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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| GW Pharm. | GWP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 735.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 735.00 | 735.00 |
| Top Posts |
|---|
Posted at 02/10/2018 05:47 by wengerb Contact the company secretary of the UK part of GWP. |
Posted at 27/9/2018 18:44 by gwright1 I still have the original GWP share certificate. I seem to be getting nowhere trying to transfer to ADR. Does anyone know where I can go for some assistance?Help would be greatly appreciated |
Posted at 08/12/2016 12:55 by future financier You still own GWP shares - and you will at some point receive a share certificate from GWP. If you are holding on for a massive payday when GWP is sold then nothing is lost - any purchaser will just have to buy your shares from you directly (so keep the certificate safe!). Similarly GWP will pay any dividends to you. All that is lost is that you cannot trade your shares.If you want to trade them then you will need to contact the Depository bank - Citibank - who will charge you a fairly nominal fee for buying your shares and then issuing you with the requisite number of ADRs. You will then be left with a rump of up to 11 shares (assuming your GWP shareholding is not an exact multiple of 12) which you can deal with as in the first paragraph. A pain - but nothing too major lost - just chase up Selftrade for the timing on the issue of the certificate. |
Posted at 09/11/2016 12:27 by future financier It says "per share" - and I have now done some more Googling -"Here is an example of how the ADR fee is charged: Recently Continental AG(CTTAY) paid out a dividend. Let’s see how much an investor loses out to dividend taxes and ADR fees. Ticker: Continental AG(CTTAY) Gross Dividend: $0.86 Germany Dividend Withholding Tax = $0.22 ADR Fee = $0.02 per share So Final Net Dividend Payable to ADR holder = $0.62 (i.e. $0.86-($0.22+0.02)). So at 2 cents per share, an investor holding 500 shares would be charged $10 in ADR fees. This fee can be deducted from the dividend payments or can be deducted from a customer’s account depending on the brokerage. Key points to remember: ADR fees is not avoidable. In most cases, ADR fees may not tax deductible as investment expenses. If ADR fees is charged by the custodian to ADR holders, the brokerage will pass on this fee directly to a client’s account. If an ADR does not pay a dividend then this fee will deducted from the client’s cash account. The ADR fee is charged only once per year. Though investing in ADRs costs an American investor more in expenses than investing in US stocks such as this ADR fee, investors should not avoid ADRs and stick with only domestic stocks. The benefits of international diversification, potential higher dividend yields, etc. far outweigh the costs involved with owing ADR including the small ADR fees." Having read that I suspect that it actually means "per ADR" but it is really unclear - also no idea what the charge levied by the Depositary bank (?Citibank) is for GWP. But my guess is that if you hold say 1200 shares (£10,000) then the fee for 100 ADRs will be around $2 - but it would be nice to know for sure. There must be somebody at GWP who could answer this immediately. Grrrrr! |
Posted at 01/11/2016 12:51 by wengerb cauchmer. I'll convert all of mine to ADRs. The majority are held in TD Direct and the rest in a SIPP. As I understand it, if I do this by the qualifying date I do not incur any execution costs. If I then sell part of my holding or if the company is acquired, dollar denoted sums will appear in my account(s) and it will be up to me to try to find a way of converting those sums into sterling at the best possible rate.If anyone waits until after the qualifying date to convert to ADRS then I believe costs are incurred. If anyone should keep their shares as untradable AiM shares then they would face two options. The first would be to make the more expensive transfer to ADRs if he/she ever wished to sell those AiM shares. The second would be to wait for an agreed takeover. As an aside, I don't know if those AiM shares would continue to carry voting rights but, unless you owned millions, that's effectively immaterial. In the event of a takeover you'd be paid out but I don't know if anyone yets knows whether you'd receive payment in sterling or dollars. If it were sterling it would be at an exchange rate beyond the holder's control. I don't see how by holding ADRs, someone who wishes to end up with a sterling denoted asset is any more exposed to sterling/dollar fluctuations than they are already. I never forget that the AiM shares were at 40p when GWPH listed on Nasdaq. Without that listing, in spite of the crucial advances that GWP has made in developing the potential treatment for various types of epilesy, surely no one believes that an AiM only GWP would be worth what it is today. That GWP has grown hugely in value is thanks to the liquidity on Nasdaq and the gung-ho investment attitude of US institutions. |
