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Filtered....yet another new account from an existing transient shareholder who we all know trades FFWD since day dot
My first ever post anywhere.This is such an exciting investment I could not resist in sharing my thoughts. I have bought a very substantial 7 figure holding in FFWD, and for one reason only! To hold Leap, or Leap Gaming as people know them as. The company is one of the fastest growing in its sector, nearly 100% growth, it has just started to make profit, and one of the purposes of listing is to acelerate the growth. As to value, I have done a lot of research including talking to people in the industry to learn what is going on at Leap, and i believe the IPO will happen in the spring, and will have a Circa £100M market cap. Why you may think! The closest equivilent in the uk is Gaming Realm Plc. It has a turnover of £7M 31.12.19 and makes a loss of Nearly £5M. Market Cap £57M! FF own 43.4% of Leap and have valued there stake at circa £7m. With the number of staff Leap employ and are continuingly advertising for more, added to there growth rate and rumoured current profitability, you can see how it may well be valued at two or more times Gaming Realm. So If my assumptions are correct, and some say I have under estimated Leap, then we will be looking at a NAV of cica 28P, this is based on a £100M for Leap and ignores some excellent additional holdings they have. Probably not a wise post as when I see any weakness in my other holdings, I keep adding to my holding here, as there is nothing nicer than swopping Fivers for Tenners, and maybe Twenties!
The cleaner only works two mornings a week and they have removed her WIFI access until ED gets back in the office, well that’s how it feels it’s run lol
Looking at the results regarding costs FFWD are paying out over £1million in annual expenses. Cash has fallen to just over 100k. Then a fund raise for £2 million in October. Shareholders deserve better here. I emailed the company twice recently with no reply. Any thoughts?
Ok fair enough, they must have been sol fairly recently as that is an average of $11.79, however there still seem to be some shares missing as we should have had over 128k and are only left with 104k after selling the 11.5k declared.
Why bother telling us we’re only shareholders , it’s a Zombie run company for friends of friends.
Pirate have you read the RNS?
It states "The Company sold 11,500 shares in Portage Biotech Inc. in a number of transactions for a sale proceed of US$135,650 as at date of approval of the Financial Statements."
I have no idea why they did this i assume it was to pay wages or the failed andina deal fees
ENDS
Save yourself the trouble ODonnell and sell put all the money into one of your excellent tech stocks but just promise not to bore us with it when you have.
thanks in advance.
ODONNELL We would rather you come clean as to who you really are....if you think for one minute that anyone believes your charade then think again
Will someone take a stab of answering PF, or have they evacuated in to fresh air. Also some one is correct in saying that the money raised will reduce the NAV in June unless we get an IPO or two or a miracle etc
Not quite as many sellers as we feared but those who have sold have realised as someone else pointed out, the shares will probably be worth the same in June without an IPO and taking a chance of buying back at a lower price, while others have just said "To hell with FFWD" and invested elsewhere, never to be seen again.
There will be a lot of disappointed investors on the release of these figures, 14p NAV would have just about satisfied most but 9.4p is a long way from what some peoples average is.
As we all knew how can you value LEAP (which we are all counting on) without knowing whether they are making money or not, they need to float soon before the real events take over and their trades drop like a rock with people betting on real events. Until their accounts are published, does any one know when this will be? how can you value them.
As with most AIM you do not get to know anything until they go either public or bust, look at Factom, The same applies to all the investments that are not quoted. After years of patience with FFWD that patience has worn so thin it has faded away for a lot of investors. Future promise of wealth does not pay the bills today. If we had sold out at 12p and put the money in to our other investments last March we would at a conservative estimated made at least 50%. then bought back in to FFWD with a 33% discount.
We are still keeping our holding as we think we will get some decent profit in the end, but not the multiple amounts some predicted.
It never changes on AIM
To be honest if they didn’t pump so much cash into Factom we would be sitting very pretty. I suppose that’s the nature of the beast investing in a VC.
Would want a lot more exposure to the cannabis sector in this fund. I know Ed publishes that we are heavily invested but I don’t believe this at the moment. Hopefully we can sell leap for handsome profit and we can use proceeds to focus on the cannabis sector which in turn will increase investor visibility as they can see we have a streamlined business plan. If you didn’t look into Leap and just seen they made virtual games you would most likely pass over the fund when you see it makes up 50% of NAV
Aim I was taking the Gypsies Kiss bit like FFWD have done over the years lol
Yea but the shares in issue will be that at the half year end? So the £2m raise will actually lower NAV as it was issued at a discount to NAV. My comment around where has the £2m gone was in relation to why we haven’t invested it yet.
