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Guys,
Please all remember that there is a difference between being on the Advisory Board in comparison to the PLC Board or Operating Board. Just because we have some top names on the Advisory Board, doesn’t necessarily mean they know anything about Revenues earned (revenue recognition principles, differed revenue, IFRS etc (and yes I am another qualified accountant who works in this area)) which the other Boards will be aware of, so in case Revenues are small, they are not risking their reputations. They are there to advise (we don’t even know under what terms or how and when or under what frequency they meet, or even if they meet as a group or 1-2-1 over a coffee with JD).
I am a LTH but am worried that the fact JD doesn’t want to say anything, is less about “leaving crumbs” and more about actually having nothing to say! I can see the jigsaw puzzle coming together but more key than anything else (in my opinion) is signing up more AAA publishers and thereby more games, therefore more inventory etc.
I have met JD; must admit wasn’t massively impressed (but that’s just my opinion) and also met SG, Rob, Jamy etc. I understand the industry since I work in the area and have great AAA games contacts who just don’t know BIDS exist which is a shame hence all of their marketing. Still, there is a long way to go, so I’m tempted to come back in 6 months or a year to see where we are, however with over a £100k sunk in this and still haven’t broken even I am as nervous as many of you are.
Not trying to deramp, otherwise I wouldn’t waste my time here, but just trying to add some perspective/ thinking out aloud on thoughts surrounding the Advisory Board and some other points.
GLA
The advisory board are largely very well established, wealthy and busy people.
The risk is why waste their time? It is not like putting a name to a charity and turning up for a fund raiser once a year.
They will be approached all the time by different parties, the fact these guys willingly came on board with bids says plenty, regardless of how familiar they are with the finances.
Thanks for your thoughts and insight Chestnut.
I agree members of the Advisory Board are just advisors...
My understanding was that the plan for the Advisory Board was for them to meet as a team/group but yet to do so I gather.
Interesting impression you gleaned of Draper and I take your comment on board.
What did you think of Rob (esport's manager) and Jamy?
My view of Jamy was excellent. Passion and drive coupled with great understanding and knowledge.
Thanks for posting.
It’s true these guys have reputations and excellent contacts but I am just saying that they won’t know about performance of the company and execution of plans. Their involvement should not be confused with what it is, ie advisory.
I have invested in the first mover advantage and the tech, not particularly the people although I appreciate the company would not be where it is without them.
Roley, out of all the people I have met and interacted with Jamy was the most passionate With excellent contacts (and pivotal to the Unreal SDK activity), a really good guy and we are in touch by email.
I must admit I was sorry to see Simon go, but an opportunity presented itself to him that he could not turn down (although I suspect there was a “push” involved also).
Thank you Chestnut for one of the very few balanced and informed views on this board. I have never met JD myself but I share your reservations. I'm not impressed by what I see as ramping on his part. I'd feel much more comfortable if he stepped aside tbh, but I can't see that happen. I admit to having serious doubts about this company in the long term. At the moment I'm hoping for a short term rally at some stage where I can get out or at least reduce my position.
Lucky for us industry heavy weights that joined the advisory board were more impressed by JD than you.
Also lucky the likes of Codemasters liked him.
Surprised you sunk 100k into a company where the top guy doesn't impress you.... Not sure many would follow that strategy.
But good to have a qualified accountant on board, what is your technical view on if/when they would have to report any shortfall in expected revenue?
Lucky for us that after investing so heavily and then waiting many months, you have now decided it is the right time to join a BB and inform us of your doubts........
Better than getting the beano annual for Christmas being on this bb is sometimes.
Tredcareful,
I initially invested in BIDS from the crowdfunding days and so have always been impressed by the tech. In addition, my faith in Lewis and the rest of the team more than make up for my concerns with JD. I also think our current prime minister who runs our country is a plonker but doesn’t stop me investing in the UK.
With regards to the investment, I made the majority of my top-ups in the mid 20s, hence being down currently and have been topping up at these lower levels to bring my average to around 21p. As I say, I am here for the long term and (in my mind) have put a billion pound valuation on the company in a few years so while I may not enjoy the ride, am happy to take a bumpy ride it if it gets me where I want to be.
