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Ermm, think you lose credibility on that point...
Net cash position of $14.3m (Dec 2022: $26.5m), after $16.9m investment in game development costs (H1 2022: $14.2m). Cash position at the end of December 2023 expected to be between $10-20m, as previously announced
It tried to warn everyone here. $12m cash burn in H1, and that is with a $4m working capital benefit. This business will be down to 0 cash by December.
SmallHexTiles, pehaps checkout FDEV too. A very similar story, down 89% from peak, and probably not much further to go before reversal.
That being what and who was behind rhe trading of a third of the co shares on Feb 8/9?
Agree that this fell way oversold, easy to say in hindsight but this isn't one of those posts, I also posted about this representing value when I bought after the mega drop. Cash on a par with mcap alone a clear signal it had reached a silly low. The company had a lot of critics on here, some of whom understandably a bit cross they bought in too early but personally it's been very good to me.
I've exited on basis now it's more than bagged from the low so momentum has to fade at somepoint, but will keep a watch. Still believe it looks primed for M&A, whether MBO or by larger firm like Keyword Studios. With industry in a downturn cycle consolidation logical next step.
I do realise I am replying to my own message. We are now at 15p where I said I would exit. Up over 100% now. What I might do is take 50% out if I can sell at 15. Terrible market conditions but there are definitely bargains out there for stocks that are oversold on bad news
Only some brokers do, apparently. I use x-o.co.uk ( Jarvis Investment Mgt )
My broker doesn't have this stock?
Ignore previous. All charts were unavailable for this share and zero activity for first 2.5 hours of day.
Ceased trading?
I am so pleased that I sold this pile of s-nite at 55p taking a 10% loss. Some of you may remember around March time that there was a week or two which saw huge volumes going through but with no RNS’s. It didn’t seem right, then I read somewhere that the CEO was giving the employees unlimited time off. Scandalous behaviour when you see shareholders getting shafted line this. The MT need a good kick up the a-rse.
Averaged at 62p, what an absolute dog of a stock. A mess caused by the top of the company. Of course I am convinced lessons by board will be learnt but the average stock takes around 1 year to uplift from a profit Warning for example. So, my holding of circa £6k reduced to £1.5k I am going to swallow this and sell out until a later date. You see I will never buy a company again unless it has been on the stock market for a minimum of 2 years. Private investors or some other legal authority need to come together to create 1 simple rule..... PREVENT ALL INVESTORS WHO HAVE DONE ALL MANNER OF DIRTY TRADES PRIOR TO THE IPO AT PRICES WAY BELOW THE IPO PRICE FROM SELLING WITHING THE FIRST 2 YEARS OF THE IPO. IPO's are in my view fraudulent, stay well clear for the first 2 years.
Might be breaking out, silly undervalue here at the upper end of cash prediction...., can see a run to low 20s (where it opened on update)
All IMO
Tinybuild IPO price March 2021 £1.69. Started trading at £2.13p.
The founders made a killing and took a lot of money, but also retained a percentage.
Questor tipped the share as a hidden gem.
Just over two years later we see mid-price of 9.75p
There's no other way of putting this. Small private investors have been screwed.
What are the chances of people recovering their original 2021 investment? Answer: Zero.
Moral of the story. Never invest in a 'single share' particularly if it is on the less regulated AIM market.
In at 7. Out at 10. Bank is bank.
One thing about this CEO is with such a massive shareholding he has lost more than anyone so arguably has greatest incentive to turn this around. Must be at least considering management buyout with market cap this low. He could afford to pay a big premium on today's price with personal IPO cash alone.
There was a pretty decent window on Thursday when this was available at 6p, was able to buy in then without issue.
CEO does appear out of his depth, ideally he'd be moved to a face saving operations type role. Hope is that major shareholders will be pressuring that an adult is put in charge.
With the right management there's absolutely no reason for cash to run out with such a healthy balance. Employee numbers have tripled since IPO, as far as I can see it now has more personnel than peer Team17 which is valued at £500m, madness. Drastically cutting headcout would be easy win as part of wider hunker down strategy while in downturn cycle.
I suggest that very few people bought at the bottom, simply because even if they had wanted to, the brokers were regularly putting temporary holds on attempted deals due to the volatility at the time.
I'm tired of the vagaries of the AIM sector. The actual reaction to a set of poor results always seems to be magnified on this exchange.
For what its worth I may as well hang on to the holding I have in the hope of a miracle. I'm still wondering how Luke Burtis feels. At least that gives me some consolation!
As for the CEO....he may know his way around a game, but as for business acumen, he knows sweet FA.
My final thought. What happens in about a year's time when the cash has run out?
Nobody bought at 5.5. After allowing for the spread the ask was closer to 6p (maybe slightly less).
Few traders with DMA who could have got in cheaper would bother posting on here.
So a rise from 6p ask to 11p bid is an increase of 83%. Not bad.
Didn't someone call this a turd? I'll buy a turd that goes up 83% in 4 days !
Tangible NAV is around $15-25m, depending on the cash balance. That works out at 5-10p a share, exactly where this is trading. They've already flagged impairments for Red Cerberus & Versus Evil in the next results and more will surely follow.
If you use your cash balance to acquire IP and then write off that IP then you've effectively transferred shareholder value straight out of the company & into the pockets of the previous IP owners. Clever strategy, not.
Interesting, did say on Thursday the selling had hallmarks of a fund exiting.
This shareholding was already disclosed, Martin Currie Investment is a subsidiary of Franklin Templeton. So shareholding page simply showed the parent company.
Folks need patience... seller's out and 100m+ NAV, valued at upper end of cash with 0 for the ip and business
All IMO
Can this go back to the 21p open...?
Seller out ..... BOOOOOOOOOOM
Wow, so the company can actually disclose a TR1 seller then? Incredible. Funny that this holding wasn't previously disclosed on the major shareholder listing; https://www.tinybuildinvestors.com/key-shareholders
I wonder if the TR1's were going to the old CFO's junk inbox? In reality nobody has a clue who is buying or selling the big chunks here.