Ip Share Discussion Threads

[p1nkfish] 11/9/2021 09:13

It's known and out there.
Can't say they are not transparent.
Litigants will go after any perceived weakness in the opposition.
All it means is Ox Nano need to be super tight on detail.

Compensating for this potential can help them become more certain in defence and more dangerous in attack - covering any weakness before its exploited.

[masurenguy] 11/9/2021 08:48

Oxford Nanopore warns rivals could attack boss’s integrity

Prospective investors in Oxford Nanopore have been warned that rivals could try to attack the reputation of its chief executive after a judge in the United States found that he had misled regulators in a patent court case. The potential threat was disclosed by the gene sequencing company among risk factors in a filing issued alongside plans for a potential £3 billion initial public offering on the London Stock Exchange this year. It would be one of the largest floats in Britain in 2021.

Oxford Nanopore said there was a risk that “litigation counterparties will attempt to impugn the integrity of the group and/or its management when involved in intellectual property litigation”, citing the case involving Gordon Sanghera, its chief executive. In the registration document, Oxford Nanopore said that its success depended on its non-infringement of third-party intellectual property rights and the ability to protect its own. In the past 3 years Oxford Nanopore has spent a combined £26.4m on legal fees, the majority protecting of which was focused on its intellectual property.

Complete artice here:

[apple53] 10/9/2021 22:03

First time post on this thread so forgive me if this has been covered before (or indeed is not of interest), but if the bullish forecasts of the Oxford Nanopore valuation are not too far off, then shouldn't we all be owning Schroder (UK public private), where ON accounts for an even higher portion of the NAV, and which is trading below its last indicated NAV. Two problems - 1) I only just did this calc and SUPP was up 8% today. 2) there may be negative surprises in the next SUPP valuation which some of you are already on top of.
For the record I own a bit of both.

[p1nkfish] 10/9/2021 21:14

For all we know they have to keep any holding below some per centage of their overall portfolio value so have had to sell down.

[bamboo2] 10/9/2021 20:40

Bf, IPGroup bought Touchstone [Imperial Innovations] in 2017. The deal resulted in Imperial holding a large quantity of IPO shares. Touchstone shareholders, including Imperial College, Invesco and Lansdowne ended up with approx 30% of the co.

Subsequently, some of these holdings have been sold and/or diluted etc.

In 2019, Imperial started a new operation, perhaps much much like OSI and CIC [Multisector platforms] in scale, which works with IPGroup. I guess the capital needs for this operation come from the sale of their various shareholdings, including IPGroup shares.

A lot of this is from memory, so may be subject to checking. Hope some help.

[bamboo2] 10/9/2021 20:02

Startup Seeks to Enable Pulsed Fusion
By Maurizio Di Paolo Emilio 09.09.2021

Development of new fusion energy schemes now includes a U.K. effort that uses high-compression inertial confinement to generate power via the fusing of atoms.

First Light Fusion finalized the construction of the £1.1 million “Big Gun” fusion device in May and has since successfully completed the testing and commissioning phase. At 22 meters in length and 25,000 kg in weight, Big Gun is the largest of its kind in the United Kingdom. First Light Fusion, based in Oxford, was spun out from the University of Oxford, employs a team of engineers and physicists, and works closely with a variety of academic institutions...

[bottomfisher] 10/9/2021 19:44

Any thoughts on why Imperial College of Science Technology and Medicine continues to run down its stake in IPO? At the end of 2020 it was the second biggest shareholder with a stake of over 5%. Its stake has now fallen to under 3% meaning that it no longer figures amongst the top 9 shareholders. Surely Imperial College is the sort of of long-term investor that should be backing IPO, emphasising the strong ties between IPGroup and one of the world's top science universities generating the scientific ideas that IPO hopes to help commercialise.

[bamboo2] 10/9/2021 16:46

It's sometimes worth noting the daily volume now, just after 16:35, [approx 5.5m] then compare with the volume showing later, approx 18:30 Often we see some sizable delayed trades which can give an idea of the real picture of selling and buying pressure.

High volume is normally a good thing.

