d gaser
16 Mar 2016
Re: RNS Hi Dave 297 It appears we have a mutual friend in BTG ,I have been in BTG since Protherics and BTG came together in 2008/9, I purchased Protherics in 2003 for 17p ,and after a poor first year, I have done very well out of that merger, and hope this one produces the same growth.VEC is a well run company www.vectura.com but as of yet, they have not made any surplus,but do have good cash reserves, over the past year, they have received a lot of FDA approvals act and have received several Manufacturing and marketing agreements all over the world ,this means this year ,should produce increased turn over and profits ,it's mark up is around 70% which is very good .VEC also have a joint enterprise agreement in China BE HAPPYDav
dkok
16 Mar 2016
Re: RNS DaveThe RNS was 3 minutes after the final results RNS, but typically iii have taken over two hours to acknowledge it on the News section. Poor service from iii as usual. I picked up the results and the merger news direct from the SKP website, though even that was not broadcasting it on the main web-page, you had to go through to the investor section and then it came up.I have to say that I am a little disappointed myself also, as I think that without the merger news we would be somewhere in the 430 to 450p range by now, but the merger has effectively capped us off at the 410p offer price, which I think is way too low given the results and the potential moving forward. Need to do much more research into the other company, though at first glance it does seem like a good fit, and they seem to be in very similar position to SKP in terms of their development, having just gone into a maiden profit this financial year, and with future growing revenues as their products come on stream/start to pick up further sales as they are rolled out into the market place. Their delivery systems also seem to be complementary to SKP's so the sum of the parts initially seems to be a much greater whole, and instead of competing with each other the combined company should be bigger and stronger, with more strings to the bow.I think what we need to try and get into our heads is that this is not a case of selling out, but SKP morphing into something larger and stronger, and that we don't lose the potential of what SKP could become, but that the combined company retains all that potential.As you say though, I would not rule out a counter offer at this point from some other entity as they will have to move quickly, and the deal would need to be hostile which could have some effect on the SP.GLTAdkok
dave297
16 Mar 2016
RNS Why no RNS regarding the merger.The outlook statement & strategic plans seem a tad gratuitous with view to the proposed merger
dave297
16 Mar 2016
Merger Looks like a done deal but GSK Mundi & Others will have a view & if they offered 500p in cash HBM & other IIs maybe tempted.I have had a brief look at Vec & as a stand alone company they look interesting enough but I am not sure why they are valued at 50% more than us currently-we have more turnover,profits,cash & we are growing strongly with exciting new pipeline products too.Their cap is about 600mill which would put our SP at about 600p if it were like for like.Feels more like a reverse takeover to me.Once I haveconcluded my research I may have to but Vec shares my initial reaction is that they are getting a fantastic deal.
raptor66
16 Mar 2016
Re: MERGER I guess after the merger Skyepharma earnings will be eaten-up by the Vectura's developing pipeline, therefore, imo the synergies would only be realised in two or more years.
dave297
16 Mar 2016
Prophetic/Pathetic My previous post- & I was dismissing 600p !Obviously still glad to have bought last week but will have to look carefully at our Partner before deciding.As part of a larger Group we will have more diversity & potential to compete with the bigger boys but I felt we were doing well alone & would have preferred to see us remain independent for a year or two longer.That said I was a long standing shareholder in Biocompatibles & was similarly disappointed when it was acquired by BTG but my effective buy in to BTG at about 67p performed fantastically well & BTG are currently over 600p & I still have my original holding-so if I decide to stick with the merged entity I would welcome another 10 bags !
raptor66
16 Mar 2016
Re: MERGER I would name the merged companies 'Skyevec'.
