Amryt Pharma Share Discussion Threads

[richman777114] 12/9/2019 18:58

the more i think about it in the absence of an ex date buying the shares now for the CVRs is taking a punt on getting on the register by 8pm on sept 20th, which is fairly unlikely so i reckon probably too late

[waterloo01] 12/9/2019 18:48

Annoying thing about it though is IF Ap101 does get approval, it comes with a fast track. One recently sold for $95m (in years gone by have reached $300m in value). Still I guess the combined business gets the benefit, but would have been better to have had a % of that as part of the CVR.

[richman777114] 12/9/2019 18:27

record date for the CVRs is 20th sept ie date one needs to be on register but no ex date given for dealing with, then without, the entitlement to the CVRsex date always some days prior to record date to allow for registrationsurely one cannot buy up to 20th and also be on the register as at the 20th?confusing

[webpax] 12/9/2019 17:01

The value of the CVRs is made crystal clear in the RNS of the 27th, no need for any complex calculations:

The value of these CVRs is up to US$1.48 per Ordinary Share (GBP1.22 based upon an exchange rate of GBP1:$1.21).
The CVRs are payable in three tranches, being:
-- A contingent entitlement of up to a maximum amount of $35,000,000 subject to the Food & Drug Administration ("FDA") issuing a Qualifying Approval in respect of AP101 prior to 1 July 2022; i.e. up to about 50p per share
-- A contingent entitlement of up to a maximum amount of $15,000,000 subject to the European Medicines Agency ("EMA") issuing a Qualifying Approval in respect of AP101 prior to 1 July 2022; i.e. up to about 22p per share and
-- A contingent entitlement of up to a maximum amount of $35,000,000 on Amryt achieving a 12-Month Trailing Net Product Revenue in excess of $75,000,000 from sales of AP101 prior to 30 June 2024. i.e. up to about 50p per share

If none of the milestones are achieved, Scheme Shareholders and Option holders will not receive any additional consideration under the terms of the CVRs. In these circumstances, the value of each CVR would be zero. i.e. 0p per share

Text in bold is mine.

[papillon] 12/9/2019 15:04

"Are we to expect a bit of a sell off after 20th Sept?" Your guess is as good as mine, richpassi. I did think there would be a sell off after 20th September, richpassi, if investors were buying just to obtain the CVR's, but after the rise yesterday following the release of the RNS @ 3pm announcing the "Acquisition of Aegerion" and also after reading Mark Taub's article I'm now convinced that investors are buying because of the RTO involving Aegerion, the 148p placing price and the proposed Nasdaq listing where AMYT will likely initially trade at a substantial discount to it's peer group. Hence my best guess, richpassi, is that there will NOT be a sell off after 20th September.

ATB, buddy.

[waterloo01] 12/9/2019 15:03

postivityNocolas, It's a bit rich being petty about someone else being petty. The size of the investment is also not that relevant. It's all relative.

Looking forward to seeing where this settles once the dust clears. I'm certainly hoping for something North of £1.50, possibly higher as people buy for the CVR before the deadline.

[bazworth] 12/9/2019 14:58

£2,000 - a lot of money to some folk! Don’t knock it!

[positivitynicholas] 12/9/2019 14:34

And the best thing of all he has about £2000 worth of shares in Amryt !!!!

[positivitynicholas] 12/9/2019 14:32

Oh don’t worry Pappy has got all the time in the world to spare regurgitating information that is freely available to anyone who wants to read it but of course he makes it sound like he has created the news through undercover painstaking covert research 😂 what a 😂

[richpassi] 12/9/2019 14:21

Thanks for that Pap very to the point. Glad that you got the time to spare as I'm beavering away in the workshop ;) Are we to expect a bit of a sell off after 20th Sept ? Ive been in long enough now :( but not going anywhere yet a while :)

[papillon] 12/9/2019 12:27

I saw this link posted on the lse AMYT bb, richpassi. It shows that new AMYT could be very undervalued even at £1.48 per share compared to it's Nasdaq peer group, when it lists on Nasdaq. According to this article AMYT could be a very good performer in 2020.

Nasdaq quoted NVLN, which will end up with 8.1% of the new AMYT shares, is seriously undervalued according to the author. NVLN seems like an excellent short term punt for those who trade shares on Nasdaq.



Note about the author of the article, Mark Taub:

"Mark Taub is an experienced bankruptcy lawyer and distressed investor who has represented debtors, creditors and investors in distressed companies as an attorney and has invested across the capital structure of distressed companies as a portfolio manager. For the last 10 years Mr. Taub has managed a general distressed portfolio for Mohawk Capital and other institutional investors consisting of defaulted securities, high yield bonds, leveraged loans and post-reorg equities as well as managing a portfolio of trade credit insurance and reinsurance policies. Additionally, Mr. Taub co-founded and co-managed a distressed energy investment business. Mr. Taub has invested both passively and actively, including sitting on official and ad hoc committees, generating enhanced returns through the use of the bankruptcy legal process including investments in Visteon and Alpha Natural Resources among others. Mr. Taub's unique background as a bankruptcy attorney and distressed investor has given him the perspective to both work out existing positions to maximize their value as well as identify pockets of value across all parts of the capital structure".

