Share Name Share Symbol Market Type Share ISIN Share Description
Source Bio. LSE:SBS London Ordinary Share GB0009739649 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 17.50p 0 06:30:28
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 26.3 2.0 0.5 38.9 63.02

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bigman: Bit surprised peterz (post3323) has a big financial loss. The board have done a remarkable job in my opinion. 10 years ago this was a basket case, shares 2-3p huge losses. Since then we have seen a proper business being built and share price increases that at 18p no one can have a loss over those 10 years. Opportunity to make money has beeb there all the time over the years and even an open offer a couple of years back was at 9.5p so taking that is close to 100% profit. I am gutted that it is being taken out, but will opt for half my investment in the private company and bank a great profit. my thanks to the board and all at SBS
buywell3: Regarding the latest RNS This shows that a listed company ORYX International Growth Fund own 50m shares a holding of 15.9% However on the Class 1 Circular the holding is referred to as Harwood Capital which I don't see as a listed company on the stock exchange , Oryx International don't show on it. Also the Class 1 circular only shows the current holding of Harwood Capital at 13.3% rising to 14.1% AFTER the addition share allocation from the acquisition shares So why the different names ? Seems to me from the latest RNS Oryx International want their name to be used as they are a listed company ie with a share price hTTp:// So why isn't Oryx International Growth Fund on the Class 1 Circular ?
buywell3: The latest 'Outlook' looks very promising Outlook There is growing demand from the biopharma industry to simplify and shorten the product development to product approval process. Access to individual suppliers that can deliver a vertically integrated laboratory services solution, addressing multiple elements of the product development pipeline is key to this accelerated pathway and key to de-risking the supply chain. The enlarged Group will be able to offer an integrated solution to customers, providing environmentally controlled storage in combination with an enhanced portfolio of both upstream and downstream laboratory analyses. Laboratory analytical testing of product currently stored within the Source BioScience environmentally controlled stability storage suites will fall under the existing capability of Select and further enhance revenue from these activities. In addition, the Board believes that the enlarged Group will retain the flexibility to realise its additional organic growth objectives and targeted investment opportunities following the proposed acquisition and that Source BioScience will have greater access to funding and other resources required to pursue its strategy. Proposed acquisition of Select Pharma Laboratories Ltd Introduction The Board is delighted to announce that it has conditionally agreed to acquire the entire issued share capital of Select for a total cash consideration of up to £7.3 million, of which up to £0.6 million is deferred for two years. The total expenses of the transaction, including funding costs, are anticipated to amount to £0.5 million. The Company has conditionally raised approximately £4.4 million in gross proceeds from existing and new investors, via the placing, in addition to securing £3.5 million of new debt to finance the initial consideration of £6.7 million and the expenses of the transaction. Approximately £0.7 million of excess placing proceeds will be available, in combination with existing retained cash resources, to drive additional organic growth or acquisitive growth opportunities for the enlarged Group. Information about Select Select is a private, owner-managed, UK-based provider of stability storage and stability testing laboratory services. The business is profitable, cash generative and debt-free. Select has grown consistently in recent years to become a leading European provider of stability testing with attractive, sustained operating margins and a robust, growing sales pipeline. Select offers its customers access to accredited pharmaceutical testing including chemistry, physical and microbiological analyses for application in therapeutics batch release and product release to the EU market, in which it is a leading player. Select operates in a highly regulated industry from GMP accredited facilities, holding accreditations with the MHRA and FDA. Batch release and product release involve the regulatory certification of batches of medicinal products by a Qualified Person prior to sale or supply. The testing ensures that each batch is in accordance with the relevant requirements. Select’s testing services provide the business with embedded status in customers’ product supply chains, providing good visibility on business volumes from existing customers. The business serves an array of international markets and its customers include contract drug manufacturers, top European generics distributors and UK and EU importers of medicinal products. Its specialty testing capability includes oncology and sterile medicinal products. Select