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Started: Margaret365, 27 Jan 2023 10:50
Last post: Margaret365, 27 Jan 2023 10:50
I’m of the opinion that Mayfair will need to withdraw, unlikely, or revise the offer price to get the 90% required. I can see a 37-40p new bid to tempt those that are holding on….including me. Even then, with the promised £5m investment, it’s cheap. 45-50p minimum is nearer the mark.
Started: Crypto-enthuiast, 23 Jan 2023 15:27
Last post: Dom-Bella, 24 Jan 2023 10:42
ITS is on the move
Does ITS look like a similar situation to BUMP
Started: Margaret365, 20 Jan 2023 09:16
Last post: Robsroom, 20 Jan 2023 16:18
Yeah amazing they get away with it, highly questionable integrity of the ceo. Masters of f corporate finance. I bought in at 27 and averaged down to 16p, ended up owning about 0.5% of the company, so sold up today at 29p (didn’t quite trust them to hold for 30p). A sweet return in the end, but agree there is far more value in the company that £15m. So where next?
Well done on holding your nerve and topping up, useful posts over past few months.
Looks like a done deal at this price to me.
Question is whether you can make more than 2% investing elsewhere in the time it takes for the cash to come through from this. Bird in the hand - guaranteed 2% - may be worth holding on for though
I kept buying all the way down, I own over 2%. In the end I will make around8-10% on the investment. In general terms a good punt but this should not be going for less than 50p. I’m not selling on the market, whilst 2% is small it is valuable to them. It’s possible they may need to pay more to get this across the line.
Started: robizm1001, 20 Jan 2023 08:54
Last post: HeresHopin, 20 Jan 2023 09:09
Can’t believe how these companies get away with it.
Started: Margaret365, 20 Jan 2023 07:53
Last post: Margaret365, 20 Jan 2023 07:53
Sadly, this has played out beautifully for Bertie and his Mayfair crowd. Sold at a ridiculous premium to much fanfair at IPO, seems now after just 18 months that going back to private is the way forward!!! Getting it for a song at £15m, this will be back to making £4m EBITDA in no time, so it’s double bubble for them. I’m gutted, oh and what about this market disrupting baby carrier that’s got a patent pending. ‘Love it when a plan comes together’ eh Bertie.
Started: SharePicks, 19 Jan 2023 20:20
Last post: Dom-Bella, 19 Jan 2023 21:55
Take a look over at UBG , could be the next .
https://news.sky.com/story/maternitywear-chain-seraphine-to-be-taken-private-at-fraction-of-ipo-price-12790522
expect an announcement tomorrow.
Started: Ilovesushi, 13 Dec 2022 10:55
Last post: HeresHopin, 16 Dec 2022 14:45
Use II Catabrit and thank you for information. Bought small amount as punt just recently knowning might lose it all or multiply it.
Hi. Been buying this. As I have commented on other boards, it lacks some of the downside that I typically seek but I think the franchise is a strong one and that the equity will re-rate meaningfully *if* (big if) they get through this cycle without needing to raise fresh capital. Personally, I do think there's a risk that this could delist and so I wouldn't want to hold this in an ISA or with a broker that doesn't allow you to own unlisted shares. (ii do by the way). It's an interesting risk/reward and I have position sized accordingly and I wish everyone the best of luck and look forward to sharing info / discussing updates etc.
As you suggest there is no money, that is called fraud & management will go to prison. Share premium has to be managed on separate account and shown separately in balance sheet.
In the 2021 accounts, share premium was shown separately and Share premium account contains £59,436,003. In the 2022 full year accounts that will be reduced by £40,000,000.
We have to see what management will do that money. They have few options only. Reserve created on such reduction can be treated as a realised profit and, therefore, it may be distributed to shareholders or used to buy back shares.
May be HeresHopin & robizm1001 are shorters or paid to deramp the company. and spread the false information.
Companies do reduction of share premium and keep the money in separate account and can use for the share buyback, dividends or company mergers.
You can see the other company LDG, which have done reduction of share premium.
https://www.lse.co.uk/rns/LDG/synsion-investment-and-intended-further-buyback-zv42lhepbh6odzv.html
Proposed Share Buyback
On 14 January 2022, the Company announced a reduction of capital, change of Investing Policy and share buyback (the "Prior Buyback"). Shareholder approval to complete the Prior Buyback was obtained on 31 January 2022 and, pursuant to the Prior Buyback, the Company acquired 140,441,180 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares"), in market trades via its retained broker, at an average price of 15.7 pence per share, between 25 February 2022 and 6 April 2022. Following completion of the Prior Buyback, the Company has made a number of new investments, however, trading in the Company's Ordinary Shares has returned to a level which represents a significant discount to the Company's net asset value (NAV) per Ordinary Share.