[papillon] 12/9/2019 12:08

Well richpassi, this is what the RNS dated 27/8/2019 states:

"Following the admission of the Interim Placing Shares to trading on AIM and Euronext Growth, but before the Transaction to acquire Aegerion completes, Amryt will have 53,149,070 Ordinary Shares in issue. This figure of 53,149,070 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules."

"Contingent Value Rights ("CVRs")
Shareholders in Amryt, on the CVR Record Date, will (conditional on closing of the Transaction occurring) receive CVRs pursuant to which up to $85 million may become payable to Amryt's existing Shareholders and Option holders if certain approval and revenue milestones are met in relation to one of Amryt's principal products, AP101. The CVR Record Date is 20 September 2019. If Shareholders sell their Ordinary Shares in advance of the CVR Record Date they will not be entitled to receive CVRs. The value of these CVRs is up to US$1.48 per Ordinary Share (GBP1.22 based upon an exchange rate of GBP1:$1.21).
The CVRs are payable in three tranches, being:
-- A contingent entitlement of up to a maximum amount of $35,000,000 subject to the Food & Drug Administration ("FDA") issuing a Qualifying Approval in respect of AP101 prior to 1 July 2022;
-- A contingent entitlement of up to a maximum amount of $15,000,000 subject to the European Medicines Agency ("EMA") issuing a Qualifying Approval in respect of AP101 prior to 1 July 2022; and
-- A contingent entitlement of up to a maximum amount of $35,000,000 on Amryt achieving a 12-Month Trailing Net Product Revenue in excess of $75,000,000 from sales of AP101 prior to 30 June 2024.
If any such milestone is achieved, New Amryt may elect to pay the CVR Holders by the issue of New Amryt Shares or Loan Notes. If New Amryt elects to issue Loan Notes to CVR Holders, it will settle such loan notes in cash 120 days after their issue.
If none of the milestones are achieved, Scheme Shareholders and Option holders will not receive any additional consideration under the terms of the CVRs. In these circumstances, the value of each CVR would be zero.
The terms of the CVRs will be governed by the CVR Instrument, further details of which are set out in the Admission Document."

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

So the VERY BEST CASE scenario (which may never be reached) if AP101 passes all the "milestones" is US$85m divided by 53,149,070 shares. That comes out as a MAXIMUM of £1.60p per AMYT share BEFORE the Aegerion acquisition/RTO takes place.

So, richpassi, if AMYT passes all the hurdles (milestones) placed in it's way you could end up with a MAXIMUM of £1.60 per old AMYT share, either in cash, shares in new AMYT, or a combination of both, sometime in the future. That equates to 26.67p per AMYT share BEFORE the 1 for 6 consolidation.

I'm not attaching any value to the CVR's until I see what the Phase III result is for AP101 when it's released early next year. However I believe the CVR's are worth having, even if I'm ascribing no value to them at present, which is why I've topped up recently. I think the CVR's are a gamble worth having in the hope that AP101 passes some of the milestones set for it. Fingers crossed! Fingers crossed it passes all the milestones!! LOL.

[richpassi] 12/9/2019 08:49

I understand your thoughts are better for Amyt than Logp and of course heaven forbid amyt was in the same state !!! I was only commenting on the bb not the companies. You are doing well not to retaliate on this board , it only feeds them :( and yes it is your upbringing that shows through at times lol On the fundamental side I'm glad you have mentioned the advfn MKT capital of amyt as I was trying to value best possible outcome of CVR and was obviously using duff figures ! How many shares do we have in issue now ? And what could the possible CVR value be per share, in your opinion

[papillon] 11/9/2019 21:45

Post today on the lse bb:

Candid
Posts: 223
Price: 115.00
No Opinion
RE: Chapter 11 approved
Today 20:10
I don’t think the current share price (115p) is reflecting the deal yet, the gap will probably close, it’s just one of those things. The enlarged company will have 176,349,543 shares following issue of the consideration for the deal including the equity raise. The equity raise involves just 33,453,666 shares. If any funds or institutions want to get hold of a sizeable stake then they will be paying £1.48 per share. The raise is also ‘backstopped’ by Aegerion bondholders, in other words Athyrium, Highbridge, UBS and Whitebox, have agreed to purchase any unsubscribed portion of the equity raise.

[richpassi] 11/9/2019 17:58

No its not pointless Bazworth its good to see I wasn't the only one thinking the same :( Sad to this turn into the Logp bb !

[bazworth] 11/9/2019 17:43

It never ceases to surprise me how rude folk can be on these bulletin boards. Completely pointless, as I guess this post is too!!

[positivitynicholas] 11/9/2019 17:31

Thanks for telling us what the share price was previously. Guess only you knew that.

[papillon] 11/9/2019 17:08

The share price after consolidation and before relisting was circa 76p. I'm hoping for a high of at least 135p this month. We'll see whether my hope comes true, or is just wishful thinking.

[papillon] 11/9/2019 16:59

mdalos1 11 Sep '19 - 16:19 - 4825 of 4826 (Filtered)

positivityNicholas 11 Sep '19 - 16:27 - 4826 of 4826 (Filtered)

[positivitynicholas] 11/9/2019 16:27

Yes your buys are looking well timed.......gosh you are so clever and wise and such a boring boring person who thinks he is so smart. 😂

[papillon] 11/9/2019 15:30

Good RNS today. Yes, the share price is taking off, waterloo. Will it make 1.48p anytime soon? I don't know, but fingers crossed! My recent buys are looking well timed.