Member Info for Adastra

You were correct but timing out by a month :) hats off. Despite the fundraise it's actually introduced a clever addition in ASC and introduced a new MD with drive. The fact that its earnings enhancing from the outset and introduces a new income stream is good news. The loan note redemption terms indicate, as you said FK, the need for a 'bridging loan' to Q4 this year. The redemption terms indicate that JB's assessment of strong traction is in sight and that the shareprice should lift to reflect the renewed outlook. All in all, a fair deal bringing in a strong complimentary op that should enhance the cyber offering and help ramp up the business. Disappointed that existing holders weren't informed of the channel in which to participate, but the foundations just took a big improvement. Hopefully the combination of Falanx-Assuria ASC should give the company a lot more clout as the sector consolidates around core players. Good news despite the dilution in the circumstances as it gives clarity. Should draw a line under funding issues and now allow us to rate with the outlook for cyber. May dip initially, but should be short lived as this will help liquidity.

I note that the deferred consideration of shares for Redleaf was settled recently and they were subject to tie-up for two years from 23rd April 2014. Although only 1.7m shares, and subject to orderly market trading, this could have caused a short-term anomaly following the 2m [insto] block sale on the 20th. I have no doubt that we will rebalance as the buyers continue to absorb any overhang. IMO this appears to have caused the current disparity gap between MCap and revenue and thus an enhanced buying opportunity has opened.

The price is just not keeping pace with revenue growth here............. MCap sinking below £15m and revenue £28m growing at an annual constant currency rate of 41.3%..................the upside here must be considerably if, as the Holmes Report states, Porta/Nerwgate has risen from 75th to 60th in the Global PR ratings. Got to be a buy at this depressed level as MCap rises to mirror Revenue.

Porta has a lot of recurring revenue and has won big contracts recently with Glencore, Mirada, Blue Prism, Samsonite, Siemens,Bosch, Neff and Guggenhau. The biggest faux-pas was in its February trading update. It said excellent trading BUT mentioned possible acquisitions. The market wants to see confirmation of organic growth and cashflow BEFORE it wants to hear about acquisitions! Looking sound but it's own PR is very poor. Embedded value has to be increasing as time elapses. An MCap below £15m with revenue of £28m and growing strongly is distinctly unusual.

Revenue up 41.3%; Global ranking up 15 places to 60; Shareprice at lowest level ............... I prefer my football red and my share-performance blue not vice-versa!

Interesting to note that Porta/Newgate has the second biggest growth in fee income in the Global top 100 PR Agency ratings at 41.3% on a constant currency basis. That's a stunning achievement given the headline figure for PR industry growth is just 5%. Whatever the shareprice, it is certainly not reflecting the bigger picture of business being won. And remember, this was before the 'Steffan effect' of even bigger wins since October last year. No wonder Gavin Devine is happy to join Porta in July and drive the growth further. Certainly worth holding and accumulating on weakness IMO. DYOR.

I'm extremely disappointed at our shareprice - it should be double this level. Sanlam did no promotion to instos because of their internal wrangling; they passed the baton to Allenbys by default who have done exactly the same. Porta need to engage a proactive company who will work in their interests and reach a wide audience. It is the lack of investor engagement that is at fault NOT the underlying performance of Porta the business.

GT - the nature of the sales in rapidfire succession of smaller amounts is more indicative of II related bot-trading not usually applied to stocks of this size. I concede it could be a stale investor or ex-d but I think it unlikely. HH were indeed recently static at 5.58% having reduced in 2015, but this could have changed depending on markers crossed. The investor[s] who harvested the sellout crop in significant chunks would appear to be quietly accumulating. Agree that May will give good indication of current trading.

It strikes me that the appointment of Chris Mills as non-exec chairman to succeed Ron Z after his resignation is purely due to difference of opinion. Ron, as the founder of Alere, sees EKF as an independent PoC supplier which he wants to scale over the long-term. I believe Chris Mills has a significantly shorter time-frame for value realisation of his 20% holding. He knows that the unencumbered PoC business that EKF has now become, would have secured starting bids of £80m from two global players last summer. I assume the AGM has been rescheduled to allow him time to confirm the recent update that a base-case revenue of £30m and EBITDA £3.5m is being surpassed should give further guidance. Will Ron Z elect to pre-empt this by converting his loan into 21m more shares but at 14.4p - deadline Monday?? If he does, the shares jump 40% -Interesting whatever the outcome.