If you can search, you will find lots of examples.
They can use that pay dividends or share buyback.
AGM resolutions: Resolution 17: Purchase of own shares THAT the Company be generally and unconditionally authorised for the purpose of section 701 of the Companies Act 2006 (the “Act”) to make market purchases (within the meaning of section 693(4) of the Act) of ordinary shares of £0.01 each in the capital of the Company (“Shares”) on such terms and in such manner as the directors may from time to time determine, provided that:
17.1 the maximum aggregate number of Shares which may be purchased is 7,630,211 (being approximately 14.99 percent of the issued ordinary share capital of the Company);
17.2 the minimum price (excluding expenses) which may be paid for each Share is £0.01 (being the nominal amount thereof); and
17.3 the maximum price (excluding expenses) which may be paid for each Share is the higher of:
(a) an amount equal to 105 per cent of the average of the middle market quotations of a Share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately before the day on which
the purchase is made; and
(b) the higher of the price of the last independent trade of a Share and the highest current independent bid for a Share on the trading venue where the purchase is carried out.
The authority conferred by this resolution shall expire (unless previously renewed, varied or revoked by the Company in a general meeting) upon the earlier of the conclusion of the next AGM of the Company and the date which is 15 months from the date of passing of the resolution, save that the Company may, before the expiry of the authority granted by this resolution, enter into a contract to purchase Shares which may be executed wholly or partly after the expiry of such authority,
Started: Robsroom, 13 Dec 2022 18:18
Last post: Robsroom, 13 Dec 2022 18:18
I’m not an accountant but tried to figure out what was going on with the cancellation of the share premium, my guess was Mayfair partners loaded the company with 40 mil debt to buy the original owner out, they then pay that debt back issuing shares at ipo, cancelling the debt creates the excess in the share premium account which has to be paid back (or cleared) before shareholders can get a payout? Would be nice for a finance bod to have a look. This drops because nobody buys retailers heading into a recession (apart from desperado’s like us), there are no buys so every sell moves the price down. But I honestly think they are setting themselves up for a good run, they got credible staff coming onboard, clearing the decks for when the tide turns. May 2020 French connection had a market cap of 4 million, 6 months later it had 5 bagged before a sale, same deal here but I think this is a better business and will actually start turning a profit. Not for widows.
Started: Margaret365, 13 Dec 2022 11:31
Last post: Margaret365, 13 Dec 2022 11:31
Spot on kotichava
Started: Margaret365, 13 Nov 2022 15:08
Last post: mizzini, 23 Nov 2022 16:32
Just hit 10p. Below that tomorrow I'm buying in for the LTH.
Held up today , are you expecting a drop below 10 before recovering. Is this usually the best quarter or is not affected by the Xmas rally ??
Hi Mizzini. Yes, I’ve been buying all the way down, buying some last week at the current low. Mid term, I can see this back to £0.65-£0.80, which values at around £30-£40m. I don’t think it needs much of a swing to make £3-£4m ebitda and therefore be valued at a PE of around 10. At £6m, it’s just to cheap.
Started: Robsroom, 23 Nov 2022 07:31
Last post: Robsroom, 23 Nov 2022 07:31
I’m with you Margaret, looks very cheap and well positioned for a turn around. Only thing that worries me is the motives of Bertie from Mayfair partners, he clearly pulled a fast one with the IPO. Can someone explain the £40 million capital reduction, how that works and what it means?
Started: Margaret365, 12 Nov 2022 17:37
Last post: mizzini, 12 Nov 2022 21:45
Hey Margaret did you average down from your initial buy in price when the price hit all time low ? Been watching this one a while looking to buy in.