dkok
16 Mar 2016
Re: Results! Hi DaveThe results look very good to me, and the news on the merger with Vectura makes sense in many ways, just think that it has held back the share price which on the basis of the results should now be flying as it started to do before the merger news came out, which has capped it off at the merger price. Can't help feeling that the merger price is too low given the potential, but I guess we retain all the potential but under a different name and with the potential for wider participation. We will end up as a FTSE 250 company also, with a net value a shade over £1B value, and with the constituent parts all seeming to be poised to more forward as Vectura seems to be at the same stage of development of its own company as SKP is.Will need to do the research on Vectura, but they seem from an initial read-up to have a good complementary range and skill set, and there will be synergies between the two companies. Vectura also seem to have a better track record for FDA approvals so we may get that longed for shot at FDA approval for Fluti.GLTAdkok
dave297
16 Mar 2016
Results! Amazing how a company which was on the brink of extinction 3 years ago can be turned around so successfully & my congratulations got out to our Board for delivering excellent Results & with a very positive Outlook statement for the rest of the year & beyond.I have no regrets about increasing my holding by 8k more shares last week & my only concern is that an opportunist bidder may be tempted to try & buy us cheaply,for say 600p, before we have achieved our full potential.We partner several major global pharmas & a large part of theur due diligence is already done based on their knowledge of our products,board etc.I still believe that with the growth of Fluti around the world,presumably helping thousands of patients with no major side effects,there must be an excelent chance of trying the US market again.
dkok
16 Mar 2016
MERGER BIG NEWSVectura Group plcRecommended All Share Merger withSkyepharma PLC(to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006)SummaryThe boards of Vectura Group plc ("Vectura" or the "Company"
and Skyepharma PLC ("Skyepharma" are pleased to announce that they have reached agreement on the terms of a recommended merger between Vectura and Skyepharma, which is intended to be implemented by way of a scheme of arrangement of Skyepharma under Part 26 of the Companies Act, pursuant to which Vectura will acquire the entire issued and to be issued ordinary share capital of Skyepharma (the "Merger".Under the terms of the Merger, Skyepharma Shareholders will be entitled to receive: 2.7977 New Vectura Shares for every Skyepharma Share Highlights· Based on the Closing Price of 146.60 pence per Vectura Share on 15 March 2016 (being the last Business Day prior to the date of this announcement), the consideration under the terms of the Merger represents a value of 410.15 pence per Skyepharma Share, or approximately £441.3 million in aggregate, representing
A premium of approximately 13.6 per cent. to the 90 trading day Volume Weighted Average Price of 361.06 pence per Skyepharma Share on 15 March 2016 (being the last Business Day prior to the date of this announcement).o A premium of approximately 4.2 per cent. to the Closing Price of 393.50 pence per Skyepharma Share on 15 March 2016 (being the last Business Day prior to the date of this announcement).· There will be a partial cash alternative of a maximum amount of £70 million (the "Partial Cash Alternative" pursuant to which Skyepharma Shareholders can elect to receive cash instead of some or all of the New Vectura Shares to which they would otherwise be entitled under the Merger (subject to scale-back in accordance with the terms of the Partial Cash Alternative). The maximum amount of cash available under the Partial Cash Alternative of £70 million equates to 15.9 per cent. of the total value of the consideration offered to Skyepharma Shareholders under the terms of the Merger, based on the Closing Price of 146.60 pence per Vectura Share on 15 March 2016 (being the last Business Day prior to the date of this announcement).
dave297
16 Mar 2016
Re: Results Day Ever the optimist,I am taking the view that the Results not being published today at 7am ( as has always been the case) as being good news ( hopefully)
raptor66
15 Mar 2016
Results Day Notice of Results LONDON, UK, 8 February, 2016 - Skyepharma PLC (LSE: SKP), the expert oral and inhalation drug development company, plans to announce its annual financial results for the year ended 31 December 2015 on Wednesday 16 March 2016. The results presentation and a webcast recording of the event will be available on the Company's website at www.skyepharma.com.---------- ---------- ---------- ----Very calm trading, day before the results??
dave297
11 Mar 2016
Ahead of Finals I have added to my holding at the highest price paid for about 15 years-my average on my "historic" holding being about £55 ( yes 5500p).Fortunately my historic holding only represents 0.3% of my total holding,acquired at a much more acceptable average cost.I am not expecting to ever see £55 again ( we would be a £6bill company) but £10 is possible, in time.
dave297
09 Mar 2016
Underestimating our potential SKP -2075 & 2076 have no value ascribed to them ,currently,but a licensing deal later this year with Mundi could imply a higher value than expected.Similarly our collaboration with Hilkma to jointly develope generic product could be more lucrative than expected,as could our prospective gastro products.I still consider us to be substantially undervalued despite our SP having 10 bagged over the last 3 years or so & I would be disappointed if we only reached £5/£6 in the next 2/3 years.I think £8 is not unrealistic in that timeframe & £10 for a bid.
raptor66
09 Mar 2016
Re: Keeping the faith Hopefully at least 460p sooner.
