 Getting the placing out of the way is good news. Investors attention should now focus on how well the portfolio companies are progressing. Though I see one poster already flagging up potential need for further placing in a year. Get real, you wouldn’t want them raising enough for 3 years at these low levels.
I agree that the wage bill seems very high at £2.4m plus pensions etc for 21 employees. Even the chair comments at how high the ratio of employees to portfolio companies is.
If we get an exit from Alusid next year that should cover another years costs. But these exits need to be better than just paying wages. Thankfully Pulsiv and CamGraphic feel close to an exit and should generate plenty.
Oakbloke has our Pulsiv stake at £10.3m but I think it’s &10.9m (17.9% of £61m recent funding value) and this is before we start seeing how well the product sells. We will hopefully find out before year out which major they’ve been working with. Then I think it’s February that Digikey will be selling the 65w usb-c adapters. Pulsiv also launched their 240w version at electronica fair last week, an event they described as hugely successful. These should on sale in a few months.
The Graph-x project website gives a lot more information as to what CamGraphic have been doing. As well as Nokia, Veoneer (now owned by Magna) have been a collaborator. They make car sensors and current technology is not fast enough to meet the needs for driverless cars. This is just one of many uses and potential markets look huge.
In June at the 2D-EPL 2024 conference, themed “Pioneering 2D Materials for Semiconductor Industry,” Alberto Montanaro from CNIT delivered a significant presentation titled “Integrating Graphene Photonic ICs with Electronics for Next-Gen 6G Sub-THz Wireless Connectivity,” which showcased the groundbreaking achievements of the GRAPH-X project. The talk was expected to draw considerable interest from industry leaders, researchers, and technologists attending the 2D-EPL 2024, eager to explore the transformative possibilities of 2D materials in semiconductor applications. |
hTTps://theoakbloke.substack.com/p/fipp-a-leap-of-faith |
I too decided to top up a chunkette (half my existing chunk) - because of the promise and implied floor but also to buy some without the ridiculous spread that exists |
Employee costs up 16% to 2,45million During the year, a total of 666,838 grants were made under the terms of the Company's LTIP, structured as grants of nominal cost options, at a price of 10 pence per share.
So this time next next year cash will be getting tight without a successful exit |
I subscribed for more too even though I topped up recently at 29. The discount to nav is large enough for my liking. Clearly it's been on the cards for a while. Once complete it really should move towards a 50% discount quite quickly. |
I subscribed for extra shares today .
Bit of a no brainer in my thinking . |
Good that they're using PrimaryBID for us retail investors and giving us until Monday to decide.
I'll be taking the weekend to reflect and decide. I'm already overweight in FIPP, but I do have long-term conviction in the company. Am I being like a battered housewife, in thinking that FIPP will change, just giving a bit more time. Or will it be another kicking to the loyal dog. I can decide after knowing the uptake for the £2.7M from their institution investors though.
Reviewing their Annual Results; going to the different stages of their lifecycle (ranging from 1 - 6, 6 being open market, 1 being nothing more than an idea and a LTD company).
Stage 6 - 1 (2023 to 0 in 2024) - Exscientia sale
Stage 5 - 0 / 0
Stage 4 - 14 (2023 = 9) NAV has gone from £23.6M to £28.8M. £2.7M of which is increase in existing and £2.5M is a transfer between stages.
Stage 3 - 6 (2023 = 5) NAV from £5.8M to £3.7M. -£1.9M transfer to stage 4. -£244K in Fair Value.
Stage 2 - 2 (2023 4) £1.1M to £580K. -£613 transfer to stage 4
Stage 1 - 3 (2023 4)
So the balance of holdings is going in the right way. Looks like during the year, 2 companies went from stage 2 to 4, and one company went from stage 3 to 4.
That leaves a shortfall of 2 companies, assumping GreenEnergyTech or DeakinBIO (could be wrong) |
Great to see financial security now achieved going forward. But although at 28p there's no discount to the current price, this is only because the share price has fallen so much to a silly level.
