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I'm truly Sorry to everyone who has bought in recently to MIRI, following me highlighting the company & asking people to take a look at it.
Yes I did know a fund raise was a possibility, but I didn't see it coming so soon & its slightly larger than the £5M max requirement that I thought they might needed.
The issue price is a disgrace quiet frankly, if that's the best the company can do with the pipeline of opportunities it has & all the hints its been giving through informal channels. The CEO has a lot of explaining to do & his position is in Jeopardy for sure after this, if not untenable.
Again my sincere apologies to everyone.
LOTM
Part 1
I thought I'd share this off-topic share with you all, because I know most of you here have been long term investors & are happy to hold a share for many months or years.
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Full discloser - I'd never heard of this company until 8th April 2024 & to be honest its not really my thing (as I'm not a techie & much prefer exploration stocks), but I'm finding the opportunity totally compelling.
Its a company called Mirriad - AIM listed under the code MIRI
I've been buying it in small chunks for the past couple of weeks knowing I could get caught out at any point, but at the same time waiting for the price to drop. My average price is around the current sp now ie 2p & I have bought 900,000 shares so far ( I will get to the 1M mark on Monday - 0.2% of the company)at prices from 2.25p to 1.74p & the latest 1.98p just before market close on Friday.
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When it originally listed it was valued at about £65M & its technology was used to add/place things into films.
Now its valued at just £10M & its technology is used to do virtual product placements in Ads.
In the middle of last year it changed its business plan, so as to concentrate virtually all of its efforts on the USA advertising market - the biggest single market in the world. It had £9.8M in cash at 30th June 2023 & budgeted for £0.7M per month in cash outflow which would see it through to the end of Aug 2024. We've still waiting on the 31st Dec accounts but they did announce that they had £6.1M still in the bank (£0.5M better than projected at that point).
Part 2
By October they had signed up 7% of the Content providers, by early December that had reached 25% & in early March 2024 it was at 40% & they are talking to one of the other top 3 three providers which would take them to over 55% of the market (they have 6 of the top 9 signed currently).
If you want to research it, then go to https://blog.mirriad.com/ there are lots of really good articles there to read just to give you a flavour of it. There's also a couple of really knowledgeable people on the LSE website chat board that I also use that help fill in the gaps because the company's tentacles are everywhere.
The problem is time is now limited -
Why is time limited ?
Well the company tends to use LinkedIn to hint at what's about to come ( as well as the blog posts).
On the 9th/10th April the CEO posted about a webinar with Microsoft https://www.linkedin.com/posts/mirriad_stay-on-the-lookout-for-a-webinar-with-microsoft-activity-7183852657910898688-gdWx & it coming out "Soon" its Microsoft's so they will dictate when its released - I'm sure it will discuss there collaboration around AI & this virtual product placement.
Then on Thursday the CEO posted this https://www.linkedin.com/posts/mirriad_mirriad-is-pleased-to-share-that-our-virtual-activity-7189223402392424448-CWH1 which is basically saying some of the Content providers are going to reveal the product at TV Upfront 24 which starts 13/14th May. This is the event where the Content providers reveal there autumn programs new series etc etc & is a highly anticipated event.
Until now they've not even revealed which Content providers have signed up ie kept it secret & yet now some of the Content providers have decided to go public with the news!
When you read through those blog posts you'll understand why there doing it, advertisers are probably demanding it, when you see the independent 3rd party market research on this type of advertisings & its success.
Amazon has been seen in recent posts & one of Mirriad's key contacts was at a AmazonPrime premier on Thursday night in Germany https://www.linkedin.com/posts/sandra-freisinger-brandedentertainment_primevideo-maxtonhall-maxtonhallonprime-activity-7189591480062148608-ZlE5?utm_source=share&utm_medium=member_android it was after that got posted on Friday afternoon that some buying of the stock occurred.
Part 3
The Auto sector has really embraced VPP see this Toyota/Lexus information
https://www.linkedin.com/posts/mirriad_toyota-gets-94-ad-awareness-with-mirriad-activity-7185948779563433985-5yAy
They have also ran recent campaigns in the USA for Nissan (delighted with the result), they've also ran them for VW & Opel in Germany ( I don't know if for VW in USA yet)
This lady is important & runs a special part of of the business.
https://www.linkedin.com/posts/mirriad_top-women-in-media-ad-tech-admonsters-activity-7186358467819941890-YWwB
The business model - the investor part of the website isn't good, but go here https://www.mirriadplc.com/investor-relations/reports-and-documents & download the 25th August 2023 presentation.
Page 7, is saying that if 2.4% of advertising were to shift to VPP by 2026, it would equate to $2.5B & if Mirriad had 20% of partners signed up it would give them $125m (that's $500M split with 75% going to the Content providers & 25% to Mirriad) that's £100M gross & that's before you even consider that they have 40% of the market signed up already, not to mention the rest of the world opportunity to come after that. Gross margin is meant to be high (85%) but really need to see if it stays that way, even at 50% net you'd be talking £50M profit for the year or 5 times the current market cap.
Now they may need to raise more cash to see them through to break-even but I can't see it being any more than £5M max & it might not be in the form of equity. Hard to tell right now.
I'd say a £100M market cap is a pretty achievable target inside 2 years, if not soon. As long as it doesn't get taken out in the meantime & sadly there are numerous potential candidates. Hence why you want long term holders onboard.
They have patents in place etc for there product & https://blog.mirriad.com/mirriad-awarded-tpn-gold-shield-status is another barrier to entry
"Programmatic" is going to take them to another level ! rather than doing things "Manual"
Thanks for you time & Enjoy your research !
