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Hi All,
I can’t say I really like this company at all - but I have built a decent position as I do believe it is probably undervalued at the current share price.
I’m now invested in more than I should be and a sizeable % hoping that we see better days ahead.
The management should be ashamed of themselves at the very least and possibly corrupt in the worst scenario.
- Badly managed
- Always pushing better EBITDA guidance
- Conflicted with their LTIP
- Not profitable
- Greedy and only appear to be working for their own benefit
I am hoping for a turnaround story here, starting with
- New management
- Clear path to net profit
- LTIP aligned with shareholders
It’s not a bad business, it just looks like badly managed and clear conflicts of interest which have been unearthed during the audit. The last fund raising should probably be investigated by the FCA.
Saying that I am just hopeful that the worst is priced in and some better days ahead. It’s trading at NAV so it’s up to the company to prove it is worth more than the intangible goodwill it is based on. Profits and net cash required for a rebuild of confidence here.
If there isn’t a RNS soon to conclude the audit then MJH should be ashamed even more.
Not compelling but I’m invested in the hope they do what is right and start to run this like a proper company and not a family business.
Excellent summary, DevonLad, I concur with all your sentiments.
Six weeks since the accounting bombshell, the equivalent prior year accounts publication date (25 Nov) is also disappearing in the rear-view mirror.
2021/22's audited offering is needed pronto to help us understand the extent of management's accounting shenanigans and assess whether there is remaining potential for a profitable (and honest!) enterprise in the year's ahead.
Is it a case of the longer it takes to conclude the audit, the uglier things may be? Here's (naively?) hoping not...!
SBC
The continued delay to providing an audit update is beginning to look more than embarrassing! The board are showing their total incompetence.
The only saving grace is that the board invested in the recent capital raise at 30p so they are down 60%.
However, they are about to make themselves whole through the LTIP - so we can see why they are not worried, all at the expense of the current shareholders.
The institutional holders must be livid and hopefully they are providing direct feedback to the board.
MJH need to provide an update soon or they will be cut off from future capital markets.
Fwiw the vesting date for the LTIP is tomorrow. The LTIP is based on the audited figures and given those aren’t yet available they may have to issue some sort of statement.
I don’t trust the management to do the right thing here. They awarded themselves a ridiculous amount of money for achieving average performance and then possibly manipulated the figures to ensure they hit it. Throw in the extension to the TSR element which they missed (surely it should just lapse) and it’s obvious to see this company is run solely for the benefit of the directors.
'...and it’s obvious to see this company is run solely for the benefit of the directors.'
And less than 24 hours later trading is suspended. Post recommended.