Member Info for Globex

Pretty dreadful communication to a shareholder from a CEO of a PLC. You'd get a more polite response trying to chase up a delivery from an ebay seller. Almost as if he's at that age now where he's simply too old to give a sh-t.

Ameriprise Financial is the parent company of Threadneedle Asset Management, they sold out in January (RNS 26 Jan 2023). Btw I do think the case can be made that this is mega cheap, but just don't like people trying to mislead.

There aren't any significant overseas holders I'm afraid.

This page was last updated at the end of the formal sale process: https://itsarmplc.co.uk/investors/significant-shareholders/ During the FSP any shareholding over 1% had to declare, so we actually have more insight into shareholders than most listed companies. You'll note note the distinct lack of American names with significant holdings.

Odey also had/has an additional 5% via CFD. Bit of a shocker that the company's own major shareholder page hasn't been updated for 4 years, I suppose we should expect nothing less.

I can't see much sign of emotion on this board today, frankly compared to most lse boards this one is positively rational, strange comment that.

Btw I don't expect the FCA to do anything because they're useless, but the late disclosure has definitely broken the rules. Shareholders have been truly shafted on this one. I have big sympathy for anyone who bought in early, it's been a trainwreck from the moment of float.

The surprising part is even with value destroyer Frisby out the way that shafting continued right to the end. Crooked board have a lot to answer for.

@Magorium The share may well have been a bit of a gamble but arguably a calculated one on the basis of Peel Hunt taking a 10% stake. There are firm rules around shareholding disclosures and regardless of how risky a share is those rules stay the same. It's meant that market participants have been batting in the dark.

True there is massive pressure on management here, today's exec departure has appearance of trying to get ahead of the carnage. Results are make or break. Odey being a big holder here won't be helping with selling pressure.

Wonder who they sold to? That sort of volume would have been tough to shift on open market, especially when around April time this share was pretty dead, but there's no corresponding TR1. That late reporting a p*sstake as others say. Fair chunk of people I bet wouldn't have touched this in first place if it hadn't been for Peel Hunt.

Some true shenanigans with TR1s and this share, and I don't just mean Jimmy!!

@Mooh which broker are you using for the senior notes? I'd be a buyer too but understanding was not available to uk retail.

Good point regarding buyback being prevented, that will partly account for their price collapse. Didn't occur to me they would be mad enough to sign up to such inflexible terms, with bank rates near zero at the time they could have called the shots much more, but should have guessed better this is Argo we're talking about after all.

Well at least he's stopped blaming auditors, has also put to bed those on here trying to point their pitchforks at BDO. It's still an unusual management style where he does seem to consistently publicly apportion blame to third parties.

Can't blame BDO any more

Criminal charges for what, exactly? It's just a company in distress being reported on, not everything is a conspiracy.

One thing they do have going for them is the CFO seems to well qualified, and without an extravagant CEO to reign in with any luck they are exploring options like this. As you say buying up bonds would up price in itself, but could be managed with drip feeding and still free money really. It would hugely tidy up the balance sheet and reduction in enterprise value would improve investment case.

Argo should start buying back their bond if they're making noises about debt repayment. Dump pluto to fund if necessary, bear market is a time to hunker down not speculate.

Massive opportunity while it's trading so far below par. It may not be ultimately due until 2026 but that's still a big cliff edge and in meantime interest repayment huge relative to market cap. Plus as it gets closer to maturity - and market sees improved likelihood of repayment - value will increase. Currently trading at just $6, issue price was $25.

Agree about the sh__tcoins, purge the lot of them, they give industry a bad name. The binance complaint refers to the intermingling of user and company funds and CZ seemingly funnelling money out to various murky offshore companies he controls. Just like FTX really, pretty bad.

Not great for Coinbase either by comparison their main charge is trade in these altcoins, nothing much more nefarious than that. They've been around for 10 years so after a hefty fine I believe they'll live to fight another day.

things are hotting up with sec filing against coinbase

https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.1.0.pdf

for pure btc miners the impact of all this should be limited of course as they seem to specifically be targeting trade in altcoins they deem as securities. btc the sec seems to rightly view as a commodity, but bad times for any entity dealing in those ****coins. i'm def going to buy coinbase after this fall fwiw, it's a survivor.

The esteemed director Richard Monaghan alone is on a £225k salary for this would you believe. He also wants 3 months notice (26/04 circular) so that plus other guy will explain the significant ongoing expenses. They're killing it to ensure their own payout.

Index rebalancing for imminent FTSE250 drop. Other possible overhangs are confidence in management after raise. H2 projections are very tight, can we trust them to deliver? Also question marks over cash runway especially with supplier credit insurance being pulled.

Do need to watch for this joyless management, they are the risk more than anything. They love the threat of a dreaded intraday bombshell, normally following signs of price action perking up.

Never known a company to be so keen to destroy shareholder value. They have no willingness to make the slightest effort to market what was a prime asset in form of cash shell with zero liabilities.