Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. 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.
TW is a prize pill-lock - he embodies the saying ' a little knowledge is a dangerous thing'
Borrowing may well be close to 2x market cap; but as we all know from the RNS the vast majority of the borrowing is similar to bridge the gap to receiving contract revenue and assets from their rental prop.
If the share price went to 4p - you could make the comment that borrowing was up to 3x mCap.
However it does not chaneg anything - it does not affect the compnaies ability to stay complaint with the bank covenants which are no linked to mCap. The mCAP is just a function of the current share price which in no way reflect the genuine market value of the company. If you think it does - why not go and try and buy the company for 7p and see how many holders will sell you their shares.
I beleive that if MM wanted to do a proper finance lease proposition - it would come with a much heavier regulatory burden with is a big undertaking for a business. It is generally unpopular with customers, adding time to th etransaction and requires then to take out a formal loan.
Northern , my friend.... You are either deluded, have a vendetta, have an underhand agenda or just misplaced your trust in the wrong people.
I'm not sure what you expect to happen next - I'm looking forward to their next trading update and waiting to hear what the is happening with the offer period - it is almost 4 months i think now.
Umm quite possible borrowing now over 2 x market cap
They should gave raised when sp was 35p Last year
Now in similar position to Rev Bars
Well looks like if that's the law with rental but you can rent a house and buy it by agreement and leave a car and buy it and a TV from radio rentals
They should have leased the gear instead of rent it
Oh well looks like i lost in thx rental deal and now off to offload my last few before they fall anymore
Gl to all those left on board hope you all get a life belt
Was hoping to sneak a few at sub 7p as a spread bet - sadly Spreadex are only allowing closing transactions and wont't let me buy. Often a sign that the share price is primed for a big more.
Northern - I can assure you that I spent over 40 hours in my professional career in discussio with qualified lawyers and accountings (with greater technical knowledge than me) to create a rental proposition in which you could align the accounting and FCA rules. There is no sultion - this is not a MM policy issue, it is simply staying compliant with accounting and regulatory standards / rules.
If MM were to allow you to buy the device at the end of the rental period the proposition would no longer be regardred as a rental by accounting / regulatory rules.
Like it or not, they are the rules and they are made very clear at the start of the proposition.
Something I will say. If you invest in a company. You should do your upmost to investigate and leave no stone unturned, whether you’ve invested £100 or £10,000. I would suggest boots on ground. For this business that would be using the website, actually buying products, using the kiosks etc. For me I’ve done it all and have no really bad word to say, except the kiosk was abit difficult but I found out it was because my screen brightness was too low.
It’s for accounting purposes. Rental vs lease purchase agreement are treated differently on the accounting side. Nothing to do with sales commission. The CEO AND CFO talked about it during one of the interviews
I have 2 rented pads ending 12 month contract this month told I cannot buy it
Ridiculous as I can pay ASAP Nd have all my info on it and then told it has to be be returned to be sold???
Anyone know why no wonder the rental option is not working out its crazy!!!
This is clearly not a logical business plan to lose a good customer after 1 year will never buy or rent from mmag again even though customer service is superb they are just clogged down with their own rules
I would keep my road they get their money next week and I would pay over the value to keep it for convenience maybe just their sales team get no commission if I am nit a few customer can't see anyone future in the rental business if this is their attitude
Was nice to see some decent buys over the last week or so
I see from an email today that the clown Winnifrith is still talking down the prospects of this company.
He clearly is not aware of the strong start to the year in the secondary market and MM trading.
I will surprised if the current status so continues for too much longer.
My guess is that we will get an update soon - curious to find out what route is taken
To the moon!
Up 1.40%, it's a miracle.
Thank you for the reply HH.
Yes, still in offer period - there is no set end date
As soon as you hit 1% you have to disclose all dealings
I dont beleive there is any exclusion on Directors - but the first RNS stated that the founders and directors were assumes, for takeover rules, to be acting in concert. They have between 25 and 29% already so any buying could require them to ake an offer for all shares if they go past 30%
Are MMAG still in an offer period, and if so, does anyone know when this ends?
Could someone also confirm the rules around shareholding % disclosure during the offer period? Is it 1% during an offer period and 3% outside of the offer period? And are Directors excluded from buying during the offer period?
TIA
MikePickle
I'm sorry Mike, you won't get any advice from me. You will have to draw your own judgement.
Unless things have changed (and depending on how many shares you have), if you want to sell, I don't imagin it will be difficult. I've always been able to get 'dummy quotes' for decent volumes
I'm going nowhere personally, a decision entirely down to e and my own research and judgement.
Beware of listening to accountants As the story goes:
Q - What is 2 + 2 ?
A - What number did you have in mind?
So you are still confident I can get money back, or should we try and sell know to cut our losses?
I think it is dangerous to assume you know why people bought or sold
The FACTs are that over 20% of the company has seemingly changed hands
Only one new major shareholder has emerged
Cannacord are OUT
Schroders trimmed but still have plenty
No other changes by any of the other big holders
As I have said before - 1p movements in price between 5p and 15p are pretty irrelvent in the grand scheme of things - the movments are there to create some liquidity but the bulk of the shares are in the hands of those whose average is close to £2. They are already £1.90 down , so a few pence is irrelevant
But as pointed out by HH, everyone knew the EBITDA was up and debt grew months ago when the trading report came out.
Why would they have been telling me to buy? It’s all as expected, but we are down something like 40%?
I’m just glad that there’s actual qualified accountants like HH here that can reassure us it’s going to get back to at least 20p. I just hope it happens before my bridge loan expires!
If you look at the trading volumes, there's no manipulation. Lots simply sold on results once any kind of quick win was off the table. Turning 7.5m Ebitda into a 6m loss PBT (and cash churn reflecting that) is the sort of headline most would tend to run away from.
Get back to basics. Quit rental and cease any further ATM expansion. Management swung and missed. They need to focus on month on month cash generation and forget the rest of the noise. If they can't get the support for the MBO they should close the offer period too. Either they accept Eq will heavily dilute them on structure because of the state of affairs ... or get off the pot!
All that said, they could turn the ship very rapidly ... that's the beauty of secondary market business.
Surely there has to be market manipulation going on? Opening at 6.20 can’t make any sense. EBITDA is up 15% year on year. The accountants here have pointed out that the company is about to be bought at at least 25p per share as well.
Why would anyone be selling?
I really can’t afford to lose this much money, and have to see it sell at no less than 20p.
When will the regulatory bodies intervene and stop this market manipulation by the short sellers?
If you go further down it gives you the number of diluted shares outstanding which is around 101m shares
Only on LSE
Any change would have had to been RNSd
I don't know, it's showing 98.61m shares in issue ?
That looks incorrect to me - still 107.8m
Are you suggesting a share buyback has occurred?