Member Info for Globex

Saving grace is signs of cost discipline with actions like culling of jobs and no more acquisitions in the period.

Management at least being proactive making the more difficult decisions, which you don't always see. All too often see companies will enter a period of decline and carry on spending as normal, assuming a revenue recovery is coming when it doesn't always - that's when sh-t really hits the fan.

Shocker is last financial year alone they incinerated well over £10m on ventures like shiny new lab in US, the Malaysian office, the insanely top heavy exec team etc. Add up all the cash gone and would have been more than enough for a wide scale diverse clinical trial.

CFO should have been one of the monks out the door

Wouldn't surprise me, that original 94% claim should be taken a pinch of salt anyway when it was based on a single study and such a small sample size.

If they actually had confidence in that one time 94% result being repeated, there would have been nothing to stop them authorizing further studies on a greater scale - yet curiously they haven't done that.

Dusty - normally I try and ignore your endless posts but I'll bite this time.

Bit rich for you to be trying to critique my post history when yours consists of non-stop spewing absolute drivel. 450+ posts in last month alone - pretty much a post for every waking hour - yet never with anything of any substance at all. Why do you even bother?

I don't claim to know it all but this is the board for OBD - if you must carry on vomiting out endless posts about nothing at least try to stick to the company rather than trying to have digs about another poster here.

Seems no progress on sale of Africa division and now referring to possibility of partial sale rather than full exit. Cash down massively which is a shame - their huge buffer was a big selling point. Hard to see them avoiding now increasing debt to compensate. Overall not seeing enough urgency, I think management have been too slow to react to these issues so decided to sell this morning.

Good points Okehurst1, unpicking Ingenuity will be tricky when its tentacles extend to every aspect of the business.

They've been keen to stress HMRC approval more than once, but this seems a red herring when the statutory losses mean it's not like corporation tax comes into the equation anyway. To be expected that part of carve up pretty much a routine accounting reshuffle. As usual it's what they don't say that needs to be carefully considered.

I would not be surprised to see Ingenuity awarded a long term contract to serve the rump of the group before it's separated.

Good news for whoever owns Ingenuity thereafter, but a type of poison pill for Nutrition/Beauty - which should otherwise have benefit of being free to handle webdev/logistics/fulfilment independently, or put out to competitive tender like any other normal company.

Coupled with critical question of which entity gets lumbered with the debt, that's when you realise this deal has the potential to be a stitch up.

Punter - yes/no about what part of my post, exactly? If you are trying to contradict anything I posted, try to be more specific.

xviolet - worth remembering that he (or his wife by proxy) were caught insider trading. His actions now should be viewed in that context https://www.pinsentmasons.com/out-law/news/inside-trading-fca-market-abuse-crackdown

Yeah without certification nobody will be buying the test - certainly not with the necessary volume to cover even a fraction of the company's costs. Raises that difficult question - what if the product is actually a dud? If it was any good you'd think they'd have nothing to fear from just doing a proper clinical trial. Without that, everything is just smoke and mirrors.

But maybe Burrows doesn't care either way - he gets to squeeze the equity dry whatever happens, while at the same time his nearest and dearest also get to benefit enormously. He can't lose.

You're right MisterGreen. Only thing is options, whereby if there are any outstanding company could potentially look to cancel/clawback. Only parties involved will know full terms on those options and if this situation allows for it. But if he decides to not go quietly, this would be a classic area for a legal dispute. Could get messy.

Otherwise for plain old shares he already owns nothing the company can do. On that front regulator scrutiny will impede him far more than the company.

What this really calls for now is a highly paid part-time social media manager to work their magic with a nice post on Linkedin to save the day

Distressed seller is one of those easy things to claim but harder to prove.

Actual TR1s show Janus Henderson reducing bit last month, but they're an NYSE listed $6bn company, definitely not what you'd call distressed.

Otherwise, over course of last month TR1s show net buys from Octopus and Gresham House.

To sum up unless you know of a distressed seller personally sounds like you made that up.

Weird thing is why does everything have to move at such a glacial pace? We first saw promise of a move to premium listing back in 2021, now we're looking at that can being kicked further still down the road to what is now the successor to premium in 2025!

Seemingly that's also now contingent on Ingenuity separating for some reason? So there's another excuse lined up. And based on previous broken promises about a much less complex division being separated, who knows how (or even if) the Ingenuity timeline plays out.

As others say the move to non-transition category should have happened straight away. The thing even before that the premium listing could have happened the moment golden share went, so company would have been indexed for what has now become years. Imo these needless delays are starting to look a bit suspicious.

Yes clearly Moulding has just been blagging it for a while. The one thing he can't hide behind is he numbers and they are looking pretty barren now.

Elephant in the room is where will the money come from to fund a fully independent Ingenuity. The only way survived this far is by being parasite feeding on THG equity + sales of tangible nutrition/beauty goods. As an independent entity, unless it's preloaded with a bunch of cash it wouldn't last long.

It's worth looking at the other aim stocks that have delisted this year to see how it could play out.

For most of them, especially the loss makers/biotechs, how it tends to go is board start by announcing their intention to take private, subject to vote for approval. That vote is normally a foregone conclusion as they've stitched it up beforehand with major shareholders. The key part is a deal like that doesn't come with a formal buyout price.

Instead there's the option to simply carry on holding your shares, but now in a private company. Of course most people don't want to do that so there's a rush to exit and price collapses before delist day.

The less scrupulous boards love it because they get to save on listing costs and avoid scrutiny of public markets.

Excellent set of results, up on every metric plus encouraging outlook. They are a well oiled machine and always seem to deliver on the numbers. Only anomaly at the moment is subdued market response - I believe the company has been well underestimated.

A fundraise is a certainty for sure, without another one of those the company would end up insolvent inside of 12 months. Agree also the discount may well be nasty even on this bombed out price.

But what makes this even more of a car crash though is arguably everyone knew all of that before this latest mega drop. Because of that I still reckon for market to be this spooked there must be something else lurking.

Speculation time: What would not surprise me from this management would be a take private deal. Surely can't have escaped their attention how easy it was for other aim biotechs like C4X/Redx/Destiny etc to delist this year.

StayLong quick question.

How come despite your boasts about having an "inside track" you didn't see this fundraise coming?

In fact you aggressively argued with any poster suggesting it.

Could it be that your many unsubtle hints about knowing more positive things than the wider market were not true? Or was it simply that you deliberately set out to mislead?

The recent price action is getting very suspicious now. In the last 6 weeks the company has halved in value, on essentially no news.

The odd thing is it could be said all the problems were already out there. Market should have already accounted for lack of proper certification on the tests, fundraise inevitability, questionable management, spending like a drunken sailor on leave despite barely any cashflow, etc. Interims were poor as expected but start of mega 50% drop didn't begin until a month later.

It's such a catastrophic fall I reckon this now indicates something beyond a discounted placing.