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VENN Venn Life Sciences Holdings Plc

6.85
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Venn Life Sciences Holdings Plc LSE:VENN London Ordinary Share GB00B9275X97 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 6.85 6.70 7.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Venn Life Sciences Share Discussion Threads

Showing 826 to 848 of 1825 messages
Chat Pages: Latest  37  36  35  34  33  32  31  30  29  28  27  26  Older
DateSubjectAuthorDiscuss
30/9/2016
08:19
Cheers Tim, I like the sound of the free bar!
rivaldo
30/9/2016
07:08
Thanks timbo003 - your time and effort taken to share is much appreciated !
multibagger
29/9/2016
23:27
There were approximately 20 attendees at the meeting last night which included around 10-12 private investors, Tony Richardson (Venn CEO), Jonathan Hartshorn (Venn CFO), Anna and Leanne from Walbrook and a few folk from some city brokers (Shard, Beaufort and possibly others). The Walbrook events at the Rocket Bar tend to be fairly informal with lots of questions asked during the presentations which is a good format given that the venue is a licenced bar.

TR’s presentation was basically an overview of the company’s origins, its current business and its future strategy. As is often the case, it was the Q&As that helped reveal the most interesting nuggets, the majority of which I have detailed below (in no particular order):

The Innovenn division is currently loss making, when the Innovenn technology was acquired from Evocutis plc in 2014 (for £210k) it was hoped that it might add value to the business and hence to the share price, this has not occurred so the decision has been taken to divest this part of the business. Venn have investigated a number of disposal routes and they are now actively pursuing one of these options (a spin out). If all goes according to plan it sounds like we may hear something in the next couple of months or so and shareholders would own shares in the new spin out.

The two analysts that currently cover Venn attribute zero value to Innovenn. Should the spin out go ahead a value would be attributable to the spin out shares and Venn would be free from a loss making division, this should have a positive effect on profits and hopefully have a knock on effect on the share price.

Venn’s biggest clients are largish US biotechs who wish to conduct small to medium size clinicals in Europe. Venn do have Big Pharma clients but they tend to use Venn for small discrete programs of work. Big Pharma tend to select big CROs for their large phase III studies as they are the only ones with the scale and capabilities.

There are no immediate plans to expand geographically outside of Europe, although Venn may consider one or more small bolt on acquisitions for Eastern Europe where they are under-represented. Some US based clients have indicated that it would be useful if Venn had some US presence, so they may acquire a small business in the US or increase headcount modestly to give themselves some local US capabilities. Small acquisitions may not ncessarily be funded through the issue of equity and may be financed with debt.

In response to a question on future placings, TR did say that if there were to be another equity raise, they would look at ways to include an open offer with any institutional placing.

Venn do not have a dedicated phase I unit (which would require considerable Cap-Ex) and they do not have capabilities to conduct large multi country Phase III studies for large Pharma, so they will stick to what they do best, i.e. small phase II and phase III studies.

In response to a question on how are PIs supposed to know what market expectations were for the company, we were told that Venn were currently covered by two different brokers and that they do not intend to commission paid for research from service providers such as Hardman or Equity Development. If shareholders gave TR/JH their contact details they would ensure that they were on the distribution lists for research updates.

The last acquisition was Kinesis, this was a complementary business as Kinesis was focused on early stage clinical development activities, whereas the existing Venn business was later stage, since the acquisition there was been considerable cross selling of services between the two businesses.
There were some staff losses following the Kinesis acquisition, but this is often the case when a privately held CRO is acquired, some staff feel a loyalty to the old owner and do not feel comfortable moving across.

The rates charged to clients for contracts on a time and materials basis are between 80Eur/hr /person and 250 Eur/hour/person, with the rate depending on the level of expertise of the staff involved.

The effect of Brexit has been fairly neutral so far, although we don’t know what will happen from a regulatory perspective and no one knows where EMA will be located (currently it’s in Canary Wharf). Ireland should be a winner as far as the Pharma industry is concerned (assuming Brexit goes ahead) as it will be the only remaining English speaking country in the EU.

The current potential pipeline of projects is around 20m Euro, which is a lower figure if you risk adjust, although 50% of next year’s forecast revenue (forecast around £18m) is in the bag. If a Client puts a project out to tender they may typically approach 3 CROs. Venn’s current hit rate for tendered contracts is around 1 in every 2 (to 2.5) which is an improvement from a year or so ago when it was more like 1 in every 3.

After the official close of the meeting it was a free bar and canapes so like most other attendees, I was in no rush to leave so opted to hang around for another hour or so just shooting the breeze.

(Please feel free to copy or plagiarise on iii, LSE or wherever)

timbo003
29/9/2016
16:35
Agree completely with yump. Directors who are driving share price trends like this deserve to be rewarded for the value increase. One days drop and then someone demanding that they acquire shares, merely to prop up a bad business model is justified. But as much of the institutions are EIS and VCT there are times when an exit on the news is warranted and nothing management, nor a good business model, can do will stop a heavy selling shareholder drive the price lower. If you follow this share you will see that drops like this are a buying opportunity. I buy the last week, every month, in small volume and took the drop to increase this months number of shares I was due to purchase by 20%. So Happy days as far as I am concerned.

You just can't please everyone

mulligut
29/9/2016
15:44
On the chart at the top of this thread, I can count roughly 20 instances of share price movements of the same order as yesterdays.

