Prelude Trust Share Discussion Threads

[rivaldo] 16/9/2007 17:39

Good De Novo news:



"De Novo Pharmaceuticals announces a Drug Discovery Partnership agreement with Achaogen
10th September 2007
Cambridge,UK - 10th September, 2007- De Novo Pharmaceuticals Ltd., a computationally-based drug discovery company focused on small molecule therapeutics, announced today that it has entered into a drug discovery partnership agreement with Achaogen whereby De Novo will apply its novel molecular structure generating drug discovery platform targeting pathogenic bacteria. Financial terms of the agreement were not disclosed.

"We are very pleased to be working with Achaogen- a leader in the fight against drug-resistant bacteria," said Philip Dean, Ph.D., CSO at De Novo. "Using SkelGen, we will be designing for Achaogen new chemical classes of inhibitors focused on an important drug-resistant bacterial target", he added.

"We are pleased to be working with De Novo to expand our lead optimization program, and to help us develop cutting-edge therapeutics that will speed us towards our goal of providing therapies to treat unmet clinical needs caused by multi-drug resistant bacterial infections," said Phillip Patten, Ph.D., Senior Vice President, Biology at Achaogen."

[hvs] 13/9/2007 21:32

We all do TimTom,

Just have to wait cause its Tick Tock time at present.

[timtom2] 13/9/2007 20:34

Later Stage needs to be defined as it get banded around more and more.

You might say later stage are investments closer to the point at which the company invested in needs zero new external capital - close to breakeven, no longer a potential call on Trust funds.

It doesn't necessarily mean closer to exit !!

Since haven't had any exits recently, at all, how can we know these "Later Stage" investments won't be on the books for years and years?

I like to see profitable exits.

[fse] 13/9/2007 18:35

Some sensible comment on here about PDT and why we dont see the value.
I am sticking with them as long as they dont take on any early stage investements as this is a mature trust.
Topping up existing investments is fine with me.
I also feel that as there is virtually nothing for management to do now the associated running cost are far far too high.
The Portfolio does need to be run out now.

[hvs] 13/9/2007 18:11

Tiltonboy,

If you are happy then I am happy for you.

I have shed loads and have just forgotten about the holding.Perhaps I should
transfer them to my daughter at this price.

[tiltonboy] 13/9/2007 16:00

Blott,

It all depends on what they sell it for.

If they were to sell their holding in Displaylink for £20m, then they would book an £18m profit. That would take the NAV to close to 200p. If they then invested that £20m, the new investments would be shown at cost, therefore the NAV would still be 200p. What matters to shareholders is the success of the re-investment. On the basis of the recent investments, I am happy to support some later stage deals.

One could argue that Displaylink is worth more than £200m (PDT have 10%), and that a number of it's other investments are also worth more than they are in the books at, but that's why we are here.

I'm continuing to pick up little bits and pieces of stock, and whilst frustrated, I'm happy with my investment.

tiltonboy

[spin doctor] 13/9/2007 12:27

"If investors in PDT don't have the patience to wait then I really don't know why they're here."
I agree totally with that. There could be a prolonged wait, with proportionate risks (company and market) and benefits (company and market....).

Interesting contrast with the bunch of VCTs I hold, largely invested in MBOs/MBIs where for various reasons companies can often be revalued upwards fairly early after VCT financing.
That is not the case with PDT where we wait for IPO/private sale, essentially.

[rivaldo] 13/9/2007 10:00

Pec2004, all they have in common is that they're both ISAble! PDT is highly frustrating and is likely to remain so for some time. That could change overnight - the only question is whether that "overnight" comes sooner or later. If investors in PDT don't have the patience to wait then I really don't know why they're here.

That's especially so given the current quality of the portfolio. DisplayLink, SiConnect, M-Spatial, ZBD, Polatis, Phyworks, Kiadis etc - these all appear to be companies which could be worth multiples of their current value imo, and most of them are at a relatively late stage of development.

So it's possible that the next couple of years could see a number of sales/exits. On the other hand there may be none if the markets turn.

But I also like PDT because of the downside protection, due to the huge share price discount to the 145p or so NAV - thus if there are failures in the portfolio they're already reflected in the share price. And the large cash pile should enable them to support the portfolio through to completion.

[pec2004] 13/9/2007 09:48

How do you rate this one (PDT) in comparision to some of your other favourites rivaldo (BMS etc). I know completely different sectors etc.

[rivaldo] 13/9/2007 09:46

Can't improve on perfection hvs :o))

DisplayLink have announce an avalanche of news. I particularly like the confidence and market leadership:

"DISPLAYLINK OPENS NEW OFFICE IN TAIWAN

TAIPEI FACILITY HOUSES STRATEGIC SALES AND TECH SUPPORT
FOR ASIAN CUSTOMERS

PALO ALTO, CALIF. – Sept. 12, 2007 – DisplayLink Inc. today announced it has opened a new office in Taiwan to help it meet the needs of its growing customer base throughout China, Japan and other Asia-Pacific countries. The new DisplayLink Taiwan office is located in the International Business Center on the 37th floor of the landmark Taipei 101 Tower facility in the heart of the rapidly expanding Xin-Yi district. It will house the company's regional strategic sales and technical support team. It is the fourth DisplayLink office worldwide, joining locations in Japan, Cambridge, UK, and the company's headquarters in Palo Alto, Calif.

"As DisplayLink continues to grow and the influence of its technology becomes more widespread globally, the company needs to expand in order to better serve customers and corner new markets," said Andy Davis, DisplayLink's Director of Worldwide Strategic Accounts and head of the new office. "With the growth of business in Taiwan and other Asian countries, this is the exact spot where we need to be."

