Member Info for Adastra

Redleaf-Polhill working flat out with results season well under way; PPS books will be full engaging and consulting with politicians and companies on the implications of possible Brexit; Newgate communications with its finger on the national and international pulse at this time of heightened European awareness.............. It's little wonder that Capital Access have initiated maiden coverage on Porta at a time of massive importance for Communications with Impact - just what we do!

Given the sea-change that appears to be happening under SW and the influx of new bigger contracts I think HH may well rethink their policy on Porta. We assume that the original reason last year was to divest Porta on the fact that it no longer fitted into their VCT funds but it is becoming clear that Porta 2016 is evolving quickly. If that is the case, they may well switch-fund Porta and retain their existing 5%? in a growth fund since that is where it is heading. It seems crazy to sell at the nadir when this looks to be a clear inflection point given the newsflow. Any subsequent rise would then reflect strongly in HH growth portfolio. Just a thought, because if HH sudenly stopped drip-feeding shares into the market, demand could certainly squeeze share availability.

The underlying growth indicated in the last t/u continues apace with yesterdays ad: NEWGATE LONDON LOOKING TO HIRE AN ACCOUNT MANAGER/SENIOR ACCOUNT EXECUTIVE. The traction of pulling in bigger remits and contracts under Steffan appears to be accelerating. Great news for cashflow and prospects.

Yes, that was a ri-iteration of brokers note: The company's broker also notes that the recent bad weather in the north-west of England has had a negative impact on a quarry that was supplying marble to the USA. It is thought that operations could be suspended for months at this quarry and Fox-Marble is hoping to be able to step-in and provide suitable marble to cover this shortfall in production. Which could be a very useful contract that opens a bigger door if Fox can actually pull it off.

When you look at the prospects - great to get a Proactive player on the scene - thanks to Capital Access for highlighting just how oversold Porta is. Think we can manage a wry smile GoTrader?

EKF will exhibit in two weeks time at MedLab Asia. The 2016 event will showcase over 100 exhibitors and 4 country pavilions, attracting over 2,500 healthcare professionals. Held alongside the exhibition, eight conference tracks ran over the three days. Supported by the Academy of Medicine Singapore and accredited by the Singapore Medical Council. Should really give us another opportunity for Mr Z to showcase our PoC capabilities prior tto his update.

The huge swings on small volume are not indicative of demand. Offer price has been pretty consistent but the bid price has varied markedly. Zwanziger indicated cash-flow positive by April and promised quarterly updates so not long to wait now. This is a classic 'broken model' turnaround situation given his experience and skin in the game. The point of care business is booming and ripe for expansion.

Check the EV/EBITDA projections. Average for whole market for 2015 was 14.9; anything better than 10 is pretty good. Porta looks ever stronger as we roll out 2016.

Paste in browser - http://bit.ly/1Qxwk7o

Just got a lot better with this report. Porta now consists of nine companies working together to give integrated communications and advertising under a single umbrella. It's strength is the diversity of its client base and non-reliance on any one sector. It has excellent recurring income from a variety of clients from AIM to FTSE100 and this report looks excellent. There is plenty of room for upside given the quality of recruits jumping on board as scale up begins in earnest. Glencore and Samsonite are set to be the first of many IMO.

Looking a lot better as I was also working on revenue £27m. Capital Access should really have their finger on the pulse here - no wildly impossible target just solid fact. They are literally on top of Porta to give guidance to investors. Key workers from Sanlam seem to have migrated to Allenby as appears to be the case here. Try this anyone wanting direct access to report : type in http/bit.ly/1Qxwk7o That should get round signup. It's also worth following Porta : Redleaf. : Capital Access : and Newgate on Twitter for breaking news. Looking strong if CA can promote us from here as well as Allenby and HH selldown their Inappropriate VCT holding.

By Capital Access Group. Nice to see our shared umbrella company casting a critical eye over Porta. Good and fair assessment of current position with indicated value price of 9.3p as we trade at 54% discount to our peers. Outlook good for growth continuing at high level. A solid initiation note giving plenty of room for upgrades without 'in house' over-egging it. Just what we need to see increased interest and investment: balanced and useful.

