Source Bioscience Share Discussion Threads

[p1nkfish] 28/8/2016 20:36

Sold out. Was tempted but cash is more flexible than stock in the private vehicle. I think the new company will do very well and the fact the directors are taking shares is promising but a small holder in such a situation will probably find it illiquid for quite a while. Exit will be at the behest of the large holders. If I want to exit early it would b harder than in a listed vehicle.

Good luck whatever you decide. Sherwood will probably do very well.

[peterz] 26/8/2016 19:00

Well got the paperwork. Decision time take the money or open the box 'Michael' lol. Anybody sure of the new folk!! Anybody taking the gamble? Or splitting shares and cash.

[peterz] 22/8/2016 16:52

I certainly agree the team now have done really well. However having lost so much I lost confidence and took eye well off the ball. Can't blame anyone else for that.

Ps have lots of significant losses awaiting a day when I make a significant gain, lol. Hoping SOU help out with that in the med term.

[bigman] 22/8/2016 07:56

Peterz You explained bought in 2000 way before this team came on board and sorted the company, Sorry for loss. Couple of things, you could split taking some shares and crystallising some Capital losses. You need to look at your other investments as if you have capital gains above your allowance, or expect them, it may be worthwhile taking some or all the loss to offset, at least you will save 40% on the gain going to the tax man. maybe do a couple of calculations as your 97K investments a tidy sum. Why did you not add during time of this team over last 10 years, they are quality and sorted this, gutted to see it end, but nice profit. not sure whether i take some shares. hope that helps.

[peterz] 22/8/2016 07:28

Thanks bm. I am very unsure what to do. After holding for many years at a loss and selling would simply crystallise the significant loss, but would give me something back. On the other hand if I accept the alternative offer of unlisted securities what does anyone know of the potential??

I guess its to do with trust really, I believed in SBS management and expected them to take the company to great things for long-term shareholders like me rather than taking the cash and admittadley pleasing themselves and some newer shareholders.

[bigman] 20/8/2016 17:52

peterz
the answer to your question is yes, any losses can be offset against future gains. Of course any gains would be subject CGT as well. The only other possible advantage is perhaps the unlisted shares would be excluded from IHT (after a qualifying period. SBS shares being fully listed are not excluded from IHT, unlike many on AIM. Hope that helps

[peterz] 20/8/2016 07:22

If I accept the unlisted securities option rather than cash alternative, and eventually the unlisted securities goes bust. Would I still be able to offset that loss against any future CGT?

[bartdude] 18/8/2016 08:20

Posting of Scheme Document
18 August 2016
RECOMMENDED CASH OFFER
FOR
SOURCE BIOSCIENCE PLC
BY
SHERWOOD HOLDINGS LIMITED


Posting of Scheme Document

On 29 July 2016, the boards of directors of Source BioScience and Sherwood announced that they had reached agreement on the terms of a recommended cash offer under which Sherwood intends to acquire the entire issued and to be issued ordinary share capital of Source BioScience for 18 pence in cash per Scheme Share held. It was also announced that the Acquisition would be effected by means of a scheme of arrangement under Part 26 of the Act and include an Unlisted Securities Alternative.

Further to that announcement, the boards of Source BioScience and Sherwood are pleased to announce that the Scheme Document relating to the Acquisition was posted yesterday to Source BioScience Shareholders. The Scheme Document contains, inter alia, the full terms and conditions of the Scheme, an explanatory statement pursuant to section 897 of the Act, the expected timetable of principal events and details of the actions to be taken by Source BioScience Shareholders.

As described in the Scheme Document, to become Effective, the Scheme must be approved at the Court Meeting; special resolutions must be passed at the General Meeting; and the Scheme must subsequently be sanctioned and confirmed by the Court. Both the Court Meeting and the General Meeting will be held at 1 Orchard Place, Nottingham Business Park, Nottingham, Nottinghamshire NG8 6PX on 9 September 2016 with the Court Meeting to commence at 10.00 a.m. and the General Meeting to commence at 10.10 a.m. (or as soon thereafter as the Court Meeting is concluded or adjourned). Notices of the Court Meeting and the General Meeting are set out in the Scheme Document.

