The RNS didn't say that they weren't affected by COVID-19, it said they weren't MATERIALLY affected by COVID-19.
What is your source that the driving school is furloughed? I assumed almost all staff were self employed... The driving school is only 6% of revenues anyway.
Giving free breakdown cover to NHS workers is great advertising and very cheap to deliver - people are still paying their premiums but aren't breaking down, leaving a surplus of recovery drivers. And costly payments to third party recovery drivers? - probably around zero for the quarter.
Medigus Ltd. (the “Company”), hereby announces that, following its Report of Foreign Private Issuer on Form 6-K, furnished to the Securities and Exchange Commission, or SEC, on February 13, 2020, regarding its ongoing negotiations with certain shareholders of Matomy Media Group Ltd. (“Matomy”), and on February 18, 2020, regarding its purchase of 2,284,865 ordinary shares of Matomy, representing 2.32% of the issued and outstanding share capital of Matomy, the Company has completed a transaction to purchase additional 22,326,246 ordinary shares of Matomy, representing 22.67% of the issued and outstanding share capital of Matomy for a total consideration of US$ 1,463,807.46 (reflecting the same
price per share, as in the previous transaction, of NIS 0.23).
Pursuant to Section 63(b)(2) of the Israeli Companies Law, 5759-1999 (the “Companies Law”), the Company issued a letter to Matomy’s board of directors, requesting to convene a special general meeting of the shareholders of Matomy immediately, and no later than April 30, 2020, as required by the Companies Law (the “Special Meeting”). The agenda for the Special Meeting includes: (i) resolutions to remove the current serving director of the Company, other than the external director, and to appoint in his stead the following director nominees: Mr. Eli Yoresh, the Company’s chairman of the board of directors, Mr. Liron Carmel, the Company’s chief executive officer, Ms. Kineret Tzedef, member of the Company’s board of directors, Mr. Lior Amit and Mr. Amitay Wiss; and (ii) resolution to amend the current articles of association of the Company to approve a reduction in the board of directors size.
Reminder of the takeover code:
a shareholder must make an offer when its shareholding, including that of parties acting in concert (a "concert party"), reaches 30% of the target
the level of the offer must not be less than any price paid by the bidder in the twelve months before the announcement of a firm intention to make an offer
if shares are bought during the offer period at a price higher than the offer price, the offer must be increased to that price
"Medigus Ltd. (the “Company”), hereby announces that, following its Report of Foreign Private Issuer on Form 6-K, furnished to the Securities and Exchange Commission, or SEC, on February 13, 2020 regarding its ongoing negotiations with certain shareholders of Matomy Media Group Ltd. (“Matomy”), the Company purchased 2,284,865 ordinary shares of Matomy, representing 2.32% of the issued and outstanding share capital of Matomy for a total consideration of approximately US$ 153,034 (reflecting a price per share of NIS 0.23 (5.16p) (the “PPS”)). The Company continues its negotiations to purchase up to additional 22.67% of the issued and outstanding share capital of Matomy based on the same PPS."
"On February 13, 2020, Medigus Ltd. (the “Company”), announced its ongoing negotiations with certain shareholders of Matomy Media
Group Ltd., a dual listed Israeli public company with its shares listed on the London Stock Exchange and the Tel-Aviv Stock Exchange Ltd.
(“Matomy”) for the potential purchase of outstanding ordinary shares, representing 24.99% of the issued and outstanding share capital of Matomy. "
"The battle for Matomy's skeleton is heating up - Cybele investment house has become a stakeholder alongside Kfir Silberman.
Whoever wins the skeleton is the one that Publicis will agree to sell his shares to....
After selling its business and repaying the entire bond - Matomy is today a cash-rich skeleton."
Shachar Saidon now has a 5.85% stake. Kfir Silberman has a 5% stake. Ilan Shiloah and Nir Talovsky sold their stakes. Looks like a changing of the management, and not a moment too soon. They should cancel the management bonuses, lease out the unused office space and consider selling the stock exchange listings. This company has plenty of potential for increasing its value. Still can't believe they haven't recovered the $8.5m from WhiteDelivery.
Bonds should be paid back today leaving just a positive cash balance.
In my view, as the share price is so much lower than the cash value of the company any distribution of funds to shareholders should be in the form of share buybacks.
Nir Tarlovsky sold at 0.1865 NIS on the 23rd of December, yet the trading range for that day was 14.30 to 14.70. It was only on the following day that the share moved upward to a range of 16 - 19.80. More director incompetence or did somebody (i.e. Kfir Silberman) pay a premium for the shares?
Ilan Shiloah sold his shares on the 24th, possibly also to Silberman. Directors selling means fewer votes against Kfir Silberman's hostile takeover, which is good news for the share price.
A rerate due to the positive cash balance is possible, but I'm expecting a more steady rise over the next few days and weeks due to the hostile takeover by Silberman and the increase in the value of CentralNic shares.
The other thing I would do is consider buying a hedge for the CentralNic shares - the 4 million shares that were granted have since nearly doubled in value, so I would want to lock in the extra value. (Obviously if the CentralNic shares doubled again the gains would be lost, but it would provide some certainty.)
If I was Silberman, I would scrap bonuses to failed executives, lease out the unused office space, and try to recover unpaid money (e.g. $8.5m unpaid for WhiteDelivery).
A change of management should be good for the company, the only question is: how much is he willing to spend to acquire the company, and how much are the existing management prepared to spend to stop him?
"Kfir Silberman seeks to take over Matomy.
In recent days, Silberman, through the companies Pure Capital and Pure Equity, completed the purchase of Matomy shares in the market, reaching a holding of more than 5%. Until the date of appointment as the director of the company, Silberman wishes not to carry out any disputes in the company's assets and / or in the company's capital, including capital raising.
Silberman seeks to take over Matomy, as he did with Madigus in September last year. 'Globes' learned that Silberman was negotiating with Publicis and other shareholders in order to acquire their holdings in Matomy."
From Globes, translated by Google.
Later RNS from Matomy:
"...completion by the Purchaser of its proposed financing by means of a €40M bond issuance. Such financing was completed on December 23, 2019."
Zeus Capital is the Nomad and house broker of CentralNic, and I don't believe forecasts made by people who are literally paid by the company to make good forecasts. AIM is full of companies that went bust whilst their house broker was forecasting huge future earnings.
I was, and still am, expecting news from CentralNic regarding their fundraise. Today was the day of the Matomy vote, but the 31st is the day by which this must complete and CentralNic have said nothing about raising the cash.
Turns out I could have sold at a higher price, but I think I'll sleep better not holding these - I wouldn't be surprised if this company collapses under the weight of all its debt in a few years.