Member Info for Globex

Sorrell needs to start demonstrating he can turn the woeful share price performance around.

1) Re-establish trust by issuing forecasts that don't require multiple profit warnings. There is only so long they can use the marco headwinds excuse for missing their own guidance when the same pressures apply to every other advertiser. Start under promising then over delivering.

2) Ditch the golden share allowing a premium listing enabling indexes and IIs to buy in.

3) Alternative to above just relist in US where they're more tolerant of eccentric governance, makes sense geographically too when it's company's biggest market.

I'm sold on this Mara debt swap, will be adding here now we know full picture. Barring anything too dramatic like btc under $20k again I figure on the downside $6 will have plenty of support, but on the upside sky's the limit. Shares outstanding put Mara back at #1 market cap and rightly so.

Wreckedtember hasn't been kind on these miners so roll on Oct. Does feels like we need a definitive btc leg up for them to recouple and get past this strange phase where they're tracking downside only.

Optimistic SEC will finally roll over with this upcoming decision, fighting the world's biggest asset managers has only served to make them look a bit deranged.

Yeah he's definitely in a Travel Tavern, probably didn't bother putting on any trousers for the vid

Good to see Hedin come out with their counter bid so quickly. Inclined to agree with board's rejection, they kicked the tyres for long enough last time and now they should really be offering more. What I like with Lithia offer is we still get a stake in the continuing software business, especially when it would be in all parties' interest to see that offshoot grow over time.

To clarify I meant the comparison being that prior half year (01/07/22 - 31/12/22) versus period just reported (01/01/23 - 30/06/23). Them saying forex going against them in latter period stands out. Possible Tandem tried to hedge with exchanges at the lows, but that in itself would have been a bad call they couldn't really just blame on the market. Always a bit wary of companies always blaming external factors year after year.

Having said all that by balance sheet reckon this is now the cheapest solvent retailer listed on whole LSE. Not sure if it's large enough for private equity to be bothered making an offer for but chance someone will spot value here.

QBT is a classic grift targeted at people who don't really know anything about crypto, but as well as being clueless those supporters are strangely dogmatic about it? Same manic energy you get in conspiracy theorists.

Also not convinced about blaming profit fall on foreign exchange movements. In the prior comparable half year sterling was way down via Truss and co, so if anything it should have been a tailwind this year. It's only post period it's started to stall again. ABF's recent results for example cited forex as a benefit contributing to their increased margins in the period.

Excuses that stretch credibility aside the company is crazy cheap at this level.

That 2021 proposal wasn't a cash offer so the £188m figure wasn't real, it was a convoluted attempt to swap the company for worthless shares in Aaqua. Do agree the board seem asleep at the wheel and indifferent to the value destruction. It's striking how relentless the selling is.

Mara's drop today momentarily equal to Riot at the time of writing, I'm calling that a win (desperate times). Reckon the board will now have picked up a pretty firm signal from market and that they'll now need to be on their best behaviour with no more surprises. As long as btc doesn't crater we have a potential catalyst on horizon once they're clear about shares outstanding/debt deal completed.

In some ways CLSK feels like it's had the biggest transformation of the miners this year imo, they've built out EH convincingly considering up to recently they had a starting position of nothing really. So if anything it's surprising it's lagged Mara, Riot and Hut in the year to date for share price returns, even if it's made up a bit of ground recently.

Personally I'm sticking with it, too early in the cycle for me and wouldn't be swayed by a pullback like this, we're probably in for a choppy end to the year with these miners but mindful the volatility works both ways.

I do agree it's not ideal it's started lagging other miners and even btc but it's only been a week since the announcement. I see the £400m debt reduction as a good thing and dilution a necessary evil with btc down here. Market disagrees with that right now but sense these newly issued shares are being sold onto the market so that won't be helping.

Ideally they'd split the software biz and list it separately on the Nasdaq, then we'd really be cooking on gas. Leave the rump car trading for LSE. Nothing to stop them doing that even if this deal isn't a goer, but the big upside of this offer is immediate big exposure to US dealer network. Either way the offer demonstrates a lot of credibility for their software.

Book value here is comprised of acquisitions that haven't been depreciated yet, there's absolutely nothing else tangible here, so it's a bit brave to invest based only on valuations assigned by management, who haven't yet fessed up to the fact they bought at the top of the market.

I'm in for a short term bounce but do have doubts so will ditch pretty soon if it doesn't retrace.

Have to wonder about quality of management here when they keep missing their own forecasts. All advertisers are facing external pressure but I don't see the likes of WPP hugely dropping the ball with guidance repeatedly. It will get to the point where investors completely lose trust when they should be on their best behaviour after those delayed results last year. Could be time for Sorrell to be put out to pasture.

Feels vindicating to have this offer in hand, the value here did seem like a no brainer.

On first read seems a bit complicated rather than a simple share buyout but can see why they want a separation of the software biz with all that growth potential. Still can't see the deal in this form going ahead because still more value to be unlocked here imo. Either way will flush out any other prospective bidders, now or never for them.

Here's an Argo one but I don't think OP will like: what about that court case not going away? Thank the useless Nasdaq listing for the introduction to these keen to sue Americans, but defending a securities fraud class action in New York sounds like it might come with some big costs. Surely they can't afford the reputational hit to settle so will have to defend all the way. Anyway back to Mara..

2026 is a massive cliff face problem for them but the only way this would make sense would be if they could offer nearer to the market price, they trade so far below par on paper it looks like an opportunity. Unfortunately the terms they signed up to are so restrictive (thank PW for that), requiring full payment to settle is a big penalty.

More practically where would they find the cash? With a theoretical £40m buying some much needed hardware would be the better strategy imo, not that even that would make much of a dent vs the proper miners.

Perfectly natural to have invested in a company and then want to criticize strategy if you feel they're not delivering.

We see characters like ahananada a lot on these boards, trying to instruct people to sell or not make a fuss so they can presumably then be left in a happy clappy dream world where nobody was allowed to say something negative about the powers that be. They'd love it in China!

Decoupled from Riot too which is a bit annoying especially if btc breaks out. Almost feels as though the newly issued shares are being sold onto the market in large batches immediately. It would be good to have clarity either way. With any luck they issue an update shortly to say conversion completed / shares sold and we can carry on and pretend everything is fine again. Until then a bit of an overhang.