George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Martin Sorrell...
“We had a very mixed first half of the year reflecting challenging global macro-economic conditions and consequent fears of recession, which resulted in cli-ent caution to commit and extended sales cycles, particularly for larger pro-jects,” said Sorrell, executive chair of S4 Capital, which has now cut its annual forecast for the second time in as many months.
“Advertising agencies are at the mercy of the economy,” said Russ Mould, in-vestment director AJ Bell. “Martin Sorrell’s digital advertising agency is current-ly suffering from subdued client activity – its customers are worried about re-cession so they are cautious about signing off big advertising campaigns.”
We'll just have to wait it out.
https://www.msn.com/en-gb/money/other/sir-martin-sorrell-s-s4-capital-cuts-500-jobs-as-tech-clients-rein-in-ad-spending/ar-AA1gSKu3?ocid=msedgntp&cvid=aeb0d9178b414168bc982e6c6537464c&ei=80
S4 Capital have confirmed what I've been saying for ages.
Ad tech have had challenges going back to 2017, since P&G demanded clarity within the ad tech ecosystem. Ad tech got a boost from covid lockdowns and is now returning to pre-covid challenges.
See my previous posts on the need for ad tech companies to M&A or die.
The latest of last week re MediaMath
Post Sept 10th
https://www.lse.co.uk/profiles/stt1/
Apologies, the link...
https://www.lse.co.uk/rns/SFOR/interim-results-for-2023-e08eolc82bwy72b.html
Re, S4Capital plc interim results.
Its all about the macro. With statements like this from S4Capital, S4 didn’t see the hit that was coming (and landed) in the third month of the June quarter, any more than Tremor did. And it looks like the dearth has extended into the month of August as well.
Extract..“Full year expectations have been further revised”…..”like-for-like net revenue is now expected to be likely down on the prior year”
S4 Outlook
Following slower than expected trading over the summer months, including August and current client activity levels, full year expectations have been further revised. Like-for-like net revenue is now expected to be likely down on the prior year and operational EBITDA margins are now targeted to be in the range of 12% to 13.5%. As in recent years, we ex-pect the full year results to be heavily Q4 weighted reflecting our seasonality and anticipated client activity.
Sir Martin Sorrell, Executive Chairman of S4Capital plc said:
"We had a very mixed first half of the year reflecting challenging global macroeco-nomic conditions and consequent fears of recession, which resulted in client caution to commit and extended sales cycles, particularly for larger projects….. We expect the year as usual to be weighted to the second half, especially Q4 -….. We remain confident our talent, busi-ness model, strategy and scaled client relationships position us well for above average growth in the longer term, with a new emphasis on de-ploying free cash flow to …share buybacks."
Does the above sound familiar?
hxxps://www.lse.co.uk/rns/SFOR/interim-results-for-2023-e08eolc82bwy72b.html
Radium many thanks, for what was an excellent synopsis. STIT is clearly a nasty piece of work who doesn’t have a nice bone in his body. He takes a delight in talking down other people’s investments, while pretending that he sold at or near the top. I wish you and all holders of TRMR good fortune and hope that our patience will be rewarded. Regards Curly
Cont...
Personally, I can’t for the life of me understand how anyone ever made an investment case for Totally Plc and as things stand, I can see nothing to hold Totally’s sp from falling further. Accounting anomalies, CEO and CFO creditability gone, a staffing crisis that’s endemic and cannot be reconciled anytime soon in the healthcare sector, serious question marks hanging over the business model, downsizing and a cash call at a rock bottom sp a serious probability (massive dilution). Future dividends in question, cut or possibly abandoned. Certainly, ought to be, can’t risk giving away the pennies when you aren’t earning any. Right now, there isn’t a single visible catalyst to support the sp and so, the question is, how much further can it fall? What is the investment case for that POS?
Whereas I commiserate with the ordinary Joe invested in Totally, this guy (stt) dedicated a career to damaging the hopes of so many other people invested elsewhere. He deserves all the pain he’s getting (and more) from his losses there. What goes around comes around. Currently burning his keyboard in panic, this guy had it coming.