In terms of large holders, we still don't have any idea of the whereabouts of the final tranches of Invesco shares, sold at the end of last year. I emailed management, and had a detailed search [see post 2], but as a block, they have vanished.

[p1nkfish] 10/9/2021 16:23

I dont like conspiracy theories much but the close on this today looks suspiciously like someone picking up stock shaken out. Thoughts?

Better close than I was expecting.

[wetpantz] 10/9/2021 15:56

The IPO announcement was expected and held few surprises. The unusual share price volatility this week makes me wonder if there's a big player trying to shake out some longer term holders.

[masurenguy] 10/9/2021 15:31

After a 20% rise over the past 8 trading sessions some profit taking was virtually inevitable.

[p1nkfish] 10/9/2021 13:50

Bound to be some limit to when big early investors can bail. Makes sense.

[edwardt] 10/9/2021 13:26

guess their maybe some lock ins on that but i would be ok with a short term one of say 6 months.

[edwardt] 10/9/2021 13:25

i agree on the in specie. we all wear long trousers so pass the decision to hold or sell to us less some cash to fund new ideas in ip.

[edwardt] 10/9/2021 13:24

surely it can be structured as a capital distribution assuming we did get cash back.

[p1nkfish] 10/9/2021 09:26

Some new areas of investment will require 100M+ to scale. Cash will be needed. ONT shares in specie would be a good outcome. Let shareholders decide what to do with them, individually.

[wetpantz] 10/9/2021 09:18

It does seem likely IP will realise some cash especially if the hype can generate a fat price. They have a terrible recent track record with undervalued exits (CERES AVACTA) but they need to get this right. Otherwise the CEO should get the chop. I personally wouldn't want a massive special dividend as this would generate a huge tax bill, probably many other holders are in a similar situation. IP should consider in specie transfer of ONT to shareholders (many hold IP primarily to get ONT exposure) or just reinvest in new tech VC situations. VC and PE are becoming more mainstream investments now with large funds and ITs increasing their exposure, e.g. Baillie Gifford. So market interest and valuations will probably rise.

[pierre oreilly] 10/9/2021 08:57

Well how much cash are they returning then?

[bamboo2] 10/9/2021 08:56

Pierre, Re, your first paragraph, no need for speculation, read the 'Expected intention to float announcement' etc, on the ONT website. New documents will be added as the process unfolds.

[pierre oreilly] 10/9/2021 08:35

Ed, my view is nano will raise cash, some insts will subscribe while several current insts will realise capital. IPO will raise cash by selling a chunk - their business is early stage and realising cash when opportunities present as the successful companies mature.

Say IPO, and us, have £1.00 per share value in nano. I hope this time. IPO will retain a decent holding. Say 50p. In the recent past, they have cashed out at this stage and the companies in my experience have gone on to much greater things ( they usually sell a high percentage of their holdings at times like this).

So of the 50p cash they'll raise (if), I hope theyll distribute say 45p to shareholders. They have indicated they may, but not the amount. They already are stuffed full of cash for any future conceivable working capital requirements, so this approach all fits it.

This is all speculation btw, not fact. We just have to wait and see how things progress.

[bamboo2] 10/9/2021 07:35

Wetpantz, agree.

Have you, or anyone else, tried adding Illumina and/or 10X to the comparison?

With ONT at £7bn IPGroup's 14.5% would be worth approx 100p per share.

[wetpantz] 09/9/2021 22:54

Using the published ONT ttm sales and using PACB's ttm price to sales multiple gives a valuation of just under £7Bn. However would expect the market to recognise the advantages of ONT technology and assign a suitable premium to the multiple.

[bamboo2] 09/9/2021 20:56

edwardt, yes, a bit of both.

Looking at similar listed entities elsewhere, it is likely a market led valuation will be significantly higher than the current £2.4bn

Access the Oxford Nanopore IPO microsite.




Expected intention to float announcement.pdf



Registration Document.pdf

[benchmark] 09/9/2021 20:46

Thanks Bamboo

[bamboo2] 09/9/2021 20:41

Flag on Daily has broken out and confirmed a new target price at approx 170

This is the start of the second part of the move I mentioned in a previous post.