Ip Share Discussion Threads

[halfpenny] 18/3/2024 17:48

Now Testing 40p level support as falls increase. Too Risky at these levels, How Low!

[bamboo2] 13/3/2024 14:38

ONT's LAT shares expire mid June 2024.

[houseofpain1] 13/3/2024 14:35

Istesso has strong potential to drive a share price recovery in the near term. Phase 2b data fairly imminent by the sound of it and likelihood is that it is positive which should drive a significant valuation uplift. Bear in mind that Hambro Perks were looking at IPO'ing this at a valuation of "several hundred million pounds" this time last year. It is currently held at £200m and represents 11.0p of NAV.

Nanopore. Share price lows are likely in now I reckon. CEO's golden share falls away at the end of this year so potential for some corporate activity after that.

Hysata obviously had a stellar year and there could be much, much more to come there.

Oxa and FeatureSpace both appear to be progressing well.

If some of this "good stuff" happens, then it will make a decent difference at the NAV level and should make a very significant difference at the share price level.

[bjfanc] 13/3/2024 11:09

The market is saying, I don't believe the current NAVs of the unquoted portfolio.

[miner66] 13/3/2024 10:10

Would suggest the better long term use of capital when the Co is trading at such a discount to NAV is Buybacks. For shareholders seeking income then the option of course is to sell a small amount of shares for the cash. The problem here is the Buyback is so small, c £2.6m since started and having zero effect on the NAV discount.
The Co slogan should be "Plan going well, send more cash"
However, the market is valuing the unquoted portfolio at c£295m vs the Group NAV of c £900m about a 70% discount. The Co needs assistance to address the NAV discount, the impact of the listed portfolio, the strategy around third party funds expansion and similar opportunities as its outside their (and most companies) expertise. We shall hopefully see those major investors continue to engage, support and drive the Company Since the December year end, I believe ONT has hurt IP Group a further £58m. Also would keep an eye on the net cash level, the projected cash flow and the relatively high operating costs.

[palisz] 13/3/2024 09:57

CEO said buyback so far has been very slow, but now the results are out of the way they WILL pick up the pace, this should help.
(FYI they pay 5.25% on the debt. They have very few companies needing further financing in 2024) I guess this means they'll sit on the cash for another year.
Asked about the dividend, reason given few shareholders hold company for the dividend as witnessed as shareholder list has barely moved since announcement. Feeble!

[brucie5] 13/3/2024 09:24

This is a share with many moving parts, not least the Nav. So the much clearer indicators are cash, which looks solid, though not inexhaustible ; and what they do to narrow the discount, which is clearly not working. Chart also tells a story. It appears to have bottomed, but in no haste to move up.
Other than that, I await oak bloke's analysis.

[jaf111] 13/3/2024 07:57

Can someone please explain the logic re pausing the divi….specifically to address the discount to NAV as per Chairman’s summary…..surely the reverse would be more applicable imho…..

From today’s RNS -

Addressing the discount to Net Asset Value ('NAV')

The Board set one of its objectives at the outset of 2023 to take steps designed to narrow the discount at which our shares trade, versus the stated NAV per share. We recognise that continuation of this discount is of considerable disappointment to our shareholders.

We also concluded that we should pause paying a dividend while our shares stood at a significant discount to NAV and should embark upon a modest share buyback programme, both to capture the discount and evidence whether such market intervention would meaningfully narrow the discount. We announced a buyback programme of up to £20m on 18 December 2023. To date we have bought 5,225,207 shares at an average price of 51.4p.

[pugugly] 13/3/2024 07:42

"Strong balance sheet and liquidity with gross cash of £226.9m (2022: £241.5m)

- £73.2m portfolio investment into 33 companies across our three high-growth sectors (2022: £93.5m, 46 companies) representing around 10% of capital raised by our portfolio (2022: 9% of total capital raised)

- Cash proceeds in line with expectations at £38.6m (2022 £28.1m)

- NAV per share declined to 114.8p (-13%), driven primarily by adjustments to the carrying values of First Light Fusion, our US platform, Hinge Health and Akamis Bio and reflecting a fair value decrease of listed holding Oxford Nanopore, Since year-end, further reduction in listed portfolio of £45.4m.

- Third party managed funds of £650m (2022: £700m), with more than £100m available for investment"

HOWEVER at closing share price yesterday of 52o discount still over 50% of claimed NAV but valuation of unlisted companies still a very inexact measure, but a 50% discount might allow a sufficient margin.
Thoughts??

[brucie5] 11/3/2024 16:45

Thanks Bamboo, good to know. So that's basically wealth management buying on behalf of private clients in non-advisory capacity. Presumably large net worths.

[bamboo2] 11/3/2024 16:30

Lombard Odier Asset Management (Europe) Limited 7.36% 76,116,690

[Disclosure on behalf of accounts managed on a discretionary basis by Lombard Odier Investment Managers group.]

=================================


Last holding note was from was hy 2023 report
Lombard Odier 3.7%

[p1nkfish] 29/2/2024 16:06

Tax loss selling first then sell in May and go away.
IPO rarely swim against the tide.
What does the CEO actually do here?

[p1nkfish] 28/2/2024 10:11

IMC opportunity - possibly scared of shareholders as others allow questions before and during but this so far for IPO:

"There may be the opportunity to ask questions whilst attending the live presentation"

"may be", whilst attending.

Seriously poor overall.

[p1nkfish] 27/2/2024 08:46

I can say I had little confidence, some posts to prove it. Anyway, onward.

[bamboo2] 27/2/2024 07:58

Selling at the bottom is a sign of desperation.

Could be that for some, removal of the dividend, despite the group holding massive amounts of cash, is the final straw.

I hope we see a TR-1, but wouldn't be surprised if nothing showed. Many times I have questioned lack of TR-1's on high volume transactions with management. They deny all knowledge saying they can only report what is reported to them. I guess this is symbolic of the problems with the UK market in general. ie lack of transparency, and the fact that the rules are too lax and often unenforced.

[p1nkfish] 26/2/2024 20:11

Wonder if any of them are desperate for liquidity.

[palisz] 26/2/2024 18:40

41.9m shares sold, placed. Only top 5 shareholders possible, should def. get an rns soon. Railway Pension scheme or Liontrust sustainable look most likely.
Hopefully completes seller.

[p1nkfish] 26/2/2024 18:10

Highest vol day since 20/11/2020 by looks of it.
Very interesting. Has it cleared an overhang or more to go?

[bamboo2] 26/2/2024 18:06

Looks like 8%+ of the co was traded.

We should see a TR-1 on that basis, but I wouldn't be surprised to see the transaction go unnoticed.

[p1nkfish] 26/2/2024 18:02

Is that volume real from around 3.35pm today, 80M+ shares?

[bamboo2] 16/2/2024 07:42

13 Mar 2024 Announcement of Annual Results for the year ended 31 December 2023