Member Info for elite

Read your post again and I see what your saying. I.e. they could buy back X shares at 100p to boost confidence, and that gives a base to work off of. All depends upon how much cash they have - expect a large portion of it to have been spent on the new factory.

A share buyback program directly wouldn't help the share price. It is pretty obvious that Naibu isn't valued on any sort of normal metrics, so a buyback wouldn't help in that respect. In fact, it may hurt the share price in the long-run as it would lead to less liquidity. In the short-run it could aid the shares indirectly, as any buyback would boost investor confidence. I will continue to add photos to the link below in case anyone is interested. El1te

Seeing that any recovery here will require a return of confidence (firstly that Naibu actually exists), me and a couple of other posters have been finding photos of the dedicated Naibu stores (not franchisee stores) in China. Here are some that you may find reassuring: http://s1365.photobucket.com/user/Naibu/library/Naibu%20Shops#/user/Naibu/library/Naibu%20Shops?sort=3&page=1&_suid=1391626384034021609818204939507

- No Holding here although have had it as a buy before (but closed it) - The problem with Acta is that they keep promising a bright future, but have failed to deliver anything of substance over the past few years. The revenue figure is dire (convert it to £) and they made an increased loss. Cash in the bank is also running low which hints that yet another placing is on the horizon over the course of 2014 (probably sooner rather than later cosidering they will need working capital and money for the factory). Fair value is probably quite a lot lower than the current level (which is still £11m), until they can start to prove that they can convert trials/leads into revenues. It's been a 'jam tomorrow' company to date. I hope that helps - I certainly wouldn't blame the price movement on MMs - the fundamentals here remain disappointingly weak. The management can change that with a large order coming through, but that hasn't happened for a long time now.

As expected, Easy Capital selling out. Good to get that clear

Good post - just to back-up your points further: 1. Naibu target Tier 3 and 4 cities rather than the majority who target tiers 1 and 2. By definition, tier 3 and 4 cities are far less mature, and generally the people wo live in them are far less wealthy. That fits with Naibu's whole ethos of making good quality shoes (admittedly not the best quality), but at affordable prices. I suspect Lucien didn't look at their Chinese site: http://naibu.cn 2. I think the reason they didn't raise the full amount is because the UK institutions were aware that there were a number of other 'suspicious looking' institutions on the shareholder list. They probably knew that these instutitions could sell out ay any time, and depress the share price (as has been done). The fact that two have bought in post some of that share dumping, sales quite a lot. I have asked about listing on the Chinese exchanges but apparently it can cost up to £2m just to obtain a listing. The more prudent point is that the companies listed on those exchanges are huge (by market cap), so Naibu would be too small 3. Ironically the fact that Naibu's goods are 'cheap' relative to others, is what has helped them. They started off at a low price in comparison to peers so whilst other companies slashed prices, Naibu did not have to much. The growth in sales outweighed that decline. The overstocking was mostly in those Tier 1 and 2 cities again 4. Can't comment on this until I've taken a look. In any case it's not a serious point, and its not uncommon for companies engage in such loans when they are private. If Naibu had done this when they were listed, that would be different 5. You'd imagine that many of those who sold out had a profit. I've already said I believe they listed on AIM due to some sort of currency benefit (or some other reason). Some of those shareholders were funds which reached the end of their life and were closed. At the end of the day, when those shareholders have too much of the company, and the share price is not moving up, what is going to stop that trend? The shareholders can't wait forever. It is often the case that those shareholders selling out, unlocks long-term liquidity and allows the share price to rise. It's a dilemna for those pre-IPO shareholders, but one that is very much true El1te

What a pathetic article that is - as you say, all positives omitted, and weak negatives included (e.g. random google link - funnily enough the Chinese use Baidu, not google). Such a shame that investors actually read that site - I hope that not too many are trying to short this with the results coming up soon. Getting on the back of a bandwagon comes to mind.

Holdings RNS will be when Easy Cap have entirely sold their share to one or more UK institution. Should have cleared Easy Cap by today based on the trade volumes

But probably less than two weeks for the next set of results!

Not sure who those entities are? There is only one left from pre-IPO and that is Easy Capital. Hopefully they are out now, and there are no more of these nasty surprises in the future!

The trade payables have widened to 18m whilst receivables are flat, so the cash boost just looks like a fluctuation. Most will get consumed (probably during H2), hence their statement about it being in line

Yes - not a bad appraisal at all. The contract wins during H2 are encouraging after that pretty pathetic last update, so just waiting to see what the H2 results and outlook is like. No idea if you are at all interested in mining companies, but FCR is a decent bet given the risk reward. Over £6m in cash (vs. £7m market cap) is due to be released to them in January/February and it has a decent iron resource. Not looking for a long term investment (most go pear-shaped for miners!), but a medium term one should pay off in my opinion. Must dash, El1te

Was looking at AEO and sent off an email to their management with a list of questions about whether their revenue was recurring or not. The are a micro-cap but roughly 1/3rd of their revenues came from 1 customer during the last FY, and given that their business is not necessarily recurring, that caused some concern. The questions were sent back unanswered. At a guess I'd say that's down to the management being overly cautious about what is 'price sensitive' and what isn't, but if I had asked those questions at an AGM, I most definitely would have got an answer! Have dropped AEO for that reason - can't invest without having more light shone on whether the revenues are recurring or not. Also a large amount of shares held as options, so potentially quite dilutive. Have a few on the watchlist (C21 being one of them, but waiting for their next set of results first), but nothing that stands out at the moment. I remain confident on MIRA. If they can secure that contract then they will easily break out properly (unlike the last false dawn). I have 17 open positions on the site though, so not too keen to open many more as it stands. Anyway, I'm off for now - Half-day tomorrow so will be interesting to see which companies decide to hide results/announcements when no-one is watching! El1te

No problem, Good Luck for 2014!

Hi Riddler, I have looked at SVR before. Looks decent, but one point that put me off was the scale of the cash outflows. Worth keeping an eye on those figures for the next half El1te

New write-up on Driver available below. http://goo.gl/I7JvZ7 Good Luck with your investments, El1te

Quite possibly, although the management noted: "The funds raised will enable management to harvest the commercial opportunities available to the Group, and should be sufficient to allow the Group to achieve the aggressive targets we have set ourselves." Obviously we can't see how much debt has been paid back until the next update, but with the GVT licence fees coming through in H2 and the startup trial revenue streams from the large contract, I can only see this swinging back to a profit for H2.

They incurred a loss due to the financing fees of servicing the debt - those should drop for the next HY as some of that debt has been repaid. I remain very confident

The large contract seems to be almost in the bag - they speak confidently of how they 'expect' to win it and how the small revenue reduction in H1 is worth it in the long run. El1te

Good Results. - Subscriber revenue up by around 20-25% - Operating Profit of £61k - New contract win for Coasta Rica, Honduras - Mirada now 'expects' to win the large contract that will produce the revenue step-change - Upbeat outlook The 3rd and 4th points are key. Happy with those in light of knowing about the revenue decrease. El1te