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Let`s be having you.
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Pity he doesn't seem to think Fulcrum's share price is 'potty'
No he's too busy collecting
Christo! now that's interesting..
Could that be the same Harwood/Chris Mills bleeding Fulcrum Utility dry? or at least the share holders.
Talk about stealing from peter to please Paul.
Well predicted TaltBong and congratulations on your win here. 110p all cash offer arrangements seem to be all the rage. (1st Kin And Karta yesterday, and now this. )
Your shadowing of Chris Mills at Harwood looks pretty smart.
Was hoping for 125p but 110p is still a very decent win in a market where they are few and far between. After investing in OTMP with money made from Crestchic (thanks Mr Mills et al) I'm now looking to roll it over to another Harwood stock where Chris Mills thinks the share price is "potty" (like he did with OTMP) e.g. HSP or maybe AVG or maybe both. Good luck all.
£100m, 125p?
Being walked back up with low share turnover
Big buy, someone has faith
Unfortunately i think you are right.RM is the market leader so EVERY agent needs to be on their platform. If cost savings are required it's the add on such as OT that will get dropped.
Now that the 5 year lock in has expired it appears all those early adopters are slowly selling their shares, hence the repeated drop.
Such a shame as this is a well run company, has no debts and makes a profit. I first bought this at well over £1. Now 50% of that value and i'm still not inclined to re-invest.
Further to my posts below the TR1 today confirms that it was Harwood who bought another 1.23% of OTMP at 57p so that they now have 7.33% at an average price of 77p/share (I think) so still well above today's price.
I've been fortunate to have done very nicely following Harwood/Rockwood/Odyssean into numerous cracking winners and managed, so far, to avoid the few duds they've had.
Although I've listened to Chris Mills talk several times before about OTMP my interest was really grabbed by the interview he did with Paul Hill 9 days ago in which he acted a bit out of the ordinary for him when it came to OTMP. I had a feeling something was afoot so watched the inevitable SP drop closely and took a punt here before I did my first post below (which I'm really hoping was the bottom) and bought a few more since. As I'm using money made off the back of Harwood from Northbridge (Crestchic) I'm fairly relaxed but obviously hope the SP rises here over the last couple of days continue.
I'll see how tomorrow morning goes and maybe buy some more. It may turn into a long-term hold but I've learned from experience that holding onto Harwood stocks can really pay off. Good luck all.
Still researching this company and came across this recent recognition for what it's worth. Only a small piece of the puzzle with regards to investability but good to know the staff seem to be happy (according to the Sunday Times anyway)
https://propertyindustryeye.com/onthemarket-named-among-best-places-to-work-list-in-the-uk/
…and institutions never get it wrong do they.
The value of OTM to its clients, estate agents, is ‘cost per lead’, how many good leads they provide compared to Rightmove and Zoopla.
If the public are not visiting the site then they are not producing enough quality leads and are an unnecessary cost. It is very expensive to get the public to change their habits, and because OTM do not have the whole of the market, i.e all the agents on the site it is an ineffective house hunting tool and not worth visiting. It is a vicious circle that renders OTM pointless and dispensable in a tough market.
And there we have it, two big buys just before close.
Schroders : own 7% (bought 6% at IPO when the SP was in the 140s),
Harwood : 6.1% bought when SP was high 60s low 70s
Downing: 3.2% when the SP in the 70s
All speak fairly bullishly about OTMP when interviewed. Downing, who bought when the agents came out of the 5 year lock-in, said they were surprised that there were not more shares available.
Well, there should be more shares available now and at a better price. If they are bullish you might think they'd be wanting to buy more and average down.
Results tomorrow?
27.5% down in a month now. No doubt those agents that can, will start off loading these when there still worth something. Agents that can't sell just yet create a false SP and must be pig sick as they watch it keep coming down.
Rightmove putting their price up will not help OTM it will have the completely opposite effect...read my earlier posts and you will see how OTM missed an opportunity to actually challenge Rightmove, there no chance now, that ship has sailed I'm sorry to say.
Spot on and something will have to give...it won't be Rightmove unfortunately.
I would suggest Chris Mills (whoever he is) is investing in a market he knows nothing about. It's not about giving shares away and getting agents on board, its about getting the public engaged and getting them off Rightmove and onto OTM. Until they can do that, which I very much doubt they can, then agents are paying for a second or in some cases third portal giving them pretty much no return.
If you were selling your house would you check the agent was on OTM, probably not, most of the public haven't even heard of it! Rightmove, then Zoopla and in third place OTM. And what happened to Boomin, that's a red flag, along with 'fish for homes', Prime Location (apparently still going), Globrix, and many, many others, over the years.
Rightmove had a huge first mover advantage, which they exploited brilliantly. In my opinion OTM will be the first cost agents will cut when the going gets tough, it certainly won't be Rightmove.
Its a weird one. Obviously the agents are selling off shares and have been for a while into an illiquid market. On top if that interest rates are poised for another hike and mortgages have been withdrawn again. There is still an acute shortage of property. Just watched Chris Mills (Harwood Invest) interview on vox. He is dumbfounded by the fall which is a bit worrying for a fund manager . Not only that he has been buying. There again he did even more worryingly take a punt on Wandico. On the other hand he has made some great investment most notably Niox and Avingtrans. So I thought I would have a look here and convincing as his argument is about how cheap OTMP is, there is no profit in arguing with market momentum. Definitely one to watch from a great distance probably, but one day could be kicking myself. On the other hand there are a lot better stocks than this that have also lost momentum. Too many to choose from
Down 20% in a month! That’s what happens when you offer a service nobody needs or wants. OTMP has no purpose and agents are beginning to realise that.
From their RNS 25th Jan
"The Group has maintained its operational cost discipline, and expects to report increased operating margins, with adjusted operating profit for the year expected to be between £4m and £4.5m (FY22: £2.7m).
Strong balance sheet maintained
OnTheMarket continues to have a strong balance sheet, with cash at 31 December 2022 of £10.4m and no borrowings."
They have more products to sell now also, which should, IMHO, double their profits for the current financial year
Agents will no doubt start selling their shares in OTMP as they are get a bit short of cash. This will lead to a larger problem, with them subsequently removing their agencies from the portal, as the only incentive for staying on the portal is to shore up the SP. When they are no longer holding there is no reason to be on the site...slippery slope IMHO.