Posted at 24/10/2016 20:29 by zlotini The problem with rumoured takeovers, I think, is how much weight, if any, to place on what often turns out to be speculation fuelled by a player seeking an unfair advantage. Today’s AT&T takeover offer for Time Warner is a reminder that takeover noise swirling in the market can be spot on. Can there be smoke without fire? Yes.With regards to GWP, it does seem odd that a few predators are ready to pounce. If GWP were already a takeover target, then it seemingly would make more sense that others would want to strike. I have made a feeble attempt to see if the takeover talk about GWP generated excess trading volumes on Nasdaq. But I find I am totally overwhelmed by the sheer number of shares traded on even normal days without takeover speculation driving the trades. At this stage, I place no premium on the share price because of takeover rumours. That is not to say the market does not. Does anyone know? Any premium that arose because of a takeover offer would be viewed by me as an unexpected huge bonus. I am incapable of placing/working out a realistic fundamental value for GWP shares - I have not done my homework and, anyway, would probably be incapable of doing it. I presently rely on the thread, articles and analysts’ research to provide guidance on the company’s prospects and its share price. It seems to me that GWP shares are still attractively priced even if the market has built a significant takeover premium, which I doubt, into the share price. |
Posted at 24/10/2016 18:43 by zlotini nodding it is interesting to see that the last day GWP shares, December 2, can be traded on Aim is the same day Q1 results were released last year. Management may want to take use the results presentation (likely to around December 2) as an opportunity to extol the virtues of having only a primary Nasdaq listing. Perhaps, this, or some other factor, has motivated/blinded GWP to give too short notice to certain shareholders who want to arrange timeously that their financial affairs remain highly tax efficient once the Aim listing ends. Oddly, the share price has suffered from a bout of pronounced weakness since the announcement that a new share structure will be in place shortly.I agree with Wenger that the sole listing on Nasdaq is not to facilitate an imminent takeover of GWP, although it would have that affect if it were ever taken over. I am not expecting any noise from management on Q1 results day about the rumoured long-line of predators waiting to pounce. If any first contact, or should I say first contacts, has/have been made, they are likely to be weak, given the cone of silence surrounding management. Perhaps, the journalist who alerted the investing world about the burgeoning takeover interest in GWP was confused by the signals emitting from his impeccable sources. There is always the distinct possibility that GWP is talking to various parties about joint venture funding for the development of a particular product. Yet to see confirmation that GWP has specifically appointed a M&A advisor. |
Posted at 01/10/2016 11:08 by wengerb My advice? Adopt the brace position.Next week it'll be nearly a month since the story about "many" potential partners looking at GWP and the appointment of Morgan Stanley as advisor to GWP. As I've said, had there been no truth in the story then GWP would simply have had to issue a polite denial. Not to have done so would have been poor corporate governance and GWP prides itself on good governance. I think that talks are taking place. Then Stephen Wright sold a large line of shares so there couldn't have been a takeover issue as why would he sell knowing a higher price might be in prospect? But he sold before the pIII data and, if anyone had an inkling of the likely success of those trials, it would have been Stephen. So I feel we can rule out the Stephen Wright share sale factor. In my working life I had a few brushes with with M&A and I found that any approaches that had no hope were rejected almost immediately. GWP and Morgan Stanley have had nearly a month to explore what the Morgan Stanley analyst referred to as "strategic optionalities". I think we'll soon see an announcement that will either say that a deal is on or that there's no deal at present. The share price will then leap up or fall substantially. As a long-term holder of GWP shares the latter won't worry me too much as I expect the share price to considerably exceed current levels when the FDA approves Epidiolex next year. Lazy journalists have as yet guessed that the "many" potentially interested parties lay within those pharma that already have a relationship with GWP; Bayer, Otsuka, Almirall, Novartis etc. I don't know about Novartis but the other three seem most unlikely as they've all had their fingers burned by the disappointing performance of Sativex. Based on minutes of desk research, I have a contender and it's Pfizer. GWP has aimed itself at CNS diseases. Pfizer has the world's biggest CNS franchise with sales in 2014 of $8.1 billion. Epidiolex potentially threatens the current roster of antiepileptic drugs. Pfizer has the world's biggest selling epilepsy drug, Lyrica, with sales of $5.1 billion (although Lyrica is also prescribed for other conditions). Pfizer has run a phase I trial on Lyrica for refractory epilepsy in children. Lyrica has a list of side effects as long as your arm. Pfizer has recently decided not to make the strategic decison of splitting the company in two but, according to a leading analyst, Dr. Tim Anderson "the most likely path forward involves hunting for more acquisition targets". In August, Pfizer announced it was paying $14 billion to buy Medivation. It's buying a portfolio of experimental antibiotics and anti-fungal pills from AstraZeneca. In June, Pfizer bought Anacor Pharmaceuticals Inc. for $5.2 billion. The chances of my being right about Pfizer are pretty remote. Why adopt the brace position? Because GWP's favourite day for releasing big news is Monday. |
