Horizon Discovery Share Discussion Threads

[bouleversee] 03/5/2018 10:27

kestelmill -

The man himself? Do I take it you are referring to Woodford?

[kestelmill] 03/5/2018 10:15

Comments from the man himself:

"Quite right too given the value of the business was underpinned by existing investors, GE Healthcare and new US investors only in September 2017 at 205p (£305M) in the £65M acquisition of Dharmacon and £40M secondary placement. Given this deal was reported in the financial press as: doubling the top line of Horizon whilst adding significant profit; the consensus of six analysts is north of £2.50; and the share price spent most of the time in H2,17 in the £2.40 (£358M) to £2.70 (£402M) range then in my personal opinion I think the board has a very strong case to reject this offer."

"As at today’s closing price of 190p Horizon is trading on a forward 12 month consensus revenue basis at 4.7X. AbCam is trading at >10X. Organic growth for AbCam is forecast by analysts at c10% with Horizon forecast to grow at c15%. Both products businesses are forecast to have similar gross margins on forward 12 month basis. Even if you take into account a much deserved premium for the historical results performance consistency of AbCam you have to consider this is also the year Horizon is forecast by analysts to generate cash so on a revenue multiple comparison versus peers the analyst consensus of 260p a share (£388M) or 6.5X consensus revenue seems sound. Even at that level the deal would be highly accretive to AbCam shareholders. Horizons shareholders need to hold firm. If they want to sell in due course there are much better deals than this to be had. I should state that this is all said in my personal capacity as a shareholder and all opinions based on public domain information."

[bouleversee] 03/5/2018 09:46

mancw -

Thanks for that info. Perhaps you could also explain the point of the dealings shown in the following:

[mamcw] 03/5/2018 08:35

Top 3 shareholders (43.28%):

Woodford Investment Mgt -24.64%
Invesco Perpetual - 9.88%
General Electric Company - 8.76%

Directors another 7.2%.

It's in their hands.

[mirabeau] 02/5/2018 18:24

RNS - rejection

[bouleversee] 02/5/2018 15:31

From the RNS:

"Dr. Jonathan Milner is a director and shareholder of both Abcam and Horizon Discovery and therefore has not been involved in Abcam's consideration of, and discussions regarding, the Proposal. References in this announcement to the "Board of Abcam" mean all the directors of Abcam other than Dr. Jonathan Milner."

It doesn't say he hasn't been involved in Horizon's discussions and can you believe it anyway? It would be interesting to know his proportionate share of both companies.

[bouleversee] 02/5/2018 15:22

mamcw -

Invesco and Milner have increased their holdings recently but I don't think Woodford has. Do you know what the breakdown of the major holdings is? It's a weird situation with Milner being in such a strong position on both sides. Which Board says what?

[mamcw] 02/5/2018 15:21

mw8156 - The Abcam approach is opportunistic. You can read the full RNS on its website. Its all stock consideration.

Likely response of HZD will be to put the company up for sale; they'll struggle to recommend anything under 240p and c. 275p is probably what they would want. Hostile doesn't make any sense given the holdings of Woodford, Invesco and of course, GE.

[mirabeau] 02/5/2018 15:18

I'm sure the RNS will pop up today at some time

[mw8156] 02/5/2018 15:16

has it been put up for sale after the exit of the CEO?

[jurgenklopp] 02/5/2018 15:14

Surely there should be an RNS by now

[mamcw] 02/5/2018 14:57

The reality is that Woodford and Invesco control the outcome of this discussion.

The IPO was 180p 5 years ago - approach is very cheap; hoping for £3 not £2!!

[mirabeau] 02/5/2018 14:52

Apologies fella, I don't mean to mock

[bouleversee] 02/5/2018 14:51

And the offer price is inadequate. Opportunistic, taking advantage of the share price drop after the sudden departure of the CEO, though who could blame them?

[mirabeau] 02/5/2018 14:49

Sounds? I think you mean 'smells'!!!!!!!!!

LOL!!!....pmsl

[bouleversee] 02/5/2018 14:47

I don't think this has been in the public domain until today, hss it? All sounds a bit fishy.

[riskybisky] 02/5/2018 14:47

It's "Milner"


Jonathan Milner is a rockstar biotech entrepreneur and founder of Abcam. He is still on the board of his baby Abcam, while investing in many young startups, nurturing the British biotech ecosystem and taking part in philanthropy.

[jurgenklopp] 02/5/2018 14:44

Dr Jonathan Milner is a director of both companies !!

[mirabeau] 02/5/2018 14:04

Oh, I see. Obviously, I've missed that!....it looks like another approach

[phowdo] 02/5/2018 14:03

Board rebuffs ABC offer:

"On 19 April 2018, Abcam made a proposal to the Board of Horizon Discovery in relation to a possible offer for Horizon Discovery at a value of 181 pence per Horizon Discovery ordinary share, under which the consideration would be fully satisfied by the issue of new shares in Abcam (the "Proposal"). The Proposal has been rejected by the Board of Horizon Discovery today."

[mirabeau] 02/5/2018 14:00

What's going on here I wonder? An offer?

[bouleversee] 30/4/2018 11:27

I wonder how the search for a new CEO is going.

[jurgenklopp] 30/4/2018 11:17

Just a quick note to say that the final results are due on the 8th May according to the Company website.

The director purchases over the last few weeks leads me to think we could be pleasantly surprised.

[pjj71] 20/4/2018 15:01

lets hope Roche was the buyer :)