Announcement • Nov 23
Sourcebio International Plc Announces Proposed Cancellation of Admission of Its Ordinary Shares to Trading on AIM Sourcebio International Plc announced the proposed cancellation of admission of its Ordinary Shares to trading on AIM, pursuant to Rule 41 of the AIM Rules, a proposed tender offer pursuant to which up to 11,071,810 Ordinary Shares (representing approximately 14.9 per cent. of the existing share capital of the Company) would be purchased by the Company at a price of 115 pence per Ordinary Share, re-registration as a private limited company and the adoption of new articles of association. Expected time of Cancellation of Ordinary Shares purchased by the Company pursuant to the Tender Offer is December 21, 2022, Expected Last day of dealings in the Ordinary Shares on AIM is December 29, 2022, and expected Cancellation of admission of the Ordinary Shares to trading on AIM will be December 30, 2022. Under the AIM Rules, the Cancellation can only be effected by the Company after securing a special resolution of Shareholders in a general meeting and the expiry of a period of 20 clear Business Days from the date on which notice of the Cancellation is given to the London Stock Exchange. This notice was given today. In addition, a period of at least five clear Business Days following Shareholders' approval of the Cancellation is required before the Cancellation may become effective. The Resolutions seek (amongst other matters) the approval of Shareholders for the Cancellation. Assuming that the Resolutions are approved, it is proposed that the Cancellation will take place by 7.00 a.m. on December 30, 2022. In order to comply with applicable company law and the AIM Rules, the Proposals require the approval of Shareholders at a general meeting of the Company. The Company is convening a general meeting for midday on 20 December 2022, to be held by means of electronic facility and at 1 Orchard Place, Nottingham Business Park, Nottingham, NG8 6PX, to consider and, if thought fit, pass: (a) a special resolution to authorise and to approve the terms under which the Tender Offer will be effected; (b) a special resolution for the Cancellation; (c) a special resolution relating to the Re-Registration; and (d) a special resolution relating to the replacement of the Company's current articles of association with the New Articles. Announcement • Nov 09
Sourcebio International Considers the Cancellation of the Admission of the Company's Ordinary Shares to Trading on the AIM SourceBio International plc Board is considering the cancellation of the admission of the Company's ordinary shares ("Ordinary Shares") to trading on the AIM market of the London Stock Exchange (the "Cancellation") and a proposed tender offer by the Company (the "Tender Offer") for a proportion of the Ordinary Shares, subject to, amongst other things, shareholder approval and securing the necessary financing. The Board has conducted a review of the benefits and drawbacks to the Company retaining its listing on AIM and maintaining its existing corporate structure. Subject to shareholder approval, as noted below, the Board believes that the Cancellation would be in the best interests of the Company and its shareholders as a whole, for the following reasons: although one of the main benefits of a company being on AIM is the potential to issue new shares to raise additional funds for investment or to issue new shares as consideration for acquisitions, the Company is unable to raise money at what the Directors believe to be a fair valuation and, due to the low liquidity, the shares do not represent an attractive currency; the Board believes that the Company's current share price does not accurately reflect the future potential of the business, especially given the significant growth opportunities in Cellular and Digital Pathology; the Group is focused on aggressively growing the three core business units: Healthcare Diagnostics (Cellular and Digital Pathology), Genomics and Stability Storage. There may be corporate development and restructuring that is needed to drive and develop such growth which may potentially be executed faster and more nimbly if the Company were a private business; the Board believes that, as a private company, the ability of the Company to command a much higher valuation for the business on eventual exit would serve in the best interest of Shareholders; there is limited trading of the Ordinary Shares; and the Company estimates that it could save annualised costs of circa £600,000 per annum, being incremental costs resulting from the Company being a public limited company with a listing on AIM. In conjunction with the Cancellation, theCompany is planning the Tender Offer at a price of 115 pence per Ordinary Share. Whilst yet to be finalised, it is intended that the Tender Offer would be for a proportion of the Ordinary Shares and would be open to certain shareholders, to the extent that shareholders do not wish to retain their Ordinary Shares post Cancellation. It is expected that holders of a substantial proportion (at least 48%) of the Ordinary Shares will not tender shares under the Tender Offer and therefore the Company expects to be able to purchase a large proportion of the remaining