Indeed some fall, even since my last post 2 months ago it’s halved again. I thought it was cheap with a MC of £12m…..it’s now £6m?! It’s going to turn over £45m and make a full year profit in what is the most difficult of conditions imaginable for retailers. I still stand by its agility to adjust as a result of scale. The significant headwinds of the last 18 months that have impacted procurement are becoming tailwinds. Shipping costs this month are back to pre covid levels, falling from $20k to $2.5k for a 40ft container. That is a significant saving for BUMP on there imported stock, which accounts for most of it. The FX issue of late is hedged by there US sales, so the cost of product will unlikely have been impacted like most domestic retailers. Furthermore, there product is niche and has some cushion from the cost of living issue and the recession that’s likely to be prolonged. The market always prices ahead of the game so a revaluation on these online retailers will come way ahead of the recovery….they indeed fell way ahead of the issues we now see. You are seeing what appears to have been a bottom for the larger players like ASOS and TGH, they look to have started what will be a haphazard upward trajectory as the very lucrative shorts unwind and investors start sniffing around for bargains. Seraphine is in bargain territory. It’s been around for a long time unlike some of the massive boom and bust players that we are seeing. It’s never going to explode, but good profits will come. If the shareholders are not rewarded by the SP, then the recent balance sheet activity will allow them to reward shareholders via dividends. As previously mentioned, I’ve plenty of skin in the game. My Share account P&L does not make for good reading, I’m not happy about it, but so many times I’ve seen this in the past. When I was young with less financial clout I would have been flushed out with my loss, only to look back in again after a few years to see what would have been a handsome profit. This will not go bust, it will not need cash, it just needs time.
Started: Robsroom, 12 Nov 2022 14:08
Last post: Robsroom, 12 Nov 2022 14:08
Some fall, looks like admin costs are killing em. Would be nice to see som DD’s here.
Started: Margaret365, 14 Sep 2022 13:19
Last post: HeresHopin, 8 Nov 2022 08:29
50 to 100p in 3 years on the LTIP, very doable I expect, see if I can top up at 17 :)
I keep nibbling away at this one, now buying shares that value this at £12m. I’m sticking to my guns, this will come good in 2-3 year time frame. Majority of earnings now is USD so this is of benefit at the current low exchange rate.
Started: Margaret365, 4 Aug 2022 10:35
Last post: Plumeria, 8 Aug 2022 11:13
My purchase at 26.62 shows as a sell so not a small sea of red
Looking through the IPO docs, Bertie Mayfair is doing ok for himself, lends the company 45 million to acquire itself, then IPO’s to get back his 45,nice business if you know how to do it. Interesting to see the LTIP vest at 13M EBITDA, they’ve got some work to do to hit that. The SP crash in feb looks like a massive over reaction to the trading update on the 23rd? Institutional investors continuing to offload? Is the HSBC debt 6 or 12 million? I read 12 in the IPO docs…why leave the company with debt after the IPO? From my limited understanding, I really like the look of it, reminds me of grabbing French connect at 4p in Covid 2020, just a case of trusting slick Bernie Mayfair?!
Significant stock changing hands, including sizeable Director buys. I suspect that one of the large shareholders is a willing seller. I suspect like you Robsroom, that many of the trades that went through as sells were actually new buyers taking shares from this overhang. Hopefully once cleared we move North, I expect an RNS showing who this seller is in the next day or two.
Started: Robsroom, 4 Aug 2022 09:42
Last post: Robsroom, 4 Aug 2022 10:04
Anyone know if Lee Williams is any good? French Connection and ASOS haven’t exactly had a wonderful couple of years? Looks like if they can get through transitory issues there is decent upside here, can’t see any gorillas in the company report or balance sheet. My 19k buy went through as a sell, maybe MM’s have a lot of stock to offload at the mo.
Hi folks, just taken a sizable punt on this this morning. My wife loves the brand, or did when she was pregnant. 15 mill market cap, surely the only way is up from here? What’s the downside risk?
Started: Margaret365, 1 Aug 2022 15:20
Last post: Margaret365, 1 Aug 2022 15:20
The results paint the picture that was expected. Very difficult time, they have got through this and learnt some lessons…..just growing pains at a time when even the most experienced have felt pain. The supply chain issues are resolving nicely and good to see the increase in USD earnings which help with FX considerations when buying from the Far East. Growth forecasts are prudent due to the inflation and earnings squeeze, I expect the 0-15% will be exceeded with the multiple markets now open. This is a very nice Company, experienced team now onboard. This is never going to be huge, but no reason it cannot reach £250m turnover over time. It’s undervalued, the next year will rebalance this deficit or it could get taken out…..sadly that’s the most likely scenario.
