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Sarossa Share Discussion Threads
Showing 326 to 349 of 350 messages
|Excuse my ignorance here but if we do not take the Tender Offer, what happens to our shareholding? Do we lose all or will they be converted into something else?|
|Have received circular re proposed acquisition of Ora Limited from (mainly) Richard Griffiths, Rule 9 waiver, tender offer buyback at 1.31p.
Ora Limited is valued at £6.1m (full net asset value)
Acquisition to be paid for by issuing Sarossa shares at 1.31p. This is half net asset value!!
I think this is very poor price for independent shareholders. I will vote against.|
|PHC are down from 115 to 84 since June results and SLN are down from 305 to 150 Means the P+L will be taking a very big hit and the buyback programme of 90m at 1.72p looks a bit foolish with hindsight...with the delisting to come this is looking a bit rough. DYOR GLA|
|Now 41.617 million have scudded through at 1.31|
|A sale of 34.25 million at 1.31p is a vote of confidence NOT....with it soon to be delisted this is heading fast to sub 1p|
|Griffiths screwed the shareholders just like with ORA capital. I guess he is doing it so that he can buy back most of the shares at a heavily discounted rate. He will make a fortune on his holding, everyone else gets screwed :(
In future, I would not recommend buying any small holding where Griffiths is the majority shareholder. He seems to have a habit of screwing small shareholders.|
|No tender offer at NAV like with Jim Mellon and plethora.|
|PHC down another big chunk despite henderson topping up|
I agree with you a revaluation is needed as SLN has halved in price since the last annual report. They bought £4M of SLN at 200p, then 300K at 240p. PHC is down 20%. GVC is also down. I think more than a £2M loss will be seen in the P+L unfortunately. I guess they may need to do more buybacks this years otherwise the NAV per share will be way down as well.
GVC will go back to 450p once the overhang of people who do not like the merger/dividend holiday go. The same thing happened at Optimal payments. Once the merger is completed, it will lead to a improvement in price as will the move to the main market.
How low (1.5p) are the BOD going to let Sarossa go before they do something. The original Sarossa cornerstone investors are way down. They need to bring in another cornerstone investor to hover up the overhang in shares otherwise this will continue down. In Adams plc, cornerston investors own 89.6%. I think they should have the same arrangement.|
|Hi John I think you are being a little optomistic. Both PHC and SLN are down another 20% since your posts of late summer and show no signs of levelling off. As SAR recognises unrealised investment losses and hains in the P+L there will a loss approaching 2million for the current half year allowing for the fact that GVC has a massive stock overhang at 420p. I would expect a company like SAR to trade at a discount of 30 to 40% of NAV and so unless the share price of SLN PHC AND GVC soar in tje run up to Xmas I can see the share price being v weak..|
|David H Richardson, who was also a director and now major investor in Adam plc has now increased his stake here (4.04%). He clearly has a positive opinion of what can happen in a small investment company with 4 years of rising profits, EPS and NAV per share.
Lets hope we see 2.4p soon.|
The largest shareholder Richard Griffiths acquired his stake in Sarossa at average price of about 2.4p in 2011 from my caculation. That puts his holding underwater.
I am wondering why he has not forced the price up (by restricting stock) to at least break even level by now. At 2.4p any stock buybacks they want to do would still be at a big discount to NAV.
Why do you think the stock price has stayed so low?|
|SARS price ticking up to 1.8p. With only 100M shares. I agree that NAV is down at the moment, but I think PHC and SLN will go back up to 100p and 300p soon.
No yield for GVC for the first year as with the last acquisition. The acquisition should stop GVC being dependent on any single source for more 10% earnings. In addition the move up to the main market should be positive for the share price. They also promised to maintain same rate of dividend once acquisition is completed.|
|A good move, the cancellation of the prefs, John. NAV probably down a bit and just a little above 3p now due to PHC and SLN falling back a bit. Not so sure as you about GVC further investment John as no yield on GVC for a year to help pay for their big acquisition and they are subscribing at 422p which is a touch above current GVC price. Guess we'll just have to trust that they have got this investment decision right!|
Getting rid of the Abbvie pref shares made sense. As you say, they just cloud the investment picture.
NAV up, investments up and profits up (if you exclude the one of Biotech legacy refund). Yet the share price has not moved. There must be a large share overhang. I do not care how they do it, but they should get the share price to 2p at least (as NAV per share is 3.35p). Perhaps they need to consolidate the shares 1:100 and get away from the penny share label.
I like their follow on GVC investment (10% yield) should help to keep the NAV increasing year on year.|
|Just noticed this in the footnotes to the accounts;
"The Group has no non-current payables at fair value but does have 4,331,683 zero coupon, convertible, redeemable, preference
shares of £1 each held in a subsidiary and which, given the terms of these shares, are considered to have a nil fair value on a
going concern basis. Subsequent to year end these preference shares were repurchased for cancellation by the subsidiary for
a consideration of $25,000 USD"
It used to be mentioned in previous posts that the NAV was not as positive as stated because of these old legacy zero prefs which had a right to the capital on a winding up. Well this has now put that one to bed! Good news.|
|Wonder where he got the stock from, given that the buyback has hoovered up 95m shares and is now complete.|
|David H Richardson has entered as a new investor (3.75%). He is also in with Griffiths in adams plc. This is encouraging as it suggests there is still more upside to come.|
|I have just noticed Sarossa just bought all of BVF Partners shares (44,771,610) during the buyback. They are more interested in investing in full biotechs, so no surprise.
|Lets hope the next 48m shares does something to the share price :). They still have some cash. So they can continue buying back more shares. At some point the share price has to move.|
|They still have up to 48m shares to buy back John.|
|I was a bit disappointed that they bought so much. I was hoping they would do a little over a long time to make a constant demand for the stock. In addition, they would also make more news/publicity from buy back. I hope they also do a share consolidation after the buy back. Drag the company out of the penny stock label and into the respectable >£1 range. Perhaps then more funds may become interested.
Would be nice to see 3.2p, the share price has not really moved despite the constant increase in NAV. This is a investment that is taking longer to mature, than I had hoped.|
|Over 50m shares bought back already, around half of the recently authorised amount, and at a decent price, over 40% discount to net assets per share. Worked out that these purchases alone have added over 0.1p to the NAV per share for the remaining shares. Equivalent to say, a 30p rise in the price of SLN. My best guess is that net assets are around 3.2p per share now and all of it in liquid shares (well PHC holding maybe not that liquid)or cash. I know that few investment companies trade at or above their NAV but this discount seems excessive to me and the shares seem excellent value at these levels. I wonder if, following the buyback it might be worth a consolidation of maybe 1:10 or even 1:50 to give the stock more credibility and highlight to a greater extent the discount available.|
they must have read ur post. will vote on buyback on 13/05|