The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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The race is the largest participation race in the world with up to 36,000 cyclists taking part in normal times. This year's race will be slightly smaller due to Covid restrictions.
Slightly smaller??!!!!
Limited to 18K. 50% less.
Talking it down?
Or saying it as it is?
He has used Lvcg investors money (we were all invested for Bricklive) to pursue his dream of being a top dog in art and hospitality.
He's an egotistical pr##k who cherishes the limelight in Sloane Square more than he does his investors and staff.
Company has been smashed by covid but it’s survived and is fighting back. Its plain to see. Demand is on the increase, multiple contracts being let with old and new customers, including some very big contracts with Singapore zoo, Naples Zoo and bricklive Houston. Also has new divisions with a low cost base (admin costs less than £300,000) yet good revenue generating. Cycling event just completed (revenue north of £200,000) and now looks like they have landed a multi year contract for formula e that’s bigger than the market cap. You would think folk would be happy to see it, happy to see there is a future, happy to see folk will make money back. Makes you wonder why some are posting talking the company down? Strange behaviour, but each to their own.
Ciclitiras venture into South Africa to date
BrickLive Oceans which he spun as a new contract, but in reality was a unit rented by the Company and required ticket sales to cover the cost. Cancelled.
Pick and Pay Cycle event.
Company advises a small reduction in numbers due to Covid restrictions.
Apparently small in Ciclitiras eyes is 50%.
Formala E dropped from calender.
And all this was supposed to prop up the BrickLive business, or divide the costs, or whatever other nonsense he was spouting whilst awarding himself a 100 Grand bonus.
yes - this is a very lucrative deal and we should not rule out the possibility of some sort of compensatory payments having to be made for the preparatory work that may have been agreed and completed by LVCG and E movement already - it may have been written into the agreements, that any cancellations would incur a cost to the host city if they cancel.
Very interesting SEA7. Seems the model used is different in each location. The city of Cape Town is funding the road improvements (confirmed in the press release by the looks of it). Seems that the organising fee for Montreal is $1.5 m Canadian dollars = £880,000 so the organising contract could be worth almost double the lvcg market cap.
https://www.cbc.ca/news/canada/montreal/formula-e-montreal-costs-world-cities-2017-1.4163140
Here is the breakdown of the costs (figures are rounded):
Building and dismantling of the track: $9M.
Nomination fees for the City of Montreal: $151,000.
Approval of the track: $226,000.
First payment of race fees: $1.5M.
Salaries and other costs to organization responsible for the Montreal, c'est électrique event: $250,000.
Protection of the track: $7.5M.
Citizen compensation for parking: $80,000.
Road work: $4.4M.
Engineering services: $450,000.
Work inspection: $250,000.
and then the amount paid by the city as an out of court settlement for cancelling it....
https://globalnews.ca/news/8020784/montreal-formula-e-lawsuit-settlement/
A $3-million settlement has been reached between the organizers of the Formula E race and the City of Montreal.
Yes but unless we get this figure rns’ed then…?
Personally I don’t think the postponement of the e prix to 2023 is an issue. They need to get the track right for a 10 year commitment. Rushing it and having manpower shortages re designing the roads during covid could cause an inferior track to be produced.I know people in formula e and my understanding is that hosts of other e prix locations get paid a hefty organising fee per annum and this can be taken in stage payments during the year prior to the race. A pure guess on my part but an organisation fee of half a million wouldn’t be out of the question. Multiply this by 10 years gives a 5 million total. Not bad in my opinion. Add to this advertising and sponsorship gives a pretty hefty income. The video from Alberto Longo clearly states that the sport is eager to get to Cape Town which is a sporting mad city as we all know.