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@AAA: Didn’t you say on the 31st of August that Frontier hasn’t much further to drop? Have a look at your post history, what a co-ck, this makes you look rather foolish and devoid of credibility.
At current rate of fall, you will get your target 250p in two days.
Me, I'll hang on for 1x cash, 75p, which will likely arrive in about 20 days.
If it drops below 250p, I am in.
The short tracker threshold is low, showing lots of significant FDEV shorting prior to January's 50% plunge.
But it now shows none, which makes sense since the previous shorters will have closed out at the plunge, and the SP is now too low to be as attractive to them.
When the shorting is below a certain percentage it is not tracked
Shorters? What shorters? The short tracker shows no shorters.
That seller who was dumping 10K shares at 16:35 each day. Yesterday it was 20K. Today 30K.
The daily SP fall is roughly proportional to the size of this dump.
With only 30m shares in issue how can they drive price so low.
Are they selling without borrowing? Naked selling
Avoid. Market has voted and price action screams lower.
"I just can't understand the halving in MCAP for just over a month period taking into account these results were already communicated and published"
Temuchin, the decline is the delayed and spread effect of the previously known bad results pushing two major shareholders Swedbank Robur and Invesco to decide to quit. Lacking buyers for unloading all at once, they instead are selling piecemeal day by day on the open market. Notice the sale of 10,000 shares at 16h35 sharp every day for last month.
These sellers are about a fifth the way through and I believe will continue to sell until done - at a shareprice in double digits.
The board broke AIM rules by concealing the disposals from the web site significant shareholders register, until this week's financial report was past. And RNS is still missing at two of the bad-news TR-1 declarations.
TLDR; FDEV is dead share walking. Possible bargain at the right time.
Ripe for take over
Temuchin. This share is traded on SETS so the market makers are not driving the price, it's driven by demand on the order book. Swedbank RNS'd a 1% reduction in their holding last month & I also think there has been some inevitable shorting going on. I said 1x sales would be interesting, well now it's almost here and it's still very hard to justify buying after yesterday's RNS.
From 2013 IPO until November 2016 this traded in the £1-2 range, it appears to be heading back there.
PS "thought based on massive drop in share price the financial would be much worse"
The 50% sp drop following the game release last month falls after the fy23 period of these financials. We won't get the financials that are behind that game release until the next trading update.
The £4m cash drop is on top of both the aqusition and the share purchase.
And Note 6 shows on top again will be another £3m for the acquisition by year end plus up to £7.5m on profit share in future periods.
According to this acquisition story, FD bought an couple of dozen unremarkable employee contracts for best part of £1m each, pushing the company to an embarassing full-year loss. There must be more to this than we have been told, and I wager it is something like a humiliating failed Foundry sales guarantee.
Operative cash was better than last year. Yes I agree they spend more in expenditure this year. But the debt situation seems ok to me. Current ratio is 1.4 and the majority of current assets is cash. Also total liabilities doesn't seem high Vs the asset.
There is some cheer in these results. The words of delusional fantasy from CEO, COO and CFO. Cheer because it leaves no doubt these people are unfit for the job so wiil hasten their unevitable replacement hopefully before they destroy even more shareholder value.
Cash generated counts for nothing. NET cash is showing a loss of £4m per quarter. At this rate company will need to raise capital, probably inside a year. Expect a placing.
900 people …
Jim. agreed. The bad news is already priced in at £120m market cap. If DB didn't own a big chunk of shares then this would probably be snapped up. It's clear they need to reduce headcount and focus on getting solid releases out on time. Not sure whether current management have the appetite for any significant job cuts? That would be the catalyst for me to get back in here - it only takes one big hit to transform the company's fortunes but i don't see anything on the horizon as yet. The Warhammer RTS looks a bit disappointing tbh. One to monitor for me.
In my day, that called it ‘Country Club Management’, they need a kick up the a-rse.
Short selling is just so dispiriting a job, don't you find? Making money out of misery, whether genuine or not. Share price is already reflecting the bad news made official today, 600p to 300p in a few months. Things need to change but we have cash, and talented people, but maybe poor leadership.
Cash generated from operations
43,581
37,200
This has 250p all over it.
"The Board continues to be comfortable with market expectations for FY24, with consensus revenue at £108 million and consensus Adjusted EBITDA* loss of £9 million. " They are comfortable at least.
Do they know what they are doing at this company? Anyone see any cheer in these results?