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Silly people this is an early stage co .What were you expecting?
Darktrace said they are looking for acquisitions so we expect further consolidation in the sector.
We are taking advantage of the low share price which also assigns no value to weshop
I think around $350,000 a year in director fees for each of their two co-CEOs. That seems a lot in a year for one CEO for a company of this size, stature and performance. The value of their shareholding is reducing with the share price, but just wait for the next batch of share incentive options to be issued to them. They seem to be big winners with the fees they have been taking out over many years, and I hope large shareholders like Currie/Leahy are pressing them. I think the original Brandshield company started around 2013, RNS's alluded to hitting cashflow positive territory next year. Let's see. Their product and industry reputation seems good, but no translation yet to shareholder value. I think they need place a bigger emphasis on achieving profitability and positive cashflow and then the market will react. They should have a relatively fixed cost base, and once that cash flow positive territory is reached then returns should increase exponentially as revenue grows. I wait and hope.
Yeah very poor share. Can’t bring myself to buy more to average down
Ever feel like you have been shafted? Yet another AIM disaster where shareholders lose almost everything and have to listen to executives telling us how good things are going to be….maybe for them and their gravy train!
Terry tesco piled in and still we have no cigar
We are buyers the sector is growing exponentially and Brandshield will grab a piece of the pie or get taken over
BRSD posted article this afternoon on LinkedIn
https://www.linkedin.com/posts/brandshield_fighting-ai-with-ai-activity-7099729422257168385-0s8f?utm_source=share&utm_medium=member_android
The final tranche of the long-term incentive plan options (RNS 19/04/2021) would have been assessed on ARR at end June 2023.
May 2023 ARR figure released as $9.3m (RNS 03/07/2023), compared to upper end of the incentive plan target as follows:
"The remaining 50% of the LTIP Options will vest should the Company have achieved an ARR figure of US$13,000,000 (the "Second ARR target") by 30 June 2023 (the "Second Milestone Options")."
They seem to be a long way off that ambition for the top end of the incentive plan ARR of $13m.
AGM on Wednesday, where they usually have a resolution to renew authority for another year to issue new shares. So maybe a fund raise soon after that authority being renewed.
The cash burn and available cash balance is a confusing one to me - why would Currie/Leahy purchase more shares on the open market in May if they expected to subscribe for another raise in the next few months ?
Must be more concerns regarding funding. As at 31/12/22 there was c£2.5m cash and cash burn for year is c£4m. So without a placing since Nov 2022 (so money received already included in cash figure) it would appear they must be running on fumes.
Never tried some simple short cost saving measures - reduce BOD pay, minimise marketing spend etc
I think in May the bid price was languishing at about 5p and might have gone sub 5p, then the RNS in May about increased shareholdings from Currie/Leahy seemed to get the share price going up above 7p. Since then a gradual drift down and bids seem to be at the 5p level again.
Hopefully an RNS soon saying that they have gone over the $10m ARR mark. I think they published that they were at c$9.3m at end May.
Yes, agree with ARR growth. For the last couple of years ARR growth has looked impressive, but is actually considerably less than the increase in marketing spend.
Clearly, for every £1 extra in marketing you would expect £2 plus of increased revenues (and that's not profit) yet this is not the case here.
A big red flag and the main reason why we have had 4 or 5 placings in the last 2 years.
Hopefully the We Shop investment might be used as funding going forward as this should start increasing in value and become less illiquid.
I liked this under the "Going Concern" section on page 47:
"In addition, the directors have undertaken sensitivity reviews of the forecasts to model the effects of lower than budgeted growth and believe that cost reductions would be achievable if needed (albeit to the detriment of the Group’s long term strategy) if required to avoid the need for a fundraise within the next 12 months. These measures would
include if required the Directors deferring an element of their salaries.
There was a recent RNS in May that William Currie had increased their holdings in the company, and those shares presumably have been acquired through the open/secondary market. Hopefully that is also a good sign that the intention is for no further cash raise soon.
Negatives for me:
1) ARR growth of only c$900k to May 2023 from previous 2022 year end ($8.42m to $9.3m). This compared to ARR growth of c$1.1m to May 2022 from the previous 2021 year end ($5.22m to $6.3m). Sit this alongside the marketing spend and to me does not look great. Second half of the year has typically been better so hopefully can catch up there this year.
2) Directors fees look very large relative to the size of this company. I guess that is why they can reference and explicitly state that deferring directors salaries as a mitigating action under the going concern section.
I think shareholder value in terms of the share price increase will only start to come when this company starts to become cash flow positive, but hopefully not long now before that happens and hopefully no more fundraises until then. The William Currie increased holding in May did provide a nice upwards bump in the share price.
A Q
how do they transition the equity of cca 30 mil on the Co level into cca 1,5 mil on the consolidated level
How to reason the following
BrandShield Systems PLC has used the exemption granted under s408 of the Companies Act 2006 that allows for the non-disclosure of the Income Statement of the parent company. The after-tax loss attributable to BrandShield Systems PLC for the twelve months 31 December 2022 was $2,298,640 (2021: $2,352,527)
Financial calendar missing...
annual report 2022 missing....
Noticed We Shop all over the Unicef soccer aid event yesterday.
Things seem to be moving here which hopefully could result in BRSD selling a few shares as opposed to discounted placings if/when further money is required.
8.4 on Google just now...moving in the right direction
Sir Terence Leahy and Mr William Christopher Currie have increased their holdings, explains yesterdays large buys. A big vote of confidence in Brandshield, exciting times ahead I feel......
So if the WeShop share price is £5.95, I calculate that would put Brandshields holding at a value of $7m. The company is expected to Turnover US$13M this year, and become profit making, plus with it's WeShop holding, makes it a screaming buy.
The lock in period has now past, which might have something to do with it. I also noticed that the latest transaction of WeShop shares went for £5.95 which would place Brandshields holding at a much higher value.