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So the ticker is TIA from tomorrow - new name and hopefully new confidence
Very unimportant in grand scheme of things... but I do hope they fix the alignment of 'essential it' on their logo. It upsets me already! LOL.
Well, there’s been a good old chopabout which I would like to think has seen off anybody who’s not past caring anyway.
So if the schemers can now do something with the company from this base, new name and all, it’ll be off like a rocket! Upwards.
That’d make a change, wouldn’t it? Somebody told me they can sometimes go up as well as down.
Strange really small trades this week - either rounding down or sells from the recent consolidation - can’t see the share price doing much for a while unless we get an unexpected RNS on a new contract or acquisition
Started: TribalHound, 3 Nov 2022 11:29
Last post: Culpepper, 3 Nov 2022 21:33
Previous comment “Hopefully IDE won't approve any additional borrowings from Mxc that could be later converted to more equity. Given they own most of the company now, there should be some regulation to prevent that from happening - else it would just be giving them a licence to print their own money.”
I don’t think any loan from Mxc is restricted by regulation, as long as they deal with it as on previous occasions, and subsequent conversion to shares would require another such declaration ( possibly also with takeover panel consent, as just done this time)
“MXC Capital is deemed to be a related party of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") as they are a substantial shareholder and because Ian Smith, CEO of MXC is Executive Director of IDE.
Andy Parker, being the sole independent director for these purposes considers, having consulted with the Company's nominated adviser, finnCap, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.”
But ignoring technicalities, it becomes even stranger than now for a publicly listed company.
In my opinion Mxc won’t sell any shares. It would send a terrible message, stifling any buying, and erode their own share price. I don’t think they need the cash unless things have changed, they’re in the process of slowly taking Mxc to a winding up position, during which cash from asset sales is being returned to shareholders by tender offer and share cancellation.
As I see it, the sensible option for Smith and Wheeler and Mxc concert party is to get rid of IDE in one hit, one way or another at what they consider the appropriate time for them.
Acquisitions are mentioned, so I do wonder where the cash will be found to support that. The cynical part of me suspects Mxc will milk this if they can to get all the money back they put in - that’s what they told their shareholders, though not in those words. And the partners only have shares in Mxc, not IDE.
But it can come good for pi’s too, on their shirt-tails, as they build it up prior to sale, and we know the float is such and have seen it before when it can do big movements on news. It won’t take much to shift the price if they can pull something off.
I can still see the possibility of this going private, it would need to to wrap it in with say MXLG, and it’s got very easy to do now. Despite what they say.
I’m a lot more optimistic than I’ve been for years - not hard to say that of course.
In the position anyway of something happening here. From the owners’ viewpoint, it has to.
winners - and yet losers at the same time.
A bit like getting awarded 'Employee of the Month'
MXC now hold 83% re holdings RNS earlier and it’s not great tbh… although if the other two CLN holders eventually convert it will drop a little.. nice to see us as the LSE top riser today lol
'suspended' you say - I managed to buy shares in the open market on 27th October & looking at the price movements / trading history there hasn't been any lack of activity on a day-by-day basis that warrants a suspension. Even if there isn't a great deal of volume. Although with Mxc owning 90% of the company now any volume would step from them selling as there's only a shade over 2m shares for the rest of us (including the BOD).
It would take a very small player to move the price upwards from here, unless Mxc have a massive sell wall to keep the price in check.
The good thing was I hat the votes weren’t even close - now let’s see some more regular updates and a share price back on the up !!
"Tomorrow agm assume all resolutions get passed"
To paraphrase Austin Powers: allow myself to agree with myself...
Passed.
Ian Smith, Executive Director, commented: "After many years the business is back to a stage with a sensible level of debt. It is a profitable business that can look to the future with conservative optimism. We will look to our strategy of diversifying the revenue base, potentially through acquisitions and strengthening the board and management teams.''
Tomorrow agm assume all resolutions get passed
Started: Culpepper, 4 Oct 2022 13:37
Last post: SanCarlo, 26 Oct 2022 23:39
I only have 30 odd shares, so I don't get hit too hard. However multiple that over all shareholders that's a nice little earner.
I remain as I was. I have lost a lot of money on this buying in first at 30p a share, and it's done. It's not like I'm sitting there debating vs sell or stay - I have ease at least that I'll just wait and see if I can get any return.
I do hope with this new brand they invest in it.
I should say my thoughts take me nowhere on that. They’re an unpredictable outfit, but can be relied upon to put the Mxc partners and concert party first.
Once this lot is done thoughts must go to how Mxc will exit to advantage with their 83% shareholding. They have said they have no ‘current’ intentions of taking IDE private. Their other investments, excluding the stake in Cloudcoco are private ones.
They have given themselves a limited ( though could be extended ) time in which to wind up Mxc, and take their lifetimes profits.
