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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Emv Capital Plc | LSE:EMVC | London | Ordinary Share | GB00BN4R5Q82 | ORD 5P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 48.00 | 1,049 | 08:00:30 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 47.00 | 49.00 | 48.00 | 48.00 | 48.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 1.45M | -2.64M | -0.1104 | -4.35 | 11.49M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 08:21:41 | O | 1,049 | 47.68 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 14/11/2024 | 15:59 | UK RNS | EMV Capital PLC Replacement RNS: PDS: Update, 3rd Quarter Results |
| 14/11/2024 | 15:23 | UK RNS | EMV Capital PLC PDS: Clinical Programs Update, 3rd Quarter Results |
| 08/10/2024 | 06:00 | UK RNS | EMV Capital PLC Director/PDMR Shareholding |
| 03/10/2024 | 06:00 | UK RNS | EMV Capital PLC Director/PDMR Shareholding |
| 02/10/2024 | 15:38 | UK RNS | EMV Capital PLC PDS: 36-Month Overall Survival Rate announcement |
| 30/9/2024 | 06:00 | UK RNS | EMV Capital PLC Interim Results |
| 26/9/2024 | 06:00 | UK RNS | EMV Capital PLC Name change and AIM Rule 26 website |
Emv Capital (EMVC) Share Charts1 Year Emv Capital Chart |
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1 Month Emv Capital Chart |
Intraday Emv Capital Chart |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 08:21:43 | 47.68 | 1,049 | 500.16 | O |
| Top Posts |
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Posted at 21/11/2024 08:20 by Emv Capital Daily Update Emv Capital Plc is listed in the Pharmaceutical Preparations sector of the London Stock Exchange with ticker EMVC. The last closing price for Emv Capital was 48p.Emv Capital currently has 23,945,828 shares in issue. The market capitalisation of Emv Capital is £11,493,997. Emv Capital has a price to earnings ratio (PE ratio) of -4.35. This morning EMVC shares opened at 48p |
Posted at 14/11/2024 22:36 by kingston78 If memory serves me right the share price of PDSB was over US$ 14 two years ago at its peak. Now it is worth US$2.25, about 1/6 of the highest value. EMV did not sell any, so it was a big mistake with benefit of hindsight. It is always a good policy to top slice and get some money back whilst riding the rest for less exposure/risk. |
Posted at 07/11/2024 08:25 by ohisay Liberum updated Broker note ..EMVC has continued to display momentum as it migrates towards an operational model which aims to cover a substantial part or all of core costs from recurring fees and value creation services in the core business. The addition of the management mandate from Cambridge-based Martlet Capital offers a tangible near-term boost to recurring revenue generation and AUM, and represents a significant positive step to boosting the sustainability of the strategy. The group now has a diversified and wide portfolio of directly held stakes with the potential for value generation and significant uplift from exits, as well as exposure to carried interest. We also anticipate exits or dilutions in the positions in subsidiaries Glycotest and ProAxsis in the foreseeable future as part of the strategic evolution, and funding needs at both companies are already being met from third party sources. Despite operational progress, the discount at which EMVC’s shares trade to a sum-of-the-parts valuation has deepened to c. -69% (based on live pricing of the listed equity position in PDS Biotechnology); we think this is reflective of domestic market sentiment as opposed to company-specific considerations, and furthermore ignores the potential for highly asymmetric and idiosyncratic value creation from exposure, via direct exposure and carried interest, to over 70 companies. We reiterate our Buy rating,and upgrade our target price to 157p (from 137p) |
Posted at 05/11/2024 09:57 by kingston78 Yesterday (4th Nov 2024) the share price dropped substantially maybe due to a mis-pricing (small amount of shares went through at 44 p as SOLD. This morning it corrects itself without any trade at all by going back up to 48-51 p. |
Posted at 16/10/2024 13:47 by 1gw You might also note that if EMVC's 1% was valued at £333k at end 2023 that implies 100% was £33.3m or around $42m.But they raised $84m in Round C. $31m of that looks to have been conversion of debt into equity, but they still raised $53m cash. So that suggests the fair value of net liabilities excluding (this) cash was $11m. They've now raised a further $100m to accelerate the commercialisation less than a year after raising the $84m. So they seem to be hungry in terms of operating costs and/or working capital. The question is how much money they need to keep raising to keep the show on the road until they become cashflow positive, or think they have a strong enough case to raise serious finance with an IPO. And what will the market demand in return? Like I suspect many of the EMVC stable, it could be a huge winner, but equally it could just sink under the weight of its costs and/or technical glitches along the way. The revised equity valuations reported by EMVC after each funding round give us an idea of how the funders value it at those particular events. |
