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SIE, SCIGEN LIMITED
plastic
post Posted: Aug 22 2018, 07:25 PM
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All over Red Rover: Compulsory acquisition in play.

https://www.asx.com.au/asxpdf/20180822/pdf/...l2jq4rkx225.pdf

Is this the start of something bigger from King Juggernaut?



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What did Uncle Mel do to us?
 
plastic
post Posted: May 16 2018, 12:52 PM
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You'd think if a takeover offer comes in then the price would trade near that price like VLA. Not so for SIE.

Mind you, they are only buying 90%. I guess that's the 90% the Polacks own. Not the 10% listed. Nor does it matter of the mandatory legal requirement to buy the remaining shares once 90% is reached by the purchaser.



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What did Uncle Mel do to us?
 
plastic
post Posted: May 16 2018, 11:02 AM
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The bells toll.

Just over 5c buy out in US currency.

What a sad end to a sad SAC story.



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What did Uncle Mel do to us?
 
plastic
post Posted: Dec 15 2017, 08:55 AM
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So if I have this right, as of last report Bioton owned approx. 90.54% of the shares in Scigen with 500,026,507 shares. The balance of 9.46% was made up of ASX listed CUFS representing 52,243,813 shares. Bioton also owns 53% of the CUFS giving them approx. 5% on top of the 90.54% they already own. Lets say a total of 95.5% of all shares on issue in Scigen are owned by Bioton.

Bioton have just released a statement saying the fair valuation of Scigen is US$61.4m and have made an impairment entry into their accounts of US$52.4m. Meaning at one time Bioton valued Scigen at US$113.8m. According to the statement this value involves cash inputted for shares of Scigen and loans made to them.

That's a lot of cash to put in to Scigen to suddenly write off. How are they going to get it back?

But first, if the entire company is now US$61.4m with a total of 552,270,320 shares on issue then that represents a value of approx. US$0.11 per share. YET here we are with the last sale being at AU$0.03 and the ask at AU$0.044.

So where's the trick? Why so cheap when the value is so obvious?

It must be in how they are going to get that impairment back. Yesterdays newsletter said they are looking for an investor company (probably an American one) to buy Bioton's stake in Scigen (in whole or part isn't disclosed) so long as Bioton get a licence to sell and market product and use IP. So what is that worth? Could be worth at least US$52.4m.

So as a CUFS holder one has to ask, is Bioton incentivized to see the remaining 4.5% holders make hay up to US$0.11? Possibly because if Bioton sold the entire company at that price they would get the cash as well.

Or, is Bioton incentivized to ensure they have little upfront costs in securing the ongoing business of Scigen on a RoW outside of the USA basis while carrying losses on the books to minimize taxes? Already they have an impairment, if they sell Scigen at AU$0.03 and incur the loss knowing they have good cash flows going forward for little cost then I'm sure neither Bioton or the purchaser is going to be concerned about the pesky 4.5% shareholder base taking a bath.

An improbable alternative would be if they part sell the company, even if for paper in another company, thereby getting US capital market access in the process, the price fetched could be much higher than if they were to sell for cash. Especially if there is a time and capital appreciation component in the transaction.

I think we will know the answer soon enough.



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What did Uncle Mel do to us?
 
plastic
post Posted: Dec 14 2017, 01:42 PM
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It seems like SIE is about to be renditioned!



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What did Uncle Mel do to us?
 
plastic
post Posted: Dec 8 2017, 09:37 AM
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Is that an insider jumping ship? Salvaging what they can before the final takeover bid comes in for pennies in the dollar.

Any buyout usually carries a premium of some sort.






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What did Uncle Mel do to us?
 


plastic
post Posted: Dec 5 2017, 01:45 PM
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See the very last paragraph. Code for, um, we have to think about it and most likely we'll decide to sell it.

Should be no less than ten cents if they do. But I expect about two.

http://www.asx.com.au/asxpdf/20171205/pdf/43px8005k3tw01.pdf



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What did Uncle Mel do to us?
 
plastic
post Posted: Dec 5 2017, 01:08 PM
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Impairment allowances made by holding company. Fire sale pending.



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What did Uncle Mel do to us?
 
plastic
post Posted: Sep 6 2017, 07:24 AM
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The volume yesterday with the moving averages converging at the traded price indicates to me something is about to break one way or other. The balance of probabilities is to the upside. It may well be a buyout. Anybody's guess at what price.



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What did Uncle Mel do to us?
 
plastic
post Posted: Aug 10 2017, 03:29 AM
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Who was King Juggernaut Anselll used to refer to I wonder? Will they ever make a move?



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What did Uncle Mel do to us?
 
 


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