Member Info for chrismar

The licence money was in escrow over two months ago so that's not new news.

Does anyone know what DaaP is? Chat GPT is struggling with it and Google only brings up Cloudtag! Whatever it is must be complex enough to be holding the deal up. Data as a Platform???

I wouldn't rely on any of Modern Water's figures. Camillus Glover is still a director there and many of the other subsidary companies.

EY recently got banned from performing audits on listed companies in Germany for 2 years. The FSA over here need to take a harder line over "bad" audits rather than just a fine and brush it under the carpet. With these not being done by one of the Big 4, they may be more interested in a different punishment, if they did find that the audit hadn't been done to the standard requirements.

Estimated to be Q2 on ASX.

Auditors perform checks on revenue recognition, but can only go on what they are told by directors. Previous years accounts may need restating if this has been done in previous years. If the auditors have been given inaccurate information and not drilled down further into the answers they were given, I can see why they have been signed off.

But, it reflects very badly on their auditing procedures and them resigning as auditors suggests the new CFO has not given them much choice in the matter.

As PokerChips says, it does seem like the new CFO is sorting things out and everything should be more reliable in the future.

Just for those who aren't aware, IFRS 15 revolves around recognition of income. Say the year is December, and a £6m contract was signed covering September to August, then four months of the contract (£2m) should be accounted for this year and £4m deferred to next year.

On such material figures, I don't understand how any qualified accountant who undertakes annual CPD can get this wrong by accident. The remainder of the board may not be financially trained and put their whole trust in the CFO.

I believe anyone who becomes a director should undergo a day of basic financial training and they would have understood what has happened here.

It is particularly concerning that the ex-CFO remains a director of 14 other companies having shown, at best, a basic lack of understanding of fundamental accounting principles.

https://find-and-update.company-information.service.gov.uk/officers/gQtv_H48k8l5tW-0Bjm8TerAbbs/appointments

With the accounts being delayed, a further proportion of the potential gain from this claim may now be brought forward in light of this new information. Giving a more positive numerical look could then attract further investment from those looking at financials ratios and measurements as a guide to investment.

Yes HZM had 20 to 1. Ironridge (IRR) had a 1 for 8 dish out of Ricca shares before becoming ALL.

It sounds like Rurelec were given a $15m loan to cover costs at 12% interest. They won $41m. Burford recovered the the original loan + interest + about 20-25% of the win to give them $26m.

Excluding the Samsung case, what should the company be valued at? It looks like no more than £20m at the moment which seems undervalued.

Is it possible any settlement could be wholly or partially confidential?

I agree with this. It is great that there'll be no lengthy appeals process. It would have been nice to have a wilful infringement multiple, but if it means waiting another three years, maybe it isn't worth it.

Fund Managers will have become overweight in this stock exposing it to higher than their normal risk profile, so they will have been selling down today to levels where they are more comfortable at, and increasing their cash holdings. Once all their selling is done, I'd expect the price to rise further by the middle of next week.

Just to tidy up your odds Sunshine:-
A) Worst Case - 30/1 = 3.4%
B) Second Worse Case - 17/2 = 11.6%
C) Next Best Case - Evens = 51%
A (I'll call it D for clarity)) Best Case - 2/1 = 33%

All are positive from the current price. There has to be a chance that Samsung don't appeal, but throw that in somewhere between A and B for the bookies profit percentage. Long term best case is likely to be C, but for those who can't wait then D should provide a reasonably swift return.

This is a repost of a post I made in October 2020. Burford update their figures next week but there will be little change to the below, except for extended timescales due to Covid.

"The slides on the latest Burford Capital (BUR) presentation give a guide into some of the stats in litigation funding cases.

They lose 10% of their cases, win 30% in court and 60% get settled before they get to court.

The ones that won after going to court got paid out significantly more than those that got settled, although appear to have a 25% chance of losing given the stat above.

From taking a case on, it took an average of 1.8 years to get a judgement, and 2.3 years to receive payment from whom a judgement has been entered against."

Can building only commence when the full deal is done? 2 years build from Q4 seems to fit the timeframe that he states and has stated before.

Is a TR1 due (if necessary) when the shares go to market (21st) or once they've been agreed?

Looking into reversing the impairment on Zulu, was the most interesting bit for me.

Interesting that neither article so much as mentions Tjate, so anything coming from those ongoing talks would just be a bonus on top of what they're already predicting.

Momentum Investor is behind a paywall, but to sm it up, mostly talks about increase in prices, especially rhodium, increase in copper tailings, Inyoni (Zulu for bird, named after Colin) is the flagship, Kabwe should increase profits, low capex.

Final paragraph - "JLP may have come from humble origins but it’s milking the PGM and copper boom with immense effect. WH Ireland forecasts EBITDA to increase from £22.4m in FY’ 20 to £56.5m in ‘21 and then £107.1m and £135.2m in FY’23. Equivalent pretax profit rises from £13.7m to £47.8m, £96.3m and £117.4m for eps of 1.9p, 3.4p and 4.0p.
Incredibly net cash is forecast to reach £64.9m in FY’22 and £156.8m (1/3 of its market value!) in FY’23. Stripping the cash out drops the soon-to-be prospective PE to 5.2 and then just 3.3. I am a buyer."

JLP has also been tipped as a buy in Momentum Investor yesterday. More positive exposure. I'd expect at least a 10% rise tomorrow.

If a settlement is agreed, would the PTAB review no longer be necessary?
Do they always take 12 months, or could it take 6, 9 months?
If they find that the first patent they review is ok, would we get told that, or would we have to wait for all five to be reviewed before a decision is made?
Apologies for all the questions, i'm just brainstorming.