Member Info for Globex

Buying btc made sense and they did actually generate decent PR from it, but to follow on with a sudden pivot to mining it days later, they've massively dropped the ball here. They've demonstrated a lack of understanding of the economics of btc proof-of-work and are in total dreamland if they think a small player with a few hundred machines has any hope of making money.

A takeover rumour from that well known for being trustworthy source ADVFN, thanks for that, perhaps next time could be sourced from a Telegram pump and dump group too for added legit, even better

The mad thing with these btc holding companies is it's less important than you might think how the underlying business performs. I mean SWC is a website design company, like something out of the 1990s, with miniscule organic revenue. Even Strategy's core business has been treading water for years.

A bitcoin or two would be immaterial but if they can scale it up quickly with repeated acquisitions in an orderly and predictable fashion - assuming btc itself goes up (and nobody should invest here if they don't think it will) - no reason why this can't follow in footsteps of other btc treasury success stories.

What they simply need to do is action regular, routine bitcoin buys funded by bookbuilds at market close price. It's not rocket science.

The grand daddy of it all Strategy announce their purchases every Monday, without fail that way investors are crystal clear on what to expect and it's worked magic. Uncertainty is the big momentum killer but everything is set up for management to crack on. Has a lot going for it with AI hype in the mix, main market listed, and importantly fact the company is highly liquid relative to its market cap.

Another interesting aspect is Simon Bragg being appointed to board recently. His credentials way above and beyond what you usually see on a market cap this small, including being director of a FTSE 250 JP Morgan Trust. Plus he's been consistently buying shares. Will be interesting to see what he brings to table. It does seem like the market has been fast asleep on this one.

If anything hard part is working out who to actually vote in favour of, frankly might as well vote them all out

Good stuff, this is shaping up to be one feisty meeting.

Glass Lewis recommendations to vote against hapless Dean Moore a start at least - but just one NED being ousted clearly doesn't go anywhere near far enough. Needs radical change. Needs to go higher, CEO vote off an absolute non-brainer for starters as everyone says. In an ideal world we'd definitely bin useless chair too while we're at it. Also Sue Farr has to go - and here Glass Lewis missed a trick in choosing the NED they did - she was supposed to oversee conflicts interest and structure of an 'arms length' Ingenuity relationship and has clearly utterly failed.

Bfdinvestor

I've noticed that absolutely every post I've made on this board it seems you've been compelled to reply it to with some brainless argument or other. You should know I have absolutely zero intention of being dragged into the quagmire of and endless back and forth with someone who seems to be relish being a professional/full time internet arguer. Have a nice day.

The muted reaction could also be not everyone wanting to invest in a bank, even if they are able to look past the conflict of interest. Then if someone did want to invest in a bank, valuation wise the big names like Lloyds, Natwest that serve whole of UK, not just Scotland, tend be valued in line with their book values, whereas even at £27m this is priced at a big multiple of NAV.

It does look like Mike's played a blinder here. I don't even think he cares about a budget makeup biz, although as we know distressed UK retailers are his batman signal. It seems more that buying it would force Kamani's to take the loss and in so doing highlight their lack of acumen and maybe even bring him closer to bigger prize of Boo itself. Would surely be all the sweeter for him that he could oust Boo proxy management of Revb in the process, especially after Boo themselves ousted previous Revb management. Given that Boo's own smashed up balance sheet and that their equity not much good for paying off the whopping Revb RCF, can't yet see how he loses this particular game of snakes and ladders.

You're right, there is the question of how that valuation was arrived at for if it has no license yet and zero revs, especially with Jim Mac being major shareholder in it - gives rises to question of a conflict of interest. Plus from market point of view perhaps hard to get too excited about a sub 3% stake in a Scotch bank.

Dean Moore's work history before THG included the undertaker Dignity, way things are going surely that's coming in handy here?

Well Magic Mike for one seems to think liquidity might an issue with his curiously timed refinancing offer

Wonder if the delay could be due to a auditor tussle over whether it can be signed off as a going concern for full 12 months?

Agree Revb should be avoided, it's a mess, good news is probably safe from risk if only thanks to ratings agencies - one key assumption of Fitch was "No M&A after 2024".

https://www.fitchratings.com/research/corporate-finance/fitch-revises-outlook-on-thg-plc-to-stable-affirms-at-b-26-03-2025

This is now getting quite a bit of attention from crypto media

https://cryptonews.com/news/uk-listed-gold-miner-to-convert-future-revenues-into-bitcoin/

https://news.bitcoin.com/listed-uk-miner-to-convert-gold-income-to-bitcoin-stock-jumps/

It's an interesting game playing out with lots of moving parts, but based on what we know Frasers undoubtedly the ones in position of strength simply because they are the one with the cash. Debs can't have sorted the term loan yet as it would be material news but no announcement made yet. Down to final 2 months now to sort the outstanding term loan so either way it won't take long to find out outcome.

The two leaks over the weekend, Revb offer plus Debs refinancing offer, seem calculated and effectively Ashley publicly giving Debs two options - let us swipe Revb (~£50m ev) or we refi the term loan (also ~£50m - no coincidence). Unless Debs can get cash from somewhere else pretty fast, Frasers holding the cards here.

Good question and have wondered same thing myself. Potentially bet on Asda/Morrisons comeback given their new management, when Sains increasing market share over last few years owes a lot to their struggles. But those two will find it hard to clawback gains imo with heavy debts up against far stronger balance sheets of this and Tesco on one side and Aldi/Lidl on the other. One potential factor is Argos under pressure but food outperforming surely compensates. Something to bear in mind they were also heavy at 230p and shares up since 20% since then, so they might just be wrong.

It will be interesting to see how the shares re-rate when it does move to US, which seems a certainty with Kaarmann's voting power. Definitely a loss for London, but from a shareholder point of view has to be promising looking at valuations of other fintechs in US, likes of Robinhood and Sofi right now pretty stellar.

Deary Me, nutter TommyD25 aka Neil777 aka what are you up to now must be least 10 different accounts you've been banned with?

Funniest moment must have been when you were doxxed on the HE1 board and ragequit soon after.