So whats happening at Bionex investments WITH ALL THE THREE HIGH PROFILE INVESTORS john gunn...Chris Roberts...Oliver Vaughan all owning many millions of shares. They must know things that we can only dream about. I am buying as well.

here's a post by someone on advfn ..sounds interesting..

Bionex Investments PLC (BNX) has 158m shares in issue, and at 1.1p has a market cap of 1.74m. It floated at 3.25p, so it's fallen heavily with the market (and on no news).

In its interims at 31st March 2003, Bionex had net assets of 3.67m, or 2.3p per share. This included 1m of cash and 2.7m of investments in quoted and (mostly) unquoted companies. Excluding float costs, total net expenses for the 6 months were just 60,000!!

The interims stated that "A review of the current portfolio has been recently carried out and the Board has decided that no adjustments to the carrying value of these investments is required." So we should be reasonably confident that NAV of double the current market cap is not too far off the mark.

But here's the fun bit. The biggest single investment of 1.55m is in Ark Therapeutics according to Bionex's AIM prospectus. 200,000 was invested at a pre-money valuation of Ark of 47.5m, and then another 1.35m of shares was acquired. Today we learnt from the Evening Standard that Ark was considering a float:

http://www.thisismoney.com/20031015/nm69086.html

"Ark revives flotation plan
Malcolm Withers, Evening Standard
15 October 2003
Extract:
"BRITAIN'S biggest privately owned biotech group Ark Therapeutics has revived plans for a London stock market flotation* after pulling out of a 140m float over a year ago.

Ark, which has a device for treating ulcers and is developing treatments for malignant brain tumours, hopes to come back to the market to raise up to 40m in cash. Market sources say it is in talks with advisers West LB Panmure and Nomura Securities.

Ark's last float attempt was abandoned 16 months ago after a sudden deterioration in stock markets.

Ark chief executive Nigel Parker then blamed the 'whole sentiment in the market', saying: 'We decided it was unwise to go ahead.' "

I have no idea at what valuation Ark may float. If it's 100m, that's twice the value of Bionex's original investment. But even if the valuation is static, that still supports a current NAV of more than twice the current market cap.

And there are lots of other promising investments in the prospectus, particularly Avidex and Biovex (which recently raised 17m - very impressive). Here's some useful links:

http://www.admedsol.com/ Advanced Medical Solutions plc - 100,000 invested
http://www.arktherapeutics.com/ Ark Therapeutics - 1,550,000 invested
http://www.avidex.com Avidex - 250,000 invested
http://www.biovex.com/ Biovex - 200,000 invested at pre-money 7m valuation
http://www.drugabusesciences.com/ Drug Abuse Sciences - $300,000 invested
http://www.ecosmart.com/ Ecosmart - $300,000 invested
http://www.morphochem.de/ Morphochem - 300,000 Euros invested at a pre-money valuation of 125m Euros.

Can't find a web site for Bionex at all though - help gratefully received. Saving money maybe?!

The only catch that I can see - loads and loads (and loads) of warrants, rights etc - you name it it's there. But as far as I can see, these are all exerciseable at 2.5p or above, so at the current share price they're all irrelevant.



All IMHO, DYOR, RIP etc

Anyone know what this crowd,Albany Capital are up to now?