Bottom line. “Furthermore, any Shareholder who holds fewer than 100 Existing Ordinary Shares as at the Record Date will cease to be a Shareholder. The minimum threshold to receive New Ordinary Shares will be 100 Existing Ordinary Shares.”
I think you lose your 70*0.892 = 62.44p - sorry
Started: Culpepper, 30 Sep 2022 17:14
Last post: Culpepper, 3 Oct 2022 14:24
Doesn’t take me anywhere, but I think you mean is it Kestrel?
This is at least some of theirs, isn’t it?
“On 7 June 2021 £2,397,519 of the unsecured convertible loan notes issued in August 2018 were converted into 95,900,760 Ordinary shares of 2.5p each, at a conversion price of 2.5p per share. “
Is this the same seller(s) re recent holding RNS? Not good - hope it’s not because they know the D4E conversion price which I hope is north of 1p - just have to ride out the selling storm …
Results are like buses. You wait months, then two come along at once.
Good to see the cash balance currently over £1 million and company positive about uplift in revenue in 2923 and beyond - the share price weakness appears to be due to 1-2 major sellers as per the latest holding RNS - so now we wait for details of the capital restructure (they did this with Helphire/Redde and the share price subsequently recovered from 1p to 17p - not saying it will happen here but sentiment at least might change with most of the debt removed)
So it looks as though we’ll be getting an agenda of resolutions, and a vote. Can’t say I’m looking forward to it, but I accept it as necessar, inevitable, and we’ll get it out of the way.
Last post: Culpepper, 29 Sep 2022 12:17
Bit basic, but I read that as Smith Mxc saying I want to cash in. Smith IDE says I’m thinking about it. How can we work it. Seems we’re a bit stuck.
Then the options. Convert and go from there. Raise some cash from institutions. Non starter. Get a loan, pay off Mxc, and leave that with IDE.
Started: SanCarlo, 27 Sep 2022 14:42
Last post: Knigel, 29 Sep 2022 11:33
Interim results tomorrow then (if same as last year)?
Well results are out - will read though later - won’t comment on the 1 trade lol
Might send another email tomorrow if no news - I am quite aware that a number of audit firms have vacancies to fill - must be all the people who decided not to come back after the pandemic!!
Once again the end of the month hangs like the sword of Damocles.
Let's hope they also announce a new auditor in the process.
Last post: SanCarlo, 29 Sep 2022 11:16
Well this is about the eight time they've declared mission accomplished so we'll see.
However revenue, gross profit and EBITDA all increasing seems to be a step in the right direction.
Last post: Knigel, 21 Sep 2022 18:00
Understood - any way some decent trades today and the share price is holding up well - just need some news now - codes or no codes lol
I'm not having a go at you, but this has been mentioned so many times and it never ends up with RNSs here.
Except that it has happen on shares I hold a few times - who in their right mind trades for one share? We know results are due but obviously I was wrong on this occasion
Wow, that theory is still being peddled. You'd think after the millionth time of it not being true people would give up on it. :)
Agree - plus these codes only happen probably half the time (but who buys one share?). Added anyway just in case lol
Started: Culpepper, 31 Aug 2022 17:50
Last post: Knigel, 31 Aug 2022 19:02
So another month to wait - might as well release the interims at the same time!! No mention of suspension though?
They had been granted an extension of up to two months, so we shouldn’t ??? be left hanging. They are required to do ( and say ) something.
In the meantime, what we have is :-
The Company confirm there has not been any changes to the information provided in the trading update on the 30th of June.
You never know, perhaps they’ll come tomorrow……….
It’s possible they could squeeze another month out of the authorities and be within the COVID extension - taking the mickey though at this COVID stage, I think.
No surprise there then. No results as indicated. Not too sure about suspension. We’ll see. Last time around on this nonsense they were off for 3 -4 weeks.
Can’t think of an obvious reason for delay. They’ve had ages to discuss ( with themselves mostly ) the debt thingy.
Absolutely nothing surprises me with this lot.
Started: lavenonews, 23 Jul 2022 18:12
Last post: Knigel, 31 Aug 2022 16:51
The non exec chairman replied last time …
A shareholder address, or the company generally? The lack of any news or social updates since 2020 looks so bad, I often wondered if anyone would even pick up the phone if there was an inbound sales enquiry.
Well sent an email to the company - let’s see if I get a response - not been this stressed for a while so hope the wait is worth it!!
Might send an email lunchtime - there on better news a good reason for a delay although I know of some audit firms who have lost a lot of staff recently
Got until 4.30
Started: Rodez, 22 Jul 2022 10:09
Last post: Culpepper, 23 Jul 2022 14:52
I agree. Hard to see it as coincidental.
