Salvarx Share Discussion Threads

[jonesyboy 27] 19/8/2018 16:45

You discuss Biohaven as if it’s in the long distant past. They received their dividend 7 months ago.

As a minority shareholder presented with SALV by the same BOD that gave you Biohaven with a recommendation to agree it, would anyone turn it down.

Although the Transaction is exempt from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) (Issuer not Listed on Specified Markets), Steven Mintz, the sole independent director of Portage, has been able to review a 3rd party valuation (the "Valuation") of SalvaRx Limited, which was commissioned by the Company and SalvaRx Group plc to assist him in his review. The Valuation, prepared by PharmaVentures Ltd. of Oxford, dated July 23, 2018, provided Mr. Mintz with, amongst other things, a discussion of various methodologies to value SalvaRx Limited as well as a range of possible values. Mr. Mintz also undertook a series of other independent investigations to ensure that the Transaction would be fair to minority shareholders of Portage.

No one is turning this down...

Quite why you are commenting on Salv on a Sunday afternoon when you admit you’ve never held or have any intention to hold may be a discussion between yourself and whoever is paying you to post

[sweet karolina] 19/8/2018 15:55

I never held Salv, have no intention of buying and am completely impartial in the matter.

You have not answered the key issue (SALV shareholders passing the deal was never in doubt.)

"As the Vendors are all related parties of the Company [Portage], the Transaction is subject to the requirements of Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101") As a consequence, the Transaction requires minority shareholder approval."


Will Portage get minority shareholder approval?


You also duck the issue of the current status of Portage. Deals like Biohaven come along very rarely, are you saying there is another one in the pipeline. If so Portage are overpaying even more massively than it would currently appear.

If you have done your research you will be able to answer whether or not under Canadian securities law the related parties can vote their shares or not.


You will also be able to make the case for Portage share price not collapsing on resumption of trading and being able to absorb the selling post deal.

[jonesyboy 27] 19/8/2018 15:36

Karolina some research on your part would be very useful...
Jim and Greg own 73.06% of Salv (is this a majority or a minority in your eyes?)
Jim Greg & Declan own 53% of Portage ( is this a majority or a minority in your eyes?)

You admit biotech was a good deal - you hardly couldn’t in the circumstances, $7 million to $210 million in a couple of years.

You’ve made your choice, I’d let others see the figures above and let them decide to hold or buy more.

Research? I’ve done mine looks like you are doing yours post selling, hoping to get a few weak holders to sell and get another bite at the cherry.

[jonesyboy 27] 19/8/2018 15:05

Nearly..its only a question of do you want to continue to hold Intensity etc or you don’t want to hold them. The fact that FFWD also have option to massively increase their Intensity posistion suggests that holding would be an astute decision.

[sweet karolina] 19/8/2018 15:00

Jim and Greg are not majority shareholders in either Portage or SALV (Ian's holding in Portage is trivial). I am not sure of the exact meaning of " As the Vendors are all related parties of the Company, the Transaction is subject to the requirements of Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101") As a consequence, the Transaction requires minority shareholder approval." As the related parties are minority shareholders do they get a vote or are they excluded under Canadian Company law? Some proper research to find the facts rather than making patently false statements like "Portage majority holders are also the majority holders in Salv. This is a done deal" would be a good idea.

I am not trying to say Biohaven was not a great deal for Portage investors - it clearly was. I am saying it was a one off and very much in the past. Anyone considering holding to get Portage shares needs to consider the current situation. And look ahead to what is likely to happen. SALV PLC will be selling its Portage. Some current Portage holders will also sell when they can. SALV holders who get Portage will also sell. Are there enough Portage buyers to absorb that.

In essence the choices for small SALV holders are:

Take 100% profit now

Wait for potential 300% profit, risking the potential to not be able realise it before the deal and potential to lose all the profit and maybe more (what would happen to SALV if the deal collapsed, what would happen if Portage returned to trading and crashed to 2c).

