Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Andrew Ian Smith is no longer a director as per 19th June
Steven Zhang has been appointed as a director
It appears to be a cancelled trade.
That £1.063m buy today will go to tightening up the shares available, whoever the seller and buyer may be. It is of little consequence now, but to be clearing a seller in part or in whole before the prospect of a rise in sp will benefit all the other shareholders, as I indicated in my last post.
Regardless of where they have come from, the shares are out of play in the short/medium term. If they have indeed been purchased by the EBT, they are out of play until such time as they are awarded to satisfy 'existing and future share incentivisation awards, so reducing any future dilution for shareholders.' ( including the management and others whilst being rewarded from the EBT ) I do not know the performance criteria against which shares will be awarded but this will sensibly be linked to company performance, and shareholder value/return, or risk shareholder dissent, ( Nigel Wray has 13.02% ) and possibly harming Smith and Weavers joint 32.56% shareholding. Oak Trust for the EBT already holds 7.41%, and the company intends to continue funding the EBT to 'buy back' shares as a means of keeping the share price in touch with NAV. But with some loosely held shares currently available ( the shares purchased Friday have come from somewhere, but they were at least bought at the top end of the spread ) in my opinion that has yet to start making an impact. Young's holding is below 3%. Any future sales need not be reported. But they are separate issues, and the future for MXCP rests predominantly on the ongoing success of the Ravenscroft and Liberty Global ventures, including future sale of the resulting MXLG business to LG, supported by incoming fees for services in relation to those ventures, whilst sorting out Ide over the months and years to recover value and repayment of the loan notes, rather than the immediate MXCP share transactions. I think it fair to say that Smith and Weaver on their own accounts have a good track record in putting commercial tech companies together ( Liberty Global chose them on that basis ) And Castleton is the most recent example.
Let’s assume that the large buys are for the Employee benefit trust. If so, why did the person like Marc Young sell recently? I am confused. MY was the CEO before Mr Smith and it was under his tenure things unravelled at both IDE and AD4.
Totalling £844,000.
I am a little surprised to see Marc Young selling an unknown amount, but some at least may have been bought by Oak Trust. I may be wrong, but I had in mind he is a PDMR.
Closing mid price today is 72p. Last trade price per LSE is sale of 2,466 shares at 75p. Trade time 8.26.56am. What’s going on here? If price is so low, shouldn’t the Employee Benefit Trust be buying shares now as sp is more than 25% below nav?
in accordance with stated policy. "At the beginning of the period, the Company established an Employee Benefit Trust ("EBT") to buy MXC shares in the market to be held to satisfy existing and future share incentivisation awards, so reducing any future dilution for shareholders. The intention is for the EBT to continue to buy back shares, however given the intended capital return programme described above, this will only ever be at a price which represents a discount to the current NAV. To date, £2.9 million has been invested by the EBT in purchasing the Company's shares."
Translating the interim results it appears the situation is recoverable at Ide over 18months or so, with an underlying business and platform from which value can be recovered. There may be acquisitions later on using that platform. 'Significant' action is intended at Adept, and soon. He may have taken the view, as I do, that nothing worse can happen with those two and that in view of the NAV of 97p per share, Mxcps return to cash profitability and healthy balance sheet, it is time to move on and attention should be focused on the known opportunities afforded by the Ravenscroft and Liberty Global enterprises.
I notice Simon has refrained from commenting on the two ugly sisters (AD4 & IDE) and just mentioned Redcentric in passing
Still we're back in profit, undervalued right now and going in the right direction at last
https://www.investorschronicle.co.uk/comment/2019/05/09/mxc-returns-to-trading-profitability/
MXLG intend to build an IT services provider of size and scale for business consumption. There will be a number of future acquisitions. Those so far are
Koris - a managed communications provider offering on-premise, hybrid, private cloud and cloud solutions with a specialist focus on Mitel telephony and Skype for Business solutions.
365 - an IT services company providing networking, unified communications and IT security services.
SICL - an infrastructure and network specialist providing a range of on-premises, cloud and hybrid technological solutions and services.
I have no idea where management will go next, but the combination offers businesses a broad range of infrastructure, from on-premise to fully managed, which can now be moulded into shape, creating the platform on which to base future acquisitions. It is anybody's guess, but it is possible that future acquisitions will be directed towards business solutions - electronic document storage and retrieval, mobile working and so on, as occurred with MXCPs last roll up after securing a platform company, providing cross-selling opportunities. With regard to mobile, MXCP has an interest in the 365Agile mobile solution, still presumably available for purposes outside social housing.
KORIS COMMUNICATIONS GROUP SOLD TO JOINT VENTURE. https://www.insidermedia.com/insider/central-and-east/joint-venture-acquires-koris-communications-group
MXC Capital pours more cash into Liberty Global joint venture. https://www.sharecast.com/news/aim-bulletin/mxc-capital-pours-more-cash-into-liberty-global-joint-venture--3880073.html
The company reminds us, in these Liberty Global days, not to overlook the smaller ticket investment opportunities through Ravenscroft/GIF, value accretive throughout the fund term - eight made and four close to closure, additionally generating £1m. pa In fees. Relatively small investments, but with significance potential return pro rata in due course. And as of yesterday there remains £23.5m cash for future investment.
I agree, big improvement moving forward
I wish they would sort out IDE and AD4 though, like two lead weights
"As has been demonstrated in its track record over the last four and a half years, the Group can deliver a 2.2x return on its capital and that is our aim for the next four to five years. This, combined with the return to a profitable trading position, leads the Board to believe it is time for MXC to re-establish a method of returning cash to our shareholders. Therefore, the Board would like to introduce a capital return programme to be based on our NAV1 which we believe will increase as we deliver against our objectives. The programme will be largely funded by the cash profits from the trading business but will represent a percentage of the NAV declared at each reporting period. By example, at 28 February 2019 the NAV was £65.4 million, representing 97p per share. The Board is currently undertaking a review of the appropriate percentage and the best way to effect this return, whether by way of dividend or share buyback."
I am ambivalent on the matter of returns to shareholders as mentioned. However, such a statement to shareholders reveals the company now truly sees itself as having positioned itself for a much brighter future. I continue to hold with increased optimism. Today's announcement may provoke tipster comment.
Liked this...... MXLG is our joint venture with Liberty Global. The progress to date has been solid rather than exciting but is now gaining momentum. At the period end of these interim statements only one investment had been made but since the period end a further two investments have been completed. There is significant potential in this joint venture to build a UK IT services business. The key to success with this type of roll up, which we have concluded successfully four times previously, is to acquire cost effectively and then retain the hearts and minds of key staff. The pace of acquisitions is very much determined by this ethos and I respect the team's diligence and patience in not rushing in and overpaying for acquisition targets.
For the first time in a long time that's a very pleasing update.
I add that the selection of acquisitions, though MXCP are doing the legwork, is one on which 3 investing parties have to agree, with LG as the prospective purchaser of the final integrated entity, so acquisitions should be entirely fit for overall purpose.
Things are starting to move along at last. There are 3 companies within MXLG. The directors will now work on integration and synergies as part of the business case. The decision was made to part fund the latest acquisitions from a debt facility, leaving the MXCP cash pile substantially intact for future acquisitions.
Liberty Global are watching over them, particularly as the exercise is geared at folding the end product into their organisation.
I'll be honest, I don't think the market has grasped the enormity of what's going on
I'm watching carefully though as they have a habit of shooting themselves in the foot here