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Where do you see this?
Looking good!
Something has been leaked....
To the extent that closing up the Mxc shop, which they’ve said they’re doing, means they’ll dispose of Mxc assets, they need to get on with whatever it is they’re up to. Including the debt overhang. Could take longer than the 5 years they stated, I suppose, to sell up.
But I don’t make a case for IDE anymore, or profess to have any real idea how it’ll turn out, for IDE or Mxc.
We’ll get something out of them this month. I suppose.
I think the plans were very much for IDE to be an acquisition vehicle to scale a managed service provider. It's certainly why I invested in them. Sadly I fear now it's just recover whatever value they can before closing up the MXC shop.
I continue to convince myself that Mxc and others have thrown so much at the company that it is part of a larger plan, and that plan on the face of it is likely to involve MXLG, that being the only thing they have running as a roll up, which when announced envisaged acquisitions to build a company of size and scale with Liberty Global as joint 50% partners with Mxc and their ‘mystery’ co-investor. ( I can’t remember where attempts to unveil that person finished )
I’m in the dark as a Mxc investor, yet MXLG is ongoing, 2 Mxc and 2 LG directors. And something got to happen for Liberty Global to buy it up, as per the original thinking.
And something got to happen with IDE, if Mxc and co are to make money.
It would make a lot of sense for IDE to merge with Kores365 - part of MXLG. Perhaps this is the reason that there has been no news?
They put the cost of remaining listed as about £0.3m a year they said for MXC, so there are potential savings there.
The reason they said really the only main reason to remain listed was access to capital. So I guess keeps the door open for further fundraising.
It’s just my own thoughts. Is there really anything they can’t do as a private company? Acquisitions and such may be supported by Mxc - they’ve thrown cash into it so far, kept things ‘inside’.
I just suspect that’s where it may be heading, is all.
Truth is, I don’t know, do I, no more than anybody else.
Tbh you can say the same about half the small cap market listings re why are they listed. Listing continues to make sense if the company looks for acquisitions (which was mentioned a while back or there is a RTO).
And, as I’ve mentioned before, I can’t see any reason why this should remain listed.
30th. September 2021
https://www.lse.co.uk/rns/IDE/half-year-report-1l0zegs1hmhggu5.html
It seems hard to square that summary and outlook with the reality of the situation as reported, or going unmentioned - talk of EBITDA whilst interest payments are rolling up, and the amount of time being taken to agree something on the loan notes amongst the few interested parties. And we have the strange taking of a loan, not repaid to MXC ( executive director Smith’s own investment vehicle )by the expected date for whatever reason, and they, Smith if you like, simply say
https://www.lse.co.uk/rns/IDE/related-party-short-term-loan-update-j0uynhgb7hmbnld.html
Only mention of Mxc looking to convert to equity in that one, and more to convert from the loan. If it continues like that, probably requiring FCA consent without a bid, it’ll be approaching private company status sort of thing.
It’s all a bit rum, I think - but I’ve sort of convinced myself Mxc have something in mind for Ide.
Seems like the after hour RNS did the trick re no market interest so far this morning. Seems like the higher margin work is weighted towards the second half so I wouldn’t be worried about the £600k ebitda figure - but it would be good if the company RNS some of these large contracts as comms are dire!
Well that was all too predictable. As I said they might... although I didn't think they'd play the Covid card again!
Higher potential EBITDA for last year nice. Only 600k for first half of this year not so nice.
They continue to downplay this.
Thanks for the link - can’t say I am surprised re delay but at least trading is stable - plus posting this after 430pm avoids a sell off like elsewhere today!
https://www.londonstockexchange.com/news-article/IDE/reporting-extension-and-trading-update/15520557
I wonder if they're planning on a merger with/acquisition by Cloudcoco.
I have asked the company multiple times on the date of results - you are right, it should be today and I have a feeling we will get a post 4.30pm RNS either with the results or explaining a delay. NOT GOOD
Are we not due results by month end?
“I could have almost had a bit more hope if MXC was an ongoing concern with a reputation to manage”
I won’t comment on reputation but they’ve been ‘sharp’ operators. It’s still on going, with disposals to make over next couple years or so. NAV after last shareholder return was £34.4m., about 15% each down to partners WEAVER, and SMITH who runs IDE. So they’ll want to make the best of assets including IDE - a lot of their own money at stake.
Oh they'll cook up something if they choose I'm sure :) Call me a bit cynical. "Due to the significant changes in the business it's taking longer than expected..." or some such. Let's hope not though.
I'm not feeling hugely positive as IDE took out that loan without notice of explanation and couldn't/didn't pay it back... so I wonder what that's all about.
With no RNS updates, no perceptible marketing... it just feels a bit ghost town. I even notice they had about six roles vacant a few weeks back and now none - they're either efficient recruiters or are on a hiring freeze.
They can’t use covid as a reason for a delay - I have sent two emails now on the date of the results and not even have an acknowledgement! That’s the trouble with several large shareholders - the rest of us are ignored. Don’t forget MXC are not the only party with debt - you would think they will agree the same conversion price across the debtors (presuming a D4E) but it might be that each debt holder will have their own objectives... also the company was trading well at the last update so I am hoping the recent drops are more to do with sellers and market general sentiment on small cap shares
Results are due by 30th June... it was the 29th last year they announced a delay. So we'll see this week I guess.
I am not high on hopes. I could have almost had a bit more hope if MXC was an ongoing concern with a reputation to manage. But as this is a case of them recovering as much value as they can while they can... there is little hope for us.
Still, at least I'll have closure soon. It's been six years since I started this journey at 37p a share.
Waiting on them as usual, but they have told us the bones of what to expect, albeit now 6 months behind.
It’s the debt ameliorisation needs clearing, and any surprises, though nothing would surprise me with Mxc’s dealings with investee companies - to ultimate Mxc advantage of course, if they can swing it.