Viburnum is continuing to increase their position.

8 Sep 20: Viburnum @ 21.99% from 20.65% av $0.27

9 May 20: Jencay capital holds 11.72% of shares.  Viburnum has been buying on market in Dec 19 and holds 20.65%.  Obviously, these two funds see value in UBI to be buying.

17 Aug 20: UBI up +7%.  So that's almost 20% over the last two days.  The volume was not as high as the previous trading day but still significantly above average.  Waiting to see if a substanital holding change notice will come out soon.  Breaking into new 12month highs.

14 Aug 20: Something happened today. 10.7m share traded which is more than 10-20x daily average and +12%.

24 Jul 20: AGM Update.  Management are excited about their new product Sentia for the wine industry.  Even if they were to get 5% market share it would be very significant in terms of revenues for them.

I wondered why there had been a spike in the share price recently, as it was essentially a cash box with $32m in cash (30 Jun 20) or $0.18 per share.  Revenues from selling the Xprecia Stride strips to Siemens had been only $0.4m last quarter and they were burning cash at a rate of around $2m per quarter.

The new CEO from MVP, John Sharman seems to have brought a new product focus to the company, moving away from their previous reseach focus.

Even a moderate success with their new Sentia product would make the current share price seem like peanuts.  With over $32m in cash, they don't need to raise capital so are in a good position. 

I've taken a starter position in UBI today and will look to add news about Sentia sales. 

8 Jul 20: Almost 25m share traded yesterday with a sharp increase in share price (+20%) to a 12month high of $0.26.  I wonder is something is going on.  A fund taking a position / increasing its stake or something else?

Update: CVC was the fund selling 23.82m shares for $5.24m.  Waiting to see who bought these share as you can't sell this amount of shares and have the share price INCREASE unless there is a buyer on the other side.

10 Jun 20: JM Financial Group becomes a substantial holder with 25.3m share {14.25%) buying the shares that CVC sold

6 Mar 20: New CEO John Sharman from MVP.  Was CEO of MVP for 10 years.  Will commence no later than 4 Jul 2020.  That a well regarded CEO would join from another bigger and better know company is a positive for UBI.

20 Apr 20: 1Q20 4C Cash AU$34.9m. 178m share = 19.6c per share.

12 Sep 19:

Viburnum increased holding 19.01% (from 17.91%) @ 19c

26 Jun 19

Jencay increased holding to 11.72% (from 9.47%) @ 19.4c

9 Sep 19: 10% on market buyback.  31 Dec 19 cash balance will now be $37m after payments to Siemens.

16 Aug 19: Cash now at $50m or $0.28.  Considerable discount to cash at current price of around $0.20.

8 Mar 19:  Best case senario would be Siemen's taking overing UBI. Should know within 3 months whether this will happen.  Case of downside is limited at cash backing of $0.26.  However, if Siemens takes over UBI then upside could be considerable.

It would make sense for Siemens to take over UBI with all the cash on the balance sheet and all the R&D capability of UBI.  Possibly the biggest hurdle would be an agreement on price.  Term sheet which stipuates no distributions etc and management comments at the conference call today suggests that a buyout is one of the possibilities being considered.

Management are reducing expenditure to reduce cash outflow.

9 Sep 19: Agreement with Siemens regarding a term sheet reached.  UBI will pay Siemens US$12.5m.

Cessation of Development Obligations. 

Siemens has relinquished its previously exclusive global hospital marketing rights.

Siemens guarantees UBI a minimum order of Xprecia Stride Strips over next 42 months (3.5 years). Siemens will prepary US$4m of this revenue by 31 Oct 19. 

Siemens will provide UBI with assistance to reduce UBI's product manufacturing costs.

16 Aug 19: Siemens negotiations extended a further 90 days.  Possibility of legal battle.

8 Mar 19:  CEO resigned.  Not unexpected as the company has sold it's major operating asset. 

The major risk is if the current Siemens negotitions are very unfavourable.  However, the company is trading below cash backing