Who do you expect to take a stab in the dark? Any prudent auditor would let the market decide how much the company is worth. The amount of risk on the stock market and the economic uncertainty I cannot foresee who would try and value this for financial accounting purposes. Obviously, Ed and Leap advisors will have to value the company and gauge interest for IPO but this doesn’t mean it will trickle down into the interims or financial accounts,unfortunately. This NAV update can be inflated due to the rise in Portage remember..
I will ask again. Does anyone know why we are missing approx 25k Portage shares worth $350k
Barwickman - that job will sit with Leap and the brokers that help them come to market in 2021.
No dramas. We've hopefully seen off the worst of Covid and hopefully we can see these investees flourish in the next 12 months.
Aim
The £2m raise was post reporting period so isn't included in the cash balance.
I know where your coming from Aim but somebody will have to take a stab on the value of Leap before they list , unless it’s going to be a bit like bargain hunt lol.
A fair update.
NAV increase.
Poorly written (but we’ve come to expect this from FFWD)and difficult to understand the concept of FFWD unless you are familiar with the company. Hence it’s not going to be read with any excitement by anyone not invested. Hence no buying by new money and a little selling by old money.
The general consensus remains we move on IPO/uplist/RTO.
Nothing has changed, roll on Leap Q3 results which should be with us anytime.
Bit surprised by the drop after the interims have been released. Nothing really new could out the woodwork as this has already been communicated to the market.
Leap is clearly vital to ffwd at the moment and we know that these investments are conservatively valued. Due to the nature of the beast I don’t really take much notice of the NAV is don’t think it’s a fair representation of real value.
As an auditor myself I know that valuations are very conservative at the moment and a lot of disclaimers are being written into the accounts. So if you think an auditor is going to risk getting bitten by taking a stab in the dark to value Leap before it lists I think is a bit naive. Real value of Leap will only come to light once they list, as we all know.
Not sure where this £2m has gone mind....
Interesting.. it said Leap was looking to raise funds for m and A activity. Would does people think of this?
Yes we have found it (LEAP VALUE) worth around £7357 just above the loan. New we had missed something.
Well we tried to warn you that there could be disappointment with the results, which the Statement was to most. We did hope for well in to double figures but not surprised as there was no decent buying before the release of the statement, which is not unusual when a company is releasing results much better than expected. So with only a small NAV increase there were no large purchases before hand.
Just looked down the portfolio list and I must be missing something as I could not see Leap included, except for a £111K loan yet it is quoted somewhere as being worth just under 50% of the portfolio total value. Obviously I am missing something, that is what old age and illness can do to your mind.
If Leap is about 47% of the total value that means it should be about £7000k , but If the others are worth £15000k (51% of total portfolio value) that would make Leap worth about £14000k making a total of £29000 or the 17 - 19p NAV which was our guess a few days ago. Now we know that Leap would not be omitted from the results, leading to the fact we are not reading the results correctly and we are way out with our thinking. so we will look at the results again later to see where we are going wrong.
We are keeping the few hundred thousand share holding we have in FFWD, and we are of course pleased the NAV is more than the average cost of our purchases. A lot will throw their cards in, thinking that they have waited long enough and their money is better placed with other companies, therefor seeing a lot of selling which may get us down to 6-7p making it a very very good buy if you are willing to wait another 12 -24 months and will tempt us to buy more. to be realistic once the results and the future possibilities is realised buyers will pile in to get it up to the 9p mark. Ah well back to the clinic!!!!!!!!!!!!!!!! for another 12 -24 months or until we get IPOs. We will now concentrate on buying other under valued stocks with the few shillings we have left.
Take care and do not get too upset about the results after we had been led to expect better.
Expand on your thoughts oldabutnowisa
who do you have in mind?
Real risk of being bought out cheaply by another IT before one of our successful investments list.
is in a position to purchase shares, and not restricted by NDA’s (year in year out!) the share price will do really well. It’s the signal I’m waiting for.
I’ll buy the vaccine once he takes what he is selling!