shares. The Group is in advanced discussions in relation to securing the necessary financing for the Tender Offer. In compliance with applicable law, regulations and the AIM Rules, the Cancellation, the Tender Offer, the proposed re-registration of the Company as a private limited company and the adoption of new articles of association will, amongst other things, require the final approval of the Board and the approval of Shareholders at a general meeting of the Company. The Tender Offer and Cancellation will be inter-conditional. The Tender Offer will require the consent of the Panel on Takeovers and Mergers and will need to comply with the Takeover Code (the "Code"), including seeking waivers under Rule 9 and Rule 37 of the Code, and will require shareholder approval. The Company expects to provide fuller details of these arrangements in due course. Reported Earnings • Sep 09
First half 2022 earnings released: UK£0.028 loss per share (vs UK£0.11 profit in 1H 2021) First half 2022 results: UK£0.028 loss per share (down from UK£0.11 profit in 1H 2021). Revenue: UK£20.5m (down 45% from 1H 2021). Net loss: UK£2.09m (down 126% from profit in 1H 2021). Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Healthcare industry in Germany are expected to grow by 4.4%. Announcement • Aug 19
Sourcebio International Plc to Report First Half, 2022 Results on Sep 08, 2022 Sourcebio International Plc announced that they will report first half, 2022 results on Sep 08, 2022 Buying Opportunity • May 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 3.5%. The fair value is estimated to be €1.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 82% over the last year. Earnings per share has grown by 324%. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Simon Constantine was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 08
Executive Chairman recently bought €155k worth of stock On the 6th of April, Jay LeCoque bought around 100k shares on-market at roughly €1.55 per share. This was the largest purchase by an insider in the last 3 months. This was Jay's only on-market trade for the last 12 months. Reported Earnings • Apr 06
Full year 2021 earnings released Full year 2021 results: Revenue: UK£92.4m (up 82% from FY 2020). Net income: UK£16.7m (up 459% from FY 2020). Profit margin: 18% (up from 5.9% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 57% compared to a 4.3% growth forecast for the industry in Germany. Announcement • Mar 10
Sourcebio International Plc (AIM:SBI) acquired Ldpath Limited for £33.5 million. Sourcebio International Plc (AIM:SBI) acquired Ldpath Limited for £33.5 million on March 8, 2022. The initial consideration comprises £18.5 million in cash, and subject to exceeding revenue thresholds for the remainder of 2022 as well as for calendar years 2023 and 2024, additional consideration of of £15.0 million. The initial cash consideration was funded from the Group's existing cash resources. The acquisition is expected to be immediately earnings enhancing. Liberum acted as Nominated Adviser for Sourcebio International.
Sourcebio International Plc (AIM:SBI) completed the acquisition of Ldpath Limited on March 8, 2022. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €1.51, the stock trades at a trailing P/E ratio of 33x. Average forward P/E is 15x in the Healthcare industry in Germany. Announcement • Mar 17
Sourcebio International Plc to Report Fiscal Year 2020 Results on Apr 13, 2021 Sourcebio International Plc announced that they will report fiscal year 2020 results on Apr 13, 2021 Announcement • Mar 09
Sourcebio International plc Enters into an Agreement with the Rugby Football Union and Premiership Rugby Limited to Provide Covid-19 Screening Testing Services for Elite Rugby in England SourceBio International plc announced that it has entered into an agreement with the Rugby Football Union ("RFU") and Premiership Rugby Limited to provide COVID-19 screening testing services for elite rugby in England. Under the agreement SourceBio will provide COVID-19 testing services to England Rugby Senior Men's squad and support staff and to all 12 Premiership Rugby clubs players and staff. In addition, the RFU is also looking to roll-out this testing service to RFU Championship clubs who will be able to use this agreement to access the services provided by SourceBio. SourceBio will provide COVID-19 testing to players and staff around training schedules and ahead of match days. Third party healthcare professionals sourced by SourceBio will take swabs from individuals and samples are then couriered to the Company's ISO 15189 accredited laboratory facility in Nottingham for PCR Testing. Test results are turned around in less than 24 hours. SourceBio has processed more than 1,000,000 COVID-19 antigen RT-PCR tests for the DHSC and the NHS, Private Hospital Groups and Commercial customers since first offering its service in May 2020. Announcement • Mar 04