Hold through the deal and become Portage shareholders.

Everyone needs to make their own decision, based on their own situation and a full understanding of the real facts.

That is sound advice in anyone's book and most certainly not deramping. Those who make that accusation, either have failed to do their own research properly or have their own hidden agenda.

[bscuit] 19/8/2018 14:38

It is only a question of whether to take the capital money here or have the hassle of a foreign holding and the uncertainty of the tax position on the distribution [mine aren't in a tax free vehicle].

[jonesyboy 27] 19/8/2018 14:12

Portage majority holders are also the majority holders in Salv.
This is a done deal

[bscuit] 19/8/2018 14:02

The P news release 07.11.17 is interesting. Chose distribution rather than sale - allegedly for tax reasons.

[jonesyboy 27] 19/8/2018 13:48

Karolina I know the game you are playing here. Biotech are listed on the New York Stock exchange valued at $1.32 billion.
Know how much Portage stumped up to buy into Biotech? Approx $7 million later given to Portage SH, current value of those shares $210 million.
Let’s remember Greg Baileys tweet in May 2017 “with #biohaven properly financed the next project is #SalvaRx with #IanWaltersCEO and #RobKramerCSO with multiple #immunoOncology products”

Carry on deramping if you must. I’ll carry on posting info that will make your game clearer.

[sweet karolina] 19/8/2018 13:36

Jonesy,

That was a one off. It all came off Portage Market cap (as dividends do) and is what makes Portage quite weak now as a cash burner with limited cash and no longer having easily sellable assets (because they distributed them to their shareholders). Could Portage have got $210M in cash selling its Biohaven stake to someone else? I seriously doubt it.

[sweet karolina] 19/8/2018 13:30

Bscuit,

Not knowing Canadian company law I cannot answer you question definitively. But I believe if it was a UK company they could vote their shares, but not influence the decision of other shareholders. Eg the recommendation to SALV shareholders has come from independent director and Nomad.

dex,

It is not clear at the moment exactly when trading would resume in Portage compared to when the record date for SALV shareholders to receive Portage share would be. This may become clearer.


My view is there is a significant probability Portage shareholders will reject the deal - it really does not look particularly attractive from their end (it does look excellent from the Salv end). If the deal does pass and trading resume ahead of the deal being completed, I suspect a significant number of Portage shareholders would sell and I do not see who would want to buy them - I have not looked at normal Portage liquidity on CSE / OTC Pink, perhaps someone should.


However should I be wrong about all that and the scenario you asked about come true, then I would expect SALV to trade at a small discount to £1.40. That there is such a gap currently is due to all the issues raised and maybe some others missed. Everyone needs to make their own decision based on their own personal circumstances.

[jonesyboy 27] 19/8/2018 13:15

Lol comments on here re Portage..
They gave the equivalent of $210 million via Biohaven shares in a special dividend to shareholders in January 2018.

It’s a superb deal the sooner people realise it the better for their wealth..

[dexdringle] 19/8/2018 12:45

...so, if the Portage shareholders vote "yes" and their share suspension is lifted and they resume trading at US$0.10 per share, can we expect SALV shares to jump to £1.40 (or whatever the mathematical equivalent would be) ?

[bscuit] 19/8/2018 11:50

"dubious" is an over-reaction. It's a genuine company, but the track record is little better than SALV and we'll have little or no feedback in the future. It's suspended precisely because of this deal. I suspect if P was a UK company involved in a reverse then SALV would be suspended too.

Mellon and Bailey have conflict of interest problems and might not be able to vote their shares. SK thoughts?

[dexdringle] 19/8/2018 10:54

Let's be clear here. For each SALV share we are being offered 18 shares in a foreign company of dubious substance - and where those shares are currently suspended. No wonder the market can't figure out what to make of it.

Either SALV shares should be 40p (thus ignoring the 'bid') or £1.50 (believing the bid). The fact that they are somewhere in between suggests that the market is hedging its bets....

