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Well. Ed expects it to lift the MCAP to £50m. Most PI’s hanging in for Leap. It’s the last large chunk of hidden value. After that it’s a cannabis fund, probably with monthly or maybe one day in the future it will be big enough to have daily NAV’s listed.
If there is anything less than a great outcome from LEAP sale or IPO it will destroy this company and it will lose 90% of PI’s
Hi Goodhand,
Why?
Andina was specified via RNS for Emmac and Ed was a Director of the business in 2020, I believe, as were commercial dealings shared via numbers of RNS while FFWD board members and management were involved in EMMAC. So it does seem that there can be a news flow to asset. Of course some discussions would and must be protected, but surely this far into the route to IPO we would be hearing more than what has been shared.
It would seem that from the lack of RNS there is no interest for acquisition. I mean, I expect most of us on this BB would be peeved if it was sold off, under value, when we were expecting a IPO. Not like we've seen that happen before!?
Totally agree with you though, it feels like "anything" could happen with LEAP.
For me, I'd prefer to know more about my investment in SEED and not have it as a gamble between IPO and Sale. The EMMAC IPO was touted as a major opportunity but then Shareholders seemed to only realised a small return compared to what the discussion board and there was no dividend for the likes of average Joe, and the SP has tanked. So if you trade SEED/FFWD, great, but not so good for the loyal shareholders?
The majority of people I spoke with were hoping/wanting/expecting a good return from EMMAC, and don't get me wrong... it was a good return for FFWD but based on the portfolio of losses it was not near the return some were hoping for and not a "great" return for a trophy in the portfolio stable.
IMO, many shareholders are looking for a 'great' return from LEAP. Ed has commented his frustrations of the market not seeing the value of SEED/FFWD investments or the cash 'shell' when we were more liquid earlier this year.
So it goes back to the question, what can the Board do differently to inform the market of their intentions and progress? Do we need to rely on the drop of a knife one day when news comes out.
There was a time when SP was sitting well ABOVE Nav and it was commented on highly. These days, it sits with the SP BELOW Nav, month after month. What can we draw from this?
This is an investment fund, so if there is no return from investment via dividends and if potential investors do not understand the time for their investment return it would make for a difficult journey, and at their expense.
Im hopeful that we seen IPO for LEAP, but as you say - anything could happen.
IMO, DYOR.
https://news.crunchbase.com/news/playtika-goes-public-as-spotlight-turns-to-gaming-companies/ I just wonder if we’re on there radar ?
I wouldn’t wait for an RNS to say that Leap is for sale or entering discussions of that nature, there doesn’t need to be one. Look at what happened to Emmac… waiting for that to IPO and then out of the blue, an after hours stream of news flashes about the sale. Granted in that instance it wasn’t what everyone was hoping, I’m just pointing out that there is the possibility of the same thing happening with Leap.
Hello robrob
I think we all share your frustration as I’m sure does Ed but he can’t give a running commentary on the IPO or the M&A. Firstly he is not allowed to and secondly it is not helpful from a commercial standpoint to give details of possible deals and valuations. The fact that there are various possibilities is of course helpful in negotiating a higher price. Also remember that Leap is a private company in which SEED is the largest shareholder. Ed is a Director of Leap but cannot give out information unless the board of Leap give him permission to do so. They won’t give permission at this point because it would be contrary to how these processes work.
If you don’t know what Ed meant by IPO and also discussing M&A and why he can’t say much else as discussions are ongoing then I suggest you tweet him direct and ask why he can’t say anymore about a private company and a major transaction be it IPO/M&A.
Then ask him has Rhonda sold completely..
Is this not a discussion board Doggo?
Sit in the naughty corner, shame on you...
Dumb & dumber tag team
Lol
Well said robrob,i agree with everything you said there.
Hi ICB888,
Yes I did watch the interview.
If you consider the run up of Nuuvera that also had legal restrictions I think you will find the level of updates and pace remarkably different from the management teams.
I hope we get to the 50 MC level and beyond, I'm rooting for it also.
It's just not clear at ALL in terms of what the vehicle is, it might be an IPO or it could be a sale. The verse is beginning to getting a little weary after many months. If its a IPO what date are we working to a prospectus? If its a sale, do we have any MOUs or NDAs? The market needs to know, this is likely one of the reasons why SP is below NAV on now unfortunately an ongoing basis.
"Whats going on" is a fair question, based that Ed has told us the target is 50M MCap before year and the only way to get there it would seem is via LEAP.