With contract wins from Glencore, Siemens, Samsonite, Mirada and Blue Prism being already highlighted plus any non-disclosable ones, 2016 would appear to be off to a flying start. The fact that the Australian Dollar has strengthened strongly must surely be redressing the £110k EBITDA translational effect that Newgate Australia suffered as a result of its weakness last year. Steffan Williams has initiated and developed these business wins since his appointment as MD in October. He will be joined by Gavin Devine in July so expect the business to step up another gear later in the year. The 2015 results due in May will reflect the transitional year in which PPS and Publicasity were embedded and are academic - 2016 is the transformational year that looks to be shaping up nicely with bigger remits. Time will tell, but the enthusiasm reflected by those joining Porta and increasing the business is beginning to filter through to investor sentiment.

The notice was served on April 15th not May 15th.

The notice of loan conversion served on the 15th May has a 20 day notice running to May 5th. If Ron Z wishes to convert at 14.4p a share he must decide within 10 days which is the 25th April - that's Monday. Interesting weekend ahead with a put-up-or-shut-up call. This could herald a conversion and 'bid' play by the Zwanziger family or open the door for Chris Mills to fire the first shots.

I see EKF has just rescheduled its AGM to June 2nd at Harwood Capital Mayfair...that's Chris Mills' place.

The past 18 months has been plagued by the persistent selling of an institutional holder possibly/probably Hargreaves. My assumption was that this was down to Porta having left its VCT fund remit. I don't know if that was correct, but the nature of yesterdays selling pattern was indicative of a 'final' machine-automated offload, hence my call that sentiment had turned when the bigger buyers mopped up the stock. I also now believe that this long-standing overhang has now cleared. Yes, we will still get peripheral sellers, but the corner was well and truly turned yesterday IMO. Porta is now ripe to attract a whole new range of investors - all we need is a confirmatory update stating just how strong trading is in Q1 of this year. That should finally convince critics that the company is growing apace with good recurring income and sizable contract wins. EBITDA 2015 will be higher, but so will exceptionals....it is the Q1 figures 2016 that will guide the price.

......come on you buyers can firmly stamp the rerate on the pivot point we've just passed. THHT was the nadir that has beckoned for almost two years. From here we grow stronger than ever so that the pole Balt, cum hurdle 13p becomes just a stepping stone. The tide has just firmly and decisively turned.

That would be true if the directors were free to buy but they aren't. One question on my mind - can Gavin Devine buy yet? He is due to join in July and I dont know the rules on this. If he can buy, then I would think he will come in strongly at some stage as the other directors cannot.

This will soar..................... the clock is ticking. It is so frustrating to see good progress being continually damped by one determined seller firing small lots into the market in succession. When complete, or the close period ends, the share will jump. Buyers will win in the end. This is a balanced business consisting of nine constituent companies NOT a one-trick pony.

Yep; I'm still here and I stick with the premise that we have cash to break-even and beyond. Even with no new contracts I stated sufficient cash to b/e mid-August. The longer we go, the more confident i am of progress at the workface. JB has been confident throughout - like him or not, he does appear to be doing the business and, as I said at the outset, why would new non-exec chairman Mike Read take up the post only for his first task to be a diluting fund-raise? He's no fool.

Was again the start performer in 2015 where the weakness of the Australian Dollar took £110k off EBITDA.......... is no-one else noticing the significant reversal and strength of the $Aus that will increase this years Aus Ebitda?

The seller is machine-gunning shares into the market in small volume high-frequency bursts. We have a concerted buyer[s] who then jumps in and mops up the whole lot in a big buy. Normally this type of transaction would be done off-market but it looks as if the parties are acting independently here. We know HH have been selling down, but it looks increasingly like we have an unknown II picking up stock. Why an insto? - because directors are precluded from buying as we are in the closed period. I bet they are screaming buy......but they can't.