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Um! should we sell or hold our remaining shares?? I'm not sure what to expect. If the business closes down do they pay off all existing share holders if the business closes? I'm new to all of this and not sure what to do. Any advice helpful. Thank you.
So - into 2022 we go. As far as I am aware the transition services we provide to GD end on 31 Jan - and the company is still in the process of winding down its operations - budapest is being terminated through ICANN so assume there was no buyer for that geo. Hopefully Miami and Boston should also now have been transferred to GD which should reduce Escrow to $12m (locked up until 31 March 22). If the 31 Jan date remains - and there is no reason to think anything otherwise - we will no longer be a trading company end of month and move into life as a cash shell. We should expect an update on the way forward in next few weeks - covering future capital returns, net asset position allowing for costs incurred and anticipated (under or overspend of the c.$20m set aside to close down business operations) and any indication or appetite to progress an RTO. SB
According to yesterdays RNS, LCAM (Vidacos) appear to have increased its holding by over 5 million shares. Although there is more cash left in the business to result in a final payment in excess of the current share price, would an II bother? Maybe there's some news coming.
Something?
Hi Sunday - good to hear from you. Can't add much more than hucks - mmx2 still seems a bit off - and who knows whether it will ever happen. From memory we have about $36m in cash (that includes the $12m escrow) available to be returned or used for an RTO - and I think there is another $20m which was being used to pay for deal expenses, tax, staff severance etc - so I guess if they spend less there may be some upside, or vice versa. The ongoing services being provided to GD end in Jan 2022 - and by then the company is required to advise the market on a course of action - effectively wind it up and return proceeds or transfer to a cash shell vehicle which has six moths before it gets delisted from AIM in July 2022. Hope your crypto investments are doing ok - atb. SB
Hi SS, hope you are well.....There is really not much to say, most folk took advantage of the 9.6p TO, many sold up to 88% of their holding when only 69% was guaranteed so it seems at least 1 x II did not take up the offer but as yet we have not had an rns to tell us who has what holding (we don't really yet know if this is in any way significant) So there is around $30M retained by the company who are now basically a cash shell. We await news.......hoping for an rto that might just boost the sp, as far as I am aware MMX have six months before having to return remaining cash to sh at the NAV or effect an rto so as you say this has been a long, tedious and frustrating wait for a decent return that is simply not going to happen, we have all learnt lessons most of us, like you, bought in heavily to get our buy price down, this was stressful so that's about all there is I'm afraid atb Huckster
Good afternoon chaps..Congratulations on getting over the line,you deserved more but at least the exit was close to break even or better for most..A sad chapter of missed opportunity and bungled incompetence by all who managed MMX over the years...I came away with a hard lesson ,loyalty counts for nothing ,especially in the AIM market.
.Looking at developments in the crypto markets ,it looks to me like tlds ,as we know them are facing serious competition from the NFT crypto market..You can now by your domain for a one off fee for life..
I wish you all well and success in future investments, speaking of which,is there any news on MMX 2...atb
SB quiet on here, yes, sleeping better now, considering putting some into global growth funds, letting someone else do the work!, need to find the top fund manager. Hopefully get some news here soon re II's stock holdings atb Huckster
Surprised no more holding rns
Good luck with BOO and AO hucks. Don't think you are being disloyal at all. One of the problems I think a few of us experienced here was having mmx as a disproportionate holding in our overall portfolio - that was certainly the case for me as I sold elsewhere to average down here. And when the business performed the way it did - the risk became quantifiably larger and we all went through some tough times and soul searching - cut and run, take the losses or hang on for dear life!! It was sometimes difficult to hear the truth - to see the level of mismanagement - but we all got duped - even SJL and I have a lot of respect for his honesty and transparency at the time given the sums involved at his end and the pack of lies he was sold. As we have said before - there's a bit to go here - lets see how the next six months plays out to see if the book closes or starts a new chapter. I sleep better at night knowing I don't have a chunk of my savings in one company any more - and after all is said and done I still came out with a profit - small given the timeframes and emotional roller-coaster, but its there! ATB to you with your future investments - and all others who hung around! SB
Invested in these 2 last week, think they are at the bottom and they have both had a bounce already. Now posting on their share chat, feel disloyal really, but MMX has been such a s**t show for so long, hoping for better things here. Huckster
For AO read BOO and visa versa, they have both just had a traumatic sp price crash for exactly the same reasons, are their 150p and 189p current prices going to bounce back towards 400p? these online boys do well in Covid times, maybe this wintr would be good for them? Poor bastards at buy ins of 250 ish buying like mad to get their average down, all so very MMX Huckster
Kitkateat AO World plc are an online white goods and electrical supply company,done very well, they had a price of 400p in January this year, but there have been supply issues and driver issues that have spooked investors, a week last Friday the share price dropped dramatically and is now 150p brokers think this is a short term problem and will be resolved by the end of 2022 this could be a good recovery investment, I have gone in with them as the risk 15% of my portfolio, we will see. I am not giving financial advice, other brokers exist! Huckster
AO is appliance online
Sorry Huckster, what’s AO?
Wow 95% in HL. Result
leadership........................Bingo cash!.....................Looking to invest a little in AO, been a disaster, but if problems are temporary could be a good little earner. Huckster
Wow, 95% sold on HL.
I know, taking the **** now
Still nothing from HL???? most people could do better by sheer accident, so frustrating, Oil and Gas are well up today, missed it
Money appeared this morning from iweb
Still nothing from HL!
Better late than never eh Hucks - and leaves you a decent wee % of the business! Should get some holdings announcements in next few days which may clarify why we managed to sell 88% - from memory canaccord and hony were the main parties not to declare their intentions. Another quarter left providing transition services then that’s a wrap for domain style mmx - a 15 year journey so far - we shall see if there is another chapter being written. SB
HL say they are paying today.... hurrah.........well I only went for 69% leaving me with a sizable holding. It is interesting the tender offer got as far as 88%, there must be a big player somewhere who chose not to partake, interesting. You wonder whether someone like Lombardier hasn't got a company up their sleeve who aspires to be on the Aim.....that might be nice H
Yes me too , 87.83% , so it looks like a lot of investors took a lot less or some larger holding may have opted out. Do they know something !! Just bought £2K's worth which almost doubles my holding. Happy to hold and forget for now .