Member Info for Globex

Notice how the price plunged this morning *before* the fundraise RNS was published - for a company already with a black mark over insider trading that's pretty shameful

At the other end of the scale, even just within LSE the microcap Tinybuild would be another example, that's down about 20% since July. All of these have their own specific challenges (in Tinybuild's case management/quality control pretty questionable), but this half of the year we've definitely seen wider sector malaise.

On a more positive note, that dependence on Planet Coaster 2 means that if sales do outperform expectations, the other issues should be self-correcting.

Naturally there is that uncertainty in the meantime until it's actually released.

He'll be aware of the likelihood he's under investigation and so a share transfer - if that's what this - could just as easily be a belated attempt at *rse covering. Hard to infer from this a new found confidence in the company's prospects given the volume of overall shares they've sold.

Boughtwood's sales are a reminder of the insider trading that has happened here. If regulators are doing their job they really need to look into this - absolute open goal of a prosecution.

Until all of this is resolved it will remain a lingering overhang for the company. Market has clearly noted there will have been nobody better placed to understand the company's future prospects than the Chief Technical Officer and founder. When he (and/or his wife by proxy) was offloading shares and not disclosing to the market naturally it rang major alarm bells.

Also

4) Wider sector weakness - eg Ubisoft and Team17 have dropped 25%+ in last month alone.

My take

1) They didn't reaffirm FY25 revenue guidance. In June they were specific enough to forecast £87m, this time much more vague.

2) No information on F1M24 sales at all. They should have at least some indication of how sales are going. Last year at this exact stage they were able to update market on early performance of F1M23, why not this year? With mixed reviews backdrop market will have been looking for reassurance. They didn't get it.

3) With non-CMS games underperforming, growing sense that this year nearly everything now hinges on one single title (Planet Coaster 2).

Is that a joke? For starters look at GIVEMESUNSHINE's entire post history.

Yes some of the ramping here is starting to look delusional next to the chart. Since Burrows was appointed CEO the share price has dropped more than 90%. In those 4.5 years he's overseen utter value destruction. And yes ultimately he can be held accountable for that.

Claims the catastrophic performance is somehow more the responsibility of the FD (presumably meaning CFO) is nonsense. The CFO has nothing to do with overall strategy. If anything other subsidiary board members bear far more responsibility for destroying value here - look at the curiously perfect timing of Diggle's sales, how much they undermined market confidence and what's happened to the share price since then.

No surprises here, not giving notice for results is standard practise for THG IR.

Can only be a conscious decision by management. As we all know Moulding sees running a plc as beneath him, leading to this permanent sulky teenager mode about doing normal things expected of a listed company CEO. As a bit of a maverick, not communicating with regular scum shareholders is just another way for him to express his rebellion against the role he actively chose to do.

It is a bit much the Peel Hunt stuff. Most plcs have positive notes from various brokers, so to repost about just the one note from a single broker does start to look a tad desperate.

Delve deeper and unfortunately Peel Hunt's record isn't the best either - for example they've been pumping Victoria plc for a few years now and I think that company's performance speaks for itself.

Still, with the eye watering amount of cash the company had, combined with a board as utterly reckless as this, come year end auditors will be well advised to scrutinise these books very closely.

If this share price action is happening with buyback underway, imagine what it'll do when it ends.

Can't be far off ending but arguably they should stop it now anyway to preserve cash, having dropped the ball so catastrophically. Without sufficient income to sustain themselves they'll need everything they can get.

I can't see the company acknowledging it, the record since float doesn't leave a great to celebrate. Something else to sweep under the carpet.

For media arguably a bigger milestone was last year when the company crossed over the £1 billion threshold for accumulated losses, joining a small number of plcs to ever achieve that level (and survive). Company managed to avoid media commentary on that front, surprising when headline writes itself really, but generally press seem to be a bit softer the company these days.

2021 when Grenada sold was a bit of weird period for these crazy high valuations. Tail end of ultra low interest rates era combined with that post-Covid exuberance led to a lot of overpriced sh-t at that time. I mean just look at THG's share price that year.

That's before we get onto some of the rampers on here, not that anyone really cares about them, but it is noticeable how low grade their analysis is. Or mostly the total lack of it.

Then you quickly realise they're not actually reading financial statements and have instead have simply fallen in love with the company for some reason. Leads to that weird lack of curiosity as to why share price has collapsed - even though a few of them were ramping at big multiples of today's price.

Attacking other posters/blaming the market then becomes a coping strategy for those guys - saves them having to face up to looking a bit closer to home for why they made a bad investment.

Good question Zak.

It's also quite striking how little institutional share ownership the company has. Then you look at the calibre of those who have invested, and you see the likes Candy who is rarely out of court, and Bonnier who is basically on the run at this point.

Tennor's resignation now looks absolutely shameless, having broken all his false promises clearly he saw writing on wall and scarpered. Rather than taking responsibility and being rightful face of the failure by delivering the bad news, he should have stepped down only once this update made.

Instead left someone else to deliver the bad news of that catastrophic difference between "consensus forecasts" from Cavendish and Edison - who in reality were only ever parroting the board's numbers.

Nearly every time he spoke he ended up misleading the market in various way. Truly one of the worst CEOs I've ever come across.

The problem with Audioboom what matters most, the financials. In the last 5 years, it's made a statutory loss in 4 of them. Forget adjusted EBITDA - they include so many costs - even certain contracts - it's absolutely meaningless with this company. They only ever squeezed a profit in 2021 because of lockdown boom. To the end of last year those losses have cumulatively now reached an eye watering £54m+

As we know losses can be acceptable if you're a startup or if they're being offset by revenue growth to give promise of future profits - neither of those apply here. It's a mature 15 years old now and there's no growth.

Revenue declined in 2023 (the last full year we have numbers for) by well over 10%. This year their claim of achieving "record revenue" is looking very threadbare indeed on the numbers we've seen so far.

It's not even a tech company any more since they stopped their app and gave up on competing with proper firms. All they do is sign up podcasters and release their podcasts through the Audiboom name. Those same podcasters can leave at a moment's notice - so Audioboom have to overpay to keep them, and cycle of company not even covering costs continues.

Yes Tobin has been buying - but he was also buying at 850p. Anyone following his buys at that level would now be sitting on a 75% loss.

Baghold3r

The other thing I see is that nothing has changed while I've not been here, and you still see yourself as a kind of board security guard, yapping away aggressively, like one of those annoying tiny dogs, at anyone who isn't ultra bullish and devoted to Audioboom.

If only you had the intellect to realise how delusional you are lol.

Anyway keep it up, maybe if you yap even harder the price surely has to go up?