Member Info for Globex

Stevie are you related to him?

Argo collaborating with qbt really would be the final hammer blow to what's left of their credibility.

Then again isn't Francesco's background leisure centres? Could be just the man to get this Texas swimming pool finished!

It was a token buy amounting to ~5% of his base salary. Today's RNS shows CEO actually then selling half the shares he was gifted as part of latest award. Using age old excuse of taxes, quite shameless really.

Best solution is to have a mix of miners with different approaches in my opinion as with this industry being so young, over the long term nobody really knows which will last the course.

As an example reason I bought hut8 was because of their holding strategy, with aim to get as pure btc exposure as possible within tax wrapper. Until we get a UK friendly spot btc etf this and mstr will have to do.

(They've since changed course and are using holdings as part of merger but that's another story.) The downside is that diminishing output, hampered ability to to reinvest in hardware as aggressively as bigger names. The plus side they own a sh*tload of btc. Hedging with a miner with inverse strategy - greater capex but not much btc - is solution that works for me.

They pushed back from today to 29th June (reason given was banking covenants/chair appointment, 9th May RNS)

Absolutely brutal messaging in this RNS, Lecram must feel majorly p*ssed off by the shambles management have overseen.

It really says something that their contempt is so great that they would to put the boot in follow up RNS with pull out reason at their own expense, given they're still holding (for now). Expect they effectively wrote it off a while ago, but can't be easy seeing what was a shareholding worth tens of millions collapse to nothing.

Also has appearance of them indirectly saying to Strike: good luck with that, you're going to need it.

Why have you started a thread title with my username in it?

I can only imagine you are nursing enormous losses if you are at the stage of hallucinating me having another id posting about this company, based on a grand total of 2 posts here all week, before you singled me out.

I feel sorry for you actually, we've all made losses from time to time albeit this has been pretty singularly bad. Maybe you could take on a few more shifts to dig yourself out of this hole, or is too late for that now?

Eh? I've posted positively on asos before today, you have the wrong the person. I have one ID only and please note that singling out posters like this is against lse rules. You must be a strange individual to pick on me out of hundreds of posters slating the company today.

Fair assessment.

When trust in management so low the token CEO buy today if anything it made things worse. He's left open goal of question why not spend more?

For context imagine you're a PI earning £70k - 10% of his base salary - the equivalent buy would be £4.1k of asos shares. It's actually worse than that because of his huge bonuses and share awards on top of that £700k annually.

Looks like a structural shift taking place. The industry is brutal and decline here just another cog in massive churn of companies over the years. Not many fashion retailers last over the long term.

If this does finally over failure was not inevitable and management have a lot to answer for. Why didn't they raise prices sooner? Why didn't they increase return friction? There's no point running at a loss year after year but in prioritizing revenue over profit by piling up enormous amounts of stock just when it wasn't needed they've led this on a death march.

CEO spent £41.8k on shares but worth noting his salary is £700k annually + annual bonus of up to 150% + share awards as part of incentive scheme worth up to 250% of salary.

I think I speak for most of us here when I say honestly nobody cares what price you bought or sold this.

Pretty much anyone buying this in the last 2 weeks had doubled up by Friday, it doesn't make you special.

The BOD unquestionably lack imagination, and we know they want to pull the plug as proven by the two votes, but with us having voted down this latest attempt their hands are thankfully tied while the company is still liquid. They incurred the most expense trying to wind down arranging the votes and associated legal advice, circular publication etc.

Now the company isn't doing anything, with no trading activities or votes or horizon there is only so much they can spend.

They'll probably update with timeframe with another sulky RNS soon but £40k monthly is the concrete number they've provided, so luckily we don't need to speculate here. If the vote had been successful on Friday there would have been a payout so we also know there is a cash runway. Let's be honest nobody here is pinning hopes on this BOD, so their uselessness is immaterial, it's all about the prospect of a corporate action or another party arriving.

I wouldn't be at all surprised if they had breached the takeover code like this claim infers. The whole process was a shambles, one day no intention to offer but at the same time contradictory exclusivity agreement with Strike over potential offer. Releasing bombshells intraday. Whole thing was a mess

Meanwhile ignoring Lecram with actual skin the game, no doubt as BOD were still sulking over being called out last year, but forgetting that their duty was to stakeholders not opportunists. Reading between the lines have to wonder if they incentivised by some invisible golden goodbye.

I hope for their sake they're related otherwise it's a bit scary. Of the two I'll go with mum, based on use of birth name and big tell with the otherwise barmy reference to families. Plus prior form https://www.cityam.com/thg-woes-continue-after-mouldings-mother-rides-to-his-defence/

@reardon regarding cash burn timetable worth referring to circular, they say "current monthly spend is approximately £40,000 before any one-off expenses including advisory costs relating to the future of the Company."

https://inthestyle-wp-2021.s3.eu-west-2.amazonaws.com/media/2023/04/Itsarm-Circular-26-April-WEB-FINAL.pdf

They will eventually run out of the £248,000 with no corporate action but we knew that, so that part from RNS was just the usual disclaimer.

Nice twist, I did say Lecram would be the ones to watch here, should have listened to my own advice and bought in when it fell to sub 0.5p.

Was clear Axel had lost interest a while ago even though some were claiming they'd be bidding, whereas Lecram always seemed dark horse. Hope they are successful as they called it right on this useless BOD last year and have been holding for ages whereas Strike are newcomers and seem to want to steal it.

Good point poor, lets not even overthink it but rather just enjoy the ride

All a bit Waco 1993 for my tastes