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Started: finba, 26 Feb 2024 18:57
Last post: waynesplash, 23 Apr 2024 22:59
We are down a lot, and 20% today, but your right, that King game looks fantastic, it should easy sell several Million, but cant find sell date.
Wayne
Netease recent buy could also be signal tide turning here, being Nasdaq listed and valued at $69bn. They've been pretty acquisitive https://en.wikipedia.org/wiki/NetEase
If you are in any doubt as whether Tiny Build is a raging buy or not...go check out King Makers trailer .
Posted last week with millions and millions of view across all social media already.
Rot seems to have been stopped... future is very bright.
NFA
Started: Stiffybristol, 12 Feb 2024 14:02
Last post: Stiffybristol, 12 Feb 2024 14:02
Why are these 6p-6.5p and the new issue 2p-7p???? Are they not the same?
Started: Bond-Investments, 21 Dec 2023 16:02
Last post: threeputt, 19 Jan 2024 23:00
Just read your post bond_invesment, fair to call me out but how was I to know they would raise at 5p, had I known in advance I would certainly have bought ! hindsight eh !
Where's threeput? He asked a few days ago why anyone would buy because of upcoming fund raise. Price up 80% since then! Good call buddy! Nice one!
Started: Investor157, 22 Dec 2023 09:20
Last post: TheMoneyShark, 18 Jan 2024 07:26
Having done my research, these are my final comments about this company, no doubt to the delight of MoneyShark!!!
The emergency cash being raised comes at the expense of private shareholders whose holdings will be virtually wiped out completely, through further dilution.
This is an equity raise of about $14million. Atari are taking up about $2million. Nichiporchik is taking up about $10million and the rest is open to retail offer.
Nichiporchik, the co-founder, took out £56million (about $70million ) with the IPO in 2021. His underwriting of this recent placing and retail issue is effectively a re-injection of a bit of this money. In my view, this is virtually taking the company private by the back door, but not quite.
Shareholders vote today. Over 50% support is needed (not including Niks present 38% holding) to pass the resolution.. With his injection he will have control over 50% of the company. He has also said that if there is not sufficient support, the company will file for chapter11 insolvency.
All this came about due to very few people noticing the early capitalisation of development costs that didn't show up in a hit to profitiability. On top of this, the company wasted tens of millions on Verses Evil and shut it down within two years. Additionally they have faced a couple of serious law suits.
The company has been run by games wizards who have virtually zero business acumen, and who in my view are cowboys incapable of running a business. Good old Nik. Down to his last £48,000,000 from the IPO, while the rest of us have lost 97% of our investment at the present price of £0.042p, with the prospect of that going to below a penny. And we never did find out what happened to Luke Burtis' holding and whether he sold or not. Thanks a bunch Nik.
HI Moneyshark, thanks for the suggestion! I know I can ignore the offer.
I thought about selling what I have, but quite frankly it now amounts to only a couple of hundred quid. I may as well hold, and pray for a miracle. At least if people stump up the new issue, the cash will help the company, although I suspect the CEO will be left taking up a lot of the shares. If the company fails, at least I will be able to offset the whole 'loss' against capital gains tax liabilities elsewhere!
....apologies, we did in fact discuss the credit facility cacallation some time back. I may have repeated myself somewhat on this placing situation. Sorry for that. Still reeling from the losses I've incurred!
Firstly, I don't think anyone mentioned on here that the $35 credit facility was terminated by bankers following the last disastrous update. Clearly they weren't going to throw good money after bad. That leaves them with existing cash which they've been burning through like nobodys business, plus an extra $10m placing which, no doubt, will have to be taken up by the CEO who has underwritten it. All in all, I see existing shareholders being further screwed with a dilution. I've lost faith in this. Why should I pay £0.05p a share (on a one for six holding) when I can buy it cheaper on the market for £0.04p ? The only answer to my own question is that if I pay the £0.05p price, it will prop up the company for another six months, whereupon it will either go under or be bought out or taken privavte for peanuts.
Agree the management is problematic plus needn't have got to the point where cash became this depleted, but you can't rightfully criticise the raise itself being at a premium. That's a rare thing and best case scenario as far as raises go, one of the advantages of the self interest that comes from CEO being major shareholder. Why he allowed things to get this bombed out in the first place is another matter.
