Money is in at X-O.
Best wishes to IUG and shareholders.
Regards, Maddox |
Last day of trading today. |
petomi, thanks. I guessed that may be the case, but not certain.
Fwiw, I agree with others here that it has gone really cheaply, but a lack of viable buyers is the problem. |
bamboo2 - this is fairly standard wording which I have seen a number of times. They may of course be worried that a number of disaffected small holders could scupper the meeting........ |
 I have not noticed text of this type before. Is this normal or is the co. worried that they don't have a convincing majority in favour?
==================
It is important that, for the Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of the opinion of Scheme Shareholders. Intelligent Ultrasound Shareholders are therefore strongly encouraged to submit proxy appointments and instructions for the Court Meeting and the General Meeting using any of the methods set out in the circular dated 15 January 2025 relating to the recommended cash offer by Surgical Science Sweden AB to acquire the entire issued and to be issued share capital of Intelligent Ultrasound (the "Scheme Document") as soon as possible and, in any event, by no later than 10.00 a.m. on 4 February 2025 in the case of the Court Meeting and by no later than 10.15 a.m. on 4 February 2025 in the case of the General Meeting (or, in the case of any adjournment, not later than 48 hours (excluding any part of such 48-hour period falling on a non-Business Day) before the fixed time for the holding of the adjourned meeting).
Intelligent Ultrasound Shareholders are also strongly encouraged to appoint "the Chair of the meeting" as their proxy.
Intelligent Ultrasound Shareholders entitled to attend and vote at the Court Meeting and General Meeting may appoint a proxy online by using the Link Investor Centre app or at hxxps://investorcentre.linkgroup.co.uk/Login/Login, where full instructions on the procedure are given. |
gs, it'd be interesting to hear what the co. would say about that if someone was to email! |
Just for the fun of it, I checked the FDA's 510(k) database. As it happens, a new version of Voluson Expert was approved in late December. The filing date was 24 July or 6 days after the proposed sale of the AI business was announced. This new 510(k) features a new SonoLyst product - 1st Trimester - in addition to 2nd Trimester. I wonder if I am reading too much into the fact that the filing wasn't made until after IUG agreed to sell them the Clinical AI business? |
As I'll be leaving this board now I would like to say that it has been one of the most friendly and helpful boards I have experienced.
At least I leave with a profit, albeit not as large as I felt we deserved but we all know the quirky issues with AIM.
Thanks for the info imparted it helped me a lot & especial thanks to 40fathoms who so often came up with very useful posts. |
Event Expected time/date
Publication of this Announcement 15 January 2025
Publication of the Scheme Document 15 January 2025
Latest time for lodging BLUE Forms of Proxy for Court Meeting 10.00 a.m. on 4 February 2025
Latest time for lodging YELLOW Forms of Proxy for General Meeting 10.15 a.m. on 4 February 2025
Voting Record Time for Court Meeting and General Meeting 6.00 p.m. on 4 February 2025
Court Meeting 10.00 a.m. on 6 February 2025
General Meeting 10.15 a.m. on 6 February 2025
The following dates are indicative only and are subject to change
Scheme Court Hearing to sanction the Scheme 14 February 2025
Last day of dealings in, and for registration of transfers of, Intelligent Ultrasound Shares 17 February 2025
Scheme Record Time 6.00 p.m. on 17 February 2025
Disablement of CREST in respect of Intelligent Ultrasound Shares 6.00 p.m. on 17 February 2025
Effective Date of the Scheme 18 February 2025
Suspension of admission to trading of, and dealings in, Intelligent Ultrasound Shares before markets open on 18 February 2025
Cancellation of admission of trading on AIM of Intelligent Ultrasound Shares 8.00 a.m. on 19 February 2025
Despatch of cheques, despatch of electronic payments and crediting of CREST accounts for cash consideration under the Scheme within 14 days of the Effective Date
Long Stop Date 30 June 2025
Suspension, Cancellation of admission to trading on AIM of Intelligent Ultrasound Shares and Re-Registration
It is expected that dealings in Intelligent Ultrasound Shares will be suspended at 7.30 a.m. London time on the day which is two Business Days after the Scheme Court Hearing. Application is being made to the London Stock Exchange for the cancellation of admission to trading of the Intelligent Ultrasound Shares on AIM, to take effect shortly following the Effective Date.
On the Effective Date, share certificates in respect of Intelligent Ultrasound Shares shall cease to be valid and entitlements to Intelligent Ultrasound Shares held within the CREST system shall be cancelled.
