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Demonstrable fact the company is churning out significant cash , to me indicates that a double digit SP is warranted in the normal course , with , of course the potential upside of any “ bid premium “.
The cos
You really are deluded.
Chaps,
As I had mentioned I had been very slammed lately with finalizing major house remodeling and also the acquisition my other business is doing in London .
Eventually over the weekend I managed to check the finncap “ guidance “ , look at the H1 results in detail and this afternoon spoke with Toby to clarify his public comments and my questions / observations on the results .
Toby confirmed that a strict reading of his words in the PI interview about $4MM being readily achievable from “ next year “ could have been interpreted to mean FULL year but was referring to H1 2020. So all good there .
He confirmed that the “ guidance “ referred to as being “ inline with “ is in fact the $6.2 mentioned in the finncap note . So all good there .
Extra shareholder return methods are still being considered by the Board as mentioned in interims and I made it clear that my personal preference would be a dividend even though is not tax favorable for Us taxpayers like me : I made the point that the “ tax tail shouldn’t wag the dog “ imho . So I have no idea what they will decide to do but either way I think is good for the shareholders .
I also updated my spreadsheet analyzing per tld performance from ntld stats , last updated by me in November 2018 and I must say most properties showing vERY healthy organic growth . I think was basically .wedding , . Miami and .london that were the the laggards / fallers and in truth I understand we have partner deals on all of those tlds so none of them are big bottom line influencers so I am pretty relaxed about that. Our “ own “ tlds seem to be motoring ahead , again all good there .
We also spoke about the glaring disconnect in the current SP vs historic esp given the tangible “ safety “ and now predictable “ quality “ of the earnings .
In truth , part of the reason for the disconnect, particularly on the part of institutions may be the perception that there is a large seller in the in the wings and a belief that a sizeable holding may be able to be picked up “ on the cheap “ at current prices .
I think the perception may be that that seller is me .
Clearly based on the fact I sold 32 MM in August and the fact that I have received overtures since then to take out my remaining holding plus that of other ICM vendors at around / a little above today’s price .
My August sale as stated was simply to exchange funds from MMX stock into my newest venture AVSECURE as part of a now oversubscribed and closed fundraising .
I have no other plans to sell at anywhere near the current price and have let any would be suitors know that including Finncap .
I would not anticipate any further sales during this financial year and the SP would have to be much higher than today’s to change that view .
If the company goes on to make , which it is saying it should , at least as much as the $6.2 for 2019 and expects as Toby suggested in the interview at least $4MM in H1 2020 , then on that current trajecto
Neither with company stooges!
Atb
Theres no debating with those unable to understand the very basics.
Good luck to you.
"The idea that a tender off is to remove smaller holders from the registry is complete BS." - how so?
Yes, we all know by taking shares out of circulatiom, existent holders own a larger portion of the busines - and that's the whole point!
The process will be 'under discussion' with the largest, most significant holders, who'll look to transition a greater part of the company into their hands.....and on their terms......with stale bulls exiting .
The company will then be disposed of for a greater profit, said profit being carved up amongst themselves and those of the smaller investors hanging onto their coat tails.
No BS there!
Atb
I'm having a laugh.
Sounds very sensible Scotty. I've been adding on/off sub 6p and will cycle some of mine depending on the details of any tender. Hold the cash and on any weakness might buy some more with the proceeds.
A way to use some company cash to buy company. Every little helps.
The idea that a tender off is to remove smaller holders from the registry is complete BS.
If anything smaller holders who dont sell see their % holding of the float INCREASE.
When divis do start you get a higher payout per share as there are fewer shares and you own a higher % of those there are.
You choose, some cash now or a higher % holding with subsequent benefits.
I think the last one was over subscribed and company allowed shsteholders to sell more than the allotted number at their discretion in the end.
I recall buying the x% I could sell based on holding prior and then tendered same number and locked in a guaranteed profit. No massive but having been in for longer thsn I can remember I saw the opportunity and deserved it!
I would have no objections to a tender offer in principle, obviously it's dependent on the margin offered at the day's prevailing sp. and the proportion allowed. It would allow those shareholders feeling over-exposed to reduce (with a return) somewhat. From memory the last tender offer some 3/4 years ago allowed a sale of up to 14.3% of one's holding at a sp premium of approx 20%. I can't recall whether or not it was fully subscribed or not?? Though, I personally did take advantage of it at the time. atb.
