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If anyone is going to make a bid it will be Pentland Group....they own half of JD already, and therefore only need a bid premium for the equity they don't own. With JD trading on 4x EBITDA they could bid £1.25 a share and take the rest of the listed equity private. It would cost around £2.8bn to do so, but they could debt fund £2bn of that all day long, so the equity cheque would be sub £1bn. Pentland Group accounts for FYE Feb 24 shows they have cash of £1.15bn...

You could add DOM

So current year is on target, £1.7bn of ebitda, £1.2bn of operating cash generated, year end net cash of £700m, but a measly market cap of £4.7bn as we head into world cup year...a 2.3x trailing multiple of ebitda is simply ridiculous

Looks like a seller cleared...next stop £1.50

Tipsheet SCSW says its dirt cheap...£200m market cap...£100m cash...£50m of recurring revenues at a 45% cash margin...it's on the deep discount shelf right now but that won't last....will soon be £1.50 IMHO or taken out

There is no cash claim here...it's shares recompense as per the claimants. At worst, Sara Murray owes the former shareholders some of her existing paper....and we know she still has that paper. Excl the offshore indirect beneficial ownership she still has 25% in her own name. It is more likely that an out of court settlement is reached as no-one is claiming that she defrauded BIG. This is a shareholder dispute about who owned what and why they got dragged along.

Whatever shenanigans Sara was up to on the shares front, she can't make up cash flow, and by my reckoning BIG has generated around £80m of free cash flow since its IPO....that means profits are real and they aren't muddied by other sources of cash....so the underlying business is rather good. For me the share price reflects doom and at a 3x-4x multiple ex cash it's just extraordinary value right now for anyone who can sit out the risks which are now priced in

To be fair the company is performing fine (per the RNS)...the issue here is the CEO spoofing....but the company have one hell of a mark in Sara Murray for recompense...she isn't a straw woman and if she wants to put this behind her she will need to settle fast to get on with her life

Results are bound to be delayed a bit by the auditor and NOMAD, even just to comment on on-going post Balance Sheet matters

All the risk and bad news is now priced in. £220m market cap with £100m cash so the business is valued at £120m despite generating profit and cash that will pay for that in 4 years with no growth. At worst there is a £20m hit from the legal outworkings, but in reality an out-of-court settlement in shares isn't priced in, and would put a rocket under the share price....this oucome is probable rather than remote, and will leave everyone happy except Sara Murray (as the company would go after her personally for loss recompense against any proven false statements.) In the meantime there is also the possibility of upside in the US market for BIG Tech, as Trump and DOGE are a tailwind for their product economics. The shareholder / CEO dispute really has nothing to do with the underlying product/operations. So there is set-up risk to the upside from this point forward. Any good news on either a settlement or US market progress will see the share price go into orbit in an instant. This company was overvalued at a £1bn market cap after IPO, but the enterprise value of £120m today is as equally bonkers.

Nope it's not behaviour, it's conduct in relation to the litigation by former Buddi Ltd shareholders...everyone understands that to mean the drag along way back in 2018, and perhaps the CEO not being fully transparent with them at that time. But she is a very wealthy lady and has the means to settle and/or take the rest of BIG that she doesn't own (75%) private...I wouldn't be surprised if she does this....if she just took it private it would pay for itself in about 4-5 years excl balance sheet cash. At 80p a share the damage has already been done. With resolution and decent trading in 2025 this can quickly get back to £1.50

At £233m market cap and £100m in cash this cash generative profitable company is valued at just £133m or under 5x EBITDA which is quite the bargain basement....the more I think about it, there has to be a real possibility that Sara Murray decides to take this private and reinstate herself....she owns 25% already so the rest would be well within her net worth to take back at a premium. Not nice for long term suffering shareholders but not against the rules. She isn't the sort to sit around on her hands waiting for a court case to prove her innocence or otherwise.

Exclusivity runs out on Monday. We will know by 7am Tuesday at the latest. My guess is a 85p-95p cash bid. Worst outcome is no bid in which case we go back to boring old annual dividends

It's over. Market cap reflects listing value only. Assets are valued at virtually nothing because they have virtually no value. There is no cavalry over the hill. Next stop is administration.

1% of a million is ten grand...wow

It's a dead duck. £1m market cap is basically the value attributable to having a listing and nothing more. A money pit for investors for 25 years. No gold and no revenues and no JV partner.

Whole portfolio sale...fantastic...a utility company will br able to integrate with existing storage assets and drop off the management fees so easily able to pay NAV 88p or a strategic premium...holding here until Feb for 88p-95p....still at least 30% upside from here for a short wait

This is a great arbitrage opportunity - share price trading 40% below NAV yet the company is for sale with lots of interest from bidders for the portfolio...one will be selected and go through a sale process with the outcome just 2 months from now. No development risk so whoever buys it gets a cash cow. Upside here could be 60% yet downside also limited as the assets are all now operational.

No one is interested...gold could be $5,000/oz and this dog will still be a dog. Massive placing inbound to save it from the risk of suspension before year end

Something funny going on here...big end of day UT reported each day - feels like someone is holding back the end of day share price while stake building. I have a feeling Kx may never become a separate NASDAQ listed company - it is a relatively mature software company playing in the big data and AI space. The mature risk profile may make it an easy target for Amazon or Microsoft before value is realised on a public market alas