Renovo Share Discussion Threads

[the_doctor] 29/3/2011 15:45

From the website press release list!??

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[holly_dog] 29/3/2011 13:31

This is it, downside is qutie low. Hoping for a bid myself at around 25p - 30p

[holly_dog] 25/3/2011 12:33

From FT 22.3.11

Renovo Group, off 1.7 per cent at 14.62p , was also in focus as traders picked up on a recent regulatory filing that showed that Gartmore Investment Management declaring a raised holding of 27 per cent. Renovo shares slumped last month after the company revealed its main drug, the anti-scarring treatment Juvista, had failed all endpoints of its final-stage clinical trial. Dealers reckon Renovo could be a candidate for a reverse takeover.

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A takeover would be best outcome as it would involve a control premium. Not sure who it would be though..anyone any ideas?

[holly_dog] 25/3/2011 11:33

Back in. GS you still hold?

[waterloo01] 25/3/2011 11:10

I doubt it as well, too complicated.

[the_doctor] 25/3/2011 11:09

Waterloo - well, Gartmore have held there, so I do think that's possible.

A cheaper and lower risk way might though have simply been to offer SLN cash, so my gut feeling is 'not SLN'

[the_doctor] 25/3/2011 10:56

Looking better :o)

[the_doctor] 24/3/2011 17:02

I have wondered if Gartmore might push RNVO to merge with some cash poor biotech

I'd rather they liquidated though. Anything above 15p would suit me!
As per broker notes, 20-30p seems possible, so I think we'd see a nice jump if/when they say it's up for sale or an offer comes in.

[cumnor] 24/3/2011 14:48

I would have thought that with the tax credit situation being greatly improved for R@D companies like RNVO or ASM (I've bought both recently) that it should make mgmt and the recent large shareholder investors in each reconsider their plans and that, as they are cash rich, reinvesting in distressed/bio pharma might still be an option. In either case yesterday's budget should add some value to both, esp if they were being eyed up by pharmas for sale or to. imo dyor

[supernumerary] 22/3/2011 13:09

amt - no, not what they do. But if someone else wanted to bid, they'd have to talk to Gartmore first, which would give them a very strong negotiating position.

[the_doctor] 22/3/2011 12:43

well, why would Gartmore want to bid themselves?
I think they'd rather push through a sale to someone else

[amt] 22/3/2011 12:34

Yes agreed worst thing for shareholders would be to try and continue the business. Thats why others have sold I would imagine.
Could Gartmore make a takeover bid?

[the_doctor] 22/3/2011 12:24

I'm wondering if Gartmore is looking to force a sale?

IMO you'd not take a stake that large on the hope that management will make other products come good
1. they'd spend much of the cash in the process
2. the products may well fail to generate any return

I think that Gartmore is perhaps going to say to RNVO - put yourself up for sale or sell off everything for what you can get
From Gartmore's poing of view, that'd be low risk.
Worst case, RNVO gets very little for the products and cash is distributed to holders at around this level or probably better.

[supernumerary] 21/3/2011 16:03

They'll have to bid themselves if they go above 30% so that puts a natural limit on their buying. From past performance they should be able to pick up the requisite 5M or so shares without moving the price much, then I think it's just a matter of waiting for further company announcements.

[cumnor] 21/3/2011 14:20

As a cash shell that's well underwritten by tangible assets they know they are safe here. I feel the IP and residual medical potential here (incl justiva) may have considerably more value than many suspect, so the present share price is a steal imo, dyor

[bill182] 21/3/2011 14:19

I see Gartmore are now up to 27%. They clearly have an end game, and I am sure it is not to lose money. I can't think there can be that many more sellers at the current price, so hopefully we may see a rise this week.

[argylerich] 21/3/2011 14:02

Gartmore can't absorb much more without tabling a bid!

[the_doctor] 21/3/2011 07:15

There's no retail interest in this at present
RNVO anticipated a deal early in the year (wasnt expected to bring an upfront).
However, I do think there's a reasonable chance of them putting the whole co. up for sale beforehand instead


Panmure Gordon applauded Renovo's decision to conduct a strategic review so soon after the disappointment of the Juvista setback.

"We continue to believe that the company's residual value is closer to 21p as a wind-up, and could be as high as 30p in a trade sale situation. As such, we reiterate our Buy recommendation and 30p price target," the broker said.

[the_doctor] 18/3/2011 09:17

Ok, there are the 14.75 offers, but they're being bought

Going by holdings RNSs, any idea whether there are any insts that'd be forced out ie. tracker funds, or min market cap etc

I wouldnt have thought Gartmore would take those 10m shares if there was a further 10m needing to be sold.

[the_doctor] 18/3/2011 08:11

L2 firmed up.

Bid side stronger and offers have moved up.

[the_doctor] 17/3/2011 15:32

Shares in scar treatments developer Renovo have fallen after RA Capital Management sold its 10m shares in the company.

Most of the stake appears to have been bought by Gartmore, whose stake has increased to 25.1%. Gartmore has been mopping up shares in the past month.

Having examined the results of the Juvista trial, Renovo has conceded that the efficacy of the treatment is insufficient to demonstrate significant benefit when tested in a broad population of scar revision patients, and has stopped all development work on the product.

In order to conserve cash, the company has put more than 100 members of its staff on notice that they are at risk of redundancy and the board will be reduced in size.

Renovo is halting recruitment to the ongoing trial of Adaprev, its flexor tendons repair device, at the current 32 out of the originally planned 44 patients. The fully recruited Prevascar proof of concept clinical trial in incisions and excisions of skin in African volunteers will continue.

Renovo had around £44m in cash at the end of February and it is considering selling its remaining intellectual property and products. Panmure Gordon reckons that if the company were liquidated it will cost up to £7m and Renovo would be worth 19p-21p a share. There could be additional value from IP sales