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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...


Daarnaast is het onbekend, volgend op het persbericht van 27 November jl., of Johnson & Johnson haar belang nog verder zal afbouwen.

www.globenewswire.com/news-release/20...
DeZwarteRidder
0
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...

Het gaat precies zoals verwacht: grote verkopers waardoor de koers blijft dalen.
Wilfro
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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%.
DeZwarteRidder
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quote:

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%.

Ze hebben verkocht aan de kleine aandeelhouders die alles geloven.
Flatlander
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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
DeZwarteRidder
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quote:

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

Ik heb je tijdig gewaarschuwd, maar je wilde niet luisteren.

Eigen schuld, dikke bult.
Flatlander
0
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
Helenim
0
I don't think Nov 14 is the relevant date:

The initial price for the conversion of the Bonds into shares of the Company shall be EUR 12.8913, representing a 25% premium above the reference price of EUR 10.3130, being the volume weighted average price (VWAP) of Biocartis' ordinary shares on the regulated market of Euronext Brussels on 2 May 2019.

investors.biocartis.com/sites/default...
Helenim
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If you look at the disclosures about Sycomore they increase/decrease positions very often (4 transparency disclosures in one year - both positive and negative).
It is clear a lot of important investors are repositioning because of bad news in september.

"Trust takes years to build, seconds to break, and forever to repair."

06/12/2019 -3% (2,99%)
28/12/2019 -5% (4,95%)
05/09/2019 +5% (5,18%)
28/01/2019 -5%

6 December 2019 the shareholding of Sycomore Asset Management SA decreased below the 3% notification threshold. Sycomore Asset Management SA now holds 2.99% of the voting rights in Biocartis. investors.biocartis.com/sites/default...

28 October 2019 the shareholding of Sycomore Asset Management SA decreased below the 5% notification threshold. Sycomore Asset Management SA now holds 4.95% of the voting rights in Biocartis. investors.biocartis.com/sites/default...

5 September 2019 the shareholding of Sycomore Asset Management SA increased above the 5% notification threshold. Sycomore Asset Management SA now holds 5.18% of the voting rights in Biocartis. investors.biocartis.com/sites/default...

28 January 2019 the participation of Sycomore Asset Management SA decreased below the 5% notification threshold. investors.biocartis.com/sites/default...
DeZwarteRidder
0
quote:

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

De convertibles zijn wellicht de reden dat de grote aandeelhouders gaan verkopen.
Flatlander
0
That is my concern, that JnJ and Sycamore may feel that their long term early involvement is undermined by a convertible that will concentrate a much larger share count in another entity that may have a different agenda. Right now their share count reduction might be just a message. We will need to watch their future actions. I think some transparency reporting needs to be applied to the convertible holders. As long as the shares are widely disseminated with no entity holding much more than 10%, it will be hard for a future acquisition to occur without widespread approval.

FL
Flatlander
0
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
Reply
0
quote:

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



Dat is een heel goed initiatief van je!

Alvast dank voor het delen van de reactie vanuit Investor Relations.
MisterBlack
2
Dit zijn de vragen die ik komende week ga stellen met Investor Relations BCART. De belafspraak is al gemaakt. Ik ben benieuw en dit wordt vervolgd.

1. Het verkopen van meer diverse testen per labo

Wat doet BC eraan om per lab meer diverse testen te verkopen? Hoe dragen partners van BC hieraan bij? Gaan jullie ook een keer een geografisch beeld/grafiek geven hoe de verkoop gaat over (geografische) regio’s waarin partners van BCART actief zijn?

2. Samenwerking Genomic Health OncoDx Breast/ OncoDx Prostaat

Eerder dit jaar kreeg GHDX/Genomic Health de verzekeringsgoedkeuring voor OncoDx Breast in Duitsland. De FDA heeft OncoDx Breast in de VS al goedgekeurd. De test wordt uitgevoerd in hun laboratorium in Californië (niet IVD). Ik ben niet op de hoogte van bestaande plannen om het te migreren naar Idylla in de VS. EXAS kan dit veranderen als Kevin Conroy, de nieuwe CEO, op zoek is naar kostenbesparende synergiën. Gaat dit gebeuren?

Wat levert deze samenwerking jullie eigenlijk concreet op als deze test NIET migreert naar Idylla?

Heeft OncoDx Prostaat een proof of concept-punt bereikt? Zal BCART deze mijlpaal aankondigen wanneer deze is bereikt. Dit werd wel aangekondigd voor de borsttest.

3. FDA Approval van diverse testen

Hoe lang gaat het nog duren voordat de huidige PMA-status-testen van Biocartis FDA approval krijgen? Wat is jullie verwachting?

4. Septicyte

Is Septicyte echt een serieus plan waarin geld geïnvesteerd gaat worden? Waarom horen we er niets over aan de kant van BCART? Ligt haar expertise niet bij kankermutatietesten?

5. ImmunExpress

Op welke medicijnen en behandelingen binnen de immunotherapie zet BC haar testen en nog te innoveren testen in? BCART heeft in februari 2019 een tweede ronde financiering van productontwikkeling ontvangen van ImmunExpress. De Immunexpress-website geeft aan dat de financieringsronde van oktober (ronde 3) bedoeld was om twee doelen te bereiken: EU- en FDA 510K-goedkeuringen te verkrijgen en middelen te verstrekken om verkooppersoneel in te huren, en vervolgens de lancering van het product volgend jaar (eerst in de EU dan VS tegen midden jaar). Hoe ziet deze financiële overeenkomst eruit? Ik vermoed dat de verkoop van cartridges een royalty-betaling zal opleveren voor BCART bovenop de productiekosten. BCART biedt ImmunExpress-medewerkers waarschijnlijk een financiële stimulans om consoles te verkopen of uit te leasen, maar het grootste deel van de winstmarge op de console gaat naar BCART. Toch?

BCART geeft weinig weg als het gaat financiële details en statistiek van haar partnerschappen. Daardoor krijg je als belegger geen indruk hoe het nou echt gaat met BCART.





6. Duur van intellectuele eigendomsovereenkomst met Phillips

Tot hoe lang is de intellectuele eigendomsovereenkomst van Phillips verlengd? Is deze IP-overeenkomst wereldwijd exclusief of kan Phillips technologie aan anderen in licentie geven?

7. Vloeistofbiopsietests

Momenteel hebben sommige vloeistofbiopsietests een MAF-gevoeligheidslimiet van ongeveer 5%. Is er een O & O-potentieel om vergelijkbare gevoeligheidsniveaus te bereiken als die van NGS-concurrenten (Sysmex enz.)?
joe123
0
Veel succes MB.
Hopelijk krijgen we hoopgevende duidelijke antwoorden.
Alvast bedankt voor de moeite.
Gijpie
0
Succes MB , ma objectief gezien vind ik het nie normaal dat aandeelhouders zelf op zoek moeten gaan naar basic informatie open communicatie positief of negatief duurt het langst
Flatlander
0
Helenim

Thanks for posting. Being in the US, I'm blocked from access to the convertible offering prospectus. I'd like to verify the terms specified by the prospectus issued a few weeks ago.

Thanks

FL
Flatlander
0
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