Watch now for a return post from him. His standard response for self-preservation is always the same, one of character assassination of the other person. It will contain content to ridicule, deride, undermine, and mock and most definitely contain his standard get out from under ridicule of Tremor Plc.
It won’t have the slightest impact on me. As I said, I don’t read his clap.
The schadenfreude, however, is the immense pleasure for those of us who have earned the right to dislike this guy with a passion. I’m just one of many.
Cont...
While using the Totally Plc lse and advfm bulletin boards to pump and defend Totally’s virtues and its future outstanding growth prospects, he kept buying throughout the decade as Totally’s sp continued its downward trajectory. At one stage en-route, he posted on the advfm bulletin board that he used his full year ISA allowance to buy Totally shares. At that time, they were around 60p/65p from recollection.
Ten years on and Totally’s sp graph looks like a ski slope on steroids. Recent company ‘news flow’ has pushed the share so low (7.75 pence at close on Friday) it’s beyond recovery in my view, and with stt so financially strapped into Totally and unable to escape, he is, quite literally, drowning in serious losses right now. His relentless pumping of this stock during this entire period has been for one purpose and one purpose only, the saving of his own skin in the face of what was so obvious, (at least to me) the inevitable demise of Totally Plc. Forever mocking others for not listen to his investment advice, ‘red flags’ and ‘news flow’, we can all see him now for the ordinary chump that he has always been. An investment guru, unable to look after his own investment. A big looser of his own money and sadly, the money of those naive punters who were fool enough to listen to him.
Cont…
The nature of these bulletin boards is such that there is nothing that anyone can do about a pariah poster like stt and there are few who are more manipulative of this weakness than stt. It may (or may not) help to know that this is not the only stock/board that he has been active in, in this way, over many many years and without exception his modus operandi has left him friendless everywhere.
In the fourteen years that I have been associated with this board stt has also been here. Just about every possible expletive and mental pathology query has been used, implied and applied, without the slightest impact on him. To date he has clocked up 35,700 posts on the advfm bulletin boards and although I have no wish to check his posting status here on this board, I believe it runs into the 10’s of thousands.
From among all of that, I cannot recall a single positive Tremor post... ever!
That’s why I don’t reads any of his clap and haven’t done so for years.
Odd as it is, life often plays out in a “you’ll get yours one day” scenario and that’s why at this time so many readers here and on the other boards he works, are thoroughly enjoying the irony of knowing that stt, so heavily invested in Totally PLC at prices dating back to the 95p+ days, is today licking the wounds of huge investment losses. And yes, I mean huge, he’s seriously invested in Totally Plc. Having made his first investment over a decade ago, Totally’s sp graph began its ski slope journey from the date of his first purchases and it never recovered to those heady 95p prices. Throughout the decade the downward trend from there has been relentless and thus, he has never had a single opportunity to sell at a higher price than he bought. And I mean, never.
Cont...
Stt1 didn't see the red flags on his own investment (TLY) It crashed based on the events he deliberately did not warn about. Anybody can read his posts, he is on a mission which bears the hallmark of sowing misinformation. If only he could be fair-minded and be honest for once.
STIT it’s a bit rich of you telling people on here to be honest. You are the biggest lying bar steward who posts anywhere. You have never had a good word for the company, yet you tell us constantly that you sold out at £8.44. Why don’t you tell the truth for once and tell us why you were fired from the company.
"As of March 31, 2023, the Company had net cash of $89.1 million"
How does that compare $89m compare to just 3 months earlier, Radium?
It's a massive $25m, over 20%, lower than they had just 3 months earlier.
From the company accounts, with a link to prove it:
" $115.5 million net cash position as of December 31, 2022, alongside remaining $80 million undrawn on the Company's revolving credit facility,"
https://investors.tremorinternational.com/news-releases/news-release-details/tremor-international-q4-and-fy-2022-results
FACT
Radium,
"Firstly, I never read any of stt's clap. I have him filtered here and I scroll past anything and everything he posts elsewhere."