It is also intended that, as soon as possible after the Effective Date and after its shares cease to be traded on AIM, Intelligent Ultrasound will be re-registered as a private limited company under the relevant provisions of the Companies Act. |
Funds to be paid between 19th Feb and 4th Mar. |
Thanks for that, as they say; every little helps.As PI,s we had/have absolutely no say in corporate actions and never will.I call it the mushroom syndrome; and we all know how to grow mushrooms: keep them in the dark, and every so often throw in some Sh#t.Seasons Greetings. |
Sadly the rns makes it VERY clear that the 13p is all we get, zippo anything else... |
Looking at the RNS of 27 November when we were advised that the amount of the capital return would be advised this month,leaves me puzzled whether we will receive it at all, or will it be included in the 13 pence per share as per the buy out offer made by, and now confirmed , by Surgical Sciences? |
Given that there is neglible chance of a counter bid here one would have thought that the bid price would be closer to 13p rather than 12.58, but is it worth hangin on I keep asking myself ?
Always a tricky one but we do seem to be giving this very interesting little company away as opposed to selling it don't we ? |
It seems pretty clear to me that they have gone to IP Group and Octopus and said we are planning to put +10mn of the AI sale proceeds in to the further development of the simulation business and that this will pay off in 2026/2027. They have been told no you are not going to do that, this is too much risk for our liking and we want as much cash as possible, so the only alternative was to then sell the business.
When you have only 3 or 4 possible buyers and it looks like only 1 bidder and that bidder knows you will sell no matter what this is what you get, a terrible price. |
petomi I totally agree, I reread that rns by UIG today as well, I'd like to understand why "tremendous potential" 2 months ago has been priced by our board at circa 3p a share today.
Something does not add up here... |
The Chair's comments when the Clinical AI sale completed back in the autumn(1 Oct RNS) look a bit hollow now:
"The remaining simulation business has tremendous potential with an excellent product range particularly in new areas such as needling. Our mission is to make ultrasound easier to learn and simpler to teach, as we aim to support the rising demand for sonographers worldwide.
Over the last six weeks we have been engaged in a comprehensive review of the remaining Simulation Business that has involved evaluating the potential of expanding both our medical simulation product range, as well as our sales operations in both reach and scale.
On completion of the capital reduction we look forward to communicating the details of the Company's plans."
Yet they are now effectively selling the simulation business for buttons.
I doubt whether a competing bid will emerge since presumably it has been properly exposed to the likely limited number of potential buyers but we shall see. It doesn't look as if the advisers have covered themselves in glory.
Buyer's share price up 2.5% rubs it in. [Edited: I previously said 11% but graph on their website was misleading - their share price rose 2.5% to close at SEK158.3 yesterday. With mkt cap of SEK8bn, c£600m, the increase was nearly £15m, ie their market thought this relatively small purchase was a great deal....for them.]
I will look at the scheme circular in detail. |
@bamboo
I hear you but wouldn't you think that he might want to cash in his chips at a somewhat better price than he actually is, especially considering that such a high number of his chips have already been cashe in courtesy GEHC ? |
40f, Gall is 63 next year. Most of his older colleagues have already retired, I'm not surprised to see him cash in his chips.
ps well done for continuing to hold! |
It feels to me that the board have been cut off at the knees by the IP Group and their desire for cash. As they have now discovered the power of share buy backs, a bit of extra cash from a non core holding is valuable to them. Use the cash to buy back their shares at big discount to NAV makes this deal worth an equivalent of more than 20p per share to them.
I think the fact that the CEO is not quoted in the RNS is interesting. |
I am bemused that our board have thrown in the towel so swiftly & so cheaply, it is, to my simple mind, somewhat disturbing. |
A pretty disappointing end and rather a long way away from the previously targeted £25m in 25 with half from Clinical AI. The value achieved for Clinical AI was 50-66% below the value of the other two companies acquired recently in this space. The value of the Simulation business is just 0.5x EV/sales. It looks worse when you consider the synergies that the acquisition will enable for Surgical Science which mean the acquisition pays for itself with about 2.5 years worth of synergies. "Surgical Science's ultrasound simulation business is expected to grow over 2x, on a pro-forma basis for 2023, from sales of approximately SEK 90 million to approximately SEK 222 million. Surgical Science intends, following completion of the Intelligent Ultrasound Acquisition, to carry out a review of the operations of Intelligent Ultrasound. Subject to completion of that review, Surgical Science envisages that efficiencies gained from Intelligent Ultrasound transitioning to a private company, enhanced alignment of corporate costs and a review of resource requirements are expected to result in annual cost savings of GBP 1.5 – 2.0 million (SEK 20.9 – 27.8 million)." ( |
A really nice new year present would be if someone else came in to bid but I don't hold out hopes for that to occur!
Fathoms re the vct I guess it's Amati as they have this as one of their largest holdings but their situation is complicated by the fact that their board have sacked Amati and is replacing them with Maven.
Hence any cash they can secure at present the board wants it as their performance post covid has been truly awful! |
@route1 - This offers supersedes the "Capital Return". It states in the RNS any dividend paid going forward will reduce the offer price. So 13.4p is the full amount that will be received. |
I understand this RNS, which is an offer to buy/acquire the simulation business, but there seems to be no mention of the capital return which according to a previous RNSwas due to be paid 'sometime in December'.So will the capital return be paid to shareholders this month once the amount per share is confirmed, or will it be included in the final acquisition price? |
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