Posted at 16/10/2024 08:25 by 1gw Just trying to get a conversation going loaf. I looked at the interims for the values in my previous post, but there's more detail in the full-year results (prelims):£371k End-2021 £415k End-2022 £333k End-2023 based on Series C raise So we might presume that there will be a fresh valuation at end-year based on the implied equity value in the Series D raise just announced. This was from the 2023 prelims: "CytoVale Inc., (1.0% stake) remains privately held, and fair value has been established using the share price and company valuation from investments by third parties during November 2023 as part of an $84m Series C equity round that raised fresh cash of $53m and conversion of outstanding convertible notes. Fair value at year end was £333k (2022: £415k). This last observable price has been used to value the CytoVale equity investment at year end." And this from 2022 prelims: "CytoVale Inc., (1.0% stake) remains privately held, and fair value has been established using the share price and company valuation from investments by third parties during December 2019. CytoVale raised $15.0m all at the same price per share from VC, private investor and government sources. At the time this was the only observable valuation on which to value CytoVale. Fair value at year end was £415k (2021: £371k). This last observable price has been used to value the CytoVale equity investment at year end." |
Posted at 15/10/2024 19:32 by 1gw The sepsis test sounds very interesting. It's very difficult though to work out what new funding rounds mean for EMVC's interest because we don't know what rights come with the various funding rounds - do we?EMVC's stake was valued at £0.4m in the 2022 interims and the 2023 interims, vs the £0.3m in the latest interims. So it appears the value has gone down, at least before the Series D round. If you look at funding rounds, it appears they went as follows: $4.3m Series A 2014 (EMVC participated) $7.25m Series B 2017 $84m Series C November 2023 $100m Series D October 2024 So if EMVC's 1% equity, which was quoted in the 2022 interims (i.e. as of 30th June 2022), has remained unchanged up to the latest interims as of 30th June 2024 (i.e. after Series C), while the value appears to have gone down after the Series C raise then what have investors got who participated in the much bigger Series C and now Series D rounds? Have they got some sort of preferred equity, or warrants, or anti-dilution rights in future raises which EMVC doesn't have? i.e. is EMVC's "1%" likely to be materially diluted through rights held by Series C and D investors (maybe even Series B) if it ever gets to IPO or sale? |
Posted at 05/10/2024 10:58 by loafofbread And there is the crack.You both admit to wanting to buy in , but at a cheaper price. Just a shame you go about it in such an underhand way. The account element is explained in the recent IM and is just the way it is done, as you both well know. "For the period to June 2025, the Group requires (including subsidiaries) a minimum of approximately £3.6 million to continue as a going concern. NetScientific and EMV Capital require £1.6m, while the other subsidiary portfolio companies Glycotest, ProAxsis and Cetromed require £2.0 million. The company is well on it's way to achieving the £1.6M in annual revenues and Glycotest/Proaxis/Ce As mentioned before they have so many assets that could return multiple millions over the 6/12/18 months arguing over a few pence on the share price seems a bit pointless. If you are really that interested, perhaps give Ed Hooper a call or email. |
Posted at 05/10/2024 10:27 by 1gw They also do appear to have had to resort to "internal" financing of the recent Q-Bot fundraising where they contributed a material amount of the £1.5m raised by issuing new shares (albeit at a premium) and converting fees due into Q-Bot shares.The issuing of new shares to Q-Bot is interesting, given presumably Q-Bot needs cash rather than shares. There appears to be a weak "orderly market" provision in that Q-Bot has to sell the shares through the EMVC broker, but we might guess that those shares are going to create a bit of an overhang. "The Group has participated directly in the Fundraising, including: · a £349,968.22 subscription for Q-Bot shares, such amount to settled by the Company issuing to Q-Bot 411,727 new ordinary shares in the capital of the Company (Consideration Shares) at a price of £0.85 per New Share, a 35.0 per cent. premium to the closing price of the Company's ordinary shares on 29 July 2024; and · a £198,143.92 advance subscription pursuant to an ASA, converting outstanding fees due to EMV Capital into Q-Bot shares. EMV Capital's EMVC Evergreen EIS Fund has also participated in the ASA. The Consideration Shares are subject to orderly market provisions such that if they are to be disposed of they must be sold through the Company's broker." |