Some % over 6p imho.
It may be for y% of your holdings.
Example.
So say 6p + 20% for upto 10% (guaranteed) of a shareholding registered on such and such a date. Anyone wanting to sell > than the tender % of their holding could offer them and any unused buyback shares are then shared out to whomever put more than 10% up for sale or the unused cash retained in the business.
Just one scenario.
What does this mean if it works like that?
Buy now sub 6p, do the maths if you sell the % of your new shares as your buy price for the remainder will be attractive.
This is just one scenario, have to wait and see but they are highly unlikely to tender at the current price or even 6p without an incentive imho.
7.5p according to YHAL ;)
can't say I won't take some off the table. Needs to know how much any tender would be for. I've averaged down over the last couple of years and have more invested here than i am totally comfortable with so the opportunity to reduce a bit will be welcome from me.
I too will not be taking part in any tender offer either. Cheeky feckers!
Let's see how this actially plays out.......but bad form by Toby and the larger predators here!
Atb
Tap, I think some really interesting points have been raised of late and just to clarify my own position, somewhat more succinctly and less emotive than in previous posts.....although to an extent, I was being deliberately provocative in response to the Management's somewhat sly machinations (imho) ;)
Firstly, accepting the good progress having been made in turning the company around and from which we should take a great deal of assurance.
As I've stated previously, the Managent aren't interested in an appreciating share price (at this juncture), as a surpressed price actually works to their advantage, given the bigger picture playing out.
The Share Buy Back is carefully controled to take some stock off the table and into treasury but not to the extent of bolstering the price in any way - that would have been much better utilized by returning it to existent shareholders (imo & many others).
Toby is well aware that the 'consultation' with the largest shareholders would be just seen as a delay by most ordinary shareholders looking for the dividend return often alluded to.....and further impacting sentiment here and cultivating the 'stale bull' mentality.
SJL has by general concensus, been a great asset to this BB with a further insight into the company and specifically the ICM integration impacting prospects going forward. However, he breezes over the 'couple of approaches' he's had in the last month, to relinquish his whole stock holding. That along with the somewhat more bearish sentiment (relatively speaking) in concert with those approaches and off the bullish Operational update - a seeming disconnect there.
Who were those potential significant buyers and why did they want his complete holding.....at this juncture in time.....and at this price level.
SJL is obviously one of the large current significant holders of the srock.
I believe there's the bigger picture playing out, as alluded to several times previously and effectively looking to subtly 'coerce' smaller investors out the picture to the benefit of the significant larger holders (primarily) - as stated previously also, that was always the aim of the Management here, previously headed by Kreuger /AVC and now Toby & co.
Indeed, smaller private investors were always seen as a disposable asset, utilised and then conveniently discarded just before the really significant gains materialised......we all remember the Mozart shenanigans well.
Whilst the various Management teams have been well rewarded, in different ways and continue to do so, stale bulls that remain will be looking to grasp at any low ball offer to exit a stock that continues to promise 'jam tomorrow'.....or a 'mini pot' as SJL is now suggesting.
If that's what they intend then each to their own, albeit having a rwlatively large holding myself (in private investor terms), I'm going to align myself with the 'big boys' if you like and not relinquish my holding for any silly Tender Offer.
It's good to hear the different and what I believe are sincerely held views by respective posters - it's healthy to have thise sorts of exchanges, which although quite forthright, do give us an opportunity to see different perspectives and beyond the oft seen random trolling of many BBs.
My own views on management remunerations against a backdrop of lack of Dividends, has been previously posted on. I also agree with Tap on a more insidious underlying play to benefit the larger players, whilst jetisoning the smaller PIs with what I assume will be a meagre offer for their shares. - from that perspective, keeping the share price surpressed and witholding dividends plays into that agenda conveniently.
Perhapa explains a lot of things and the change in perspective of some.......or of course, I may just be paranoid ;)
Atb all & have a good Monday
Money does go back to shareholders.
Theres more than one way to achieve the result and some are more tax efficient and overall deliver a better yield to the shareholder.