Started: AlwaysInvest, 21 Dec 2023 09:08
Last post: TheMoneyShark, 21 Dec 2023 14:03
I know there is a finite amount available, but right now why would companies buy this at 5p per share when it’s available now for 4p? Surely they should suck up the lower priced ones first and then when those have gone, top up for the extra
I agree Atari on paper is a good bit of news, but if the assets/IP are decent but struggling for cash and at depressed pps, when Atari owns what like 7% or something, and CEO stake may increase depending on takeup, they together could see 50%+ and could vote through a takeover deal at prices not ideal for many Tinybuild shreholders.
I am just making guesses.
If it allows the company to realise its potential then I view it as good news. Better to have a smaller part of a more valuable business than a big part of one that goes bankrupt . I feel quite optimistic about some of their upcoming releases and I’m less underwater than I was this time yesterday so that’s a good start. We’ve just got to hope they have learned from their mistakes and some of the institutions opting into this fundraise will be able to make positive changes (still think Atari is an interesting new dynamic)
Yep, I am neither but I follow the story of it as I did research into it but figured not for me due to cash burn, so my only question would be can management do anything meaningful with this $14m? Hope so for all involved but could be a plaster rather than a cure.
They say $14m no? Which is about £11m at 5p a share is 220m no? Sorry I may need some coffee
Started: LongerGuy, 19 Dec 2023 17:12
Last post: TheMoneyShark, 21 Dec 2023 08:33
Surely the 5p placement price with a guarantee they will be purchased is a good thing.
Interesting to see Atari being name dropped too.
This company is so leaky. As I suggested , the volume goes up before the RNS lands. The question now is whether the market will take this as a positive (because there’s some stability and the future is secured) or negative (because of the dilution).
They could also look to licence/sell some of the assets now to keep it solvent. Gamepass or PS+ could potentially also licence upcoming games/back catalogue. There are means to raise capital without an equity raise. A secured loan is also very viable given that this can be backed by guarantees and the company is presently debt free. It did seem strange the RNS didn’t mention these potential routes, but there’s a chance those options will have presented themselves by now.
Crazy to think this was £1.12 per share exactly one year ago. What I find interesting here is that they own the IPs, whereas FDev for example has produced a lot of licensed games.
There must be some value in those IPs, but it’s whether the value is seen in them now and this sees a recovery or by vultures picking it apart at liquidation is the question.
Yes but they then move she spread up 9% so no one can sell for more than they paid... its been like this since the crash
Last post: neil777, 19 Dec 2023 17:08
What a crazy lot of sells at 2.30p today.. I'm suprised it didn't drop below 2p but held at 2.30!!
Yeah but they're still burning through cash at a horrendous rate and an obvious fundraise on the way, why on earth would you want to buy here ?
Horrendous spread still and you are down more than 10% when you hit the buy button.
2.40p to sell BUT it's never been less than this to buy so no one is in profit and a rise is still due.. cone back at 1.50p
2.60p but still only 2.38p to sell!!
No-one has bought for less than 2.44p.. this is such a bad spread
The spread is mental, the quote is 2.5p at the top end. I can see this hitting 2p. If it bounces it will be hard.
Started: unhooked, 30 Nov 2023 09:50
Last post: TheMoneyShark, 5 Dec 2023 14:19
I almost wonder if he's made a conscious decision to destroy the equity value here with a view to buying it back on the cheap. I know that's a bit of a conspiracy theory but he's been so managerially inept and complacent despite all the warning signals I'm almost inclined to believe it.
Perhaps he will delist & take it private, he can afford to and won't have shareholders to bother with ?
The one saving grace for raise here is CEO having so much skin in the game, discounting will impact him more than it will other shareholders. Having put prospect out there out there they now need to do it as quickly as possible to stop the bleeding. Again we don't see nearly enough urgency from management but at least they're finally talking about cutting costs.
This article relating to FDEV who seemed in a similar position (albeit about 10 times the market cap of here) was interesting to read as there are potentially some parallels https://www.ii.co.uk/analysis-commentary/stockwatch-there-life-left-share-down-96-ii530003
It would be fair to say that I regret ever reading Questor in the Telegraph recommending this at around £2.30. It would be fair to say that I'm sick as a pig with the way things have gone. The lesson to learn here is not to invest on newspaper recommendations but to do one's own research. In recent times the lack of transparency has been far too evident. Cash is eventually going to run out and there is only a 50/50 chance (i.m.o) of this share existing a year or two down the line. The CEO clearly lacks business acumen and we are no where clearer as to whether the former founder member has sold out of the company. In my view it's a complete mess but there's no point selling now. My shares a re virtually worthless and down over 90%. It would be fair to say that I'm a little peeved to say the least.
