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Hello Hucks . Good effort on yesterday's purchases! I think your assessment is not far from reality - i think that's what we are all looking for here - c.6.5p ($80m) paid out and leave the rest ($30m) - pretty much as per the boards previous notification that it will return a proportion of cash post deal completion and explore alternative acquisitions as a cash shell. In the real world the shares should trade post deal and payout (assume at 6.5p) at a slight discount to net assets of about 2.5p - so lets say 1.5p - although there are examples where companies in this area trade at a premium to net assets based on the anticipation of a 'deal' - which would lead to a combined value exceeding previously separate entities - particularly so where the cash vehicle is being used to take another company public - I guess similar to an IPO. That said the II's might conclude they don't want to risk the remaining c.2.5p per share and just run the operation until March 22 and close doors. Maybe more on that next week - but I doubt it. The conditions precedent - china aside - should not present an issue imo. As for bonuses - i think the $20m transaction costs will allow for management rewards - but within the bounds of what is appropriate - different if the company was being sold in a higher bracket where higher rewards may be more justifiable. Wonder what wee gems we will uncover in the accounts next week! SB
Given the size of the sales unless it’s someone who doesn’t want to be part of this if they rto.
Perhaps Kitkat - i think these are purchases at these prices and volume - but its a tight spread and I don't think it makes any difference ether way to what's going on in the bigger picture. SB
I topped up with a few yesterday. I am hoping MMX shares will have a value of say 2p post deal, based on MMX generating cash through the great release and general trading until July 2021 and pulling off an RTO later in the year so that on top of the 8.8p there might be a couple of pence in our retained shares, that would work for me. My only worry is that we get an initial payout of circa 6.5p and then the board say 'tell you what, we've done so well I think we should have a hurtling great bonus', and the rest doesn't materialize! What are your thoughts SB?
You sure they aren’t sells?
Dot London Partners have appointed Centralnic to provide registry services to .london. News article claims deal was won from Nominet - not sure where that's coming from given it was mmx as the RSP who paid $13m to dot london in guaranteed revenue over the last four years in what must go down as one of the worst commercial deals in domain history. SB
Looks like peeps taking the 'gamble' the sale goes through and there's a bit of upside from here. SB
Anyone got any idea why all these lumpy share transactions are going through or thoughts
Full year results on May 18. Gently ticking up. Mms still hiding buys as sells.
If there is a disparity in valuation one has to ask why? Given the track record, worth asking the question, cui bono, behind closed doors has anything taken place to smooth the path?
Mostly likely not but no surprise if there was something.
Hard to disagree with anything you said there Sunday!! I do think our revenue business is more than 3x stronger than uni and we should have pursued a different strategy to the GD deal - at least some indication there was a degree of competition involved in the sale process. But against that - credibility, bad debts, write offs, accounting issues, management reshuffles - sadly they impact on valuation. On that basis it’s not the worst deal going - it’s just a disappointing end to what could have been. As for Guy - shocking chairmanship over 14 years. Assume he survived due to L&C links - which might make it tricky to remove him. That said - he should tender his resignation post sale imo. He was a buyer in the low pence 10+ years ago - he is likely the only shareholder who will make a decent return - albeit over a lengthy timeframe. Results should make for some interesting reading!! ATB SB
Good afternoon Silv.Indeed good to see some decent figures going through..The UNR..Frank Schilling sale demonstrates the fire sale price that our "management" team have achieved..To be fair to TF ,he probably had little choice in the matter..probably driven by Institutional investor fatigue at the complete shambles and inability of anyone to manage this simple business.
Once we are MMX 2 is ready ,I sincerely hope we will award a P45 for our chairman,a more incompetent individual ,it is hard to imagine.
Another strong day for sales - lots of volume in vip and work plus almost 600 premium adult registrations / great release doing well so far. We could have a few months of this release revenue adding to our cash position so let’s hope we can generate some good numbers adding to our net asset position. Would be interesting to know what uni got for their 50% share of .country - and who was buying. SB
On this basis. Why are we selling up for 120m or 8.8p per share. Bonkers
See Domainnamewire news - Frank Schilling’s UNR business sold 23 top level domains in auctions last week, grossing more than $40 million. On the face of it this makes godaddy's purchase of mmx for $120m look bargain territory imo - although don't have data to compare revenues - but pretty sure our revenues are significantly more than 3 x Uni given implication business is worth 1/3 of mmx. SB
They're all buys.
I don't understand why so many sells ?
In all this recent excitement - in the background mmx has proceeded with its great domains release. Early days - but in addition to 25k of VIP, we have seem decent sales in fit, london, casa, luxe (700 collectively today alone), miami (800 today) and fashion (300) and cooking (500) in last few days - with quite a lot of premium sales. Every bit of revenue will count in the next few months prior to deal closing as it drops to our bottom line. Hopefully we will secure some decent adult block sales as well to push up our cash position. SB
7 Million buy just printed. Seems like orders getting filled. Getting very interesting.
Agree with Bobat - yesterdays 12m+ trades all appear to be buys. The current price spread is very tight - you can sell 1m+ at 7.06p; 7.1p to purchase. Still quite a gap (20%+) between current price and net asset value post deal - but understandable given lack of clarity (so far) on plans. SB
What price are you stuck at, Bobat?
Big buys from yesterday showing as sells. Dyor
Big buys yesterday showing as sells. Dyor
I reckon the Fintech RTO will finalise shortly after the sale is completed.
Fair points kitkat - that's why its good to talk to see if there is a bit of mutual interest. As Sunday noted - there is no reason those conversations cannot commence now whilst the deal conditions are being addressed. SB