Berkeley Scott Share Discussion Threads

[lovegod] 19/2/2002 11:50

good to see ur back off holiday mali7

[stampcoverman] 18/2/2002 22:39

Yes good point, I thought that something was holding it back, I guess it needs more buyers

[mali7] 18/2/2002 14:11

Hey, I am back! I am still a very patient holder.

The price has dropped but now the move is finally upwards. Two US firm interested in BGP. First bid was about £100milli so shareholders get nothing, but the US firm is looking to increase their first bid and now they have also got competition from another US firm, so what do you believe will be the rescue bid. Terry Sadler also mentioned that he wants some value for shareholders, which he is fighting for. That in one way is good. If the bid goes to 120million then that's about 15p/share for us. That is not very unlikely but I am hopping for a better bid then that. Let's see what happens. Be patient, as always mentioned.

[stampcoverman] 18/2/2002 13:41

I think any takeover bid that only covers the debt isn't much good to shareholders.

As far as I can see if the company plodded on and survived take over bids, it would eventually pay off its debts and recover. It is still up to the banks, whether they want to be paid back now or later.

The big question still remains:- Is the debt getting bigger or smaller and can Bioglan keep the bank happy ?

[wetdream] 18/2/2002 13:03

Latest News:

LONDON (AFX) - Bioglan PLC said discussions with third parties interested in
acquiring the company are ongoing and it hopes to conclude a deal "as soon as
possible."
"We have received approaches from different parties and there has been a lot
of speculation as to the identity of these bidders," a company spokeswoman said,
declining to name the parties involved in the talks.
Bioglan, she added, "has not heard anything from ICN Pharmaceuticals", the
California-based drug manufacturer, which reportedly plans to submit a bid for
the company.
The Financial Times, without citing sources, reported that ICN could
announce its bid for the company as early as this week.
ICN, it claimed, would be interested in acquiring Bioglan's dermatology
business based in the UK with operations in the US and continental Europe.
ICN faces competition from Quintiles Transnational, the US contract research
group. Quintiles is likely to make an improved bid for Bioglan's entire share
capital. Its first indicative offer, made earlier this month, was understood to
be worth about 100 mln stg, slightly short of the company's 105 mln stg debt,
the newspaper said.
Last month, Bioglan said it hopes to ascertain by Feb 28 whether an offer
can be made for the company.
Bioglan, which owes 105 mln stg to a consortium of banks which include Royal
Bank of Scotland PLC, Barclays PLC and Fortis, is understood to lack working
capital to last a year.
At 9.14 am, Bioglan was up 1 at 6-3/4 pence.
mbe/cmr

[saturn5] 18/2/2002 11:50

thats exactly what I think. Unless the banks are tight fisted gits they should carry some of the debt and see the company recover. The only question is will Terry lose his position ??

[wetdream] 18/2/2002 10:52

What continually puzzles me is why BGP has apparently to eliminate all debt?
Surely most growth companies carry a level of debt - OK not £105 million - but a level that they're comfortable with... in BGP's case, who knows, perhaps 20-30m?
Their dermatological business is profitable and, over time, would allow them to trade their way out of their current problems. For sure, they'd have to get on and run their business efficiently - perhaps without Sadler, who's probably ahd enough - but that's what their set up to do!
If Panic(!) took on some of their debts then the company could do the rest!
I guess I'm missing something.
Any comments?

[dryboy] 18/2/2002 10:05

surely a bit of competition between possible buyers of bgp can only be good for the shareholders?

[wetdream] 18/2/2002 09:54

From FT.Com:
Interesting that Quintiles apparently offered £100m!

-------------------------
ICN Pharma ready to bid for Bioglan
By Astrid Wendlandt
Published: February 17 2002 19:37 | Last Updated: February 17 2002 22:48



ICN Pharmaceuticals, the California-based drug maker set up by Milan Panic, a former premier of Yugoslavia, is set to join the bidding for Bioglan, the pharmaceuticals group.

ICN could announce its bid for the company as early as this week, but faces competition from Quintiles Transnational, the US contract research group.

Bioglan, which owes £105m ($150m) to a consortium of banks which include Royal Bank of Scotland, Barclays and Fortis, is understood to lack working capital to last a year. It has been looking for a buyer since October.

ICN has faced difficulties in the past as well. In December, the company pleaded guilty to securities fraud and paid a $5.6m fine.

ICN had failed to disclose that the Food and Drug Administration had refused it permission in 1994 for the company to use its drug ribavarin as treatment for hepatitis C.

ICN would be interested in acquiring Bioglan's dermatology business based in the UK with operations in the US and continental Europe. Meanwhile, Quintiles is likely to make an improved bid for Bioglan's entire share capital. Its first indicative offer, made earlier this month, was understood to be worth about £100m, slightly short of the company's £105m debt.

Quintiles is thought to have run into resistance from Bioglan's board and bankers.

Bioglan's misfortunes began in October when Terry Sadler, its chief executive, abandoned the £765m acquisition of Bristol Myers Squibb's skincare operations.

Analysts say the company's decision to fund the deal through debt instead of equity weakened its financial position.

Bioglan sold to Quintiles the rights to sell Solaraze, a treatment for a skin condition that can develop into cancer, in the US, Canada and Mexico for £15m.

However, Bioglan's net gain was £2.5m. SkyePharma took £12.5m in exchange for dropping proceedings for failing to market Solaraze as contracted.

[stampcoverman] 18/2/2002 09:46

Hope his secretary isn't called Mr Mannering. (as in 'Don't Panic Mr. Mannering)

[wetdream] 18/2/2002 09:44

Now, if we knew that.....

[burbelly] 18/2/2002 09:18

At what price?

[salpara111] 14/2/2002 14:20

Wey Hey! you turn your back on a great little company like this and when you come back its rocketed up 0.25 pence!
When are they going to do the decent thing?

[lovegod] 14/2/2002 10:49

just have a funny feeling that this will still come good later in the decade

[wetdream] 13/2/2002 16:57

Dryboy,
Further common link between Bioglan & Elan is KPMG!

[harry kaplan] 13/2/2002 14:55

One crumb -- only one market maker on offer of 6p, whereas 5 are on bid of 5p --so it is a possibility once that one market maker runs out, the offer could move to 6.5p. Just needs a lot more buyers. Someone? Anyone?

[kanga8] 13/2/2002 11:32

It's about time this share started to move. Up would be good but any movement would be something. It seems to move less than some cars with Police Aware notices on them.

[alsfar] 12/2/2002 11:45

Bioglan was brought down by dodgy accounting practises.
I'm very surprised you don't know that.
Pretty fundamental, I'd say.

[dryboy] 12/2/2002 10:48

Excuse my thickness wetdream but what, in english, does the above thread have to do with bioglan

[calleva] 09/2/2002 00:04

Quintiles Transnational are the frontrunners - 15% increase today on speculation

[harry kaplan] 08/2/2002 21:41

Looks like a weekend press lookout job. Although if there is, it had better be very good news, otherwise we will bounce of the potential resistance of 6p in the same way we bounced of 17p in December.