Started: Margaret365, 19 Jul 2022 15:40
Last post: Margaret365, 19 Jul 2022 15:40
First post on LSE jonesy88 and you have chosen Seraphine. Maybe you are somehow in the know?! Made.com is discretionary spend, inthestyle has been whacked by the MM not traders, anything that doesn’t hit anticipated growth numbers is being aggressively punished, also turned to a small loss. Seraphine has no doubt been hit with lower growth and made some rookie mistakes, but it has seen decent expansion in North America which will likely continue, cost pressure will ease and sector negativity will reverse at some point. It’s niche and still small enough to navigate with agility. There maybe some more pain from mm games if the numbers are not what are hoped for on the 28th but this will get taken out at some point, well north of the current SP. Institutional holders are sitting tight and Harwood Capital increased last week.
Started: jonesy88, 19 Jul 2022 14:19
Last post: jonesy88, 19 Jul 2022 14:19
Results have been moved to 28th July, the second time they have changed the results publication date. It cant be good news. Dont have to post an RNS about it but always seems to be a sign a company is trying to smooth over some nasty cracks IMV. Can't see how it makes sense to touch this until the results are out, even with it being really bombed out. Made.com, InTheStyle and Joules all out today with big warnings. This isnt over!
Started: Margaret365, 7 Jul 2022 19:38
Last post: Margaret365, 7 Jul 2022 19:38
Not me Karlo, I still just have my initial punt of 1.5% which I’m happy with for now. It’s been very quiet, so nice to see some new skin in the game, maybe the start of some long overdue momentum from these depressed levels. This is seriously undervalued.
Started: Margaret365, 30 Jun 2022 13:59
Last post: karlo90, 7 Jul 2022 14:43
is this you buying more Maggie?
Still sitting with a valuation of £16m. Little activity, but any meaningful volume will move this in either direction as very little float to buy but at the same time seemingly few buyers. I guess it’s wait and see for the next update to see if the supply chain has begun to resolve its issues and margin has steadied. From my experience, containers are moving more freely and the cost of shipping has come down, albeit still 4 to 5 times what it was. Textile inflation appears benign when compared with the wider basket, so cost to make the garments should be ok. It’s about the shipping and sales costs, also cost of living squeeze. Still, the company is small and agile compared to big players like Boohoo and ASOS which must be having a nightmare, the share prices are reflecting this concern. Seraphine is niche and the demand for maternity wear will be there regardless as it is seen more as a necessary and important spend for women. This is a waiting game on this one, retail negativity will change at some point, this one is all set for a re rate at substantially higher levels from here.
Started: Margaret365, 24 May 2022 18:47
Last post: HeresHopin, 25 May 2022 18:43
Ok so it was Harwood Capital that took 5% today…..from whom we don’t know. These guys specialise in taking Companies from public to private, so this maybe play here. Does not surprise me as the stock is just too cheap. Not sure why you would let 5% go at 31.5p, this has to be 65p plus, and possibly £1 right now even with the headwinds. Private then refloat in a few years……churn, burn, repeat!
Started: Margaret365, 24 May 2022 14:16
Last post: Margaret365, 24 May 2022 14:16
Looks like a sizeable sum of shares has changed hands, most likely agreed between two of the larger holders or indeed a new buyer agreeing a deal as the MM haven’t reacted.
Started: Margaret365, 20 May 2022 10:49
Last post: sageoflondon, 20 May 2022 12:38
Personally - this looks like a good business from a product perspective - just my view but I think it will need to raise some fresh capital. I think it will be able to do this but likely to be a little dilutive. That's also one potential reason for a lack of director buying - i.e. placing, rights issue etc. I like the business but will wait a little to see what is happening in the background. Original listing was way overpriced.
It’s a bit perplexing as they were sticking there hands in there pockets a £2. Either they think it goes lower again or they for some reason are unable to buy. Online retailers are cheap currently for good reason but suitors will be looking, more heat with THG today. Seraphim is undervalued as of now and significantly undervalued based on a 2-3 year time line.
Started: Margaret365, 19 May 2022 13:22
Last post: HeresHopin, 20 May 2022 10:42
Looks like a single punter on Tuesday took the 1% stake. It moved the price accordingly and volume is now all but nothing. I would suggest this will be the trend over the near term, those with stock will generally sit to see what news comes next, hopefully it will be a little more positive. I’m pleased to see that we won’t be unduly hit by the recent devaluation in Sterling due to overseas earnings and therefore should have some shelter from exchange risks on Far East purchases.