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I didn't watch the presentation, but it sounds like nothing has changed. I don't understand how the management team can continue to raise money from investors when they've made zero material progress over recent years (and are unlikely to do so in the near term). It's just pure greed IMO.

I guarantee you, they will be coming back to market in two years for another round to keep the gravy train going. The mind boggles.

As long as the market is stupid enough (institutional and retail btw) to keep given them money, this will go on and on and on and on.

Honestly, this company is a money pit for investors. This is the same rinse and repeat fundraising cycle I've seen at least four (if not five) times since I've been following the company from early 2021. I know many investors have been here much, much longer than that and I genuinely feel for them.

The company is tiny, it doesn't really have a product that is saleable (otherwise they would have customers by now), and I genuinely believe it is a lifestyle business for the board and management team (particularly Jason Miles) who have been here for years sucking on the teat of retail investors.

I haven't been invested here for some time, but it really annoys me when companies continue to dangle the carrot to investors when they probably know in their hearts that the company isn't going anywhere. It'll be interesting to see what fluff the management team provide at the upcoming meeting.

Good luck to those that are brave enough to participate in the retail offer/continue holding. Hopefully I'm wrong and it all comes good for you eventually.

Jabberba - are you just copying these comments directly from ChatGPT?... I know an AI response when I see one.

But in all seriousness, it is great to see some progress here and the new board seems very effective and transparent. I sold prior to the suspension (thankfully, but at a deep loss) however this could tempt me back in if production continues to ramp. Certainly one to watch once the shares start trading again.

Hardly a surprise to see this suspended after the vote to remain with the status quo.

Refreshed management is what was needed here, at least to give the market a sense that a turnaround might be on the cards. As it stands, the company is back in the mud with another missed filing deadline.

How do they expect to attract a lender when they can’t get their accounts ready on time for the second year running?

I think HarChris is right about Suní. It’s last chance saloon here and they need to free up some cash to get things back on track. If not then I can’t see the business being around in 12 months time.

I agree and some purchases from the executive directors would go a long way to improving sentiment.

Overall I thought the report was fine and the company is tracking towards their forecasts. The narrative around the IOS update felt a bit negative and I'm not sure Stuart needed to put as much emphasis on it, but he obviously feels frustrated about the situation (which is fair enough).

On that note, if they had booked that extra $9.0M in revenue we would be looking at an extra $1.62M in gross profit which would mostly flow to Adj. EBITDA.

It was interesting reading the Cavendish report out today, which goes into quite a bit of depth on the make up of revenue and how much Showcase is growing. This division generates gross margin of ~30% which is quite a bit higher than the other parts of the business - therefore it's understandable that growing Showcase is a focus for management.

The comment around "transactional opportunities" is intriguing and is similar to what I posted a few weeks ago (regarding Goalhanger Podcasts). Acquiring another podcast group would provide an instant boost to AB's ad inventory and downloads, and it would make sense if the price/terms are attractive.

Also good to see the US listing is still on the cards and this is a no brainer to me. 95% of revenues are from the US and the company HQ is in New York, so a listing on the Nasdaq (or similar exchange) feels like a natural fit.

Results are out in the morning so let's see how the SP reacts. Volume is light in the market given the summer holidays, but I'm hoping for a decent bump if they're tracking towards their FYE24 target.

We will have to agreed to disagree on this.

Before last year there weren't any provisions and the adjusted EBITDA was largely used to cater for the share based payments which were made annually. However, they needed to make adjustments for onerous contracts in FYE23 due to the change in market conditions and the loss making nature of those particular deals.

That is a genuine one-off item which will be unwound over time and I think it's fair to include in the adjusted EBITDA figure. Management made a choice to write those contracts down and it needs to be reflected in the P&L.

That's why you look at an Adj. EBITDA figure as a management team. For AB, you want to analyse and measure the performance of the platform YOY in the absence of one-off items and non-cash payments (like shares).

I agree with you that the standards are important and I think AB is wholly compliant in that department. They report their accounts accurately per IFRS and then use the Adj. EBITDA figure internally and when speaking to the market, as that is what they feel is the most relevant metric.

Makes sense to me but perhaps we won't see eye to eye on this one.