The portfolio looks in excellent shape, with most companies apparently doing well and many now being revenue-earning and having achieved successful recent fundraisings.
It's about time the Alucid IPO was finalised - this would hopefully signal the value here to investors. |
The 65WUSB-C was only launched in August, so I guess it will be going through the validation process with potential future customers. |
The lack of discount is only to yesterdays price because those in the know have been selling down from 40/50p range. I’m baffled why Pulsiv have apparently not got any customers for the USB charger yet |
The lack of discount for the subscription highlights the confidence they have in the portfolio. Judging by the CEOs statement it looks highly likely there will be x3 significant IPOs within 5years max. I feel comfortable that my capital is safe here while we wait. We should see the share price widen the gap |
I'm happy at 28p well more accurately no more unhappy. results looked positive without being staggering with some interesting personnel changes |
Well highlighted Best. 28p subscription isn't much of a discount to the price you can get on the market today. |
Has I predicted that’s the predominant reason we’ve just been drifting ever lower because of those in the know 28p |
This is what frustrates me with Fipp. On their website portfolio, they tell us Amprologix hoping to commence Phase 1 trials in early 2021.
Surely they have someone on the payroll capable of providing updates on the companies. It would be so much more helpful for shareholders instead of them having to search companies house and Linked-In to find any progress.
That said, we must have friends at Innovate, as their name keeps cropping up with these grants. I also see that Amprologix were at Investival this last week so hopefully attracted the interest of investors. |
I'll go back to just doing research on FIPP as opposed to speculating on this FY Report then;
Couple of bits I found researching, which I don't think has been mentioned;
hxxps://www.amprologix.com/amprologix-secures-1m-innovate-uk-biomedical-catalyst-award-funding/
Amprologix (which I thought was long dead) has secured a £1M grant back in April and has a recent new website to showcase. Assume it might be looking to fund raise in near feature if its now highlighting news articles more regularly.
hxxps://gtr.ukri.org/projects?ref=10086928
Nandi Proteins secures a £300k grant for their egg-white replacement. |
Importantly if a pension company did purchase Frontier, following the pension reforms, it would not only be purchasing the current promising and discounted to nav portfolio. But it would be also be purchasing the valuable links to U.K. universities for future investments in university spin offs. Frontiers management team who seek and advise start ups are incredibly relevant to what pension companies will need to do when reforms are enacted. Frontier is unique in its approach to gaining extremely early stage access to investments.
It’s highly likely in my view Frontier will be the subject of a takeover in the coming years from a pension company, which has the patience for the long term growth and motivation from pension reforms. It wouldn’t surprise me if this were the reason for the unusual delay in results. |
It does make me feel somewhat at ease knowing the ceo has a large exposure here as the 3rd largest shareholder and will be acting for the long term benefit of shareholders and not next years bonus. We’ve seen institutional buys and personally I don’t think the market has paid full attention to the upcoming pension reforms which will favour investments in small U.K. start ups. There will be a wall of cash looking to invest in frontier’s portfolio when the reforms take place (or in advance of the reforms). Both the conservatives and Labour are in agreement, so it’s a near certainty. |
They'll announce when they're ready I guess. Stockopedia and the likes of Morningstar dates are only indicative.Personally not concerned, more frustrated at the constant share price drip away.Could probably do with a small raise, but then one would of thought the recent Institutional buys would have been made later. Additionally, an exit (despite difficult backdrop) could come at anytime and provide some welcome uplift.Meanwhile back to twiddling the thumbs! |
Thanks for clarfying Best - happens to the best of us.... :)
So still up in the air - but probably ok to assume we can ignore what dates are being presented on Stockopedia. |
My mistake a lot of companies do RNS results date but he did state they do not |
Wednesday, November 20th 2024
Full Year 2024 Frontier IP Group PLC Earnings Release
According to Stockopedia. Been wrong on doing before.... |
They haven't previously RNS a date for the full year results before I don't think.
No idea what is going on..I'm hopeful still. Could be an issue with the auditors and signing off on the NAV..... |
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