Agree with your assessment: I just can’t remember a day when IDE had 55 trades and perhaps at least some update on the debt can be expected when results are issued shortly..
You got to be realistic here, haven’t you? Reality is the loan note debt has to be repaid, plus the interest being rolled up and payable end of term, on current arrangements. Fat chance of that on what they’re telling us, despite the improving trading position of which they speak. It won’t disappear, it’ll be shifted. Or some of it.
That started with Kestrel, at 2.5p. An amount shifted into equity. I was thinking, and hopeful, that that would follow through - fish and fowl sort of thing, with Kestrel having an inside track. So 2.5p for Mxc? Who hold the preponderance.
But it doesn’t necessarily follow, does it. I note they were intending to have conversations with the loan note holders, then it was they were in conversation with Mxc. Nobody else mentioned.
So the major question for IDE shareholders is, what deal will Smith Mxc strike with Smith IDE, if there is a debt for equity swap. For him, and his personal cash, Mxc is what it’s about.
Results due next week and maybe news on the debt and possible D4E. Still risky of course but sentiment might change if the debt is off the books and an acquisition happens - we will know soon enough (at last)
A dog that makes £3 million EBITDA and major shareholders and can move 50% either way in a day - better than some of those loss making tech and mining shares any day of the week :-))
Started: Rodez, 22 Jul 2022 10:45
Last post: Rodez, 22 Jul 2022 10:45
Resilient trading and pipeline of orders.
Started: SquirrelFeather, 13 Jul 2022 15:00
Last post: Knigel, 22 Jul 2022 09:30
Something has been leaked....
To the extent that closing up the Mxc shop, which they’ve said they’re doing, means they’ll dispose of Mxc assets, they need to get on with whatever it is they’re up to. Including the debt overhang. Could take longer than the 5 years they stated, I suppose, to sell up.
But I don’t make a case for IDE anymore, or profess to have any real idea how it’ll turn out, for IDE or Mxc.
We’ll get something out of them this month. I suppose.
I think the plans were very much for IDE to be an acquisition vehicle to scale a managed service provider. It's certainly why I invested in them. Sadly I fear now it's just recover whatever value they can before closing up the MXC shop.
I continue to convince myself that Mxc and others have thrown so much at the company that it is part of a larger plan, and that plan on the face of it is likely to involve MXLG, that being the only thing they have running as a roll up, which when announced envisaged acquisitions to build a company of size and scale with Liberty Global as joint 50% partners with Mxc and their ‘mystery’ co-investor. ( I can’t remember where attempts to unveil that person finished )
I’m in the dark as a Mxc investor, yet MXLG is ongoing, 2 Mxc and 2 LG directors. And something got to happen for Liberty Global to buy it up, as per the original thinking.
And something got to happen with IDE, if Mxc and co are to make money.
It would make a lot of sense for IDE to merge with Kores365 - part of MXLG. Perhaps this is the reason that there has been no news?
Started: SquirrelFeather, 29 Jun 2022 23:21
Last post: SanCarlo, 4 Jul 2022 13:09
They put the cost of remaining listed as about £0.3m a year they said for MXC, so there are potential savings there.
The reason they said really the only main reason to remain listed was access to capital. So I guess keeps the door open for further fundraising.
It’s just my own thoughts. Is there really anything they can’t do as a private company? Acquisitions and such may be supported by Mxc - they’ve thrown cash into it so far, kept things ‘inside’.
I just suspect that’s where it may be heading, is all.
Truth is, I don’t know, do I, no more than anybody else.
Tbh you can say the same about half the small cap market listings re why are they listed. Listing continues to make sense if the company looks for acquisitions (which was mentioned a while back or there is a RTO).
And, as I’ve mentioned before, I can’t see any reason why this should remain listed.
30th. September 2021
https://www.lse.co.uk/rns/IDE/half-year-report-1l0zegs1hmhggu5.html
It seems hard to square that summary and outlook with the reality of the situation as reported, or going unmentioned - talk of EBITDA whilst interest payments are rolling up, and the amount of time being taken to agree something on the loan notes amongst the few interested parties. And we have the strange taking of a loan, not repaid to MXC ( executive director Smith’s own investment vehicle )by the expected date for whatever reason, and they, Smith if you like, simply say
https://www.lse.co.uk/rns/IDE/related-party-short-term-loan-update-j0uynhgb7hmbnld.html
Only mention of Mxc looking to convert to equity in that one, and more to convert from the loan. If it continues like that, probably requiring FCA consent without a bid, it’ll be approaching private company status sort of thing.
It’s all a bit rum, I think - but I’ve sort of convinced myself Mxc have something in mind for Ide.