Appreciate the Board have a level of discretion, but you cannot sell a business if the market does not know it is for sale, if it is for sale, then why is there no RNS. Likewise IPO information is needed if we are aiming, even for a "slim chance" (per interview) for 2021, otherwise it seems to be just air.
Rob rob
You say” Why, the focus on "multipliers", this appears to be more aligned for exits rather than IPO”
Have you actually listened to the interview with Ed yesterday?
Ed says quite clearly that whilst working on the Leap ipo they are also having M&A discussions with various parties about Leap. So yes he is looking at exits which like EMMAC could happen at anytime. Multipliers are relevant to either option in order to establish the market value of Leap.
I am sure you are aware that there are legal restrictions on what Ed can reveal during the current work being carried out by Leap but he does give hints. Just remember he has being saying a £50 million + market cap by the end of this year. That can only be achieved by getting a very good price for Leap.
Fair play Rob,
Good job you got all the answers Barwick, I'll leave ya'll to it for a bit.
Gonna get back to my Chicken Kievs
No problem Mat
I was replying to another BB member anyway
In my opinion it’s not a good update to vague but each to our own!
of course not Mat as he doesn't know lol, there hoping for someone to come in and make an offer for Leap or someone to come in and make Seed an offer for there 44% stake in Leap which i hope and may well happen.
Early 2022 there's not been given a definite month or date for obvious reasons.
Mat
Can you tell me the month Leap will IPO? I would watch the interview again as it says “in” 2022.
Makes it hard to make decisions to buy or sell on the vagueness, I’m sure you will agree
At no point has Ed said another 14 months
The widespread belief from those who've done their detective work is that Rhonda is completely out.
There are ways of checking sellers through shareholder analysis which I wont bore you with but it includes freedom of information, nominees and working out opening vs closing balances at the custodians.
If you feel youre going to be waiting outside of your expected time frame then sell up and buy back in a few months. If you believe there's a negotiation going on and we're just waiting for paperwork stick around because otherwise you'll miss out.
It was an interesting overview, I mirror your points :
- How time has slipped from IPO 2021, to aiming for IPO 2021, to slim chance, to early 2022, now seen as in 2022.
- Why, the focus on "multipliers", this appears to be more aligned for exits rather than IPO
Overall a good investor piece, but not enough detailing for my liking.
I'd also comment that while Rhonda is below 3%, to me that simply means there is less reporting required now, as it is not seen as a significant (Lornes gifted) investor. To this end, how do we know that the "seller has left", there were plenty of block sells in recent days still and there is no public investor information available that they have sold to 0%? Unless I missed this.
It would seem and taking from Eds words that Rhonda wanted the 'cash' so reading between the lines, that the remaining shares will be sold.
Perhaps the 7p SP is the broker sell point and at 6p the balance cannot be sold and there is outstanding instruction.
It will be interesting to see what block sells are displayed in the coming days , has the 50k seller gone or paused?
I'm hopeful that what has been given to shareholders was not spin, but I feel the share price is depressed and will continue to be so until the board give clearer liquidity information, my take away was :
There is a IPO for LEAP and it will happen at some point in 2022. Turning to retail investor bias, it's not helpful for retail investors who have been waiting for this already for X amount of months and told prepare to wait for up to another 14 months from here for a IPO.
To that end it was a disappointing update and the possibility of raising the MCap to 50M before calendar year end seems to be very difficult and out of reach. I don't understand if there is ANY plan for the Bod to achieve the financial target they set themselves for 2021 and set investor expectations on.
Are we too trundle at this dire pace for upto the next 14 months?
Paperwork, Due Diligence, bureaucracy.
Yea maybe so mate hopefully. I just carnt understand why IMG would drag their heels for so long if leap was such an important asset to them and risk someone else buying leap ? Just was interested in others views.as always i guess time will tell.
I've a feeling something might be happening behind the scenes with Leap Fatman, he did say as much yesterday, just go back to when Ed was doing a podcast/presentation he just talked about Emmac as nothing really going to happen then bang a week or so later Emmac gone, so I'm hoping for something along the same lines, you never know .
We can only explain it so many times till youre asked to just re read previous posts fatman.
After listening to Ed yesterday he is now saying there is only a slim chace of a leap ipo later this year(Eds way of saying no chance)and instead of saying early 2022 as hes previously said,hes now just saying the leap IPO in 2022.so unless we get an offer out the blue then it seems nothing is happening with leap anytime soon!
What i dont understand is why IMG are dragging their heels so much if they want leap so badly? Just seems abit strange to me??