21.6% Stake of Vascular Biogenics Ltd. (VBLT) Maintained by Thai Lee Family Trust
Thai Lee Family Trust recently stated that they own a 21.6% stake in Vascular Biogenics Ltd. (NASDAQ:VBLT) in a Schedule 13D/A disclosure that was filed with the SEC on Tuesday, September 20th. The investor owns 4,858,739 shares of the stock valued at $22,058,675. The disclosure is available through the SEC website at this link.
Thai Lee Family Trust provided the following explanation of their ownership:
Item 4 is hereby amended and restated in its entirety as Follows:
On January 31, 2014, Lee, the Trust, Keffi VI and other parties entered into a Loan and Forbearance Agreement pursuant to which Keffi VI and another debtor issued (i) a promissory note to the Trust in connection with a loan made pursuant to such Loan and Forbearance Agreement and (ii) an amended and restated promissory note to Lee which replaced certain promissory notes previously issued to Lee. The Trust and Lee loaned additional amounts to Keffi VI and another debtor in August 2014 pursuant to a demand promissory note.
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The obligations of Keffi VI and the other debtor under the notes issued to the Trust and Lee were secured by, among other things, a pledge of the Ordinary Shares of the Issuer owned by Keffi VI. In connection with such pledge, Keffi VI, Lee, the Trust and JPMorgan Chase Bank N.A. (the “Intermediary”) entered into a Securities Account Control Agreement dated May 4, 2015 which provides that at such time as Lee and the Trust send a Notice of Exclusive Control to the Intermediary, the Intermediary may thereafter honor solely the orders of Lee and the Trust concerning the account in which the pledged Ordinary Shares are held. On January 19, 2016, following a default under the Loans, Lee and the Trust delivered a Notice of Exclusive Control to the Intermediary which gave Lee and the Trust the right to direct the vote and disposition of the Ordinary Shares of the Issuer held in the account.
On September 16, 2016, the Trust exercised its rights as a secured creditor and acquired legal title to the Shares.
The Reporting Persons have not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) any change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number of or term of directors or to fill any existing vacancies on the board; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer’s business or corporate structure; (g) changes in the Issuer’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or cease to be authorized to be quoted in an interdealer quotation system of a registered national securities association; (i) causing a class of equity securities of the Issuer to become eligible for termination of registration pursuant to Section 12(g) (4) of the Act, as amended or (j) any action similar to those enumerated above; however, the Reporting Persons at any time and from time to time, may acquire additional securities or dispose of any or all of the securities owned by them depending upon an ongoing evaluation of the investment in the securities, prevailing market conditions and other investment opportunities.
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Several other institutional investors also recently made changes to their positions in VBLT. Macquarie Group Ltd. bought a new position in shares of Vascular Biogenics during the second quarter worth $1,521,000. Menta Capital LLC raised its position in shares of Vascular Biogenics by 4.1% in the second quarter. Menta Capital LLC now owns 33,200 shares of the biopharmaceutical company’s stock worth $153,000 after buying an additional 1,300 shares during the period. Franklin Resources Inc. bought a new position in shares of Vascular Biogenics during the second quarter worth $4,191,000. First Eagle Investment Management LLC raised its position in shares of Vascular Biogenics by 371.1% in the second quarter. First Eagle Investment Management LLC now owns 923,239 shares of the biopharmaceutical company’s stock worth $4,256,000 after buying an additional 727,273 shares during the period. Finally, Turner Investments L.P. bought a new position in shares of Vascular Biogenics during the second quarter worth $1,007,000. Institutional investors own 14.46% of the company’s stock.
Vascular Biogenics Ltd. (NASDAQ:VBLT) traded up 2.2753% during midday trading on Tuesday, reaching $4.6433. 159,876 shares of the company traded hands. The firm has a 50 day moving average of $4.19 and a 200-day moving average of $3.85. The stock’s market capitalization is $109.59 million. Vascular Biogenics Ltd. has a 12 month low of $2.76 and a 12 month high of $12.25.
Vascular Biogenics (NASDAQ:VBLT) last posted its quarterly earnings results on Monday, August 15th. The biopharmaceutical company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. Analysts forecast that Vascular Biogenics Ltd. will post ($0.64) EPS for the current fiscal year.
A number of equities analysts have recently commented on the stock. Chardan Capital reissued a “buy” rating on shares of Vascular Biogenics in a research note on Tuesday, June 7th. Piper Jaffray Cos. reissued a “buy” rating and issued a $14.00 target price on shares of Vascular Biogenics in a research note on Tuesday, June 7th. Roth Capital reissued a “buy” rating and issued a $22.00 target price on shares of Vascular Biogenics in a research note on Thursday, June 9th. Zacks Investment Research raised shares of Vascular Biogenics from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. Finally, HC Wainwright assumed coverage on shares of Vascular Biogenics in a research note on Tuesday, June 28th. They issued a “buy” rating and a $11.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Vascular Biogenics presently has a consensus rating of “Buy” and an average price target of $13.67.
Vascular Biogenics Company Profile
Vascular Biogenics Ltd. is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development and commercialization of treatments for cancer. The Company’s program is based on its Vascular Targeting System (VTS) platform technology, which utilizes genetically targeted therapy to destroy newly formed, or angiogenic, blood vessels.
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