So currently no significance at all imo.

yump
29/9/2016
11:51
Yump. What I actually said was if directors bought some shares it would put a floor under them & not actually prop them up like you mentioned. We all know Venn is a half decent company but very often the share price never lies. Innovenn news was meant to be out in August, so to get a bit of an update on a proposed sell that will NOT directly go into our pockets is why in my opinion the share price is being pushed down. I have no problem with acquisitions as long as it happens whilst the share price is rising & not stagnating. All to often shareholders are left with a dilution problem at the expense of growth.
cocker
29/9/2016
07:29
>>>Masurenguy

Livingbridge run the Baronsmead VCTs (where I am an investor) and that's where all their Venn investments are held. The VCT funds are deemed to be state aided, so there are HMRC rules to consider, as well as their own investment policies which they will need to adhere to.

Likewise Calculus is an EIS fund, so they also have HMRC considerations.

timbo003
29/9/2016
07:09
Cheers timbo and Adam for your meeting reports - look forward to more detail.

The Davy report is really a waste of time I'm afraid - it's barely a page long with no forecasts, and the conclusion I posted is the meat of it, so I won't bother forwarding it. I'd remove your email addresses if I were you (I might keep them if you don't mind if I receive any other interesting research?).

Beaufort conclude on VENN this morning as follows:

"Our view: Venn has started FY 2016 on a strong note. The Company made good progress on both operational and financial fronts. Venn reported a sharp jump in revenue and improved EBITDA for H1 2016. Strong Cash reserves should help the Company deliver on its growth plans. Venn made progress on the integration of Kinesis and achieved initial cross sales. The Company expects to benefit from the acquisition of Kinesis in H2 2016. Venn extended its operating capabilities into the USA with the establishment of Venn Inc and the appointment of a VP of Operations USA. The Company has a solid line of opportunities for H2 2016 and remains fundamentally strong. Therefore, we retain a Speculative Buy rating on the stock."

rivaldo
29/9/2016
07:08
The current 3 major (above reporting threshold) shareholders are as follows:
Livingbridge VC LLP 13,081,337: 21.71%
Calculus 5,106,117: 8.48%
Kees Groen (Director) 4,780,320: 7.94%

Livingbridge is a private equity investor but VENN does not appear to be one of their major investments.

masurenguy
29/9/2016
06:54
>>Adam good to meet you last night

I'm happy to hold too, but for tax planning reasons I would be happier to hold these inside my SIPP rather than outside, so I will need to do something about that over the next couple of weeks.

The tentative plans for Innovenn are very interesting and could add significantly to shareholder value IMO, but they need to get all the large shareholders on side in order to execute, which may not be entirely straight forward.

timbo003
29/9/2016
06:46
Thanks Adam
nfs
29/9/2016
05:51
Thanks for that Adam.
investordave
28/9/2016
23:48
Cheers Adam thanks for taking time so late.
paleje
28/9/2016
22:23
Went to the presentation this evening - far too late to post a full summary however based on industry-norm margins (which I'm planning to check), this should be working towards say 3p - 4p EPS and the plans for the Innovenn assets sound very positive in terms of shareholder value creation. I'm a happy holder
adamb1978
28/9/2016
21:05
Fair comment
the big fella
28/9/2016
18:57
Some investors probably should not buy businesses close to making a clean profit, because the timetable for that could be out by a fair bit.

The day I find out that any directors are buying to prop up the share price is the day I will sell my entire holding. Fortunately most directors only buy their own shares as a long term investment at prices that are not critical to the odd few % here and there.

ie. bottoms in stocks that have had a shock but are expected to recover - sometimes get a selection of director buys

I hope the Venn directors are more concerned with simply running and growing their business - that's what I'm invested for.

yump
28/9/2016
14:46
Topped up a couple of times this morning. Drop is overdone methinks. Still a compelling investment case for me.
chadders
28/9/2016
13:56
If I were going tonight I would be asking about innovenn especially. How much & is the proceeds purely going to be used for m & a. Also whether directors intend in buying shares as this is likely to be needed to put a floor under the sp
cocker
28/9/2016
13:52
Me too Rivaldo if you wouldn't mind. Davidbaldis.75@btinternet.com.Tx.
investordave
28/9/2016
13:34
Rivaldo
Any chance you could send the Davy note? adambastin@hotmail.com
Thanks
Adam

adamb1978
28/9/2016
13:24
Davy report today's H1 as "encouraging" and conclude as follows FYI:

"Outlook

Venn reports that it has a strong pipeline of projects into the second half of the year and average project size continues to increase. In August, Venn signed a new contract worth €2.8m with a biotech client in Europe, a Phase 2 study in MS immunotherapy across six countries (starting in October). Its Interactive Response Technology (IRT) department also qualified as a service provider to a top-ten pharma and was awarded an initial project involving thirty sites in China, representing an opportunity to grow a global account.

M&A also remains on the agenda, particularly in Central and Eastern Europe."

rivaldo
28/9/2016
12:54
Yes, sorry my stop loss kicked in. Serves me right for not checking. Damn 7-4 job!
robbiereliable
28/9/2016
09:36
LBOs comment was reasonable. For a start they have 2.1m euros, not pounds, and the cash burn over the last six months was 1.8m. I look at the cashflow statement ahead of P&L. It's no surprise they're wanting to keep the cash from the proposed sale of Innoven.
columbarius
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