Schroder Uk Public Private Share Discussion Threads

[chucko1] 31/3/2021 11:38

There's always IPO LN to express an interest in ON. Saves having to wade through all the other nonsense! Last time I looked, no IH.

[spectoacc] 31/3/2021 09:08

About 14%, not large. However, a good chance of a decent uplift.

Enough to counter the fact RUTH is 18%? Perhaps not.

Deliveroo this morning absolutely makes the point why ON should be going to the US. Priced lower end of range (390p), opened 330p, been as low as 270's.

[edwardt] 31/3/2021 09:07

what's the % weight of ont in supp?

[spectoacc] 30/3/2021 07:26

Lol - but it'll not get halfway to the valuation it would have got if listed in America, & "2nd half" is a bit woolly:


"IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, notes that portfolio company Oxford Nanopore Technologies Ltd ("Oxford Nanopore") has today announced that it has informed its shareholders that it has started the process of preparing for a potential Initial Public Offering ("IPO"). Whilst the timing of a potential IPO is dependent on market conditions and other matters not fully within its control, Oxford Nanopore currently expects the IPO to occur in the second half of the year on the London Stock Exchange.

IP Group currently holds a direct undiluted beneficial stake of 15.0% in Oxford Nanopore, valued at £340.3 million. "


Edit - some decent buying today, presumably on the ON news, but the timeline's too long/too uncertain/not in US, so I'm now fully out. Better uses for the money. Good luck (genuine) holders. NAV to end-Dec is very overdue.

[spectoacc] 29/3/2021 13:33

Some interesting Sunday Times comment on how much HL knew about the WPCT unlisted limit breaches. Also how much Woody kept quiet.

Reading it, it's not surprising Dampier went.

Seen nothing more on ON listing yet - surely it'll follow Cazoo? Will be some pressure on them to list in London, but they really shouldn't.

[magnum opus] 24/3/2021 12:02

Rutherford funding secured with £40m loan against centre freeholds.
hxxps://www.rutherfordhealth.com/article/news/rutherford-health-plc-40m-infrastructure-investment

[jonwig] 18/3/2021 20:07

Two new books about the Woody scandal, both authors are FT writers.

When the Fund Stops, by David Ricketts.
Built on a Lie by Owen walker.

IC rates both highly, the second one the choice.
Both available on Amazon, including Kindle.
Second one also an audiobook. I can get that free on my subscription.

[spectoacc] 15/3/2021 07:47

Just confirmation of the ones sold at 22% discount I think. But interestingly they say they'll reflect it in the Dec 2020 NAV (which is increasingly late).

[jonwig] 15/3/2021 07:31

I read that hoping to get some indication of whether this sale was a premium to NAV or not. They are so coy about this that I presume not.

[spectoacc] 15/3/2021 07:23

No surprise to get confirmation of this - "We've taken another hit for you on the already-written-down Woodford stuff, in order to go punting":


"..The Company intends to use the additional liquidity to support some of its portfolio companies with follow-on capital and intends to make new investments into both public and private companies."


Be interesting to see who they "support" - can't see much left that's worthy of it.

[spectoacc] 11/3/2021 19:35

You don't have to get beyond the first sentence tho:

"...And is continuing to explore potential sources of funding to support its rapid growth".


AKA no profits, not even of the EBITDA kind, no positive cashflow, constant cash burn. It'll be to SUPP's advantage when they raise via bank debt tho - no dilution. Can't seriously think they'd be able to raise equity, not with SUPP owning such a slug. Yes, before long SUPP may have some spare money, but the Schroders Juniors will have designs on that, and taking RUTH to more than a quarter of the Trust wouldn't be in anyone's plans.

RUTH have had the NHS Covid deal & still couldn't turn a profit - head office costs were something like £8m. It's uninvestable. Which isn't to say it isn't a good use for Woody investors' cash - at least there's a social good in cancer centres, unlike a lot of the junk he punted on.