Sourcebio International Plc Announces Laboratory Operations in San Diego, California, to Be Expanded to Include COVID-19 qPCR Testing Services SourceBio International plc announced that its laboratory operations in San Diego, California, are to be expanded to include COVID-19 qPCR testing services. The division based in the Torrey Pines Genomics hub of the US, and home to prestigious as the Scripps Research Center,will mirror that of the Company's set up in Nottingham, England, and is expected to be fully operational in Second Quarter 2021. The Group's existing San Diego facility currently houses Stability Storage Solutions and Genomics business units and the enhanced space is planned to have the capacity to process up to circa 5,000 samples per day with opportunities for continued growth. Announcement • Feb 19
Sourcebio International plc COVID-19 Mobile Testing Labs Management Contract SourceBio International plc announced that it has entered into an agreement with Mitie Security Limited ("Mitie") to manage the delivery of community based COVID-19 testing services through mobile testing units. SourceBio will manage the delivery of the mobile COVID-19 testing laboratory service currently being deployed in a Department of Health and Social Care ("DHSC") pilot scheme. SourceBio will oversee all laboratory operations and processes and will have responsibility for all clinical governance, quality assurance, staff training, sample processing and information management. Currently four mobile testing laboratories using Oxford Nanopore's LamPORE tests for COVID-19 have been deployed in the pilot which has been launched to support the Governments community-based testing efforts and ensure that COVID-19 testing is available for surge or increased infectious status within a specified region. SourceBio will manage the mobile testing service on behalf of Mitie for the remainder of the pilot and is working towards continued involvement in a potential UK-wide programme. Is New 90 Day High Low • Feb 10
New 90-day high: €2.62 The company is up 49% from its price of €1.76 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is down 13% over the same period. Announcement • Jan 12
SourceBio International plc Enters into A Supply Agreement with UK High Street Retail and Pharmacy Group SourceBio International plc announced that it has entered into a supply agreement with a UK high street retail and pharmacy group to provide laboratory-based testing services to support the roll-out of COVID-19 testing across UK stores. Under the initial 12-month agreement SourceBio will offer COVID-19 PCR Testing services from its ISO 15189 accredited laboratory facility in Nottingham. The service is being trialled initially across a limited number of clinically approved high street sites with the goal to offer larger-scale COVID-19 diagnostic testing across many more UK stores should it prove successful. SourceBio currently provides COVID-19 testing services to the NHS, the Department of Health & Social Care and private healthcare customers. The Company admitted to trading on AIM in October 2020 and raised funds to expand testing capacity to meet the expected increase in demand for COVID-19 testing services from additional commercial customers. Announcement • Dec 16
Sourcebio International plc Announces Enters into A Strategic Commercial Partnership with Oxford Nanopore Technologies Limited SourceBio International plc announced that it has entered into a strategic commercial partnership with Oxford Nanopore Technologies Limited, a leading next generation DNA/RNA sequencing technology company, to offer a commercially available COVID-19 testing solution to corporate customers at scale. The test will also be offered to consumers. Oxford Nanopore's, CE-marked LamPORE COVID-19 assay, for the detection of SARS-CoV-2, will be used at SourceBio's state-of-the-art ISO15189 accredited laboratory facility in Nottingham to offer a large-scale COVID-19 diagnostic testing service. LamPORE COVID-19, a new generation of test, is specifically designed to detect SARS-CoV-2, the virus that causes COVID-19. LamPORE is rapid and highly scalable, allowing for high performance test deployment in both high-throughput, traditional laboratory settings as well as smaller, more local lab environments - addressing the need for rapid, routine testing of large numbers of people. LamPORE has been shown to have sensitivity of 99.1% and specificity of 99.6%. In this instance, the LamPORE COVID-19 test is performed from oropharyngeal and nasopharyngeal swabs which are sent to SourceBio for assessment and can return a positive or negative result within 24 hours of the laboratory receiving the sample. LamPORE also includes a built-in human actin control, which enables operators to discriminate between negative results due to sample collection errors and negative results due to the absence of SARS-CoV-2 infection. With options for using LamPORE in a fixed laboratory, or even in mobile community testing, the service is expected to broaden access to rapid, high quality testing to support people to return to work, to visit friends and relatives safely, and potentially assist with international travel where testing is accepted or required, given that LamPORE is a high-accuracy molecular test. The COVID-19 testing service using LamPORE will be offered as an additional service by SourceBio to complement its existing COVID-19 PCR Testing services which are currently used by a range of customers. SourceBio and Oxford Nanopore and are already jointly marketing this service to potential corporate customers.