Member Info for Globex

Agree Ste, time for change. Sadly he's not cut out for accountability that comes with being ceo of a mid-size plc like this. Plenty to keep him busy as an influencer/landlord, he has better skills and seems more motivated in those areas.

ESG is a fact of life with listed companies, it's not the 1970s any more. Ironically there is an issue with THG and ESG but you've got your knickers in a twist about the wrong part. Governance is the concern here and has had the negative impact on market sentiment. Not the tree planting or equality.

Moulding has given a lot of money to Boris Johnson if that makes you feel any better? The ESG stuff is standard these days, your views would have to be pretty fringe to be offended by it.

The other key way in which this deal benefits Crystal Amber - and is negative for PIs - is the way the payout is constructed and consequent tax implications.

With almost every other company dividends are the normal way to return capital. For good reason, everyone understand them, HMRC guidance is crystal clear. So why did Hurricane have to be different, couldn't at least the initial 6p be paid that way?

It's no coincidence that this deal being constructed around the convoluted DCU and capital return benefits institutional holders. For Crystal Amber this form of a capital return enables them to offset the payout on their initial outlay. They couldn't do that with a dividend.

The reduced holding value resulting from a dividend would be no use to them tax wise either, they would have nothing else to offset the nominal loss against because they are deep in the red with their other holdings.

The deeper you look, the more it's clear this deal is a win win for them.

Political donation votes aren't in themselves unusual, eg the less respectable listed miners in developing countries where it's pretty much a euphemism for bribery. Potential issue on this vote with THG is the usual one of trust in leadership, some investors not mad on the fact Moulding has been funnelling money in only one direction politically, when it's better to stay neutral like most CEOs.

Right, Arm being a designer is what has given it the scalability. There will always be a limited upside here because as a manufacturer impossible to compete with Taiwan Semiconductor for the cutting edge and smaller fabs in Asia for everything else.

They're just toying with Moulding, probably a bigger story brewing, you just happened to be spotted as McCrum probably tickled by your comment. The good news is with a Linkedin reply like that you probably qualify for thg board level now.

If you think this is bad just wait til he signs up to TikTok

It's a pretty funny article, there is a comic side to all this Linkedin nuttiness. Not worth getting worked up about and a bit too frivolous to have impacted share price imo. If anything drop more likely due to dawning realisation of the impact of dilution proposed in AGM.

I was replying to the specific Shein claim: "We don't even know if they make any money". The article simply shows they do.

It was only published yesterday, so may be of interest to others anyway being same industry, even if you chose to disbelieve the Wall Street Journal.

Shein certainly are making money.

They recently went through a new funding round, overall valuation drop from last year but as part of that news net profit reported in WSJ as a whopping $800 million: https://archive.is/vQ2xd

Awarding shares to staff is very noble and worthwhile, but there's a way to do it without dilution, he could just buyback then gift away. That way everyone's happy. If his FCF targets are met he would soon have enough in the kitty.

Well Hamoodi has livened things up, no harm in having an activist to keep management accountable and on their toes. Today's response a bit aggressive, they appear somewhat rattled. If he ever reaches 10% he would be taken much more seriously by being able to propose EGM. Not clear if he can stretch to that but looks like a story that's set to run.

For a lot of us the big unanswered question has been why Crystal Amber agreed to this deal. The board's hopelessness and vested interests quite transparently explained their rationale, and Kerogen seemingly too big to care either way.

With Crystal Amber though pressure from Saba only goes so far to explain their willingness to accept the illiquid DCUs and effectively entrusting Prax with the company's prospects, while implying we should be grateful to Prax for paying out what was already Hurricane money.

Here's a theory. It's quite striking that the Crystal Amber board themselves own barely any shares in their fund directly, all less than 0.05%. Then Bernstein's holding co has 8.29%.

They make their money through fund management fees, rather than direct exposure to their holdings. Hefty ones at ~2%, charged on NAV rather than share price.

What's interesting about that is the moment Hurricane delists the NAV value apportioned will suddenly be more subjective.

Conflictingly they don't use an independent valuer for their unlisted holdings. Could it be they spotted opportunity that with this leeway rather than whatever the share price is on delist, they can nudge it up by including some/all of the DCU? The higher the value assigned, the more fees they can charge.

But why would they be willing to wait all those years for a payout in full? It's been suggested that a willing marketplace for the largest shareholders' DCUs is suddenly 'discovered' after delist. As in you give us irrevocables for this deal and we'll sort you out later, potentially leaving PIs the only ones bagholding the Prax IOU. Who knows.

The thing is even if that cynical view is wrong and Prax are in fact delightful people, even the years long wait still potentially benefits CA, because it means they get to keep their fund open and continue charging fees.

True, even in a private company a bit dicey, sharing strong political views in workplace mostly a bit of a faux-pas as if colleagues not on same page potential to go down like a fart in a lift. If you're running the biz doubly so, when it comes to keeping team onside.

Could be worth voting against #15 too.

The proposed donation amount not great in grand scheme of things but Moulding has funnelled a fair bit of cash to the Conservatives already, especially when Boris was leader. There's a very good argument that says as a business leader best appear politically neutral, that way you won't alienate people on other side. And won't be ideal for him if it turns out he's backed the wrong horse come election.

Speaking of consolidation could needed for poor old Argo, ADR approaching the $1 danger level again. Maybe that will force the board to wake up and do something? To be honest they might as well ditch the listing if they continue to tread water, Nasdaq fees must be hefty, disproportionately so with market cap now being so low.

Quite a bit of buying pressure on this now. It gets says a lot on these boards but I do reckon this is a prime buyout candidate. There's a ton of industry consolidation happening and this must be more attractive value wise by touching on historic lows. Keywords Studios particularly acquisitive, could be one to watch.

Also must give credit to the company for funding share awards by buying back shares. So much better do that rather than diluting existing holders like so many other firms.

£5.5m is gross cash in bank anticipated on completion. Then it goes on to say: "It is currently anticipated that the Net Cash Proceeds will be approximately £2 million." That's caveated and subject to adjustment, worth reading the whole RNS for details.

Don't worry that short interest % will be lagging, so not taking into account adjusted share count. With 10-1 consolidation like for like would translate to more like 5.4%.