And - there's property assets, tho if they start borrowing against them they'll no longer be unencumbered.

Just can't see SUPP being able to exit RUTH, but never say never.

[magnum opus] 11/3/2021 17:06

This sounded positive, Welsh cancer centre fully booked for 2021.

hxxps://www.insidermedia.com/news/midlandsnorth-west/revenue-and-patient-number-growth-forecast-at-rutherford-health

[spectoacc] 11/3/2021 12:56

Blimey. Atom Bank, I did wonder.

A reminder ATOM one of the big 3 holdings, altho HL has now switched things around and promoted Immunocore - the same Immunocore SUPP dumped most of at a 22% discount just before its US listing (but with a $5m clawback, & keeping a bit).


"Mark Kleinman
Exclusive: The value of Atom Bank, one of Britain’s most prominent digital lenders, is to halve when it completes a £40m fundraising from existing shareholders, underlining the challenges facing the sector during a period of ultra-low interest rates."


Isn't clear this will be mentioned in the (overdue) end-Dec NAV, but it'll have to appear in the next one, which will be a kitchen sinking of Immunocore, the other 22% discount sales, the strong Kymab sale, ON uplift if not outright float by then, and now a halving in the value of ATOM plus dilution.

As said at the time - this wasn't even all that ATOM needed, they were after £100m.

RUTH now becomes even more outsized, a quarter of SUPP. RUTH isn't investable IMO, tho does have property assets and isn't a zero.

Still all on ON, so perhaps no change. But this emphasises it.

[spectoacc] 10/3/2021 08:42

Yes Link won't need much excuse to copy it. Is possible ATOM will knock an equivalent amount off, and as always the next (delayed already) NAV we get will be from December, and well out of date.

With the US boom not yet turned to bust, ON still has time to get a decent float away.

[18bt] 10/3/2021 07:44

They could adopt a different valuation basis, but suspect it won't be too different.

[spectoacc] 10/3/2021 07:33

Thanks for that, seems fair enough - I reckon would equate to about 3.5p on to SUPP's NAV? (ON 21% of c.43p NAV, plus gearing effect). But all means nowt until they're out.

[18bt] 10/3/2021 07:17

From IP Group results this morning:
Our valuation of Oxford Nanopore at 31 December 2020 reflects several factors including the company's strong performance in 2020, which is described above, and evidence of strong investor interest in the company. In terms of financing, we considered recent investment offers received by the company, and the potential impact and timing of an IPO. As a result, we have concluded on a fair value of GBP340.3m for the Group's 15.0% undiluted shareholding, an increase of 29% during the year, resulting in an unrealised fair value gain of GBP76.5m.

[spectoacc] 09/3/2021 13:30

End-Dec NAV must be due soon (already taken longer than last one). Won't include the ATOM write-down but will hopefully be the usual commentary for the -22% block sale, Kymab, ATOM, and... Who knows, maybe finally something on ON float.

In fairness, one of the few things the Schroders Juniors do well is giving a thorough commentary, and their influence on when ON floats (& where) will be next to none.

[jonwig] 08/3/2021 06:52

Couple of news items:

Jersey’s top financial regulator has launched a blistering attack on Neil Woodford’s plan to launch a Jersey-based fund management company, saying the island cannot be used as a “back door” to restart his career.


So it doesn't look likely that the FCA will nod him through. He could go to California, where some ex-royals might need some financial acumen.

Also ShareSoc reports that Leigh Day have posted a Letter Before Action to Link.

[spectoacc] 04/3/2021 19:22

Keep saying it, but they need to get that ON float away soon, before the US bubble properly pops. Already looking like we're past the top.

[johnwig] 02/3/2021 08:10

Hmm, popped in here to see what was new.

Answer: nothing. Silly spectoacc getting more and more hysterical with his repetitive predictions, that never come true. Good for a laugh, I suppose.

0p to 20p? LOL.