Sphere Medical Share Discussion Threads

[cc2014] 25/9/2016 20:33

The sphere presentation updates the top 15 holdings and it makes interesting reading.

Woodford has now gone to 29.99% and all other institutional investors have not changed in the last 6 months apart from Redmayne Bentley who clearly bought low, have taken their money and moved out. In fact UBS are increasing.

So, the top 15 institutions hold 81.9%.

As far as I can work out from other sources PI's own another 8.5% through brokers such as TD, HL, Barclays etc.

But what has changed is that Mr. D. Norwood and Mr, T. Robinson are no longer shown in the top15 and what I can't decide is whether they are no longer shown as they probably hold their shares in nominee accounts and would therefore be wrapped up in any figures held by brokers or whether they don't want their holdings to be published. (as they are below 3%). So, maybe they haven't sold at all??

Further research shows in March 15 Mr. D. Norwood had 2m shares and by April 16 was down to 1.2 shares. It seems plausible to suggest he is the party supplied the market with shares around 14p.

Mr. T. Robinson had 3.2m shares as of April 16. That's more of a puzzle but for reasons I won't go into on here I think he still has them. Either way it doesn't matter - the market has either absorbed them or he's still got them.

In summary, the shares continue to become ever more tightly held by just a few institutions. I don't think there's another share I've ever seen so tightly held with long term shareholders.

[del44] 24/9/2016 17:39

Doesn't sound like it alright.....But sure with a CE approved and some sales....it would help build the data files going forward. Getting good feed back from sales would certainly help with talks with the FDA.....
Cheers Tim...

[timbo003] 24/9/2016 15:19

There's a new video interview with Wolfgang now available on Proactiveinvestor. He sounds fairly confident about P4 approval, although the comments regarding routes available for entering the US suggest to me that they have not secured a global partner (yet).

[longshanks] 23/9/2016 16:27

Thanks timbo for posting these items.At least Trinity have raised their pre-CE mark DCF valuation to 15.4p so we are saved having an implied "sell" note.CE mark completion seems imminent if they are waiting on one final component, and I would anticipate a good run of news to follow swiftly after that milestone has been reached.

[timbo003] 23/9/2016 14:25

Here's the link to the interim results presentation



The study from Southampton is new I think (and should presumably add to the case for adopting Proxima) and the cash burn seems to be slower than I was anticipating, so all things considered I'm reasonably happy (leaving aside the slow progress on CE marking for P4)

The slides have got an update on current shareholdings too which I have posted below for future reference

[timbo003] 23/9/2016 10:47

>>>tomgun

You cannot read the Trinity Development note on post 967?

If that is the case try this:


If you are still having difficulty, I think you should try another web browser

[tomgun70] 22/9/2016 21:21

Can't read that

[del44] 22/9/2016 20:50

So we still await the CE mark!!!

[timbo003] 22/9/2016 19:49

Trinity Delta updated their research note today, it is supposed to be available on line here at the Equity Development site, but the link doesn't appear to work:


I have therefore taken a "snip" from their email (received this morning) which included the updated note (see below):

[cc2014] 07/9/2016 20:01

Sphere are good enough to publish the top 20 holdings from time to time and Trinity Delta do the top 10.

Holdings below 3% are available through Bloomberg or FactSet. This is a chargeable service and they pay funds/institutions/brokers to provide them the information.

Of course, this data isn't available daily, mostly monthly or quarterly.

[longshanks] 07/9/2016 07:07

Other than director holdings, only holdings above 3% are publicly published and updated.In that regard how can we ordinary punters be sure about the status or existence of all those sub 3% holdings; I thought that you might perhaps have access to a more comprehensive list as maintained by the company secretary.My mistake, but thanks non-the-less for the data as it does give a good insight.

[cc2014] 06/9/2016 16:45

I keep a list of shareholders as I'm interested in the free float and how long the big holders have held their position.

The list is my own and sourced from Sphere website, Sphere presentations, RNS info, FT.com etc.

[longshanks] 06/9/2016 11:09

I think that is what is called good timing: now bidding 13.8p for the 50k you bought "over the offer" at 13.25p yesterday.This looks like a classic small cap recovery once a persistent seller has finished offloading and the market is trying to reestablish balance.Still cheap as chips IMO.Where did you get that list of shareholders CC? It makes impressive reading.