404x - Adj. EBITDA is relevant for AB as it more accurately measures the underlying performance of the business. Note that generally the biggest adjustment they make is in relation to Share Based Payments to staff (which are non-cash in nature) so these need to be added back to get a more accurate read on their operating profits. Other key items which are added back are Depreciation, FX Gains/Losses, and Provisions.

Stuart and Brad are good operators (IMO) and I'm more than comfortable with the way they present their figures.

Looks like the Investor presentation is next week on the 23rd. Just received the invite from Investor Meet Company.

Will be interesting to see if the SP runs up prior to the release.

You also need to think about what a placing means for the concert party. If they are heavily diluted then their control of the business also diminishes, and they could run the risk of another challenge from organised shareholders. Something I'm sure Shishir wants to avoid.

More waffle from Shishir.

They will be drilling for Helium in Mozambique next.

You always get a couple on every board... best to try and ignore them.

It's great to see more key podcast renewals and that's more revenue locked in for the next 2-3 years. Personally I think the shares could rip higher on the 1H figures, as it feels like the retail crowd is jumping around a bit at the moment and piling into whatever is trending on the day.

Given the low amount of BOOM shares in circulation, the moves can be big if the volume starts to pick up.

He’s the master of the fluff RNS that will eventually go nowhere.

Appreciate the feedback on this.

For me this kind of acquisition makes sense - Goalhanger is a growing podcast publisher with a large audience in the UK (I think they currently have three podcasts in the top 10 in the UK) but the company is also early stage enough that you wouldn't have to pay a massive sum to acquire it. You also don't need to pay in cash if you can negotiate an all share purchase (although that would mean some dilution for us existing shareholders).

Obviously this is all hypothetical but it's an interesting discussion nonetheless. As phil mentioned, the more realistic option is that AB would work with Goalhanger on monetisation under the Audioboom umbrella.

I've been thinking about the next steps for AB and thought it would be interesting if they made a move for an emerging podcast group such as Goalhanger. This is the company founded by Gary Linekar which produces The Rest is History, The Rest is Football, etc.

Rather than thinking about AB being acquired, I do think it would be interesting if they were the ones to acquire another publisher, which would then make AB more attractive to a larger player in the market. I do think the company needs more top 10 podcasts and this would be a good way to achieve that.

In terms of the deal itself, it could be an all share purchase or a cash + shares purchase. Food for thought perhaps and I think it would be an interesting strategy for the business.

I can't see Shishir selling out on the cheap after winning the recent shareholder vote. However, the business is in desperate need of strategic investment so they could take a stake in TGR and provide some much needed capital.

That does mean dilution for existing shareholders but IMO that's inevitable if the business is to recover. No lender is going near it without stable production and signs of profitability.

Wash, Rinse, Repeat. Yawn - a bit like your posting history on BOOM.

"pathetic AIM listing"

"losses are increasing year on year"

"no true value"

"pretty abysmal performance for the stock so far this year"

Time to move on growingballs. You're the boring one.

Interesting article and some good points made by the author. You can get around the paywall if you copy the link and paste it into google. If you click on the first result that comes up, the article should be available in full.

From doing some research online (LinkedIn, etc.) it seems the Podcast Show in London was a success and the industry appears to be growing rapidly. I also saw a quote from the new Audioboom VP for UK Sales (Shaun Wilson) about a new product they've just launched:

"Mike Newman and I led a panel with No Such Thing As A FISH celebrating 10 years of the iconic podcast with the FISH engaged and as funny as ever. We launched a new product.. Audioboom Echo a scalable audience buy which allows brands to leverage the hosts reads of our top tier talent across a package of relevant podcasts."

All eyes on the Q2 update in around six weeks time.

Indeed and it does seem like a decent appointment. Like you HC, I would need confirmation of finance/another raise before jumping back in.

This is the first step on a long road for TGR, as you can't run a mine without working capital and any investor/funder is going to be very cautious given previous interest payments have been missed, etc.

I do think the only way forward is to issue more equity, as I just can't see any lenders approving a facility for TGR in its current state.

That's not to take away from those who have taken a punt here and made money on the way back up from 3.5p. I wish I had the balls to do the same!

More podcasts and more advertising is exactly what BOOM is looking to drive. That's where the revenues and profits come from.

It's always difficult to be patient through the quiet times (from a results/RNS perspective) but you don't want to be chasing it when this takes off. Especially given the low number of shares in issue.