Monthly Archives: March 2016

Simris Alg

Algae on First North

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Algae producer Simris Alg is heading for First North. Mid-March, the company announced the decision to make an IPO before their listing on Firth North. The subscription period is from March 29th to April 11th and the debut date on First North is April 22th. Subscription price is 18.5 SEK with 300 shares as minimum, equalling 5,500 SEK. The number of new shares issued is 2.7 million – app. 28% of the total number of shares. If fully subscribed, the company will raise 50 MSEK for continued growth and commercialization. The plan is to use the fund for investment in production capacity (55 %), sales and marketing (20 %), and working capital (25 %). Continue reading

IVISYS

Worried about IVISYS

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IVISYS is a share with a growing risk. The share was listed on NASDAQ First North in April 2015, and by now, the company have only reached a few of the planned milestones. At the IPO the price of a unit (=two shares and a warrant) was 14 SEK. In other word, I paid 7 SEK per share and received a free lottery ticket in form of a warrant. The warrants gave me right to buy one new share one year later at a price of 8.95 SEK. One year later is now, and between April 13th and April 27th, I can buy additional shares. Trouble is that at present the share price is well below 8.95 SEK, which makes it a very unattractive offer. Continue reading

Short news

Short news shortly before Easter

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This week’s main news from my portfolio concerns Fortnox. But besides this a number of things are happening. In this short news post I will visit Recyctec, Nexam, Heliospectra, cast an eye on a noteworthy share price development concerning CybAero, and finally I give links to three resent investor meetings.

The main news this week was of course the takeover bid on Fortnox Monday 14th. Norwegian Visma made an offer of +32%, the general meeting was postponed until May, and investors are right now waiting for more information on the bid. During the week rumours of competing bids – nice if the price is up! – resistance from the main owner, pros and cons, etc. was a topic in different forums. And again I wonder: for many of the participants in these debates it seems more like football fans discussing their favourite team, than investors trying to figure out how they make the best investment. Continue reading

Fortnox report

Fortnox take-over bid

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The news from Fortnox this morning came as a surprise as it was announced that Visma, a competitor of Fortnox, has made bid to take-over Fortnox. Visma offers 24 SEK each share and the offer runs the first three weeks of April. The price offered for Fortnox is 1.4 billion SEK. Visma is a Norwegian company founded in 1996, active in the Nordic countries, Netherlands, and Baltic States and have grown via numerus acquisitions since (10 in 2014 alone). Continue reading

Nexam private placement

Private placements

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The past weeks’ time we have witnessed two private placements of very different nature. On one end, Recyctec made a private placement of 2.76 MSEK and on the other Nexam Chemical took in 129 MSEK, a quite large placement among start-ups at this stage. Recyctec had announced the placement in their year-end report. On the other hand, the private placement of Nexam came as a huge surprise. By end-December, the company had 36 MSEK in cash, and based on Q4-15 a burn rate of approximately 1 MSEK pr. month, leaving plenty of cash. Nevertheless, the company felt the need to make a private placement – the question is of course why. Continue reading

Phase Holographic share issue

Issues and Phase Holographic

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January 29th Phase Holographic announced an issue and a private placement – in total app. 40 MSEK. Issues in general affect share prices negatively. In this post, I’ll take a closer look at the five latest issues where I have participated and see how the long term effects on the share price of issues are and if they are profitable for investors. Continue reading

Portfolio performance February 2016

Portfolio performance February 2016

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It seems as if February is the month, where I have to adjust to two-digit losses – calculated in percent. Overall, the portfolio performance of February is miserable. On average 10 % down, while OMXSPI is up 2 %. 5 out of 14 shares are two-digits down ranging from 15 to 34 %. Only two shares are up, Dignitana 3.7 % and Heliospectra 6.9 – the two of them is 36 % of my portfolio. Dignitana is by far my largest position, and this fact compensates me partly for the general downfall.

On a scale from ‘awful’ to ‘heavy loss’ comes Photocat (-34 %), Recyctec (-30 %), IVISYS (-24 %), Nexam Chemical (-18 %), and Cantargia (-16 %). Continue reading