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Synnovia (Plastics Capital as was) – trading statement; is a 10%+ forecast reduction really “broadly in line”?!
Just following up on Steve’s piece on Itaconix yesterday (HERE) with a couple of further observations relating to some interesting interactions between Woodford and its partner-in-crime in many of these early stage biotech / tech plays, IP Group, (IPO), but more importantly to ponder why on earth either of them are bothering.
Previously writing on Woodford dog Itaconix (ITX), it was Q1 trading update, ‘More cash please, Neil’ indeed!. Subsequently, the shares have been suspended due to “as a result of the requirement for further funding, the company will not be in a position to publish its annual audited accounts for the year ended 31 December 2017 by 30 June 2018, as required by AIM”. Today results and “Proposed Fundraising” announcements…
I suggested yesterday that things were looking up for Neil Woodford but we can all relax again as matters return to normal with disaster looming around every corner for the star fund manager as Itaconix (ITX) has suspended its shares this morning pending a potential fund raise.
Self-styled “a leading innovator in sustainable performance polymers”, Itaconix (ITX) has announced a trading update for the first quarter of 2018 trumpeting “despite adverse currency movements, group revenue has increased 8% year-on year in the first quarter of 2018”. Sounds decent enough so far…
I appreciate that Steve covered the highlights HERE but it is worth providing a bit more information on yet another yapping Woodford pug as the tale is all too familiar and one that will no doubt be repeated again and again in the future.
Itaconix (ITX) states it uses a “proprietary process with break-through economics to produce unique or enhanced ingredients for the homecare, personal care and industrial markets”. ‘Break-through economics’ hey, let’s take a look at its trading update for the 2017 calendar year – with the shares currently ‘breaking-through’ an 18% decline on the back of it…
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