I hope Toby Hall works to execute his fiduciary duty in an optimal fashion with a keen eye on overall SHAREHOLDER YIELD.
Dear oh dear ,am I pleased to have been out to dinner .
Taps .You diminish any valid points you make with this heavy handed attack dog style.You I didnt answer your question about dividends and now may be a good time to tell you why.
I am not in agreement with Toby Hall on the subject of dividends ,particularly as a buy back is in operation at this time and I would prefer the cash go to investors.I understand that he has a BOD ,a huge legacy payment to make and probably a number of competing demands on him.Essentially I'm not getting my way but, i do not accuse him of acting in bad faith or worse as you do.I dont like the bad agenda accusations and dont believe them.Similarly ,is SjL always right ? No but he has a point of view ,and although you may have a point here and there it's totally lost in the sabotage /agenda charge.Why would he want to stuff his own investment here even if he had fallen out with TH..A bit of proportion Taps..
Don't even debate with them SJL.
Stale bulls - tick.
This makes up too much of their individual portfolios - tick.
Have no idea of overall shareholder yield vs dividends- tick.
Sooner management shake off this rancid baggage the better .
Current period we are in is where the rubber needs to hit the road and I believe I am simply restating my long held public views on that in a way and forum outside the Board that allows a more free flow of views .
No spin , no agenda apart from seeking a higher SP .
I made one mis statement based on tobys own words and subsequently fact checked that and posted a contention .
Your withering attacks are very misplaced and not welcome , perhaps you could add some useful insights instead of taking potshots at all and sundry .
I don’t really have time for this tit for tat with someone I don’t know and have no clue if they own 500 or 5 million shares so will be over and out for me until some more news is released that merits comment .
Wishing you and all the other Board members the best in general and esp with your MMX holdings. .
Goodnight and god bless .
Tap,
As you wish .
All this talk about BS and straight bats and “ all over the show “.... hmmm , late Friday nite ... hmmmm
And now it is you misrepresenting my words .
“ awhile “ does not mean “ for months” .
I’m not going to get drawn in with you in name calling and suggestions of not straight motives .
I stand by what I have written which hasn’t basically changed over the last 15 months .
I think the company is worth 10p today and 11-13p with a following wind in the future .
The market thinks otherwise .
I haven’t fallen out with anyone here or with management .
4 tlds made more than 100% of the net profit in h1 .
28 made a net loss .
I heard Toby say in the interview $4million for “ next year . I double checked the “ guidance “ on finncap site and immediately posted here that was $6.2 .
Seems a fairly straight bat to me .
Last years h1 revenue was $6.4 , this years $8.9 less the stated $2.8 from the acquired 4 tlds leaves $6.1 million for the original 28 tlds . A regression . Perhaps a better mix in that for sure , but a regression None the less .
I do so hope the company makes it exceeds $6.2 for the full year . With 114 million shares I can safely say I have a greater vested interest than yourself . How many shares do you in fact own for one who can be so scathing of others ?
I repeat that I believe the 28 are underperforming and would like to see management correct that rather than rely on great ideas (of theirs) like adultblock to make the $6.2 numbers .
We shall see at year end what the numbers actually are and which TLds performed .
All I know is that a fuller price can be extracted from a buyer if more of the overall portfolio are actually providing a nett contribution rather than just say 6-8 of them .
I didn’t take kindly to several of the statements contained in the interims including the bad debt provision and continued “ restructuring of outstanding payments . I didn’t take kindly to the overwhelming % of the new options plan being awarded effectively to the two exec directors .
I have been very upfront to the BOD and this Board on those points .
I have been offered on more than one occasion to become a member of the Board which I have always declined for reasons I have also made clear here . I sold my business to MMX and made the call that long term value for the ICM vendors would be enhanced by a part equity deal rather than all cash .
That hasn’t worked out so far but I still tell them and believe that this would be an 18 month ++ timescale to achieve that goal . If the 4 +28 can make matching contributions to the bottom line I do believe it will ultimately prove to be a net gain for the ICM vendors who for the most part I understand are still pretty much fully invested .
I took a few million off the table in August to help fund my main day job business and up to that pint has been a net buyer with significant purchases of several million shares for hard cash .
happy with 8-9p, can't remember that, must have bumped my head or something..or just particularly pi**ed off at the time..lol