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Started: Dimp5, 12 Apr 2023 10:49
Last post: Dimp5, 17 May 2023 12:00
So there it is, alk the institutions/ bank/ directors get their money, the business is sold for a song and the poor shareholders......
"final completion of the Business Outsourcing Sale, it should be noted that it is highly unlikely that there will be a substantial, or any, amount available to Shareholders following payment of all creditors and costs".
Probably, almost certainly zilch
Looks like this is the answer, snippet from Investors Week.
"The vast majority of the proceeds from the deal will go towards repaying £33.7m owed to Santander UK, with the firm stating that it was "highly unlikely" shareholders would receive payouts once costs were settled".
Nice to know Santander Bank will get it's money back, rather than the thousands of shareholders that were taken in by the Primary Bid fundraise.
MJ Hudson to delist from London stock market Aim
London has lost another listing as asset management consultant MJ Hudson said it was planning to quit the Aim junior stock market.
data and analytics arms and its business outsourcing division.
The proceeds of the transaction will go towards paying MJ Hudson’s £33.7m debt owed to its senior lender, Santander UK. The company expects that further funding will be required to complete the sale of its business outsourcing division, which includes multiple regulated entities.
Started: DevonLad7, 28 Nov 2022 11:19
Last post: nomlungu, 12 Dec 2022 13:20
'...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.
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.
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.
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
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.
Started: shandypants2, 11 Aug 2022 12:09
Last post: SeaTank8300, 8 Nov 2022 13:40
The silence from the company is loud as hell.
Hi Tank!
The investor presentation feels a while ago, at the time I don't think they were intending to materially change the LTIP from that explained in August's fundraise RNS.
The recent accounting issues clearly add to shareholders' sense of injustice . Might management suffer a guilty conscience attack for having lured, with an overstated EBITDA, investors to the fundraise, and reduce the LTIP accordingly? Not holding my breath, but they definitely should!
Hopefully they get accounts finalised ASAP that give a true and fair view - at least then investors can take an informed view on the company, either way.
More buys than usual today - possibly a tenuous chink of light in the darkness?
SBK
SBK, been any response from the company?
Agree with all the sentiments here about management's upcoming underserved LTIP bonanza.
It'll probably be a futile protest, but here are two questions I've formally submitted to September's Retail Investor Presentation (admittedly post- wine, hope I've managed to remain objective):
"Retail shareholders like me have been diluted by the August fundraise, while already nursing heavy capital losses since the IPO.
In this context, the recently-clarified LTIP implications are clearly an insult to shareholders. While management has worked hard to increase adjusted EBITDA, this is an easily manipulated figure. Morally, management should not be handsomely rewarded for delivering significant capital losses for their shareholders.
In a recent RNS, MJ Hudson publicised research by Progressive Equity Research. Were the dilutive implications of the LTIP factored into these projected earnings per share figures? If not, to knowingly direct investors to overstated figures would be deceitful management conduct.
To restore MJ Hudson's integrity, good name and trust, will management please consider urgently revising the LTIP, to delay the vesting awards and ensure staff are only handsomely rewarded when shareholders also receive a return on their investment?"
Fingers crossed for a positive update in the presentation, but not particularly expecting one.
SBK
Another one along with Duke who have given 1 days notice, hopefully not a trend.
Serves them right the sp is already lower and Another I will be voting against all directors at agm (as ii is easy to vote on) . Won't make much difference but if a few more shareholders do it would!
Started: shandypants2, 17 Oct 2022 17:47
Last post: shandypants2, 18 Oct 2022 10:33
Price not prize - as in the current SP!!!
prize looks appealing but there is definitely potential fraud here.
EBITDA can be manipulated so should not be used as a LTIP target - many other companies base it on the share price.
The fact that the CFO has benefitted directly and he is the one doing the accounts looks really dodgy to me.
Look at REVB - a minor issue became quite big a few weeks later.
I think there may be more bad news to come
Looking at the charts I too have sympathy for LTH’s
But lots of big buys above ask going through today
For my money this has been held down on purpose by the mm’s and it’s due a bounce
Ive taken a punt at 16p
Let’s see how the week pans out . .