Should any of you have any questions then I'll be happy to try & answer them on the MIRI thread where 2phevs (especially) & MrTaylor194 reside.
GLA
LOTM
Mr.kioto,
They haven't said yet & won't do so until 21st May, but its going to be approximately 42.75p per share
It will be interesting to see if the Insto's try to push the share price up or down ahead of that date.
At the moment the share consolidation ratio would be 3 new shares for every 4 held & would take us down to about 68.95M in issue.
Personally I hope the share price drops before then simply because that will mean less shares in issue afterwards, if it fell to £1.50 at that time the consolidation ratio would be 5 for every 7 & there would be 65.67M shares in issue afterwards.
LOTM
Does anyone know the per share dividend amount that will be distrobuted per share?
That was my instant view as well
Relax and enjoy the dividends. There will be plenty of opportunity for a merger, once the strategic objectives are executed! This is a long play. Personally I would like to see executive pay reduced overall and tied performance based targets.
Should have merged with Tullow. What a joke.
Kioto: You left out part of this announcement:
'Delivery on our shareholder return commitment set out in the strategic review, with ~$568m paid to shareholders in 2023 and a further planned dividend payment of $50m in Q2 2024, accompanied by a share consolidation, subject to shareholder approval'
Another share consolidation...
History suggests you would be better off unloading your shares before the ex-dividend date and buying them back after the excessive fall in share price; ie., the sp fall is greater than the dividend, and by quite a margin the last time. You won't lose as many shares that way (and can make more money with the eventual lift in share price back to where it should have been, after some months of recovery, if history repeats). It's troubling that CNE won't give shareholders a dividend without shafting them via a share consolidation at the same time.
I could use the divi cash!!!!!! thanks NEW BOD'S: now focus on growing share price, perhaps a merger??
https://www.investorschronicle.co.uk/news/2024/03/28/capricorn-energy-to-pay-50mn-special-dividend/#:~:text=The%20company%20will%20pay%20a,to%20the%20Cairn%20India%20battle.
I just received the following email:
Capricorn Energy PLC Proposes Special Dividend to Be Paid in Second Quarter of 2024
Capricorn Energy PLC announced that the company is proposing a $50 million special dividend to be paid in second quarter of 2024, subject to shareholder approval.
**Hats off to the ne BOD. Under the old BOD this would never have happened. Are we back in the game?
How much do they actually owe now and will we ever see it.
The company is a mess, totally ruined. Bill must be totally cringing to think what they have done. As a very long time holder this beggars belief, all that money just vanished.
Whats the BOD's next move to bring this stock bac to life? When will we see the
fruits from their proposed changes? When is the next update meeting/ announcement/ update
for shareholders??????
The dividend was nice, but need to pump life back into the stock.
Aye agreed.
Garbage company - could have been merged into one of the largest net producers in Africa alongside Tullow but instead... they got shafted my share holders wanting a large one off payment.
Wasted potential and now it has nothing worthy of note
Done .
Please sign and share on all social media platforms
https://petition.parliament.uk/petitions/657294
Hi SpArmada
I did see the data somewhere on the Capricorn Website that your looking for (sadly can't remember where exactly).
The terms are not the same virtually every field has slightly differently terms.
LOTM
Please sign and share
https://petition.parliament.uk/petitions/657294
Does anyone know where I can find the conditions to calculate the net entitlement in Egypt? Thanks
I've been monitoring this share thinking it might be worth a punt.
But reading the february rns gives me the impression Capricorn is truly scuppered.
1) the storage facility won't be in place, constructed and fully tested & certified until at least another month or 2 (looking may at best)
2) woodside have absolutely no incentive to achieve the 72hr continuous production and 30,000 barrells of 'saleable' oil. In fact, it is in Woodside' best interests to avoid it by the june deadline as then rhey don't lose in paying out minimum £25M to Capricorn.
3) I might be 'nieve' but..... if I was Woodside i could easily run production for 70hrs, shutdown, restart after 1 hr.... "rinse & repeat'. Capricorn can't do a damn thing about it.
4) the likelyhood of the Senegal government giving in to rescinding the £25M tax+interest+penalties is seriously doubtful. At best Capricorn will have to take it through the international courts... costing millions with little hope of success.
5) The government will (imho) immediately 'arrest' any £25M+ tax etc from Woodside if they were to meet the production deadline. Woodside would have no choice in the matter. Partly because the government will likely threaten their production license, but mostly because the government will establish it as a "Priority One" debt..... just as the UK government and any other government does.
So, my question is this..... how the Hell is Capricorn going to get over all those hurdles?
What are their plans to even negate any of the above?
Note: any 'contract', guarantee etc with Woodside for payments etc is legally null & void if (aka when) the government claims a Priority 1 debt.
Hi Varnish,
I hadn't seen the $8 Billion news, so that might help explain the rise in the share price today.
I'm not sure how far $8 Billion will though, given Capricorn were due $173M at the last notification, so there partner will be due the same amount so roughly $350M that's overdue just to 2 company's what about all the others in the O&G industry & then in other area's of the economy as well.
So it may help unfreeze some of it, which will be welcome.
The country needs power & the O&G's company's are going to invest as little money as possible until they get paid. Which means production will be less & as a consequence they'll need to import more energy to meet the countries need & that will be costly for the country.
LOTM
Thanks for your informative posts LOTM. I’m no expert just someone who’s held this share for too long! Anyway I see that Egypt has secured $8bn of funding from the IMF today. Could this help Capricorn secure some/all of the receivables due from Egypt? It may even explain the slight up tick in the share price today but WDIK