Member Info for CentralCashier

Market Cap £25m

Sock value is approx £70m based on the decline and last years published results, lets say £50m of that is "good stock"

net debt £40m, approx £15m due in receivables. Lets call that debt now £25m, although by their own words they need this for liquidity. So we can assume net debt does not take into account a stressed account with some major suppliers.

At their current cash burn rate of £20m per year (reducing asset values and increases in debt) and now with further lease back agreements, based on current trade (and in a downward market) We could expect up to £25-£30m cash burn per year. The last accounts showed growth in the trade counters, yet the PLC strategy is now now reduce this and close accounts using this service.

So based on last years account, if you take into account the disposals we could still see net debt increase to £50m, not including supplier accounts. The debt would then match the balance sheet for "good" stocks.

This is all very "bearish" but this PLC seem overweight on liabilities, Current MCAP would be a good acquisition target for someone already in the industry with capacity, potentially LIKE PLC (or maybe even Wickes) who could absorb their whole operation into their infrastructure, but would need to negotiate the termination of most of the leases, which I doubt would fly.

Time will tell, but very risky play. The guys at First Seagull certainly have big kahunas.

An attempt is being made here, FS clearly buying any shares they can get their hands on.

This inflation of the SP may cause them to dump their entire holding and make a tidy profit, as their 10% stake was taken well below these current levels.

The vultures are coming, see today's RNS and my post December last year:

"If you look into the recent TR1 of "First Seagull AS" and what they try and push for with the companies they invest in, it doesn't,make great reading."

Give him some credit, he was also previously at National Timber Group...

Happy Days, now we can all make some serious money.

“ I don’t think anybody expects them to go under”.

Headlams second biggest shareholder FIL who did own 10% and bought much higher than this have sold down to below 5%. So whilst they might not go under, dividends and value here may be thin on the ground for a while.

About time, hopefully the re-rate starts now.

9p paid, seems to be a promising start.

10% dilution whatever way you look at it. So 8p is effectively par value per the closing price yesterday. The MCAP is still so small that it doesn't really have much of a negative spin. It would be good for AJAX to publish a cash runway forecast as there have been now two raises in a short amount of time.

150 was the target at $3k gold, at $5k gold, we are netting an additional $2k per oz as pure profit. If you look back through old RNS's you can see the production forecasts for 2026, we still have a long way to go.

AMRQ owns 51%

No reason for this to be sub 2 (or 3) pence now.

Great result, the management team certainly know what they are doing. If we continue to scale on this basis this will be a huge cash cow, just have to hope the overhang from our biggest shareholder doesn't keep the SP subdued.

Yes very good, patience needed here but will be rewarded.

Now, lets make some real money.

So when you own a bond, you own 100% of its value, and Victoria pay you interest each year when you own it, this bond is 3.75% from memory.

So if you own the bond, when 2028 comes you get 100cents for each bond you own. If you sell it at less than 100% you genuinely believe you may not get full face value.

Some people are now taking an 85% haircut as they believe the debt they own to be worthless, so happy to get something for it. Others are buying it at a punt, but this bond has the caveat of preferred equity (I believe).

Once a bond trades below 40% of its value, it’s generally considered worthless to the city. The minimum amount of any bond transaction on this bond is 100,000 units AFAIK.

DYOR, bond the bond market trading at 15c is quite a worrying signal.

A bond transaction has taken place at 0.15EUR

Crazy https://live.deutsche-boerse.com/bond/xs2315945829-victoria-plc-3-75-21-28?mic=XFRA

How come Shuka manged to buy such an asset for such a song? Looks good on paper, but if somethings to good to be true, it usually...

Saqib Karim is also a (long standing) director of VCP, he was buying shares last year at above £1, hes now selling at below 40p.

Surprised there is no RNS, its market-sensitive information and has been released to the press.