is located in close proximity to Source BioScience’s existing operations in Scotland. The Directors believe that the proposed acquisition will be earnings enhancing in the first full year of ownership. This statement does not constitute a profit forecast and should not be interpreted to mean that the earnings per share of Source BioScience for the first full year after the transaction will increase. A summary of the trading results and financial position for each of Select’s financial years ended 31 March 2012, 2013 and 2014 is set out below. This summary financial information has been extracted from the historical financial information contained in the circular being sent to shareholders in connection with the proposed acquisition, which has been prepared in accordance with the requirements of the Listing Rules Year ended 31 March 2014 £’000 Revenue 2,011 £'000 Gross profit 1,079 Year ended 31 March 2013 £’000 Revenue 1,375 £'000 Gross profit 762 Year ended 31 March 2012 £’000 Revenue 1,026 £'000 Gross profit 621 Year ended 31 March 2014 £’000 EBITDA 674 £'000 Profit before tax 578 Year ended 31 March 2013 £’000 EBITDA 546 £'000 Profit before tax 419 Year ended 31 March 2012 £’000 EBITDA 537 £'000 Profit before tax 453 Year ended 31 March 2014 £’000 Total gross assets 1,984 Net assets 1,288 Year ended 31 March 2013 £’000 Total gross assets 1,177 Net assets 764 Year ended 31 March 2012 £’000 Total gross assets 980 Net assets 598 Year ended 31 March 2014 £’000 Cash Flow from Operations 643 Year ended 31 March 2013 £’000 Cash Flow from Operations 308 Year ended 31 March 2012 £’000 Cash Flow from Operations 470 Since the last available filed accounts for the year ended 31 March 2014, Select has continued to trade in line with the previously observed performance. Select continues to benefit from increasing demand from contract generics manufacturers and therapeutic drug importers for access to accredited laboratory testing to support drug import license applications. The EU generally, and UK specifically, represents a significant target market for such customers and Select holds the required accreditations and has an established expertise and track record, for high quality testing and therapeutic compound certification. Background to and reasons for the proposed acquisition The Group’s ongoing strategy is to grow its laboratory services and products business organically combined with carefully selected acquisitions when the opportunities arise, building on the strong foundations now established in the business. The Directors intend to improve the Group’s market position and share by increasing the range of services and products that it offers. Over the last two years Source BioScience has successfully transformed the breadth of its operations, its laboratory services and its laboratory products portfolio. This has been made possible by the rapid integration of the recent acquisitions of the serology products and stability storage businesses. The Board believes that Select represents a significant opportunity in the context of the Group’s stated growth and acquisition strategy as it meets a number of the Group’s acquisition criteria. Furthermore, the proposed acquisition adds additional skills and services to the growth platform which has been created in the Group and strengthens the proposition to biopharma, healthcare products and regenerative medicine customers. The Board considers Select to be an excellent fit with Source BioScience as it considerably enhances the Group’s laboratory services offering and believes that the proposed acquisition will provide a number of commercial, financial and operational benefits which are expected to create additional value for the Company’s shareholders. Enhanced laboratory service offering Source BioScience has an established laboratory services portfolio providing environmentally controlled storage, including stability storage and cryogenic storage, to the biopharma and healthcare products industries. In addition to environmentally controlled storage, Source BioScience offers a portfolio of complementary laboratory analyses, utilising tissue-based and genomic technologies. This existing suite of expertise has particular application to pre-clinical and clinical trial samples, both upstream and downstream to our storage activities, which adds value to our offering. Select provides a further range of laboratory analyses that would complement those currently offered by Source BioScience; applying physical, chemical and microbiological analysis to therapeutic compounds and samples. The combination of the Company’s genomic and tissue-based laboratory analytical services with Select’s physical, chemical and microbiological analytical services will add breadth and depth to the Group’s services portfolio, enabling customers to access a single point of provision of outsourced services that meets a substantial element of their testing requirements. This will strengthen the Group’s proposition to global biopharma, healthcare product manufacturers and medical research/regenerative medicine customers, areas in which Select is already proven. Vertical integration As a result of the proposed acquisition, the enlarged