustments"
Are we totally stuffed?|
|Did anyone else see this from March 05:
"In 2004, Asterand posted revenues of $8 million, some $2 million over projections. When the annual audit is done, Charlton said he expects his company to post a profit of close to $200,000."
"A $500,000 initial private equity investment in 2000 has since grown to $11.5 million, including $2.3 million from the Michigan Life Sciences Corridor fund."
"Short term, Asterand's strategy is to continue growing as rapidly as possible, and establish itself as the world's most important resource for human tissue and blood based research, a goal others say has been accomplished. "
"Charlton's list of goals also includes adding one new job for every month of the company's existence"
""Five years out, we want to be generating $50 million to $100 million in revenues,'' Charlton said. "Secondly, we want to do an IPO. Third, we want to be so well known we're an important part of the WSU landscape. We want people to say, 'Asterand, aren't they at Wayne State in Detroit?' I want us to be known as the World Bank for biological materials in Detroit."
If 24p represents fair value with PGN heading for the dirt then what's in the future with new proven management? These new guys don't seem the type to be satisfied with being employed at shareholder's expense - If the general market doesn't collapse in the meantime it would seem that Asterand has a real chance of delivering a result for us long suffering PGN shareholders.