Then how do you know what I'm posting?.
You're doing your usual of pulling the wool over reader's eyes, hoping they don't check anything.
Is it easier to pull the wool over reader's eyes if you silence the messenger and blame them rather than your own stupidity on not seeing the red flags?
Let's take a look at the evidence/facts:
Just a week ago, you were telling posters on TLY that "I'm still at it". How do you know what I'm posting if you got me on filter??? lol
Until 2 weeks ago, I hadn't posted on here for 2 months and Nano for 6 months. In fact my previous post prior to 3rd Sept was 4 weeks earlier. How am I still at it then?lol
Readers can see the evidence - 3rd Sept 13.06 TLY thread.
"Whereas I commiserate with the ordinary Joe invested here, this guy (stt) dedicated a career to damaging the hopes of so many other people invested elsewhere. "
"And, he’s still at it, so no change there. At one stage en-route, he used his full year ISA allowance to buy Totally shares at around 60p/65p and while promoting that purchase he actually posted the details of it on the advfm board at the time. "
https://www.lse.co.uk/profiles/radium1/
Both Trmr and Nano have crashed based on the events I warned about.
Anybody can read my posts. https://www.lse.co.uk/profiles/stt1/
Try and be honest for once.
For further clarity.
This taken from the Financial Summary for 1Q23 and 2Q23...
As of March 31, 2023, the Company had net cash of $89.1 million, which consisted of cash and cash equivalents of $190.5 million, offset by $100.0 million in principal long-term debt and $1.4 million of capital leases (consisting entirely of the Company's server leases), as well as $80 million undrawn on the Company's revolving credit facility
As of June 30, 2023, the Company had net cash of $94.2 million, consisting of cash and cash equivalents of $195.0 million, offset by $100.0 million in principal long-term debt and $0.8 million of capital leases (consisting entirely of the Company's server leases), as well as $80 million undrawn on its revolving credit facility.
Millenium, re this line that you posted...‘Why not state their cash position at latest published Qtr, Q2 end?’
Firstly, I never read any of stt's clap. I have him filtered here and I scroll past anything and everything he posts elsewhere.
From 2Q23 financial highlights....
extract, Sagi Niri.... As of June 30, we had $94.2 million in net cash as well as $80 million undrawn on our revolving credit facility.
STT1
‘Why not state their cash position at latest published Qtr, Q2 end?’
Because Radium was quoting that as PART of a much more in depth post……. as I’m sure most if not all here were quite aware. You typically choose to copy paste one out of context line to give yourself a reason to post. Grief you are a bore.
STIT are you still coming out with your usual BS why don’t you tell us why you were sacked from the company. You are simply scum, trying to talk the company down.
Radium
"during the 1Q23 Conference Call. Laura Martin…So, you have round numbers, 90 million of cash."
we're approaching end of Q3 (Sept 30th), cash at 1Q23 is 6 months out of date.
Since then one of their partners, MediaMath has gone bankrupt, owing millions to various companies, inc Trmr.
Why not state their cash position at latest published Qtr, Q2 end?
Cont....
It's clear now, from Tremor’s 2Q23 earnings call last May when Sagi Niri predicted in the previous quarter (1Q23) that… “soon in Q2, we will be cash generative again”… things then went totally awry. Just one month later in June, Tremor took a totally unexpected hit. But they weren’t alone.
Extract from 2Q23 Q&A…
Eric Martinuzzi -- Lake Street Capital Markets -… So, you were two-thirds of the way through the second quarter when you gave your outlook or reiterated the outlook for the year. And now, we've got a pretty substantial reset. So, just wondering when you saw the weakness.
Sagi Niri…..for your question, we saw in the second quarter after our Q1 earnings call, like in June itself and through June, decreases in advertisers, appetite and spend. We saw some push-back into H2, and we even saw some cancellation of campaigns. So, we waited until now to forecast exactly how our Q3 is going to look like.