DisplayLink has established itself as the technology and market share leader in the rapidly emerging category of network display chips. This new product category enables users to connect displays to computers over standard networks, such as USB 2.0, while maintaining a high graphics quality and interactive user experience. The technology makes adding displays to a PC easier than ever.

DisplayLink's technology includes the DL-120 and DL-160 high-performance network display chips and Virtual Graphics Card software that powers 32-bit true-color graphics with DVD-quality video playback across a USB link. The technology is designed for display manufacturers, PC OEMs and PC accessory companies that want to develop easy-to-use, high-performance products such as USB-connected displays, universal notebook docking stations, picture frames and other network display devices. The company's announced customers include I/O Data, IOGear, Kensington, LG, Samsung, Ratoc, and Toshiba."

Also:
"DISPLAYLINK AND RATOC BRING EASY MULTI-MONITOR COMPUTING
TO JAPANESE CONSUMERS

New Ratoc REX-USBDVI External Video Adapters Use
DisplayLink Technology to Add Displays With USB

OSAKA, JAPAN – Sept. 12, 2007 – DisplayLink today announced its network graphics chips and software have been selected by Ratoc Systems Inc. for a new family of USB-to-VGA / DVI external video adapters that provide Japanese consumers with a cost-effective and easy-to-use solution for adding extra monitors to a computer using USB 2.0 without additional graphics cards.

The Ratoc REX-USBDVI family of adapters simply plug into a USB 2.0 port on a PC or laptop and then into the VGA or DVI cable on a display, instantly giving the user additional room to see more information and applications. The REX-USBDVI adapters support displays with a resolution of up to 1680 x 1050 pixels. Up to six displays can be connected to a PC using the adapters."

And:
"DISPLAYLINK SELECTED FOR USB VIDEO ADAPTER
FROM JAPANESE PC PERIPHERAL GIANT I-O DATA

I-O Data External Video Adapters Aimed at Helping Consumers
Connect Additional Displays to Laptops

PALO ALTO, CALIF. - Sept. 12, 2007 – Expanding its global network display market share, DisplayLink today announced that I-O Data Device Inc., Japan's PC peripheral market leader, has selected the company's DL-120 network display chip as the basis of a new external USB video adapter.

The I-O Data USB-RGB adapter enables PC users to instantly connect additional monitors to a computer using USB 2.0 without additional graphics cards. With DisplayLink's Virtual Graphics Card software driver, up to six displays to be connected to a single PC.

"Now, when a consumer is ready for an upgrade to the latest display technology, there's no need to discard the old display," said Dennis Crespo, executive vice president of marketing for DisplayLink. "With the USB-RGB adapter, the old display can become a valuable expansion of the new system at a very low cost.""

[hvs] 13/9/2007 07:19

Hi rivaldo,

looks like the hols have improved your sense of humour. Keep up the good work.

[timtom2] 12/9/2007 10:26

That question hits the spot perfectly.

[blott] 12/9/2007 10:05

On PDT's website, the Trust's stated objective is to achieve capital gain for shareholders - I'd welcome some visability on how they plan to achieve this, and over what timescale.

[rivaldo] 11/9/2007 22:17

Promising isn't the half of it...thx Zog:

"The company will sell DisplayLink products and will use them as part of its own developed controller board solutions for the use in digital signage, point-of-sale, multimedia, automation, gaming, measurement engineering, medical technology, and other embedded technology areas."

I've just returned from hols and can't believe it - as Orange1 says, the new management at PDT have finally shown a bit of proactivity in selling their story a bit by issuing an RNSNON and TimTom starts complaining!

Exits will be the long-term driver of course, but if in the shorter term management can make a few people aware that the PDT portfolio is apparently thriving, then perhaps a bit of interest might generate a small closing of the large gap to NAV. At the least, it's good to see them trying!

[zog] 11/9/2007 16:10

In addition to DisplayLink's collaboration with Toshiba (described in yesterday's RNS from Prelude) they have also announced a technology and marketing partnership with German-based "Display Solution" to embed DisplayLink technology into OEM display solutions for industrial, medical, carrier, and other embedded display customers:-

see

It sounds like a promising expansion of the market for DisplayLink's technology.

[blott] 11/9/2007 15:32

Does anybody have contact with "The Management"?

[orange1] 10/9/2007 22:36

But are we not all supposed to hail the all-new, shiny, friendly and communicative management? All right we knew the news already but what super chaps they have now become, ever eager to listen to and inform their shareholders.

Ok, I'll get my coat....

[timtom2] 10/9/2007 21:48

Smacks of some desperation unless there is a tacit hint as to buy-outs or IPO's.

Are they saying these two are ready to be passed on to the public or another PLC?

What use is this news unless the NAV changes as a consequence?

[greenleaf] 10/9/2007 21:45

...well it might be old news, but it is today's RNS!

[hvs] 10/9/2007 17:56

Its OLD news mate.

rivaldo, has been infront of the game.

[greenleaf] 10/9/2007 17:26

Today's RNS: PRELUDE PORTFOLIO UPDATE - News from Kiadis Pharma and DisplayLink.



1. Successful completion of Kiadis Phase II clinical trial.

2. Toshiba choose DisplayLink high-performance networked display technology for the Dynadock family of universal laptop docks.

[hvs] 08/9/2007 18:39

I know TimTom2,

It is frustrating , but hopefully we will some solid news on an exit before
yearend.