Last post: Culpepper, 27 Jun 2022 23:53
“I could have almost had a bit more hope if MXC was an ongoing concern with a reputation to manage”
I won’t comment on reputation but they’ve been ‘sharp’ operators. It’s still on going, with disposals to make over next couple years or so. NAV after last shareholder return was £34.4m., about 15% each down to partners WEAVER, and SMITH who runs IDE. So they’ll want to make the best of assets including IDE - a lot of their own money at stake.
Oh they'll cook up something if they choose I'm sure :) Call me a bit cynical. "Due to the significant changes in the business it's taking longer than expected..." or some such. Let's hope not though.
I'm not feeling hugely positive as IDE took out that loan without notice of explanation and couldn't/didn't pay it back... so I wonder what that's all about.
With no RNS updates, no perceptible marketing... it just feels a bit ghost town. I even notice they had about six roles vacant a few weeks back and now none - they're either efficient recruiters or are on a hiring freeze.
They can’t use covid as a reason for a delay - I have sent two emails now on the date of the results and not even have an acknowledgement! That’s the trouble with several large shareholders - the rest of us are ignored. Don’t forget MXC are not the only party with debt - you would think they will agree the same conversion price across the debtors (presuming a D4E) but it might be that each debt holder will have their own objectives... also the company was trading well at the last update so I am hoping the recent drops are more to do with sellers and market general sentiment on small cap shares
Results are due by 30th June... it was the 29th last year they announced a delay. So we'll see this week I guess.
I am not high on hopes. I could have almost had a bit more hope if MXC was an ongoing concern with a reputation to manage. But as this is a case of them recovering as much value as they can while they can... there is little hope for us.
Still, at least I'll have closure soon. It's been six years since I started this journey at 37p a share.
Waiting on them as usual, but they have told us the bones of what to expect, albeit now 6 months behind.
It’s the debt ameliorisation needs clearing, and any surprises, though nothing would surprise me with Mxc’s dealings with investee companies - to ultimate Mxc advantage of course, if they can swing it.
Started: SanCarlo, 8 Apr 2022 23:35
Last post: Knigel, 27 May 2022 17:29
Added at this price today - surely results are due next month and maybe (finally) news on the possible D4E talks - here’s hoping!!!
And what about a bit of consultation with the people subscribing to the loan note open offer?
https://www.lse.co.uk/rns/IDE/result-of-open-offer-to-subscribe-for-loan-notes-vjqukgko9rikr3q.html
With Smith (Mxc partner) running IDE, Mxc shareholding 35%, and Mxc with the preponderance of loan notes I would think they were more likely to be making the running. On the other hand, if Kestrel got together with Dobbie and maybe Griffiths, with a different view, they could make things difficult for Mxc if they feel they’re trying to pull some sort of flanker out of self interest.
Bottom line seems, can they get together enough to give all IDE shareholders better prospects, or strangle it slowly, interest and all, and put up with their first calls on what’s left. Or just maybe, Mxc will take a relative hit on their notes.
In summary, no idea and nothing will surprise me.
I still have 2.5p in mind for conversion, but only because Kestrel did and I don’t think they would have acted without a sense of what the future held.
Sorry for the late reply - I am hoping the other CLN holders are already in talks with the company and its MXC that is late to the table? It be good to get all parties to agreed to the same terms at the same time instead of having separate conversions - we will see..
I bought first at 37p! This is gonna be a winner one day! LOL.
Last post: Culpepper, 12 Apr 2022 11:01
MXCP will be the substantial beneficiary. Underlying all of this, and I would call them facts, is that IDE is an MXC vehicle run by Smith for his, his partner WEAVER’s, and the MXC concert party’s ultimate benefit. That’s why they do what they do, taking their other interests, Cloudcoco and the rest, into account and making things fit where they can.
You can bet your boots there is a plan to which we’re not party, which will enable them to sell up their assets to best advantage in MXC ( where their personal holdings lie ) over the next 3 years, and retire.
It means that if they are remotely bullish about one of their companies they will come out with a buy buy buy !!! notice and if they are remotely bearish they will say nothing.
Would you mind explaining what the brokers note means? I'm not up on that.
Also I wonder if they have paid back their loan, due end of March.
Cheers - just added as some sort of news is way overdue imho
A mate just told me that FCAP have issued a brokers note. I haven’t seen it but at least it can be seen as a positive development.
Maybe the share price is at the beginning of a re-rate? The company is committed to realising shareholder value whatever method they decide on to resolve the debt issue
Started: davey50, 27 Jan 2022 20:54
Last post: davey50, 27 Jan 2022 20:54
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.
Started: jimbren, 27 Jan 2022 18:57
Last post: jimbren, 27 Jan 2022 18:57
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
Started: Culpepper, 15 Jan 2022 10:36
Last post: Culpepper, 27 Jan 2022 13:04
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 ..
Last post: Culpepper, 23 Dec 2021 09:15
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.