Group will be able to offer a vertically integrated solution to customers, providing environmentally controlled storage in combination with an enhanced portfolio of laboratory analyses both upstream and downstream to the stability storage offering. The ability to access stability storage products and laboratory analyses from a single, accredited provider enables customers to streamline the number of service providers and de-risk the process by avoiding unnecessary sample transfers, and minimise logistical administration (compared with using separate storage and testing service providers in different locations). The Board believes that there is significant demand for such an integrated offering, based on feedback from customers and prospects over the last several years. The enlarged Group will operate a network of stability storage and laboratory facilities extending across the UK and Ireland and the East and West coasts of the USA. This will enable customers to access a seamless, vertically integrated outsourced solution with consistently-applied laboratory analyses across key geographies. Expanded customer base and cross-selling Significant cross-selling opportunities are apparent for the enlarged Group through the offer of an enhanced range of laboratory services to existing Source BioScience customers. Many of Source BioScience’s existing stability storage customers currently procure stability testing and other physical, chemical and microbiological analyses from other laboratory service providers. The proposed acquisition presents the opportunity for Source BioScience to provide these laboratory services to customers. Select currently undertakes the laboratory analysis for customer compounds and samples that have been subject to an environmentally controlled storage programme, including stability storage. The enlarged Group will have the potential to offer an outsourced environmentally controlled storage solution for these Select customers in addition to conducting the laboratory analysis. Select also provides laboratory analyses for applications in batch release and product testing for customers wishing to obtain a license to import, or market, therapeutics in the EU. Its customers do not currently use the existing Source BioScience laboratory and stability storage services offering and this represents a major new opportunity for the enlarged Group. This opportunity extends the Group’s presence into new markets including India, the Far East and China where Select currently has a commercial presence but which represent untapped markets for Source BioScience. Post-acquisition strategy Source BioScience and Select bring together complementary skills and expertise, which will enable the enlarged Group to enhance its position as a leading provider of laboratory services. Select will be fully integrated into the Group, enhancing its capability to deliver a broader range of high value testing services. Source BioScience will benefit from the enhanced portfolio of laboratory analyses and expertise that Select provides and in addition will be able to access new markets and customers for those services. At the same time, Select will gain access to existing clients of the Group with substantial volumes of therapeutic and other compounds currently stored under environmentally controlled conditions at Source BioScience’s sites, which will require analytical testing, including batch release testing. The senior management of Select will stay with the enlarged Group and, in the Board’s view, will contribute considerably to the depth and experience of the Group’s team. This will enable Source BioScience to address the opportunity presented by new customers in new markets and to access new geographies. Select also has an outstanding reputation for quality which is entirely consistent with the environment and ethos at Source BioScience. Satisfaction of deferred consideration Deferred consideration of up to £0.6m is payable two years from completion, of which £0.1 million is payable subject to the performance of the Source BioScience share price. It is intended that the deferred consideration will be met from the future cash resources of the Company. Financial effects of the proposed acquisition The circular to be posted to shareholders in connection with the acquisition will contain details of the financial effects of the transaction on the Company, including the funding arrangements. The terms of the new debt facility are materially similar to those entered into in 2013. For illustrative purposes only the circular contains an unaudited pro forma statement of net assets of the enlarged Group, assuming completion of the acquisition had occurred as at 31 December 2014, showing unaudited pro forma net assets of the enlarged Group of £30.2 million, including net debt of £7.2 million. Outlook There is growing demand from the biopharma industry to simplify and shorten the product development to product approval process. Access to individual suppliers that can deliver a vertically integrated laboratory services solution, addressing multiple elements of the product development pipeline is key to this accelerated pathway and key to de-risking the supply chain. The