So only in July we were told the company has exceeded expectations for the year, a few weeks later we then have a placing at 30p and afterwards the CFO twice buys shares via the LTIP.
Today it appears the EBITDA has been overstated not once but twice.
Of course the EBITDA (not PBT) is used as the main part of an overly generous LTIP.
The CFO and CEO need to go - Hudson already owns c25% of the companies shares, not sure why he thinks he needs any additional shares.
Over the last year or two the revenue and EBITDA have been growing nicely, however, the SP has been steadily declining from c50p to now less than 20p.
Clearly many knew things weren't quite right, and so it has been proved.
So sorry for all LTH (except the BOD)
The most activity I've seen for months, big buys
Started: NoCheddar, 16 Aug 2022 12:43
Last post: NoCheddar, 16 Aug 2022 12:43
Excellent Twitter thread on the extravagant LTIP packages.
https://twitter.com/PerpetualValue/status/1557406966997102592
Started: Spades1973, 30 Jul 2022 17:05
Last post: Spades1973, 30 Jul 2022 17:05
Started: Monty888, 12 Jul 2022 13:31
Last post: Monty888, 12 Jul 2022 13:31
Every few months we get these great updates then when the figures are released they don’t match the upsell. Good used car salesman in the wrong job!
Started: Sanchez599, 31 May 2022 16:13
Last post: Sanchez599, 31 May 2022 16:13
Some serious stakes being quietly built here. Amazing it hasn't broken out with more force yet.
Started: fastduckharry, 20 Apr 2022 16:51
Last post: fastduckharry, 20 Apr 2022 16:51
Watched the presentation yesterday evening. For me the most revealing bit of info to come out of it was that H2 revenues will be greater than H1. This is a growing company, likely to be doing so for years to come.
Started: Sanchez599, 11 Apr 2022 16:22
Last post: Dodger777, 11 Apr 2022 16:48
Here’s hoping the results are at least positive tomorrow. It’s certainly very unloved and looks ridiculously undervalued based on previous results and announcements.
Comms in stark contrast to the SP!
.. and making a nice W formation now. Needs to close above the 50ma it has been constrained by since September last year and then there is some real blue sky here.
The fall on what have been very positive comms seems massively overdone and in stark contrast to the share price. Very good upside from this low.
Last post: Spades1973, 30 Mar 2022 08:17
Nice to see a strong statement at the end of the RNS > Ensuring that there are no skeletons to come out of the closet ..
"continue to trade strongly and in line with expectations" . Could be scope for a top up in the new ISA if still low by the 6th April ??
52 week low ..annoying
Started: TheLoaf, 3 Feb 2022 13:20
Last post: TheLoaf, 3 Feb 2022 13:20
After having a bit of a sort out, I Decided to add more today.
Good luck to all nvested here.
Started: Parob, 15 Jan 2022 07:42
Last post: BodRuncie, 18 Jan 2022 15:52
TR1 issued today for AXA, holding up from undeclared to 6.32%.
Share price has been dragged down for months by a seller and going by the trades yesterday it looks like they’re out. About 6.8% of the stock’s shares were traded (second highest daily volume in 3 years) so we should see a TR1 or two over the coming trading days. That should bring some more attention to the stock at this depressed price.
Cenkos target price 76.5p.
https://twitter.com/glasshalfull1/status/1482012168895803400?s=21
Started: Spades1973, 13 Jan 2022 07:14
Last post: Spades1973, 14 Jan 2022 11:49
Another sizeable Director buy from MJH himself. Excellent news IMHO
The best indicator for me is that going back to May 2021, Matthew Hudson has bought over 250,000 shares on the open market, paying full market price, around £110,000 in total.
He knows what is coming down the pipeline, and he appears to be very confident to put huge amounts of his own money on the line.
Good progress. It's safe to say the herd haven't discovered this one yet :)
I am comfortable holding this for the long-term.
Slow and steady wins the race.
Great under the radar share, simmering nicely before the heat turns up an the wider market catches on.
