Member Info for Globex

From the Times this weekend (paywall). Less of a hatchet job than Telegraph version in that they speak to Mullen. To be fair he puts up a reasonable defence of the publications' output, which clearly is low grade stuff but hard to see where else they can go. Paywall not really an option with the readership demographic. They are never going to win the Pulitzer prize but maybe that's not the point.

https://www.thetimes.com/business-money/companies/article/clickbait-churnalism-we-produce-good-newspapers-at-reach-jf6md89j3

The FTSE250 jam is getting a bit overplayed now, shall we be honest. I actually look forward to if/when it reaches the index just so we can stop hearing about it.

Main market cash shells like this much rarer than Aim ones so will explain why they have chosen this for an RTO. I pointed that scarcity factor here when priced at 0.045, and despite one or two odd here responses at the time, that post looks to have been vindicated.

If you think using a broker would be sufficient to mask an ultimate beneficial interest then it would appear you are the amateur.

There are strict rules against this, it's one thing even the sleepy FCA act upon.

Not that Mad cares much for conventions or rules, but take example of bloke called Richard Balfour-Lynn. He tried same trick with a plc some years ago. Took a company private without declaring links with other shareholders. Once FCA noticed, they were all made to pay compensation to other shareholders for not declaring that connection at the time. He couldn't pay (or claimed to not be able to pay) so made bankrupt.

Didn't you invest in Ince though? Thought I recalled your username being bullish on that board a while ago. Seems a tad hypocritical if so. Perhaps you learned the lesson you're now preaching the hard way.

There has been the odd success story as far as listed law firms go - off the top of my head DWF was bought out by PE for a premium, albeit still below IPO price. On the whole though I'd agree best firms stay private for good reason. Likes of this and Ince were always bargepole territory.

Agree with views saying MA likely to be full RemainCo and said so before today's RNS. For one thing investing in publicly traders retailers is what he does.

A private company like Ingenuity offering services rather than physical goods would represent a departure from his strategy to date. Would be out of character for an old school retailer like him. Plus illiquid shares, no chance of using the derivatives he has form for, and harder to put a value when Frasers need to justify to their own shareholders in their annual reports.

Bigger picture can't see Frasers having any use for Ingenuity's services either - they have the warehouses, distribution and ecommerce already fully sewn up, without needing to contribute to MM's rental income stream. You don't get to £5bn+ revs without already being good at logistics.

Don't forget serial blagger Luke Johnson, he's surely as hopeless as anyone after overseeing a total wipeout at Patisserie Valerie too. Pier group he's currently chair of not looking too clever either. One of those names to run a mile from.

If anything her being booted looks to have been the catalyst.

CFO change finally seems to have come after management recognized the importance to market confidence of accurate forecasts. For them to have actually come ahead of forecasts with this update is a decisive change from last 3 years - let's hope it continues this way.

Nice re-rate indeed, long time coming

Still, at least it's been an entertaining spectacle.

Definite echoes of Ince here. Something about these listed law firms propensity for falling over, and guaranteeing drama along the way.

Like a plucked turkey gurning away, surely nobody deserved this.

Good reason you don't see CEOs the wrong side of 50 (or any age for that matter) getting their nips out for the cam.

Strategic initiatives sounds like a threat to take more bits private on the cheap. Low share price would actually suit him if that's the end goal. Bombed out valuation paid off nicely for him personally with Ingenuity. It would seem he's working counter to interests of other shareholders.

The geezer is utterly unfit to be CEO of plc.

M&C Saatchi reporting a strong year. Now valued higher than S4 despite half the revenue. Same industry, same sector, same market - only real difference is Saatchi actually growing topline while being profitable. All down to management. Come on Sorrell sort it out.

Back to the thread's opening post, as a capitalistic keyboard based analytical gambler, totally agree redwineday, jc07 and alamo55.

It seems to be the same in all interviews, including those nauseating youtubes,. Bit mysterious nobody seems to question him on the glaring elephant in room of how the company and its management are performing in the real world.

Maybe interviewers go gently as he reminds them of their grandfathers? What wouldn't surprise me is he insists on screening questions beforehand, friendly chats only, probing strictly off limits. Weirdest thing is he has all this time for them while trying to turn around a plc.

Aren't most analysts keyboard based? And most CEOs capitalists?

There will be a big sell off today mate, it'll naturally fall towards placing price, with holders being able to buy at 0.5p. For them a no-brainer sell anything they can above 0.5p, as they could buy back lower in placing (if they wanted to stay invested).

Looks cheap to me but then I thought that at 80p too.

All UK heavy fund managers having a pretty woeful period, even Schroders down 20% in last 6 months, but still for this to be touching on all time lows seems extreme. Won't help that UK sentiment pretty dire, coupled with shifting expectations around interest rates, one of those stocks that's highly exposed when wider picture goes pear shaped.

You can participate in the fundraising as an existing shareholder, so you have option to buy more shares at the 0.5p price. They say "applicants must be a customer of a participating intermediary", that will just be your broker who should be able to assist. You would then chose the amount you want to invest (min £250), deadline Thursday, then shares get issued in Feb if/when they've do a capital reorganisation because of raise price being below nominal.

Plane crash discount there. Shows how desperate they are. And no surprise to see a typical aim micro cap with all the sells leading up to this. These outfits involved in what appears to be insider trading give markets as a whole a really bad name but as usual nobody will ever get penalised.