enlarged Group will be able to offer an integrated solution to customers, providing environmentally controlled storage in combination with an enhanced portfolio of both upstream and downstream laboratory analyses. Laboratory analytical testing of product currently stored within the Source BioScience environmentally controlled stability storage suites will fall under the existing capability of Select and further enhance revenue from these activities. In addition, the Board believes that the enlarged Group will retain the flexibility to realise its additional organic growth objectives and targeted investment opportunities following the proposed acquisition and that Source BioScience will have greater access to funding and other resources required to pursue its strategy. Completion Completion of the proposed acquisition will take place on admission of the new ordinary shares to be issued in connection with the Placing and is conditional on the new debt facility becoming unconditional and the satisfaction of certain other terms and conditions as detailed more fully in Part V of the circular being issued shortly. If any such conditions are not satisfied on or before 31 August 2015 or, if applicable, waived, the acquisition will not proceed. The Placing is not subject to shareholder approval and is being made under existing authorities to allot the new shares on a non pre-emptive basis. In the event that the acquisition is not approved by shareholders, the Placing will not complete and the Company will not have use of the net proceeds of the Placing. General Meeting The acquisition constitutes a Class 1 transaction for Source BioScience under the Listing Rules and therefore requires and is conditional, inter alia, upon the approval of shareholders. Accordingly, a General Meeting will be convened for this purpose and will be held at 1 Orchard Place, Nottingham Business Park, Nottingham NG8 6PX on 14 August 2015 at 10.00am. The notice of General Meeting will be set out in the circular, which will be posted to shareholders shortly. Expected timetable of principal events Each of the times and dates in the table below is indicative only and may be subject to change. Announcement of the acquisition and the Placing 27 July 2015 General Meeting 14 August 2015 Expected date of admission and commencement of dealings in the new ordinary shares on the London Stock Exchange 17 August 2015 Expected date of completion of the proposed acquisition 17 August 2015 The times and dates set out in the expected timetable of principal events above may be adjusted by Source BioScience, in consultation with N+1 Singer, in which event details of the new times and dates will be notified to the UK Listing Authority and the London Stock Exchange and will be announced via a Regulatory Information Service. Information on the Placing The new ordinary shares represent approximately 10% of the Company’s existing issued share capital and will represent approximately 9.1% of the Company’s enlarged issued share capital following the placing. The new ordinary shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares. The new ordinary shares may be held in certificated or uncertificated form. The Placing was heavily oversubscribed but capped at approximately £4.4 million in gross proceeds being the maximum amount within the Company’s existing authority to allot new shares on a non pre-emptive basis and without triggering the need for a full prospectus. Application will be made to the UK Listing Authority for the new ordinary shares to be admitted to the premium listing segment of the Official List and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange’s main market for listed securities. It is expected that admission will become effective and that dealings in the new ordinary shares will commence on the London Stock Exchange at 8.00am on 17 August 2015. hTTp://
peterz: So how do we aire our views to CEO. And as share holders do we have any right to an explanation... Of course we do. It is our money being spent. Is it being spent wisely? We need to see the boards actions reflected in the share price. Buywell. I am in no way questioning your suggestion that we the company have paid too much, much too much it seems. But I would like to know what we can do to make our point to the board.
bigman: good to see recovery of share price and the graph looks excellent , reflecting a growing company with lots of growth in the years ahead and profits, the latter is not the norm in this sector, added a few more, really like what this company does both in its business and financial performance, quality business.
bigman: Norris we are playing with numbers here, the company in 2012 had cash of 2.2m current borrowing of 750k and bank loan of 2.3m ( rump of buying the property) if they had not borrowed to buy the business there would be no loan and no finance costs as 2013 the loans would all have been paid. So to use your numbers of adding all three together you HAVE to add the finance costs of this year to compare like with like, so 2+2 does equal 5. Anyway I am going back to lurking, I have no concerns about the share price at this time, of course I would like to see it higher but hey I can wait.