Started: Monty888, 11 Nov 2021 14:25
Last post: Monty888, 21 Nov 2021 04:45
Referring to 2 OT buys per the £320k, not Director buys as these are unusually bit per NMS. Yes the August split buys holistically are hopefully a good omen. What I don’t like at all is the results sign off’s and publications being late without any explanation whatsoever. Leads me to think some of the accounting treatments needed revising and it maybe became a protracted accounts item. Don’t like window dressed results at all - Let’s see the numbers on the 25th Nov. They did say maiden dividend, let’s see if it’s minuscule or meaningful (I suspect the former). The SP continues to tank also which doesn’t bode well. A lot of acquisitions need Goodwill write off’s and are they net contributors or window dressed revenue additions which don’t mean anything and usually up talked to drive the market value and borrowing ratio’s and interest rates etc. Hoping for the best, fearing the the worst.
The 15th Nov purchases are nothing to get excited about, they are part of the standard share scheme remuneration for Peter Connell. Buys X amount, gets 2X amount free. They occur (nearly) every month.
Much more exciting are the director purchases from August. I'm still hoping they bought for a good reason...
£320k not $320k of course - Typo
$320k in 2 buys yesterday. Some is very serious ahead of the results next week it seem. With the previous Director buys before the closed period, this bodes well for a re-rating. The price is still below the Director buys, time to top further up to 55p
FinTech normally does very well. Last updates were positive Director buys. Hope the numbers are good. This one seems like a great company in right space under the radar. Seems to be waking up suddenly with more volume and mostly buys. GLA if there is anyone out there !!!!
Maybe being an ESG company is why the share price has tanked in recent times. Results are overdue and changing auditor rather suddenly all seems rather odd. Price still below the flotation price from a couple of years ago. So does Matthew Hudson really know what he is doing?
Being a company that backs ESG companies, would be great to have some update on progress parallel to COP26. Still believe MJH a great company to invest in long term.
Started: RichardLeeds, 26 Oct 2021 15:55
Last post: RichardLeeds, 26 Oct 2021 15:55
Don't believe the alleged buys and sells in the share trades list. I have just bought and it is said to be a sell.
Started: Monty888, 28 Aug 2021 00:36
Last post: Monty888, 28 Aug 2021 05:22
MJ Hudson (AIM:MJH), the international solutions provider to the asset management industry has been notified that Matthew Hudson, Chief Executive, purchased on the 19th and 20th August 40,000 ordinary shares of nil par value in the Company ('Ordinary Shares') at a blended price of 54.4p per share. Following this notification, Mr Hudson holds a direct beneficial interest in 38,946,521 Ordinary Shares (representing 22.6% of the shares in issue).
Well after a little drift lower MJH coming back. Tipped by Midas and this could be a really great investment. Looking forward to the next results to see how the acquisitions are contributing to the top and bottom lines.
Started: Monty888, 12 Aug 2021 09:33
Last post: Monty888, 12 Aug 2021 09:33
Should be re ratings when October results are published, very undervalued per its enterprise value.
Started: Monty888, 12 Aug 2021 09:31
Last post: Monty888, 12 Aug 2021 09:31
This newish FinTech is highly rated on many inner circles to fly. The RNS today speaks volumes as to why. Glad to be onboard backing a winner.
Started: TheLoaf, 14 Jun 2021 11:10
Last post: TheLoaf, 14 Jun 2021 11:10
After reading through the Midas column yesterday, I decided to act once again & have bought in this morning.
I didn't quite buy below 53p, But can't complain & hopefully this company & SP realise their potential.
GLA
Started: Troajan, 13 Jun 2021 10:01
Last post: Dodger777, 13 Jun 2021 10:30
Great comments on a bit of a hidden gem in my opinion :)
Started: GRNNRG, 14 Apr 2021 20:14
Last post: GRNNRG, 14 Apr 2021 20:14
MJ Hudson, the integrated solutions provider to the asset management industry, is pleased to announce that it has been selected by the asset servicing arm of the Mitsubishi UFJ Financial Group ("MUFG"), one of the world's largest banks, as its global partner for private markets ESG services and reporting.
Started: GRNNRG, 30 Mar 2021 19:55
Last post: GRNNRG, 30 Mar 2021 19:55
Good late trades @approx £125k. Think this could reach 60p next few months...if not sooner