5p....... Boing,boing?? :)

I don't disagree with any of the validated arguments. Re Principia the pilots were only scheduled to commence in September so not surprising if delays or uptake take time. The length of time to demonstrate and secure means work up front etc but I take your point. If Falanx can get front-loaded contracts to offset the delay sign-up cycle then we should get a wave-effect in the not too distant future. The focus on cyber also means investors have taken their eyes off Intelligence which historically brought in around £1.5m pa so a combination of factors could easily bridge the 'inevitable' funding gap that you and FK see as a foregone. And, without exception, Resilience is being ignored. There are many AIM shares where a wing and a prayer are the only things holding them together, but I do not see that here. Intelligence has multiple recurring accounts where the expressed need for cyber security actually spawned the evolution of Falanx Cyber. We know contracts have been signed with and beyond government, the purchasers of which have not been disclosed (see the interims). Falanx still has three potential income streams, not just the one. Yes, I would love much more detail, but positive activity from anything is being totally discounted at present and that could just prove to be the trigger for a rerate since ANY chink of light in a totally pessimistic gloom would be welcomed with open arms. Anyone got a match??

The appointment of Gavin Devine as COO looks exciting given his remit and track record. We appear to be developing a very focused outlook for this year and beyond and are accumulating the talent to achieve it. Interesting developments that indicate a lot is going on in the workplace.

Porta certainly seem to be getting its foot in the door to big players of late. I'm assuming it's the appointment of SW who is picking them up - if so, that's excellent news as it would rapidly change sentiment. We have the operational width and capacity now to up the game significantly which would reinforce our apparent ability to attract key players.

The size of the upfront payment by Eboracum reflects the goods quarried for them. This clearly ties it down to the new whites being exposed. If that is the case, then we should see renewed Chinese interest post their New Year and probably more American viewers as this is White House marble. I now expect the news flow to start to roll out more regularly as the good weather in Kosovo allows early production. The next one should indicate all 'finishing shed' machinery on site and pending assembly and commissioning. The winter weather is now behind us allowing for recommence net of stock piling for sales.

I can't argue with all the logic and the continuing fall in the shareprice. Illiquid with only 71m shares and almost a third not in public hands. Certainly not a share for widows and orphans. But I still refer back to the post-interim statement - New contract wins with several UK Government departments and corporate customers. And, although posted as a 'significant contract' in December [which it wasn't being only £312k over 4yr] - it did have the codicil - We are confidently pursuing negotiations to deliver our capability across other sensitive areas of government and commercial organisations, which could develop into significantly higher value contracts." Where the word sensitive may be much more relevant than we think. Only speculating but JB does have a big chunk of skin in the game and Mike Read's decision to come on Board would be a personal due diligence faux pas par excellence if his first task were a fund-raise announcement. Intelligence is probably chipping in around £20k a month rising. What may be the hidden funding is the fact that Falanx may be securing multiple up-front payments as per 21st Dec. If this is the case, and combined with 'sensitive' contracts where disclosure is inappropriate, JB may well be vindicated in his assertion that he does not envisage further fund-raising. This would have completely wrong footed those who are assuming that the depressed price is indicative of cash constraints. Also, as you point out Dibs, the Falanx-Principia tie-up is very quiet, but it was only piloted in September last year with a view to roll-out 2016 [so it should be on track] - that would appear to be the case as Pricipia now specifically insures against: an Unplanned Infrastructure Event policy that caters for exactly what it says in the title – unplanned downtime as a result of events that impact the operation of an IT infrastructure, causing loss of business income, extra expense and the potential to incur crisis management costs. eg. Cyber attack. Whatever is bubbling under the surface JB is certainly holding a tight hand of cards - interesting.

Oops! Spot on - apologies. At least it shows performance related earn out was on track. Prime blunder. We have put and call options on the remaining 49%. I agree that Capital Access may well be working away strongly in the background. It surely is only a matter of time before big new investors start to notice the quality of management joining Porta. Steffan and Gavin must have done a shedload of their own due diligence before jumping on board. The fact that they are both enthusiastic in their reasons for joining Porta bodes well since they will have scrutinised all the issues that we are guessing answers to. They must see a strong and clear pathway ahead IMO.

Under all this woe I believe we have a viable and growing business. We desperately need news to reawken interest. Not least the Principia tie-up with its advertised cyber-liability insurance - whats the take-up? Principia Underwriting is an exciting insurance venture that commenced trading in November 2009. Their underwriting offering includes cyber liability and unplanned downtime policies to businesses around the Globe. Its core offerings comprise a suite of specialist liability, business interruption, brand protection and crisis management insurance solutions, with a focus on the creative media, information technology and corporate industry sectors.