The Scheme Document, together with information incorporated into it by reference to another source, will be available free of charge, subject to any applicable restrictions relating to persons resident in Restricted Jurisdictions, on the investor section of Source BioScience's website at www.sourcebioscience.com and on Continental's website at www.continentalip.ch during the course of the Offer Period.

The expected timetable of principal events is as follows:


Event

Time and/or date

Latest time for lodging PINK Forms of Proxy/CREST Proxy instructions for the Court Meeting

10.00 a.m. on 7 September 20161

Latest time for lodging WHITE Forms of Proxy/CREST Proxy instructions for the General Meeting

10.10 a.m. on 7 September 2016

Voting Record Time for Court Meeting and General Meeting

6.30 p.m. on 7 September 20162

Court Meeting

10.00 a.m. on 9 September 2016

General Meeting

10.10 a.m. on 9 September 20163





The following dates are indicative only and are subject to change (please refer to note 5 below):

Scheme Court Hearing

13 September 2016

Latest time for withdrawals of elections in respect of the Unlisted Securities Alternative

2.00 p.m. on 14 September 2016

Latest time for lodging YELLOW Forms of Election / settlement of TTE Instructions through CREST

6.00 p.m. on 14 September 2016

Last day for dealings in, registrations of transfers of and disablement in CREST of, Source BioScience Shares

14 September 20166

Scheme Record Time

6.00 p.m. on 14 September 2016

Effective Date

15 September 2016

De-listing of Source BioScience Shares

7.00 a.m. on the Business Day following the Effective Date

Despatch of cheques and certificates in respect of Sherwood Share Units and crediting of CREST accounts for Cash Consideration due under the Scheme

Within 14 days of the Effective Date4


Notes:
1. The pink Form of Proxy for the Court Meeting may, alternatively, be handed to Equiniti Limited or the Chairman of the Court Meeting before the start of the Court Meeting. However, it is requested that, if possible, pink Forms of Proxy be lodged at least 48 hours (excluding any part of such 48-hour period falling on a weekend or a public holiday in the UK) before the time appointed for the Court Meeting.
2. If either of the Meetings is adjourned, then the Voting Record Time for the relevant reconvened Meeting will be 6.30 p.m. on the date two days before the date set for the relevant reconvened Meeting.
3. If the Court Meeting has not been concluded or adjourned prior to the scheduled commencement of the General Meeting, the commencement of the General Meeting will be delayed until the Court Meeting has been concluded or adjourned.
4. The latest date for dispatch of the Cash Consideration and certificates in respect of the Sherwood Share Units is 14 days after the Effective Date.
5. These times and dates are indicative only and will depend, amongst other things, on the date upon which the Court sanctions the Scheme and the date on which the Conditions set out in Part III of the Scheme Document are satisfied or (if capable of waiver) waived. If any of the expected dates change, Source BioScience will, unless the Panel otherwise consents, give notice of the change by issuing an announcement through a Regulatory Information Service and/or sending a further circular to Source BioScience Shareholders.
6. Source BioScience Shares released, transferred or issued under the Source BioScience Share Option Schemes may be registered after this date.


Source BioScience Shareholders should carefully read the Scheme Document in its entirety before making a decision with respect to the Scheme.

Terms and expressions in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document.

A copy of this announcement and the Scheme Document will be made available on the investor section of Source BioScience's website at www.sourcebioscience.com and on Continental's website at www.continentalip.ch during the course of the Offer Period.

[peterz] 17/8/2016 12:55

What are our options now. Accept offer 18p or accept unlisted shares ??

What are folk here doing?

[p1nkfish] 13/8/2016 10:46

Why roll-over? Because the new Sherwood is better for them. Few BoDs care about pi's. All they care about is themselves, the company and being within the law. The job is also easier for them once market reporting needs are gone. Just need to keep Harwood et al happy.

They have maintained their holdings probably knowing 18p is a bargain and it might come back to market much higher in a few years imho.

[this_is_me] 12/8/2016 10:30

It doesn't look like another buyer will emerge so I sold my holding. I bought them 3 years ago so I am happy with my profit but disappointed that the board rolled over so easily since the company has potentially a great future.

[peterz] 07/8/2016 09:24

Many thanks p1.

