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Is it not fair to say the loan notes are held by significant shareholders, through companies they control in the case of Dobbie and Griffiths.
If FinnCap produced a broker's note then that would be helpful. There is no guidance out there and the trading update was rather sparse.
I guess if the debt is converted then maybe they are worried about their exposure here - could it go over 50%? (If allowed) So maybe the company wants a price nearer 4-5p and the debt holders nearer 2-3p which makes a big different to the extra shares issued. However I still reckon this will be resolved March-April time imho
Mxc and their mates ( I think Parker is a figurehead ) are dragging their feet on announcing the result of limited options - the obvious thought is of some conversion. Perhaps at 2.5. Kestrel did back in May, now running at a loss, one would think as a result of conversations such as those we were told in September they are having again ( unless they have broken ranks )
There may be something else in the mix - Mxc can be an unpredictable bunch. And to the future, if they consider IDE is not trading near value, they can use that down the line to save listing fees etc as they did with themselves.
But try and get your head around this.
IDE sell loss making Connect to CLCO.
CLCO announce their yearly EBITDA will be no less than £700k market cap £11.8 mil
IDE announce their yearly EBITDA will be no less than £2.5 mil market is £7.5 mil
So you are making 4 times as much ebitda but worth £4 mil less. Of course IDE have a lot of convertable debt to sort out which may well increase the market cap but either way there is no better value in the sector.
Finally some good news. Rather surprising but very welcome. Congrats to Andy Parker if he brings this off.
Hard to believe we are going to be in a position to make an acquisition but there a lot of IoM family and friends invested in MXC who will be looking for a good result. Whether IDE shareholders or just MXC shareholders see the ultimate benefit time will tell. I bought some MXC to hedge my bets, done OK so far despite delisting.
IDE Group Holdings plc, the mid-market network, technology outsource partner is pleased to announce a trading update for year ended 31 December 2021.
The results reflect the continuing business only. Revenue growth in 2021 was over 20% that of 2020 on a like for like basis and will not be less than £14m. EBITDA will not be less than £2.5m.
The financial year 2022 has begun well with several new contracts already won and due to be implemented. We expect double digit revenue growth in 2022, of which 85% is from existing contracted customers.
Andy Parker said "Last year's results are the result of three hard years' work by all of the team at IDE. The Company is well placed to build upon the 2021 results. The board are exploring resolutions for the Shareholder loan notes (the only debt the business has), which would be the final stage of the restructuring, and which would allow the Company to grow organically and possibly through acquisition should the right accretive opportunities become available
The investment case, I mean…….
One can but imagine the obvious, that company circumstances will improve when they do whatever they have decided amongst themselves, or they wouldn’t be doing it.
And debt, loan notes, it’s Mxc that have most to juggle with - so they’re talking to themselves and their own investing cohort.
the final stage of the restructuring, and which would allow the Company to grow organically and possibly through acquisition should the right accretive opportunities become available".
Determined to build this up before sale rather than try to shift it early - Mxc have a lot in this and Smith and Weaver will want the cash where their personal holdings are in Mxc as they dispose of assets before retirement.
Great RNS update - maybe investors might notice this company now ..
I been adding for weeks at this low level (again today) and maybe the loan notes might be converted at 2.5p later this year? Something will happen on the debt front sooner rather than later imho (btw it’s my first post but i did post on LSE for years but the email address I used has expired so now back!)
Getting into that time of year when one might reasonably expect a trading update within the first couple of months, perhaps with something on the debt issue.
They’re not brilliant at communication with us lot though.
But Mxc will exit in time - presumably by company sale. And I still wonder about the Liberty Global thing.
run this. Understandably quiet on here.
Annual report to Dec. 2020.
On 1 August 2018, MXC was awarded warrants over 1,000,000 ordinary shares, representing 5% of the share capital issued in connection with the first tranche of the fundraising. On 21 August 2018 MXC was awarded warrants over 9,003,645 ordinary shares, representing 5% of the share capital issued in connection with the second tranche of the fundraising and the conversion of certain of the loan notes issued earlier in the year. All the warrants issued to MXC in 2018 have an exercise price of 2.5 pence.
2.5p seems a recurring figure.( it is also what I need )
Delivery is another thing.
If so, that would leave IDE with just over £700k, for whatever reason.
At 1p per share.
You’re right on Cloudcoco. Perhaps they are calling on the cash from IDE and that is it.
IDE may end up with Cloudcoco shares.
Mxc the commonality. I presume the jigsaw that is Mxc and offspring comes together in time for them to exit.
As I've lost a lot of money on this one over the years I shouldn't be surprised. But sometimes I can still be surprised.
"This day has been a long time coming but for the first time in three years we can confidently look forward to a positive and rewarding future for IDE shareholders." Finally. Hurrah.
Oh you just got a £1m loan. With no reason given.
"The Company is now seriously looking at options to remove the debt overhang"
Oh, by taking on more debt?
And it means MXC is lending IDE £1m with a free of £37,500 up to 3% interest, then we're lending a quarter of that to CloudCo at 3.25%.
Assuming that deal completed, were we meant to get confirmation of that?
It’s plain they will not go to the markets in the future - delisting remains an attractive option for Mxc.
Stating what to me anyway is the obvious, whatever happens here is likely to be about Mxc and to their advantage, persuading their cohort if they can.
Mxc supporting a cash hiccough, apparently. And easy money for them. On the bright side for IDE, one would think when they’re looking to realise their investments Mxc see this as improving their own lot, money back plus interest, in the future and over the next 4 years.
It’s a balancing act for Mxc, with the amount they put in and their shareholding, and I have no idea where they’re at with it. Crafty lot they are.
I presume they mean 2022.
out today. Just for info.
http://mxccapital.com/wp-content/uploads/2021/12/175579-MXC-Capital-Limited-2021-Annual-Report-as-printed.pdf