Aandeel Biocartis BRU:BCART.BL, BE0974281132

quote:

ronald64 schreef op 12 december 2019 07:40:

#Sycomore verkocht nog wat meer aandelen van #Biocartis en heeft nu minder dan 3% in handen. Dat was 5,15% in april 2019 en verklaart waarschijnlijk ook de koersdruk van de voorbije maand. More to come, richting 0%?

twitter.com/TSimonts/status/120501362...

quote:

ronald64 schreef op 12 december 2019 07:40:

#Sycomore verkocht nog wat meer aandelen van #Biocartis en heeft nu minder dan 3% in handen. Dat was 5,15% in april 2019 en verklaart waarschijnlijk ook de koersdruk van de voorbije maand. More to come, richting 0%?

twitter.com/TSimonts/status/120501362...

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Wilfro schreef op 12 december 2019 09:48:

Ik zou vooral graag weten aan wie ze hebben verkocht. Momenteel is de informatie die Biocartis geeft op hun website niet accuraat. Het totaal sommetje aan aandeelhouders komt niet aan 100%.

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Flatlander schreef op 12 december 2019 16:16:

It is concerning that both Sycamore and JnJ are reducing their stakes at the same time that BCART seems to be on the cusp of several developments that should be huge positives. I'm trying to get a better understanding of Sycamore Asset Management. How much of a momentum strategy do they follow? I don't mind being too early to an equity position, it has happened on several occasions, but has generally worked out well in the long run. However, long term major shareholders reducing positions is rarely a good sign. I don't like the feeling that BCART is limiting transparency into information that these larger shareholders likely have access to.

I think BCART needs to provide information on who purchased the convertible bonds and given the structure of the offering, and provide information on what the company's ownership will look like at the time of full conversion of the bonds to shares. I initially liked the fact that BCARTS ownership was widely fragmented. My fear is that the convertible will result in the potential for ownership to become concentrated at the time that the BCART is very profitable. Based on the press release, the conversion price is based on the share price on the Nov 14 offering date. Assuming 150 million at the close price of 6.30 it looks like we are talking about roughly 23.8 million shares shares converting in 2024. Currently there are about 55.5 million shares. I think BCART really needs to provide some information on the convertible ownership.

The only other negative I see at this point is we just don't know the financial terms of any of the partnerships. I suppose that it could be a concern but I doubt that this is as big a deal as the convertible ownership structure.

Now for some good news. OncoDx Breast keeps racking up validation publications.

finance.yahoo.com/news/evidence-large...
FL

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Flatlander schreef op 12 december 2019 20:25:

DZR
Your posts inferred immediate financial distress as a result of the convertible. My concern is of a longer term nature that transparency is necessary on BCARTs part, so the small shareholders can assess if the convertible is likely to result in a shift in ownership (now broadly distributed) toward a much more concentrated ownership structure in 2024.
FL

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Flatlander schreef op 12 december 2019 23:01:

I didn't worry to much about the convertible when it was first announced since it provided financial stability and funding for potential growth drivers and what I felt were worthwhile programs. At the time of the convertible announcement, the 150 million seemed reasonable relative to the $630 million market. Now that the market cap has dropped to $330 million, it represents a much larger stake. Am I correct that the percentage of shares that could eventually be converted will be based on the Nov 14 close price? I have asked BCART Investor relations to confirm this point and to provide information on the institutions and entities that bought large blocks of the convertible offering.
I think it is important for the small shareholders to understand this as well as the larger holders.

FL