[p1nkfish] 05/8/2016 10:14

This is just a thought.

If you can't beat them, join them.

Look back and see a link to Chris Mills, Harwood etc and various stakes in EKF, CRX (they have a lot of updside there), SBS.

The way I see it NAS is a reasonable way to benefit from Mills. It is at a high but has reasons to be so. TridentIII has a hold over crx and the trust has interests in others I like - hayt, jny plus others.

TER is not the lowest but for good reason.

This is not advice but worth research. It is a buy and forget for me. Mills bought about £1M worth around Jan at about 10% below price today.

Keep an eye on it and one to consider certainly if there is a market sell off.

A diverse collection of smaller north atlantic co's with growth potential is a decent place to look. Gov needs them to prosper for employment, some are good exporters, they tend to grow quicker than large caps and Mills is very capable.

If you do invest it's not one to speculate with due to the spread. It is a buy and hold or don't bother imho.

I rolled my SBS sales proceeds into NAS and do hold.

Good luck with everything, in and out of the markets.

[peterz] 03/8/2016 15:41

Given its seems a done deal. What do you think is the best option for us?

[p1nkfish] 03/8/2016 04:23

N+1 think the offer doesn't fully value SBS.

The advice is not to take the unlisted securities but SBS directors are all electing to do so.

Easiest way to keep an interest is via NASCIT.

Capitalism at work.

I have been lucky here but was intending to build a good sized stake over time. I sold out on the basis there was a risk the offer may not happen on the advice of the SBS board and lost about 0.35p or so. The take-out was probably a done deal and the confirmation delay may have been to get the Directors on board somehow. If N+1 and the Directors both came out against it would have been a problem. If I was a director I would have used that as negotiating material to increase the benefit to the Directors - sweeten the deal for us or we come out against too with N+1.

Have to wonder what the SBS directors have lined up. Keep an eye on what happens with crx that has loan notes with Trident that is related to Harwood etc. Long story there but again capitalism at work.

Good luck everyone.

[peterz] 01/8/2016 18:32

Cheers p1. have some SOU also bought many years ago. Very recently have come to life. Can hardly believe it Im in profit with them at least - yippee.

[p1nkfish] 01/8/2016 17:58

Good luck going forward peterz.

[peterz] 01/8/2016 16:05

Bigman - surprised you may be but true all the same. Buying medical solutions since November 2000. Yes 2000. Cash outlay of £97K a lot of money. Thos that were in those days will know the story - . Yes SBS have done well in recent years for later investors. I have a very substantial loss. Thats it.

[p1nkfish] 01/8/2016 13:29

I was contemplating buying back in as I sold at 17.7 some few weeks back. The reason is to take the Sherwood shares, A gamble but I don't see Mills sitting on his hands there and a sale on or float in a few years would not be out of the question. They might even put more companies into Sherwood. I need to do a little more background but the way this has been organised makes me think there could be more to it if able to wait a few years.

[bartdude] 01/8/2016 08:32

I have no idea and will have to take advice about the company investment offer, so, do not know the value of that option?, but in my humble opinion its a poor offer for SBS @ 18p and they and the current management will make a bundle on this done deal.

[bigman] 01/8/2016 08:14

Bit surprised peterz (post3323) has a big financial loss. The board have done a remarkable job in my opinion.
10 years ago this was a basket case, shares 2-3p huge losses.
Since then we have seen a proper business being built and share price increases that at 18p no one can have a loss over those 10 years.
Opportunity to make money has beeb there all the time over the years and even an open offer a couple of years back was at 9.5p so taking that is close to 100% profit.
I am gutted that it is being taken out, but will opt for half my investment in the private company and bank a great profit.
my thanks to the board and all at SBS

[p1nkfish] 31/7/2016 21:47

l8p it is to Sherwood.
I can only find an RNS from Sherwood.
Shabby that SBS didn't release one that's easy to find it on the standard services.

"either announce a Firm Offer or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies."

[peterz] 30/7/2016 13:49

Just seen RNS from yesterday.

Well I'm gutted after so many years. Big financial loss to me.

[peterz] 30/7/2016 13:47

Massive loss for me after many years. Company allowed us to be stuffed. I'm sure they will be ok though.