RI 2000 funds.....new tech supposed to generate £10m minimum over it's lifetime, £500k per year on 20 year patent. Approx 100 of the existing stuff earns peanuts, £80-100k per year. Royalties continue to grow, I'd expect stronger future growth with less admin.
IH, RK and Frank Armstrong all going/gone. My guess is paying the price for Vs (among other things) courtesy institutions. CSFB's 200p....with dilution 143p, cap £210m. Cap now (87p) £128m, £82m less.
More reliable(?) theoretical price of dilution from sp 140, 122p, cap £179m, cap now £51m less or 34p per share. So the new test has wiped £50m off of Vs hope?
More upside than down on Vs good/bad news, core looks solid, 10p book value investments, admin cuts will not effect bottom line adversly via new tech royalties for 3-5 years, I like it but falling knife and danger of Vs scrapped.....
Back my own bull, I guess/hope/think/ Vs resumes trials (too much doom at the mo), if not prepared to average on overdone sell off/mark down. Think I'll start buying.......but could get cheaper yet. But now undervalued is my take and sentiment well out.
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