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Read up on shareholder yield. Done properly the return to shareholders beats dividends. It gets a bad press when;
1) stock is bought back with borrowings that can limit future business options, increasing balances sheet burden - not the case with MMX.
2) Buybacks are performed irrespective of value - not the case with MMX if you believe is is substantially undervalued. The benefit to owners of the company can be substantial to buy back when undervalued.
The more stock they take off the market when undervalued the better.
Indeed Silv, I would only add , I do know that the shares will be cancelled,something I suppose.
Evening Sunday. It does appear difficult to justify based on the evidence; although there may have been a behind the scenes arrangement to keep the price above 6p - not sure how that would tie back to the buyback terms and conditions. What we do know is the money spent to date hasn’t led to any price increase, the shares have not been cancelled, and what has been spent probably equates to the revenue we have secured from the H2 .vip and .work sales. Frustrating. SB.
In the buyback statistics that you have provided lies reason I am against them.A third of the cash spent with no result, rather than a dividend. Buybacks have been favoured by managements largely because their bonuses and salaries are linked to earnings per share.I have never seen an example of a buyback that provided value for money to the shareholder..
We really need the .London legacy signed off and a clear statement on dividends.I hope SjL will be shouting for them when he meets up with TH.Atb
what you can be sure of, they will be busting a gut to get to 9.4p + asap..
10 transactions to date
c. 5.8m mmx shares now held in treasury
Total spent: £351K
Total available: £1m (£649K remaining)
Average price paid per share: 6p
Share price at start of buyback (26.07.19): 6.25p
Current share price: 6p
SB
How much of the buyback pot have they even used yet?
Could left-over be used to propel sp over the 9.4p hurdle for management combined with news?
Your probably correct on the revenue issue bakky - but even at $1 a domain for .vip and work (and i have no idea if those are the correct prices) we have sold somewhere in the region of 300/400k .vip in H2 and about 100K .work - and both appear to have decent renewal levels for lost cost domains so bodes well for next year - even if the renewals are low $. This is one area of transparency i would like the company to be a bit more open on - we get geographic sales data I would like to see a bit more clarity on domain pricing beyond the purchase price data available from registrar sites. I would expect a trading statement covering full year 2019 in January - but was hoping we don't have to wait until then for an update - London, adultblock, blockchain, shareholder returns, 2020 guidance etc! TH and MS 2017 share options are exercisable on publication of 2019 accounts (c. April 2020) - and they need to be at least 9.4p to make any money - or they will lapse. Only 3.4p to go - but that's a 50%+ appreciation (£30m+) in company valuation from current. SB
I wouldn't expect there is too much revenue from biggish numbers that work and vip are doing lately. I don't expect the sp to change until we know if there will be a tender offer or not, better the sp is low for that I suppose.
I don't think we will get an update before Mello, unless it's material as Mr Hall is not big fan of Rns's, unless he has to of course.
I would certainly hope that SJL has been asked what he prefers by now. In fact, surely they have managed to come to a conclusion with everyone?.How long does it take to ask a handful of people their preferences?
I would hope an update is forthcoming by back end of December, at latest.
Looks like 6.0013p is the new 6.044p....talk about barely holding 6p. Domains under management as reported on our own web site continue to show good growth in numbers - unclear as to revenue impact but there must be some......!!
Wonder if we will get a trading update before Mello investment event on 12/13th Nov? From memory SJL was due to be in the country around this time and was going to try and meet up with TH and Turcan. SJL - you out there?! Perhaps he has been contacted as part of the company's dialogue with investors on the various shareholder return options under consideration? SB
https://domainnamewire.com/2019/11/05/chinese-domain-market-the-big-picture/
Chinese registrations.
Just a little sample of the rubbish going through on .fit...Can anyone explain what it's all about? The same goes for .vip and .work..
pxcwhp0.fit
q97bwrb.fit
qmdvykv.fit
qvi5400.fit
rhb32ql.fit
s2wpk59.fit
27vywhq.fit
Picking up on your earlier points gents (male assumption on my part...) i wonder if there is another motive behind the potential tender offer. The previous offer to purchase 100m shares at 13p was at a premium of c.20% to the share price - and was fully subscribed. At that same time a further 42m shares were placed with Hony to raise £5.5m. And that was at a time when we had $30m in the back. As it stands, assuming the .London $5.1m goes through and bearing in mind the $2m restricted cash there won't be much left in the bank for any tender offer (although there will be H2 $ additions). However, as confirmed by SJL there is large II interest (he could have sold his shares twice over) at the current price, then there might be a similar placing planned to raise money for any wider tender offer and allowing investors in at a comparatively cheap price - or others to increase their relative % shareholdings. Or maybe they just announce a dividend......SB
I expect they are of the 'freemium' offering no doubt?
I did wonder what these completely random registrations are for. Given they appear to be registered in bulk, can they be assigned to email addresses? Or can they provide some corporate server capacity? If not - what on earth is the play?! Clearly, I'm not in IT......SB
talking of registrations on vip and work. Most are a load of cobblers, make no sense at all.What's all that about? Just jumbled up letters and numbers.
Things were still very iffy back then and I never expected any divi at the time. Things are totally different now with renewals basically covering all expenses and the innovation stuff also adding nicely.Just got to hope that the big boys also prefer a straight divi, though I think they will go with a tender offer first..just my opinion of course.
Tap, any particular reason you think TH does not want to pay dividend. Can't ever remember that he was against it at any time.
what happened to your post from late last evening? Admin clipped your wings and deleted it eh? lmao..
I haven't told anyone to **** off.
People here are too emotionally attached and it is distorting their thinking.
Just because someone jokds up a mirror theres no need to be nasty.
bottom line for me is whatever anyone thinks of current management they are a million miles better than what we had with the previous clowns! My own mutterings about TH and the yes man puppet thing stems from what Keith Teare said when TH was made ceo. It is all about opinions I guess but you have to say that if TH delivers on the dividend like he said 18 months ago then fair play and due credit because it was a basket case of a company when he took over.
I’m with you on these issues Sunday. The company is completely different to what is was 3 years ago, and for me I think the next 6-12 months is when we will finally get to see the returns we anticipated all those years ago as investors. More recent posters don’t have that legacy - and have not been through some pretty grim times in the last 18 months as we have. I understand the deep frustration felt here / I’m not exactly happy with the losses I’m sitting on / but I do believe the management team are delivering a strong business although yes there have been some mistakes - some of them perhaps not fully in our control. Trying to sell the business failed - but at that point out numbers were a car crash and far from the sustainable business we are approaching, so ICM was the right course of action. The legacy issues were all inherited - if our team made those same mistakes fair enough to blame - but the reality is they are the team who have had to work through the problems with the available cash and cash flows - and we are approaching the time when these no longer hold the business back. As the song goes, it’s a long way to the top if you want to rock and roll. SB
Unfortunately,your unpleasant style and arrogant posting have contributed greatly to an unattractive and corrosive BB. Unlike you,I wish all investors to remain and further ,those that I am critical of right now ,again ,unlike you,have made a positive contribution here over a long period.
Dyor but I dont think there has been a better time to buy MMX than around now. Profitable, Growing. Innovative - as stated on the website - and leaving behind legacy issues.
The buyback is only wasted money if you dont believe the share price will rise over time. The people that want to exit low are being given a chance, a buyer of last resort, rather that keep offering negative downward pressure on the price. Churn is being mopped up.
It's also a vote of confidence.
You want out? There's a buyer.