Member Info for Armada

They have a secured loan of US $ 5million from West Face @ 12% pa.

Perfect way to keep the share price down till 12/2/2021 and let the warrants voted for.

It's a company of three employees i.e Gobind, Daniel and Jason. Between them and their Auditor they spent about £400,000 and £ 200,000 on other expenses. It's a start up company for now and hopping to become a big AUM one day.

One day before going X-rights there were about 153million shares priced ay 290P having a market cap of £ 443.7 million.

JB doesn't have to sell 1% today. selling only .67% will bring him below 10&.

Yesterday I worked out my projection of £ 44m profit for the year ending 31/3/2020 and said first 6 months of the current year will be unpredictable. Many posters here are valuing the company from £200m to £500m and more. Please can you also explain some facts and figures behind your numbers.

The final results are due on 23/7/20 or just before that date. I think, the company should have given more info about year end results. I have tried to project the 2020 results compared to 2019.
Details 2020 2019
net loan book 727m 707m
Number of customers 232,000 224,000
Revenue 290m 270m
Interest on Loan payable 35 36
Impairment (31%) 90 64
Admin. expenses (24%) 70 47
Complaints provision 35 10
Operating profit 60m 97m
other income 3 3
Net profit 63m 100m
Tax payable 19 29
Profit after tax 44m 71m
This is my projection. You can always correct me if you know of anything else. The first six months of current year will be very unpredictable. They are only collecting and dealing with complaints. The loan book and revenue will be down and expenses will be up.

Two things are going to be a big concern in the next few weeks. The claims will keep on going up. No win no fee companies will be encouraging borrowers to apply for compensation and there is no cut off date for that. Secondly, JB has said that he can't stop his broker from selling. If he stops without a reason he will be called a lier. On the positive side, possibly he is reducing his stake to under 30% and then he will make a bid for the company. In that case he will have lots of support form the other 70%.

You can write all the fancy words about the company but the fact is the "So called professional management team" have been very poor in dealing with the issues. Every single investor is sitting on a huge paper loss. The fact is, in the last 12 months share price has crashed from 191p to 6.3p, losing 97% and in the last 10 days from 15p to 6.3p, losing 58%. Only GOD can save this company with some miracle. IMO

275P at IPO in Nov.2018 to 6.44P today. You can't blame JB for this situation. The management has been incompetent in the last 12 months. I first bought at 226p and sold at 265p and made some money. My next buy was at 148p, the price crashed to 90p within few days but I was adding more to average done. In the end I sold out at loss of £ 9,500. Now it has become a speculative penny stock. So many investors are sitting on big paper losses, hoping to come out at some stage. Anyone buying now can either double their money or loose the lot. If anyone is thinking that the share price soon be in 30p to 40p is day dreaming. Before investing don't just look at the historical figures, look at the current situation and the future prospects. I don't think I will be buying into this stock any time soon. IMO

If JB wanted to buy the remaining 40% of shares, he should have made a bid on 18/6/20. It's financially difficult to understand JB selling 10% of his holding at average price of 8 to 10p and then making a bid for 50% of the shares at 25p/35p.

I sold out first thing in the morning, after reading the RNS. Very unpredictable future. Company has debt of £ 534 million and needs to pay £ 24 million per annum to serve this loan. With JB loosing control and patience, IMO future is bleak. The current management has handled business affairs very poorly.

Gladstone is definitely running away. On page 10 of Hardman & Co's report under paragraph PLC MATTERS, it states:
" Covid-19 has also had an effect on the timetable for Burford's US listing. Audited accounts were required, and these have taken a month longer to produce than was originally planned. Burford is proceeding, but the timetable has already been delayed and may be subject to further delays. The intention is to publish the 2020 interim results in September. IF THE LISTING DELAYS GO PAST THE END OF JUNE, THEN THERE MAY BE A FURTHER DELAY UNTIL THE INTERIM RESULTS ARE PUBLISHED"
I think Burford are trying to have US listing before the end of June. If not, I think, they will bring forward the publication of interim results because they will have to submit the results for the listing.

Gladstone must be reducing their short position or even trying to close it.

Even Gladstone has been reducing their short position recently. On 2nd June they reduced by another 0.13% to 1.20%.

Suppose Burford are listed in US on 1/9/2020. What's stopping the company from buying 10% of the shares in the open market and issuing 10% of the company shares to investors in US and getting their money back.

In their Previous update, the management said that they are not going to say anything about US listing until the final results are announced. They need to submit copy of their results for the listing.

Any shares pledged to Emirati banks by NMC and FIN could be sold by the banks to recover their loans.

The company is under offer period and anyone holding more than 1% has to complete Form 8.3 to declare their position
in the next 10 business days.

Could be closing or reduction of shorts.