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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Renovo Grp | RNVO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 15.625 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 15.625 | 15.625 |
| Top Posts |
|---|
Posted at 17/7/2014 15:39 by alimo FromINTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1 APRIL 2011 TO 19 JULY 2011 As previously announced Renovo intends to sell its clinical (Juvista, Prevascar, Adaprev and Juvidex) and preclinical programmes. Only Prevascar has gone. Juvidex was going to be licenced to interested cosmetics manufacturers away back in 2010, so who got it and what for? Mysteriously, both Juvista and Adaprev didn't meet their end targets with significance, but the research and patents must both be worth a fortune unless the science/procedures moved on and up a gear, and SHIRE got to keep the technology/research/ RN1005 and other preclinical programmes - no buyers - yet; even after all the rosy futures they were purported to have? To put us all at rest and allow us to move on, and stop us all wondering why all the IP and patents don't seem to have value and appear somewhere, even as a Note in the accounts, surely the Accountants (they are Deloitte after all) should and can make mention of where the IP has gone. Things that cost well over £150 million can't just disappear, can they? We still have the key RNVO personnel in key places going forward and they must know what is happening, and where the, hopefully locked, IP Cupboard is. This cannot be allowed to drift away. If SHIRE did get it all for the $125m, they should say so, and why. INCA plc will get a new website that should have a link over to the present RNVO website archives and all the info on it must be protected for future shareholder examination along with all the expensively produced Annual Reports that show the pictorial evidence that the IP did and does work. |
Posted at 16/7/2014 07:54 by cwa1 Trading Update and Proposed Change of Name H1 growth reflects early stages of transformation into a large scale, full service SME lender Proposed new name - Inspired Capital plc Renovo Group plc (AIM: RNVO), a leading provider of customer-focused financial solutions to SMEs, is pleased to provide a trading update for the six months ended 30 June 2014. Growth across the product suite has been strong in the first half of the year and particular interest is being seen in the newer products. Key metrics: 30 June 2014 30 June 2013* Growth Number of clients 1,085 870 24.7% Loans and other receivables GBP48.6m GBP38.1m 27.6% *These figures are those of Ultimate Finance Group plc and are prior to its acquisition by Renovo but are shown here for comparative purposes. Renovo has increased its number of clients by 24.7% to 1,085 and increased the total loans and other receivables by 27.6% to GBP48.6m, in comparison to 30 June 2013. Strong growth has been seen in our tailored offerings for construction, trade and retail finance. These are relatively new products, designed to meet specific customer needs, and represent the Company's first steps in diversifying its range of SME lending products. As at 30 June 2014, Renovo has provided GBP9m of funding into its SME finance subsidiaries. The cash has allowed the business to grow its lending to SMEs and to trial new products prior to them being leveraged by alternative debt funding, something that restricted lending whilst Ultimate Finance was an independent business. We continue to receive strong support from our core funding provider and see good interest from new potential funders. Renovo has doubled its invoice finance and asset finance sales forces during the period and we anticipate that this increased presence in the marketplace will drive growth at an even greater rate in our 2015 financial year. We were very pleased during the period to have hired Brian Cole as CEO. Brian's expertise and experience, previously as CEO at the GBP500m turnover UK subsidiary of Capital One, has benefited the Company significantly and he has begun the process of recruiting world class talent to join the existing senior team, rebranding the business, expanding the sales and marketing functions and setting the future technology strategy. A further update on progress will be provided in the interim results, due to be released in September 2014. Matt Cooper, Chairman of Renovo Group, commented: "We are pleased that our core business continues to show strong growth and it is very encouraging that the new products are seeing good demand. With Brian joining as CEO in April 2014, our development of the team, brand, and infrastructure required to deliver growth, both inside this business and beyond, continues as planned." Brian Cole, Chief Executive of Renovo Group, commented: "Our growth during the first half of this year reflects the early stages of the transformation of Renovo into a large scale, full service SME lender. We have made good progress against our stated strategy, launching diversified products and successfully doubling the invoice finance and asset finance sales force in order to seize the growth opportunities we see in the market over coming periods. We look to the future with confidence." Proposed change of name and requisition of General Meeting Renovo also announces its intention to change the name of the Company to Inspired Capital plc. The change requires shareholder approval and a Notice convening a General Meeting will be issued to shareholders today. The Company believes the new name is more representative of its current activities as opposed to those previously undertaken by Renovo. The General Meeting will be held at 12pm on 5 August at the offices of Henderson Global Investors, 201 Bishopsgate, London. |