And as Ofer mentioned, we are not counting on amazing Q4. We think it will be strong, but not as strong as we anticipated before. And again, we are seeing our peers as well. So, taking all of that into consideration we decided -- the outcome is the lower guidance.
Fortune hasn’t been kind. Tremor was ready to rock-in -roll when the macro music stopped playing.
Jonhas, The reason I put the cash question out there is that I recall this Q&A response between Laura Martin and Sagi Niri during the 1Q23 Conference Call.
Laura Martin…So, you have round numbers, 90 million of cash. You lost round numbers, around 8 million, and you bought in a bunch of shares. My question is, why buy shares at a time when you're also losing money? Why not save cash until you're sure that you're back to free cash flow positive?
Sagi Niri….Thanks, Laura. First of all, we issued like $95 million of repurchase plan back in 2022. We concluded it through Q1.
So, it's ended now, and we are not investing any money in repurchasing our shares anymore. And as you said, we are considering that going forward, but we will do so when we will be cash generative again very soon…..So, for now, it's ended, and we are keeping our cash -- and soon in Q2, we will be cash generative again.
Isn’t it amazing, that STIT has posted thousands of negative comments across various boards, without one single complimentary comment about the company, yet he expects people to believe that he bought some and sold at £8.44, what an idiot.
Stt1 - Stick to TLY where you have lost a fortune.
They took out a secured loan of $180m when they bought Amobee a year ago. The mcap has gone down around 50% since.
Are they at risk of breaking banking covenants on that secured loan?
How much of the secured $180m(£145m) loan still outstanding?
It makes more sense to ensure such a huge secured loan isn't outstanding.
Are they at risk of breaking covenants on that secured loan given the market cap has fallen by nearly 50% in 12 months and isn't that much more than the secured loan?
Is it desperate measures to avoid breaking banking covenants?
They paid $239m for Amobee, a company generating ex-TAC approx $150m. They also took out a secured $180m loan, majority of which was used to fund the acquisition.
The company(rthm/blnx) has a long history of acquisitions, which go on to fail and are eventually closed.
"The Acquisition consideration of $239 million, as adjusted, was funded through a combination of existing cash resources, and approximately $100 million from a new $180 million secured credit facility. The new credit facility consists of a $90 million secured Term Loan A drawn at closing, and a $90 million Revolving Credit Facility, of which $10 million was drawn at closing."
"For the twelve months ended June 30, 2022, Amobee generated preliminary unaudited Contribution ex-TAC of approximately $150 million, "
https://investors.tremorinternational.com/news-releases/news-release-details/tremor-international-tremor-announces-closing-amobee-acquisition
Amobee.
Trmr bought Amobee 12 months ago.
They paid $239m for Amobee, a company generating ex-TAC approx $150m. They also took out a secured $180m loan, majority of which was used to fund the acquisition.
The company(rthm/blnx) has a long history of acquisitions, which go on to fail and are eventually closed.
"The Acquisition consideration of $239 million, as adjusted, was funded through a combination of existing cash resources, and approximately $100 million from a new $180 million secured credit facility. The new credit facility consists of a $90 million secured Term Loan A drawn at closing, and a $90 million Revolving Credit Facility, of which $10 million was drawn at closing."
"For the twelve months ended June 30, 2022, Amobee generated preliminary unaudited Contribution ex-TAC of approximately $150 million, "
https://investors.tremorinternational.com/news-releases/news-release-details/tremor-international-tremor-announces-closing-amobee-acquisition
Jonah’s , thanks, I’ll look forward to that.
Proposed buyback at c. $3.33 million a month is meaningful. Takes us through to end of May and 1Q24 results release. Can Nexxen add cash between now and the end of the year? Any thoughts there?
Radium, I concur with your thoughts on Amobee and Forrester have their wave report recently published on DSPs that provide some interesting insights into Amobee and its competitors. When I get a chance I'll include a few of their conclusions but suffice to say it's positive.