Posted at 09/9/2016 15:08 by wengerb FutureFinancier.I read the piece from your link and I didn't know whether to be shocked or amused. I decided on both. It's a preposterous fabrication by a self-declared shorter of GWPH. Anyone reading it must ask himself or herself the question. Where's the denial from GWP and/or Morgan Stanley? The underlying story asserts that GWP has been approached by several parties that have showed some interest in exploring M&A possibilities. As a result GWP has appointed Morgan Stanley as an advisor. If neither of these elements were true, GWP and MS would simply have had to issue a polite denial. As RP points out, not to do so would be egregiously poor corporate governance. If there are suitors, the timing is interesting as the phase III Lennox-Gastaut data due in September might well trigger bids. Successful LG-S data suddenly makes GWP a company with all the evidence it needs to submit an NDA, which in turn would lead pretty automatically to an approval. Prior to that data GWP remains something of a pig in a poke. |
Posted at 09/1/2016 10:34 by wengerb A happy New Year to everyone.123Prezzie. Thank you for your thoughts. I am going to give you my reactions. I stress the “my”. Should anyone disagree with me, that’s fine but I’m not in debate mode at the moment. A general point to begin with; all drug development companies (DDCs) are in the “jam tomorrow” business. The questions are; how likely is the jam delivery, how much jam might there be and how far away is “tomorrow̶ Good data in the first p3 (let’s say it’s coming in March) will be taken as predicting success in all four p3s. Which in turn will be taken as validating GWP’s intention to submit its NDA to the FDA in Q4 2016. FDA approval will be further assumed after, say, six-months. Epidiolex on the market in mid/late 2017. Addressing your points: 1 There’s a certain circularity in saying the price was “too” high in June. GWPH’s valuation was well in line with other DDCs. It was trading close to but below analysts’ price targets. The whole Nasdaq Biotech sector has fallen sharply and GWPH is not out of line with the falls of similar DDCs. Shorts have been very active. Too high? Who’s to say that had the US price peaked at $90 in June, we wouldn’t be looking at $45 today? 2 In such a falling market, the only news that would have helped GWPH withstand the various downward pressures would have been good p3 Epidiolex data. If we get good data in March then I expect the share price to move dramatically higher. 3 True but I don’t think that the disappointing sales of Sativex will have any bearing on the likely demand for Epidiolex. 4 GWP say’s it’ll have £200m in the bank at the end of Q1 2016. The great bulk of the recent heavy spending has been on the capability to manufacture high volumes of Epidiolex (enough this year for 55,000 patients), and on the four p3 trials. These are all non-recurring items. The cash burn should fall very fast after the end of Q1. If the p3 data on Epidiolex points to an approval then maybe GWP won’t need to raise more cash. If the p3 data disappoints then the company would presumably slash costs. At the moment GWP is in a near unique position for a DDC in having brought a product very close to market whilst retaining 100% of the commercial rights. Just as a point of interest, I think that it’s almost inconceivable that GWP could get its type-2 diabetes product to market without a major partner. It’s not just the cost of massive p3 trials on tens of thousands of patients, it’d be the sheer organisational demands involved. If the Epidiolex p3 trials look good and the THCV p2 “proof of concept” trial (or the CBDV broad epilepsy trial) look promising then GWP might look like a very attractive acquisition. Before that it looks like a pig in a poke. 5 In my view, the role of R&D is to produce new products likely to be clinically relevant to specific diseases/conditions. Getting from R&D to market is a separate function. I’d have thought that products potentially for paediatric epilepsy, epilepsy in general, paediatric neuropsychiatric conditions, autism spectrum disorders, glioma, cancer pain (still), cerebral palsy in children, type-2 diabetes, and neonatal hypoxic-ischemic encephalopathy represented a pretty long string of sausages? 6 I’m not sure that I understand your reference. |
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