As for the reporting of revenue, I do not know the answer. Part of me thinks they would have to report profits more than revenues and nobody is expecting a profit this year, so nothing to report. I sincerely hope I am wrong and not trying to deramp the stock as I need it to rise.
Everybody is entitled to their opinions and this is mine, I don’t mean to cause offence.
Bakingmental,
I am not Intrepid. I only have this account.
As I said, each to their own, and I hope it rises today and everyday thereafter.
Fair enough chestnut...
I’m not convinced he’s not a conker!
What Hivedoff, prickly on the outside - tough on the inside!! You might be surprised.
Time will tell, always does.. but for chestnut...
Something I've witnessed many times over years in Industry, commerce and the voluntary sector.
Great Leaders Surround Themselves With People Who Are Smarter Than They Are
Agreed Bob. For me, the main guy is Lewis Sherlock. The “man with the plan”.
Also, you can still be a Tottenham supporter/fan, even if the manager changes. Your belief in the club/company isn’t still there.
Anyway, back to BIDS.
... IS still there I mean (lol)
`Part of me thinks they would have to report profits more than revenues`...chestnut1
I`m absolutely positive I`ve got this wrong..but, are you suggesting that you believe a company only does their accounts if they can declare a profit?
Please say no for sanity reasons!
Exactly that Bob.
And I also agree with chestnut - Lewis Sherlock is the guy that turned up at the interview with a plan - believe the 3 years in 1 is largely down to him.
Hi Bottmzup,
My point was that I believe if there is a material miss to profits guidance (by 10% or more) then an announcement needs to be made, but I don’t think the same applies to Revenues.
After all, can you (for example) miss Revenues by 20% on £1m to leave £800k, but save costs of £150k to still leave profits within market expectations and therefore not have to report anything to the market? This is my question.
If you have to report a material miss in Revenues as well as profits vs market expectations by now , then not having a RNS of this nature provides me with comfort that revenues are on track. However I do not understand the rules exactly on what needs to be reported on AIM and by when. I may ask a friend of mine who is a company secretary at an AIM company that I helped to IPO for his view and can then report back.
BTW for transparency, I am Bobman1 on the ADVFN board and some of you will know me from there. I couldn’t use Bob on this board to prevent any confusion with our friend from sunny Hartlepool.
These recent words by James draper I feel best demonstrate the kind of natural (and rare) leader he is.
"The talent we've put in place now in the UK, US and Latvia, leaves me rather excited for the future of the company"
humility and gratitude... I'd work for him in a split second gridz
Bob, my view of JD is that when he has time to prepare something and write it down, he talks a good game, however if you speak to him in person or listen to a podcast, he is slightly less impressive (in my opinion) and having worked closely with many CEOs I personally note a vast difference in style and personality.
That being said, there are many CEOs who are like JD and run very successful businesses so I don’t hold that against him. I think he is the right person to lead the business so long as he continues to surround himself by good people as a few of you have rightly mentioned.
Finally, when I have spoke to him, he was very gracious and I enjoyed his company for the 30 minutes or so that we spoke. He is a nice guy and seems quite genuine.
Thanks for the clarification Chestnut1, I understand(ish) what you`re saying, I hadn`t been awake long and my brain was still on snooze!
The only market expectation out there is the £6m(ish) in revenue, although some say £5.9m and some say £5.7m, so what you`re saying is that they would have to announce a revenue `miss` before the end of year trading period if that was the case.
So silence is golden in this case... if they don`t say anything soon then rev`s can be assumed to be on track(ish).
For clarity Bottmzup, at this stage I do not know if you have to report a revenue miss vs expectations as my posts below.
Does anybody know the AIM guidance on this?
Ok, got ya.
As far as I`m aware (and could have missed it) JD has never actually quoted a figure, he has mentioned `the target`but not any particular figure, and the target is assumed to be the £6m as forecast by, was it Peterhouse(?) or something like that?
Whoever, it begs the question how did they manage to come to that figure anyway so far back in time?
Maybe someone better informed could clarify that.
I'm slightly mystified as to where this six million revenue (in six months) is actually coming from. This is all revenue from advertising, which by its very nature should be apparent and obvious. There are some very attentive individuals on this board, and if they are all still trying to fathom who these advertisers are and where their adverts are appearing, then one might conclude that this current revenue forecast may prove a little optimistic.
Lack of any sort of news does not help!