Started: JAdams5000, 29 Sep 2023 08:03
Last post: 404x, 29 Sep 2023 09:34
Peel have their own problems, they recently issued a buy statement on a company accused of fraud by its own auditors, while trying to cover up the dodgy audit - probably because that same company pays them! https://www.ft.com/content/52ba07ba-fca4-40aa-aea7-756114e6da5a
Usually when they suggest something it's an inverse signal to do the opposite. No wonder their own share price is down 65% since last year.
They’ve downgraded Torah
Brave to get in here
Started: waynesplash, 26 Sep 2023 22:26
Last post: TheMoneyShark, 27 Sep 2023 09:16
The big drop happened after the AGM update, yesterday's RNS was in line with that, worth reading for details. In a nutshell they forecasted too optimistically and came in below market expectations.
To a certain extent all video game publishers are facing challenge of revenue growth stalling after pandemic boom, having over-hired on expectation growth would be sustainable they now need to cut costs. Some companies have manged this better than others but same applies even to big names like Roblox in US.
In UK FDEV, KWS and TM17 down from highs. Tinybuild is somewhat unique because the market cap is so low and has fallen the most from its peak.
Hi all,
Why down so much ???
Thank you.
Wayne
Started: SmallHexTiles, 2 Jul 2023 02:39
Last post: 404x, 26 Sep 2023 15:28
Back in here, value seems a no-brainer at this level.
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.
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.
Started: AAAA1111, 31 Aug 2023 20:18
Last post: AAAA1111, 31 Aug 2023 20:18
That being what and who was behind rhe trading of a third of the co shares on Feb 8/9?
Started: Angelis, 16 Aug 2023 16:04
Last post: VeliBaba2, 16 Aug 2023 20:45
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
Started: GeordieShores, 4 Jul 2023 20:35
Last post: simon1367, 14 Jul 2023 23:34
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?
Started: ShearClass, 3 Jul 2023 07:48
Last post: ShearClass, 3 Jul 2023 09:05
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
Ginksy: You've not followed this story for long have you? This company has screwed investors. There have been far too many unanswered questions in the last few months. Too many dodgy events in the last year. Additionally, one has the creative accounting of capitalising large amount of costs, thereby achieving what is considered to be a false 'profit' , whilst eating into a large amount of cash. Consequently, unless they curtail expenditure, there will be a need for more cash within a year, as reinvested cashflow has been put into poor performimg products.
The CEO (the joint founder) has made his millions by going the IPO route a few yrears back. As for everyone else, they are basically screwed. This company is a disgrace.
Why would they run out of money , they a generating 20 million a year operating cashflow , which is reinvested to generate more games , which will generate even more income over the next few years, if cash gets tight just slow down on games development
.........Oh, and I forgot to mention, we never did find out the reason for the massive drop in the share price in March. That in itself stank of shares being dealt in in huge amounts without any RNS updates re shareholder details. All the warnings were there at the time. We live and learn.
I've been away a few days and had not looked at this. I'm now incandescent with rage. Incredibly angry. A few days ago It was 34p and now it's 9p. I had averaged down over the last few months to about 90p. I've basically written this share off, given it is virtually impossible for this share to recover significantly to recoup my money. Basically, we've been taken for mugs.
Firstly, why the hell did I listen to Questor in the Telegraph a year or two ago when the sp was over £2 ?
Secondly, why the hell didn't I go by my gut reaction a few months ago when the Tinyworld 'team' did a broadcast about their updated figures? I said on here at the time that I wasn't impressed with the presentation and said that this looked like a 'one man band'. The CFO seemed out of his depth. It was all too laid back and stank of lack of corporate governance
The only satisfaction I get is seeing that Nichoporchick has lost a massive amount of his own share value, although he (and his wife, for some reason) has taken out a lot from this company. Luke Burtis, co-founder (who has not been part of the business for quite a while) must be sick as a pig.
I've been in this situation once before. It all STINKS. In the last scenario where I lost my investment, the updates became less frequent, (but continued with a positive theme), and eventually the shares were de-listed from AIM due to delays in updating, and the company was dissolved, and the directors disappeared. I'm getting a horrible feeling of Deja Vu.
And finally, as they are going to run out of money soon, don't get conned when the rights issue comes along. My advice is to tell them to eff off.
