Member Info for bloodninja

Slift, the market cap post restructuring will be 20x current market cap (as current shares will become worth 5% of the company as opposed to current 100%). If the market values post-restructured HUR at £50m, then current shares are worth £2.5m, which equates to an SP of c0.12. Fair way down to go here if the proposed restructure goes ahead.

What's curious is that the 'market' will have interpreted the restructure perfectly (as markets are perfect, hence share price is always 100% correct at any given time = always), however the current SP isn't reflective of post-deal value. Seems to me folks think it won't go ahead, as soon as rubber stamped share price will instantly correct per first paragraph. IMO

"current market cap attributable to shareholders is massively overvalued at this level."

Current market cap will equal 5% of company market cap post 95% issuance to bondholders, so only buy at this level if you believe HUR is worth in excess of £400m as an enterprise, as I said before, seems toppy

The current market cap will become 5% of the company per today's RNS, so at this SP you're buying in at a company value assumption of £400m, seems toppy

So if current shares in issue will only comprise 5% of the total issued shares going forward then the market must view the true market cap of this company at 20x whatever it is today?? So £460m per current mkt cap indicated on lse! Awful outcome, and only to resolve $50m worth of debt/bond burden

Lol, AFAIK is As Far As I Know AFAIK

£37Bn market cap with no income or assets, ha, thank you for the good laugh

Said it before and will say it again: ICON will likely take you to the promised land of riches beyond your wildest dreams, many gains, much multibags, but, and it's a big but, it will take you to your knees first.

"Is it worth a punt what income do they have ? Projects ect ?????"

None.

"who knows what's in store" legacy issues as it's the same company I expect! Hoping that the new board will actually tell shareholders what is going on behind the scenes, probably not though, awaiting monumental placing to fund AMAZING NEW OPPORTUNITY

If RTO comes along from new directors, best bet here is that they state they're seeking an RTO - that is your ticket to sell up. If you don't it will come dropping back down when the realisation hits that RTOs aren't free and mass placings and issuances and dilution will occur.

Anyway, at this point the above is total pie in the sky, it's not even listed as a cash shell. It's a listed entity where no ones what the balance sheet looks like, if you have more in here than you can afford to lose you're taking a huge risk. Highly likely to continue to dwindle back down now the mega ramping crew have departed.

The SP isn't moving because there's no increase in perceived market value just because two new directors have been appointed, otherwise this remains a business with no contracts and no real viability (i.e. it has no revenues to sustain it). News = SP movement, don't be surprised if new directors have HUGE plans, much excite, very significant, but at a cost, oh yes, you'll be taken to the moon but you'll pay an opportunity cost = placing/raise. Even with £1m loan, debt facility drawdown, there's not a lot of dry powder to move on anything meaningful IMO

Yep one of my apps keeps showing a bid move to 3p, might be real one day

It's blind faith posting with zero knowledge of what's to come, reminds of the derampers who were here certain this would fail but had absolutely no way of knowing what could happen (turns out they were right on that point but it's purely a broken clock being right twice a day scenario). If someone can advise why this will fly I'm all ears, still have a holding here, figure we're waiting for RTO of some sort.

Also, who is appointing these new directors?? Needs major or at least two separate shareholders to appoint? Anyone know how it works?

80,000 per year at $1800 less AISC of $1259 is $43m net income, and $129m total debt, surely not long to go before this starts to re-rate properly

Nor have you seen one today for more than 30 mins, glitch?

You think directors move their own (as in personally or otherwise owned) assets into a company they don't own any part of? What? Directors are in place to run a company on behalf of the shareholders, the only assets any director will 'bring' in will be ones they purchase using ICON funds, be it held funds or raised funds (dilution). That's how an RTO works, no shareholder here is going to get something for free. The upside is if an RTO comes along and the market sees a greater future value potential then SP will fly

Lol Lemon, would you put your assets into an entity you didn't own? By that logic you should give me all your cash and I'll sell you back part-ownership of it? Any assets brought in, or RTO, is done via dilution. HOWEVER, the new director is certainly a left field outcome against the backdrop of doom&gloom and folks thinking the company is finished, someone has big plans for ICON it seems (or at least just plans) and it'll be interesting to see where this goes near term. One thing is for sure, ICON responds very well to news, market seems to perceive it as speculative but any sniff of an upside and it flies

JAdam - I derisked my position and sold SOME as there was a huge spike, still holding, if it flies, happy days, if it dips and I think there's a good case, I'll buy more. I'm not actively trying to influence either way.

Derisking - I disagree, yes derisked in terms of liquidation for now, but that risk will come straight back to the fore if the new director finds the financials to be an unworkable mess. So not derisked in the slightest as far as I'm concerned - it's binary, they will either announce 'finances all OK' and it'll likely fly, or they'll say 'situation is terrible' and it'll tank back to notional value, maybe less if negative equity position is greater than first thought.

Finally, the words of the new CEO are laughable:

the next phase of it's development? what? you mean the first chapter in taking it in a new direction surely. The original development plan was the UNILAD boys growing a business - they've gone. And our largest shareholder is OTT who are a cypriot hotel operator or something??

"Prioritising early dialogue with OTT and lenders" yeah I'll bet, to figure out what money lurks in this entity and see if there's anything worth pursuing - which ties into my earlier point. And all of which ties into my post about whether folks know the risks here.

How has recent news de-risked anything I've raised? My previous optimism for this share was in the old BoD generating some new contracts and growing profits, that clearly not happening now.

I'm not convinced some new folks here are aware of the risks, but if you speak for all of them and assure me that they do then OK. I've never stated I want in at a lower price, I reduced holdings to balance risk profile.

Some eye opening posts on here, are people clear on what they're buying into here? Just a few facts from a medium term holder/trader of this share (and still holding some):

There is no income and real business case
The level of debt within this company is unknown, whatever it is it will be required to be paid, the only way it gets written off is via liquidation of ICON
The level of cash remaining in this entity is unknown, yes there was a raise and a loan facility but it remains completely unknown what the status of this cash is (the old BoD may well have spent the lot on a team day out and Mont Blanc themed office goods)
IF it goes to cash shell the gains will be momentum/speculation based EARLY, if the above areas turn out worse than expected it won't look pretty

Not telling people to do anything one way or another, just consider these factors if/when dabbling that's all.