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Argonaut Technologies (AGNT) Message Board

  • plenty_o_cash plenty_o_cash May 13, 2005 1:06 AM Flag


    I have a question. The recent SEC documents (and comments on this message board) seem to imply that the $9.8M cash is not part of the Biotage deal. But the comment in today's press release says:

    "As previously announced, we have signed a definitive agreement with Biotage AB of Uppsala, Sweden to sell the assets of Argonaut's chemistry consumables business and certain assets related to its process chemistry business, which together constitute substantially all of the company's assets," continued Ms. Goldenstein.

    How could they exclude $9.8M and still be selling "substantially all" of the assets for ~$21M?

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    • �As we complete the sale transaction with Biotage AB , we will focus our efforts on winding-up our remaining assets...."

    • I see your is confusing...and much of the language in the press releases are like this. But still, I think Lissa and management really are focused on shareholder, especially because big shareholders are active on the board....the latest being Bentowvim.

    • So, is this a true statement?:

      "We have signed a definitive agreement with Biotage AB to sell ... substantially all of the company's assets."

    • this is stated explicitly in proxy, under "excluded items from sale"

      if you have any questions about this, call the company, but it's definitely the case that company keeps its 9.8 million, plus gets 21 million from Biotage.

      There will be severance costs, a few million of liabilities, and also legal/investment banker expenses. Moreover, it appears that 2 million of the sale from Biotage will need to be held escrow and, thus, would not be available immediately to shateholders. At the same time, however, the company has a building in Wales that should bring in an additional 2 million.

      All in all, I value the company at $1.25 per share, or about 26 million. I think this a very realistic estimate.

      I think the additional Lyron Bentovim to the Board is yet another signal that there is much more value in the stock than it's current price suggests.

      You gotta love getting 7/9 of your initial investment back in about two months, still preserving the upside.


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