Member Info for Globex

Strange thing is SP now down to level last seen when btc was sub £20k, on essentially no news. We had results but those were neutral, and before this latest fall.

With mining standing still is effectively going backwards, what with competition, difficulty increases and moving towards halving. But this feels like something more than that.

Looks like we found CitySpy's account. The name dropping, bragging about being in the know in the city. The lady doth protest too much. Probably works in an EC1 Pret.

Reading this board has given me insight into why Holt would point to auditors. I couldn't understand why he'd be so unprofessional but I now realise seeing how people have lapped it up unquestioningly it's probably a scapegoating strategy to alleviate shareholder pressure, and it's clearly working.

It's a win win for him as he gets to do it off the record and BDO lack ability to voice anything. Still a risk as financial media love stories like this, but he has little to lose.

It does seem yesterday's drop was overdone. They still have time to turn this around, profit would be the gamechanger, could be achieved this year.

They just need focus most on bottom line, less on revenue. Today's market can tolerate topline contraction there, it's the losses that make people jittery and have been killing sp. Imo up prices, increase return friction, cut costs. They'll sell less stuff but that's fine if it means profit.

BDO are just number counters. It's pretty funny to get cross at an entity so neutral . Not their fault they were presented with these books. Suck it up.

Most large companies have legal liabilities, that's what litigation insurance is for, but do you have a source that says theirs specifically exceeds market cap? Bold claim. There's nothing in balance sheet or company accounts to reflect that.

Yeah Revb used that phrase in the most recent RNS, so we know that's the company's latest interpretation at least. That RNS came out on 30th April, it's more the months long delay before that we're referring to here.

We have no idea what timeline the auditors have given to Revb. We haven't heard auditor's side and so without knowing full story you're clueless to try to blame them. Could be the delay is down to questions over going concern sign off, legalities, disagreements over numbers or any number of issues. We don't know.

That brings us back to my original point, which is that the company/Bob Holt should not be finger pointing at the auditors. Ultimately auditing is very boring factual work where objective numbers are all that matter. It shouldn't need saying but the last thing this firm needs is to be fighting auditors.

You claim BDO haven't given an accurate timeline but they've made zero public statement. They've given no indication to us at all.

It's the company that decided to put out those RNS with the various missed timelines, not BDO.

Btw their strategy being so dire is counterintuitively a potential escape route for the biz because surely someone else will look at this and think they can do a better job than this lot. It wouldn't be hard. Even simply chair or CEO exiting would be a price catalyst at this stage.

What I can't understand is why they didn't abandon the fixed fee model.

It was already clear it failed during pandemic when every other agency absolutely boomed and they struggled. If it resulted in losses even in that massive bull period when stamp duty was cut and suddenly everyone wanted a garden, clearly it had to be binned.

But even now they're still sticking with it, as if they know better than the likes of Savills? Madness really.

Not sure if this is genuine but if so it's unprofessional for Bob Holt to be blaming auditors via email to someone outside of the company. It's one thing to be having those conversation internally but to be saying that to someone he's never met I'm amazed.

BDO are a large outfit who know what they're doing and aren't able to give their side of the story, Holt is taking advantage of that. Auditors are liable to fines and worse when things go wrong, there will be a good reason it's taking so long.

I reckon the lack of CEO is making people nervous, now we're passed the 3 month marker with no update. Into the void start to wonder if nobody wants the job what does that say about prospects. Maybe they'll give up and make interim permanent. The company seems very sleepy considering how cut throat this industry is.

Dude the company is worth £400m, nothing anyone says here is moving the price. The fact you've used the word panic and says more about your own emotions then the actions of any poster here. I suppose you also think price manipulation can only happen downwards?

Do feel for anyone caught up in this, even buyers as far back as 2009 now bagholding. As per usual PIs will be last to know. They do have form for leaks, eg last year when they were putting out price sensitive information to a select few https://www.thetimes.co.uk/article/asos-accused-of-steering-soft-landing-on-city-news-ztc2brlds

Something must have leaked. 15% drop in a day is pretty unusual for a company of this size without an accompanying news story or RNS, even in an industry as brutal as this. It's been haemorrhaging for a while and market was already up to speed on latest losses from results. The delayed reaction suggests something else.

Furher to fall? I did nazi that coming

Have we forgotten he's been promising to get rid of the golden share since 2021? It's funny how suddenly a delay pending FCA rule review is so controversial.

Looks like we're in the denial phase now. Here's the FCA proposal.

https://www.fca.org.uk/news/press-releases/fca-proposes-simplify-rules-help-encourage-companies-list-uk

On the THG side you needn't take my word for it, IR will be able to confirm if they're allowed to communicate such things. Let's circle back here on 1st October Goodtimescoming, you can apologise then.

He's moved goal posts beyond September I'm afraid. Latest excuse given is awaiting results of FCA review of requirement for premium listings to have a single share class. Issue with that of course is market views golden share negatively not just because of inability to list in premium segment.