Posted at 13/7/2014 16:58 by alimo Someone with the know-how who can open a new BB thread(?), please do. We have to move on from what turned out to be a highly dubious pharma company, to our new status. Hopefully, we can turn out to be the best lending/factoring business in the UK.Surely THIS cannot be difficult, but gaining a Which? 'Best Buy' status from our customers, will be. All depends on the vision of our BoD and key staff, and their ability to audit all the necessary controls. Weed out sharks that turn up like bad pennies and are skilled at performing best with their hands in the till, and right in front of the auditors noses. We are most vulnerable early on; as in right now. If it's easy to pull down RBS, BOS etc., it must be just as easy to pull RNVO. Oh, I agree with what you say 123P, but moving on from pharma to finance still needs a record in the accounts concerning all the pharma IP, stating what residual values are and who bought the cupboard that was full of goodies, especially Juvidex that had successfully tested as a cosmetic for facials and was, before the news went silent, being groomed for sale among the leading cosmetic manufacturers. If they (the BoD) gave it away to some pal, then the accounts ought to say so. I just hope that none of the previous board were able to walk off into the sunset with it, and any of the other IP, that cost tens of millions of pounds and the blood sweat and tears of all the tech staff over the many development years. Hey, I was even looking forward to getting a shot of the stuff to bring back my youthful looks - and will shut up if you can persuade those who are in the know to give me a jar of the youth dew, so I can test it out for free!(grin) . |
Posted at 04/7/2014 16:07 by 123prezzie Alimo. You keep going on about the directors making a mess of the medical side. Surely those people have all gone and the board now consists of people experienced in the business finance sector? The UFG managers are continuing to run that business and I don't see them making a mess of it. I will accept that UFG paid a dividend and progress since the takeover has been mighty slow.As to the options, I have read the accounts and the option terms need the company to steam ahead pretty speedily if they are going to be in the money. If you are a short-seller, fair enough. Otherwise I suggest patience. |
Posted at 04/7/2014 15:58 by dendria My recent comment from the LSE board: 'Never ending sells - are these from legacy 'pharma' parties? Now that RNVO is a financial company I would expect greater newsflow particularly on SME funding - where are they going with this? The original presentation doesn't seem to have been followed up with anything substantial.'I'm accumulating on the dips but only small portions. |
Posted at 15/5/2014 16:14 by alimo Oops! No wonder the share price fell back again today. What have Brian Cole and David Blain done to deserve these huge performance options? Surely at this stage of our development their salaries are sufficient reward for getting the share price up to 60p? Who knows anything these days - if we get growth and profits that see our share price re-rated to what it could quite easily get to, and much sooner than expected without major input from the two mentioned, then we have gifted a reward that some could say is away beyond what is necessary to give to two men who are probably already wealthy, and could have been better spent by giving shareholders rewards first, in the form of dividends. We were expecting this anyway because UFG were already paying dividends. WE don't need directors who put their needs before shareholders.When we are allowed to know, I think we will find that we are paying these guys very well indeed already, and surely carrots are not necessary until we can see what they are capable of producing. Will FCA come in please. It's only two years ago when we saw the quasi-bio-pharmaceut |
Posted at 26/4/2014 00:25 by alimo Not if they keep expanding the jobs for the boys and start to go down the road of awarding cheap very atainable options. Remember we are like a bank now, except we are a bank that is prepared to lend to small businesses, hopefully with proper constraints. I hope bonuses for directors and staff are not even being discussed until we have established and are paying dividends, with proper cover. Do we know what kind of salaries we are paying for all the new appointments yet? We, like the UFG shareholders, don't want to find out that the considerable RNVO millions are disproportionately being consumed in salaries and virtually unearned options. If they are not paying dividends then there has to be controls on expenditure, to ensure that capital growth is achievable 'in the early years', and we're not just getting hot air that sounds good but, as in the past, turned out to be just that, hot air. I say 'no' to any salary increases, no bonuses, and no options that vest before the share price gets up to 100pWe still haven't heard what happened to all the highly expensive RNVO products that cost tens of millions to develop and on which the directors wrote such high praising reports each year, AND the medical/biopharm professors waxed lyrical on. |
Posted at 24/4/2014 15:42 by gnnmartin OK, I did not realise that you (shaka, alimo, etc.) were talking about UFG's dividend policy. Renovo's RNS on 22 July '13 announcing the recommended offer for UFG, included the following:"9. Renovo dividends Following the Acquisition, the Enlarged Group will continue to focus on generating capital appreciation and therefore any income generated by the Enlarged Group will be applied to cover costs or will be added to the funds available to further implement the Enlarged Group's strategy. As a result it is unlikely that the Board of the Enlarged Group will recommend a dividend in the early years and there can be no guarantee that a dividend will be recommended in the future. Nigel Martin |
Posted at 24/4/2014 00:41 by gnnmartin I've forgotten (or never noticed) that RNVO promised dividends. When was that? They were buying back shares for a while, but since the acquisition of the Ultimate Finance Group they have a good use for their/our money, and I think it wise to hold off dividends. Once the future is clearer, then perhaps they can usefully rethink.Nigel martin |
Posted at 23/4/2014 21:52 by 123prezzie Nigel. Interested to see you here. Did you invest in PIP? - we met at the AGM. If so, could you post on the PIP BB?Shaka198. I have been in UFG for more years than I care to remember and even though progress was slow, the dividend was welcome. RNVO don't seem to believe in dividends. If that's the case then surely we should get a bit more action on the trading/takeover front? Boredom and no divi I find hard to cope with. |
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