[kristini2] 18/8/2018 21:50

Charlie's a value investor, this is way off his limit to even consider as a prospective investment, not his type of play at all..........

[fig1] 18/8/2018 17:51

"The big money is not in the buying or the selling but in the waiting."Charlie Munger.

[bscuit] 18/8/2018 15:58

In specie dividends are Income Taxable - I take my PHP dividends in shares and have to pay IT. I have seen large companies provide alternative structures for holders to avoid tax, but SALV is small....

I have a holding in a cash shell, which quickly and timeously made a deal. However that was over a year ago and obviously its been suspended meantime. A poster on another board talks authoritatively about a re-listing next month with a placing at a higher price than the suspension price - when I was in profit - but who knows and the cash is tied up at present.

My broker says very small annual charge for holding the Portal shares.

Though I was going to hold [ 0.002% of overall investments] I'm beginning to think a sale is easier and less stressful.

[bscuit] 18/8/2018 14:49

A Google search produces some oddities-

1. The Canadian announcement says 87% approx. of the Consideration shares - 94.2% come to the quoted company will be distributed by it to shareholders leaving the quoted company with 7.2% of the Consideration shares in Portage as its sole asset so holders will have the holding in both. It's hard to see what will happen to SALV. I also noted that the distribution will be a "dividend in kind". I hope this is Canadian phrase as dividends would surely attract UK Income tax liability?
2. I note Portage has a new JV with the Glasgow University.
3. I note it is a co-investor in iOx, which may have spawned the deal in my view.
5. I note the valuation was dated 22.07, which is less than a week after the 60/66 spike on no news [I sold into it to recover my stake]. Curious?

[sweet karolina] 18/8/2018 13:16

Bscuit,

"Without knowledge of P's portfolio it is difficult to value the P potential,"

Hopefully you agree that anyone thinking of holding or buying SALV ought to find out - it is not hard. I posted a link to P's financials - always the best place to start any research. They show that, apart from a one off profit on disposal (distribution to shareholders valued as what P wanted it to be, not a valuation achieved through sale for cash) P makes losses and consistently burns cash. Which indicates that SALV Ltd will not be the only candidate in the portfolio that will be drawing on the very limited amount of cash ($7.5M).

Please do more in depth research into Portage and post what you find - that is the purpose of these boards.

[bscuit] 18/8/2018 12:46

SK,

I could understand your comment if Stig had a holding much larger than NMS. Without knowledge of P's portfolio it is difficult to value the P potential, but I think it fair comment that the other side of the ditch is much better for this type of company. I'm old enough to remember FT50@2000 and DJ at 3000 - says it all imo.

[kristini2] 18/8/2018 12:27

I am surprised how often posters get clearly annoyed with people that post contrarian views to their own on a stock, it's indicative of becoming ' attached' to a position which can lead to making buys/sells emotionally rather than rationally

[sweet karolina] 18/8/2018 11:48

kristini,

It is a pathetic attempt by stig to personally attack me for taking a 100% profit when had I waited a bit longer it could have been 200%. The share price later crashed below the level I sold at and is now back just above the level. "The share price movement of any stock esp smaller caps over a short periods is meaningless and can never be called either way by anyone......…" pretty well covers it.

Why is stig so desperate to stifle rational discussion on the options available to holders? Is he hoping to suck more of you in to buying more so he can dump all his? He is rather rude and aggressive what ever his true motives.

It is up to individual holders to decide what to do and when. It looks to me as though the rise based on the deal has run its course, I could be wrong. I did not sell PFP at 100% profit because I thought the rise there had run its course, I sold because the reason I bought in the first place was no longer valid - I had bought to support the kicking out of the BoD at an EGM and the EGM was not going to happen, 100% profit as a side show was more than enough for me.

[dexdringle] 18/8/2018 10:23

Would be interesting to hear from someone who has been buying at the current price.....