Posted at 05/10/2024 10:13 by 1gw I think the balance sheet and going concern statements are a matter of legitimate concern, and are one of the key things that has held me back so far from investing here.While there appear to be plenty of options to raise cash, the fact is that the near term funding requirements have increased between end-2022 and end-2023 and they have not so far managed to achieve a portfolio exit that would provide them with a decent cash buffer. Compare these sections of the going concern statement from 2022 and 2023 full year results. Note that the amount required in the near-term (broadly 1 year beyond publication of the full year results in May/June) has gone up from £1.5m to £3.6m, although it looks like the 2022 number excludes the subsidiary companies whereas for 2023 they've brought subsidiary financing into scope. Note also that in the 2023 statement they have dropped the comment about having "no current intention to pursue [a placement] in light of the Company's current share price relative to its net assets." 2022: "For the period to June 2024, the Group requires a minimum of approximately £1.5 million to continue as a going concern, assuming that its subsidiary portfolio companies continue to be fully funded by external financing as expected. This amount can be financed through several options, either on their own or in combination, including accelerating revenues at Group level, partial or full exits from portfolio company stakes, soft and non-dilutive finance, and/or a placement of NetScientific shares. Whilst a placement of NetScientific shares remains an available option, the Board has no current intention to pursue that in light of the Company's current share price relative to its net assets." 2023: "For the period to June 2025, the Group requires (including subsidiaries) a minimum of approximately £3.6 million to continue as a going concern. NetScientific and EMV Capital require £1.6m, while the other subsidiary portfolio companies Glycotest, ProAxsis and Cetromed require £2.0 million. This amount can be financed through several options, either on their own or in combination. The subsidiary companies plan to be funded by external financing, as they have done in 2023. This could include convertible loans, equity or debt finance. The Board's plans for satisfying the going concern needs of NetScientific and EMV Capital are primarily based on service fees for corporate finance, value creation services, fund management and other fees. The Board plans to sell various portfolio assets in part or in full in order to meet the funding requirements. The Board can also consider the option of a placement of NetScientific shares." |
Posted at 02/10/2024 06:46 by sev22 A venture capital company on a huge discount.Shares trade on a near-70 per cent discount and you're getting its carried interests thrown in for free. Published on October 1, 2024 by Simon Thompson *Assets under management up 44 per cent to £106.7mn *£41mn director fair valuation of direct holdings *Managed and third-party holdings up 71 per cent to £65.7mn Aim-traded investment and fund management company EMV Capital (EMVC:51.5p), formerly Netscientific, has expanded its portfolio to more than 70 companies and increased total AUM above £100mn for the first time in its history. In May 2024, the deeptech and life sciences venture capital group was appointed as investment manager to Cambridge-based Martlet Capital, an early-stage venture capital fund that has a £24.1mn portfolio of unquoted investments. EMV is managing the funds on a discretionary basis and will earn annual recurring investment management fees of more than £0.5mn for a minimum of four years as well as earning carried interest fees based on the increase in fair value of each portfolio company. The addition of Martlet accounted for three-quarters of the £32.7mn rise in the group’s AUM in the first half, the other contributing factor being an increase in the directors’ fair valuation of EMV’s directly held unquoted investment portfolio from £31.1mn to £38.5mn. It was driven mainly by gains on two investee companies: DeepTech Recycling, a plastic recycling technology business offering an innovative solution to the environmental challenges of plastic pollution; and ProAxsis, a respiratory diagnostics company and a spin-out from Queens University Belfast. The carrying valuation of investee company DeepTech accounted for £1.8mn of the portfolio increase after EMV led a £2.1mn syndicated fundraising that increased the value of the company’s 21.2 per cent equity stake to £1.8mn. The gain was even larger on EMV’s holding in ProAxsis after the company closed a £1.8mn investment round led by EMV at a read-through valuation that more than doubled the value of the group’s 88 per cent stake to £8mn. Deep discount to fair valuation. It’s only fair to point out that investors continue to take a cautious approach to the directors’ fair valuations, that small-cap investment companies are out of favour and that EMV reported a first-half pre-tax loss of £0.6mn on its core activities. However, the undervaluation of EMV is extreme as its market capitalisation of £12.5mn (51.5p) is almost 70 per cent less than the £41mn (171p) director valuation of the directly held portfolio. That seems incredibly harsh given that several investee companies have been raising capital at read-through valuations that fully support the directors’ valuations. Moreover, EMV has significant carried interests on third-party fund holdings, albeit these are difficult to value and will take time to realise. EMV also holds a 3 per cent stake currently worth £3.1mn (£2.5mn in interim accounts) in Nasdaq-listed PDS Biotechnology Corporation (US:PDSB), a clinical-stage company that is developing cancer immunotherapies and infectious disease vaccines, which could be readily realised. So, having suggested buying the shares at 64p in my 2023 Bargain Share Portfolio, I can see potential for divestments and exits from several investee companies to narrow EMV’s share price discount in more benign market conditions for microcap companies. RECOVERY BUY. |
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