norrishatter: Bigman, Of course you're right. You can't add the numbers from 3 disparate businesses and say the total would be what you would get if you put them together and ran them yourself. But isn't that the whole point of acquisitions? To add 2 and 2 and get 5? Remember that SBS paid well over the share price of Vindon to buy it. So isn't that saying "we think we can make this business worth more"? Also in the 2012 year I took for my "adding together" SBS had net debt and paid net financing cost of £187k so I'm afraid you're incorrect. You're right that those costs are now higher. But isn't that the point, shareholders have to bear the financing cost before they get their share of the profit? So if they go up that's bad new for shareholders, unless the pre-tax rises substantially as a result of the cunning use of finance to leverage a very clever acquisition. Its just that the evidence so far doesn't support that view. That's why I keep saying that 2015 is so important. In 6 months time when the interims come out its quite possible you'll be saying "sucks yahboo Norris, you weren't so clever after all!" But so far with the share price reaction to the results the market seems to be more in my camp than yours. And in the end, sadly, that's what counts. You can invest in a business that the market "foolishly undervalues" but if the market continues to be foolish, you don't get rich. Just angry. Better to invest early in stuff that the market suddenly decides to foolishly overvalue. And then get out after making a healthy profit rather than getting greedy. But I wouldn't want to wish anyone on here anything other than success with investments, so I hope I'm unduly pessimistic.
norrishatter: I find it interesting that you think that a board of directors would restrict a company's growth so as not to "spook the market" and "keep the share price on an upward track". Does that mean that if the company was offered a £3m contract for DNA sequencing for the government, say, they would be turning it down?! And if you're right this policy doesn't seem to be working as the share price is now lower than it was a year ago. The fact is that the profit with adding back the non recurring items is less than it would have been if they had bought the two companies, saved the obviously duplicated costs and left everything as it was. Instead they have spent £1.9m of non recurring cost and managed to achieve a reduction in that number. You are right, without the non recurring costs the profit would be £2.1m, but it would have been more than £2.1m by doing NOTHING.
norrishatter: Funnily enough that's something that worries me. There was no indication in the chairman's statement in the interims, as far as I could see, that we could expect a hit of £0.8m from one off costs in the second half? And why was it all in the second half? Not a penny in the first half. However, you are right to highlight the ones offs. So, as I pointed out in another post, if you add up the pre-acquisition numbers of the component parts of the group pre-acquisition and compare them with where were are now (adding back the non-recurring items)the group is now at a pre-tax profit of £2.23m. Seems great versus a loss last year. But remember that this is only £120k better than it was as individual companies in 2012, so where are the synergistic gains? You'd probably save £100k per annum on the Vindon acquisition just by eliminating duplicated broker's fees and various other plc costs (remember Vindon was on AIM). And you can't have it both ways on the "non-recurrings"- if you don't count the non-recurring items as cost you have to count then as investments. So that takes the total cost of acquisition from £13.8m to £15.7m. So versus what we could reasonably have expected in a standalone situation that's say £1.1m more, for an investment of £15.7m. That's still only about a 7% return on the incremental investment. Its hardly ripping up trees. Maybe that's why the share price has dipped Like I say, 2015 is a critical year. Given the 2012 numbers and all the synergistic gains we would expect plus the massive income one would expect from DNA sequencing in the USA, anything less than £3m pre-tax would be a big disappointment. Maybe that's why the forecast on Digital Look is £3.3m. But is that the brokers forecast? I don't know.
dyfiman: Hello Buywell2 ............ may I ask what your view is of SBS's current 'form' - how things are going on the ground....... ?? And is their a sporting chance that next Wednesday's final results will be good enough to get the share price moving ?? My uneducated view is that is seems a decent company in a good market spot with a decent set of people running affairs..... and some heavyweight investors. I'm also pleased that they include Mr Griffiths, a very successful and clever, serial investor. He's not in SBS just because he likes the nightlife in Nottingham !! Regards to you and any other SBS investors lurking out there. END
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