Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Shaz, whilst often mentioned here, I do not think there is a hope in hell of a dividend while MAFL is in growth mode (looking for more acquisitions, both strategic and to the general investment portfolio) and given the potential risk of having to step in to bail out Ascendant. Although Ascendant has found funds to date and it has a steadily improving news story to peddle, it has a one project asset and is (as I recall) not well capitalised.
I do agree that the LTH are left frustrated and the recent deferral to next summer of the important report due this December extends the timeline so does not help. But things are marching along on most fronts. As ever, I reluctantly concede that patience and patience remain the watchwords.
GLA
I really do hope JV considers rewarding himself and other holders with some dividend out of the £2 million or so due by year end.
I demand something back after all these years.
I think it was a good time to focus on our investment in Ideon and the fact it’s almost ten bagged for us with plenty more potential.
But true to form, JV mumbled on about how he’s not sure about this and the other, etc.
Maybe Nomad led, but come on it’s on as if the price was storming away over the NAV!
I think there’s a very good chance Ideon is heading for unicorn territory.
Large buy went through earlier by the looks of it when the bid briefly dropped back to 11.50.
I’m not surprised to see the interest in this picking up now. We have a £2m payment due in December that would take tangible asset value above the current market cap.
Ideon has just taken its first major step on a long road to a potential IPO, if it gets there then a 300-400m valuation would value our stake at today’s market cap.
If Lagoa Salgada gets funded we will make tens of millions in cash flow over the next 14 years whether we own 5%, 20% or anywhere in between.
We have very little info on Golden Sun so far but we would have said that about Ideon a few months ago too so who knows, maybe there is decent value there too.
In short there are lots of ways for this company to be worth much more than £4.5m but it would take a number of disasters all happening at once for it to be worth much less than £4.5m.
That’s definitely true but don’t forget that we also received the $1m from Ascendant. We know that is carried in the NAV at a discount to full value until it is received, we just don’t know what that discount is. I use 50% but admittedly that’s a guess.
If 50% is accurate then we have $0.5m to add to the NAV in June plus £0.65m just added by the Ideon uplift.
That would more than offset any drop in the listed portfolio.
It also doesn’t account for the $2.5m to be received in December which could add another $1.25m to the NAV if my estimation of the discounting method is correct.
That’s how I read it nomlungu - Ascendant, Endeavour and Cerrado are all down over the last couple of months so this would offset some of that….
Either way JV deserves a lot of credit here. To have announced a 9x valuation uplift validated by a third party VC who are actually putting their money where their mouth is… that’s no mean feat under current market conditions.
Possibly Nom.
But it could also be that he means the NAV is so high now that the cash from Ascendant is fully recognised (or will be soon) that a 650k uplift isn’t that much of an impact?
But the RNS does include the warning:
'At this stage, the Company have not determined how this revaluation will be reflected in the M&FI's Net Asset Value but given the relative performance of other investments in the M&FI portfolio, it is not expected to have material impact on the overall performance.'
Clearly, this uplift is negating other downward asset movements. With the way the markets have been performing in general, 'balancing the books' is a good outcome.
The uplift is significant for a £5m m/cap - about 12%. A good investment by the BOD.
As you say just lack of liquidity. You try buying 20k at any point tomorrow !
Stating the obvious but at 4m a few days ago buying 20k would have been a huge chunk of the free float and it seems the long term holders are not selling but rather slowly buying up more and more.
I agree that if this shows a reason for investors to take note it could go a lot higher quite quickly. I’m sure at a level not far above this the bid would be attractive to a few people.
But if Florence is right then the nav is now even higher and why sell too much below that!?
Of course I welcome a share price rise, but today we had no sells and 9 buy trades where the two largest were about £1200 are still all tiny trades. Sign of the illiquidity of this share? Or just no stock held by mms?
Surely RNS is needed for such big news.
Yes a great result for MAFL.
But if this goes to plan, then Ideon could be a unicorn in the making!
https://www.businessinsider.com/ideon-pitch-deck-series-a-electric-vehicles-lithium-supply-chain-2022-9?r=US&IR=T
I haven’t gone back and checked but I remember working all this out from a JV proactive interview a few months back. I believe I had our £237k stake marked to a $12m valuation.
Worth noting that $16m is the amount raised not the valuation. We would have to know how much equity was sold in order to get the valuation.
In that same interview JV hinted that Series A funding rounds tend to be minimum $50m valuations. If we assume the Ideon valuation was around that then the £237k carried value is probably worth more like £1m right now.
We can’t know for sure until we know how much equity was sold in the fundraising though.
Shaz - some Ideon news
'Ideon Technologies Raises US$16M'
https://ideon.ai/post/2022/09/13/ideon-technologies-raises-us16m-series-a-to-accelerate-supernova-charged-subsurface-imaging-solution-for-critical-mineral-discovery/
It is not clear what share price the raise was at; MAFL's interim accounts stated:
'Our initial investment at C$0.375 p/s was followed by a financing at C$1.00 p/s nine months later. We anticipate that another financing round will be sought in 2022 and should allow for a review of our holding value of the investment.'
Some news from the portfolio and volume will really squeeze this.
Steadily rising which is nice to see
More buys at the end of the day today. 11 bid…
Not me either! Whilst it is nice to see some activity again, they are pretty tiny trades.
By way of a change, not guilty today!
Anybody want to own up to these buys!? I know it’s got to be one of us regulars!
I think he did, he has been buying for some time and appears on the major shareholder register.
Nom, yes. I think one can assume that 15% discussions are going on but remember we have been going through the European holiday season the last 2 months so things inevitably slow down and its almost certainly not a quick process anyway!.
An astute observation... I have been silently hoping that JV has been keeping radio silence whilst trying to get the remaining 15% off the Portuguese GOV. They [the Portuguese GOV holding company] might be keen on receiving a couple of million Euros [pays a lot of wages and directors bonuses] so it is not a forlorn hope.