Jumped in at 7.11p ,like the previous poster said bad companies can sometimes make you lots if you catch the bounce right ,priced less than cash so always a good chance of gains ,expect 13-18p july time
Started: GeordieShores, 30 Jun 2023 18:35
Last post: waynesplash, 1 Jul 2023 01:38
Hi all,
Hi Mortality,
Wow you know your chopsticks. I had never heard of these until I seen the 70%, and just thought I will chance 2k, thus up a few 100 now. I am on all my other stocks long termer, thus whats your game plan here. Are you hoping its going to go back up to 50, take your money out and run like hell, or do you think you could chance this firm longer, or even long term. Ho, any advice on Amte Power ??? I was thinking UK Government cant let these go under, thus was going to put 2k in for long term, but not sure yet.
Thank you.
Wayne
Agreed but you're contradicting your last 'red flag' sermon.
Anyway, good luck.
Bad companies can be good investments and vice versa.
So you invested in companies you considered 'turds' and got paid for it??
I am pretty experienced actually. Used to do this job professionally. Did it for 12 years as a UK equity analyst and later on as a European small cap portfolio manager (for a large German asset manager). Before I chucked it in to study computer science.... not that I expect you to believe me :).
I think I am well within my rights to call this share a turd. I mean, it is down 96% since IPO.
So, in my 15 years of (successful) investing experience, I have observed that small-cap companies which primarily operate in less-developed markets, and have CEO's from less-developed markets tend to be lower quality. They also have a tendency to adhere to less rigorous standards of corporate governance.
Cash is a relevant valuation metric, which is why I argued looking at PE is less relevant. I think you would also agree the market is forward looking. So for everyone astounded by how much cash it has, we should consider what the cash balance might look like 18 months from now. They burn through $20m a year? Where will that cash be a year from now?
As I said, I am a holder. Bought in at 8p. A lot of the games this business makes are terrible and could disappear and no one would care. Hello Neighbour is a good franchise though. That alone must be worth something to another studio.
My view is this bounces back to c. 15p. Then I'm out. H1 results will be ugly. They just brought in a CFO who used to be an equity research analyst (lol!). Cash will start dwindling. I don't need to be here to take the execution risk associated with a nasty restructuring. Until then, I am along for the ride.
"Some of the research on here is terribly rushed."
As opposed to your own moronic posts on here calling this a turd? Or your revelation that the CEO is Eastern European? Why don't you tell us what you think his nationality indicates about the investment case.
As for cash level, it's a relevant valuation metric - particularly for a business in distress and at this ratio - so it's a highly reasonable discussion point. Plonker.
Looking solid this morning!
Some of the research on here is terribly rushed.
"Its profitable every year" - thats my because it capitalises a HUGE amount of costs. It is actually loss making.
"Its go all this cash" - true, but cash is dropping about 20million a year. Most their cash will be gone 18 months.
"Ceo holds lots of shares" - the ceo is a controversial character. Eastern European. Does some dodgy interviews.
Full disclosure I bought a tiny amount yesterday. Mainly on the fact I think the hello neighbour game is worth something to a company like team 17.
Expect a good bounce tomorrow.
I can see it hitting 13-18p range in July
Started: GeordieShores, 30 Jun 2023 17:15
Last post: Anon.y.mouse, 30 Jun 2023 17:21
36p was after hell of a drop. 6 month chart on the 1st trading day of January it was over £1 per share.
I'm not an expert in the field at all, actually I think it is crazy how these games make millions of pounds but i'm invested in the belief that 9p is too cheap.
This company gets a score of 89 for Quality by the relatively well respected Stockopedia.
It gets 99 for value, and 78 overall.
I certainly think the article in the Times was misleading given the high-valuation at the time, but at these prices and with cash at bank of £25 million and zero debt, this will rise further.
Someone mentioned earlier that in 18 months they won't have any cash left, which is of course a ridiculous statement because that is assuming they do not make any sales.
Sales are lower (if they weren't the share price wouldn't be 9p), but they still have some popular titles and some valuable intellectual property.
36p was too high. 9p is too low.
Cash by December worth more than market cap ,so at a guess probably have 20-30 mill at the moment
Started: occams, 29 Jun 2023 14:44
Last post: HeresHopin, 29 Jun 2023 15:20
I'm trying to buy from 9am on 2 accounts, cannot buy a thing on IG
Still a big seller around as you can buy at the 7p bid price. Ps. Luke Burtis left a few months ago so you can add his 14m shares to any II overhang.
Luke Burtis and Alex Nichiporchik between them own almost 50% of the company.
Last post: smythsmoneybox, 29 Jun 2023 15:19
If you can't buy- check if you gave filled in the revenant form to buy USA stock. That's what gave me all the trouble.
HL, I can get a quote right now 7.5p to buy. Struggled earlier though.
Trying to buy on IG from 9am.......I've tried everything but it ain't happening.
I can’t buy on Barclays anyone else bought on there