[del44] 05/9/2016 15:33

I had to pay above the ask price to get the volume I wanted....very little about...

[longshanks] 05/9/2016 14:16

Remaining well bid. Some shares were available on the offer this morning but with all those snapped up the online limits have now reduced to a measily 100 shares available.

[timbo003] 04/9/2016 07:46

Remember too that there's all the EIS qualifying shares issued last year which will be locked in until May 2018. I can account for quite a few of those!

[del44] 03/9/2016 21:32

Well the market last week showed that the free float is hugely reduced. If good news ever comes out...there will be a major mark up on no volume....it really has become very illiquid at the moment...
I couldn't buy last week before the mark up began...

[cc2014] 03/9/2016 18:28

Woodford 29.6% - initial stake March 2015 and have added regularly
Wales Life Sciences 17.6% - initial stake March 2015
LSP Life Sciences 7.7% - have held 3-4 years and added in March 2015
Ortho-Clinical Diag 5.7% - have held 3-4 years
Octopus 4.4% - initial stake March 2015
Ruffer 4.0% - have held 3-5 years and added in March 2015
Royal London 4.0% - have held 3-5 years and added in March 2015
Parkway Technology 2.4% - think acquired in last 6 months
UBS 1.0% - acquired in Sept 15
Redmayne Bentley 0.9% - acquired in April 16
Oxford Capital 0.7% - have held 3-5 years
Jarvis 0.8% - new position
Mr. T. Robinson 2.3% - Not sure how long held (likely years) but bought more in April 16
Mr D. Norwood 0.8% - Not sure how long held (likely years) - appears to be
reducing
Artemis 0.6% - Held over a year but possibly reducing
William Soloman 0.6% - Held a few months ago but not sure if still in
Share Centre 3.1%
TD Direct 0.6%
Hargreaves Lansdown 2.5%
Barclays 1.3%
Directors 0.8%

There are a few I know about that are small that I've haven't detailed. In addition there are some PI's who are long term holders using paper certificates.

All in all this means the "free float" is about 5% of the total share capital given most of those holders aren't going to sell even if the share price moves dramatically.

It was one of the things that attracted me to this share

[del44] 03/9/2016 11:06

Very tightly held, at that!!

[cc2014] 03/9/2016 10:43

"He said that the large shareholders had expressed the view that they didn’t want to discuss fundraising at this point and the time to discuss follow on funding would be when P4 has been approved for Europe, sales had increased and Sphere have secured one or more partners for P4 commercialization"

So, are we on track?

P4 not CE marked yet, but is now expected "any day soon".

Sales are increasing but have been held back by late P4 CE marking and it's clear this matters as their Italian Distributor is waiting for P4 before launch. The sale last week in Belgium of P3 out of the blue is heartening and (to me) suggests greater things to come

One partner secured for Italy. I would suggest another required for France unless they decide to direct sell

So, coming together bit by bit. If any of the large shareholders weren't comfortable they would be selling their shares and they aren't. The shares remain tightly held.

[longshanks] 02/9/2016 12:53

Well bid at the moment but nothing available on the offer.

[del44] 01/9/2016 21:17

Tim.....
You are correct......
Quote....
"I asked about the cash flow projection in the TD note and in particular their forecast for an additional £10M funding requirement in early 2017, they were particularly vague about where it might come from.

Wolfgang said it could come from another equity based raise or from some other source. He instantly ruled out any kind of equity swap along the lines of Yorkville or Darwin (Death Spiral) but said he would not rule out some other form of secured debt. Alternatively the cash could come from an upfront deal if and when they sign up with a partner (or partners), although he did concede that in the medical device/diagnostic world this was not common practice (unlike the bio-techs with their drug partnerships with big pharma). When I asked for an example he couldn’t immediately provide one..............................He said that the large shareholders had expressed the view that they didn’t want to discuss fundraising at this point and the time to discuss follow on funding would be when P4 has been approved for Europe, sales had increased and Sphere have secured one or more partners for P4 commercialization (if this goes according to plan the share price should be significantly higher than it is now)."

But still....there is wiggle room for alternative fund raising other then issuing more shares....

[timbo003] 01/9/2016 21:06

>>>Del, that's not quite what he said to me at the shares mag meeting earlier this year: