Member Info for Globex

For anyone wondering this RNS is TDR moving their holding to a subsidiary (Constellation Automotive Holdings Limited) which owns Cinch and BCA https://www.tdrcapital.com/portfolio/constellation-automotive-group/

It almost seems as if Moulding deliberately seeks drama. You never know what mad cap thing he'll do or say next. Buying shares has become like buying an entry ticket to see the chief clown in action at the ongoing THG circus.

£397,000 last year. For that the press attention has to be getting professionally humiliating now. Can't see him lasting in this role however the vote goes. Where Moulding seems to relish the drama and making enemies, that may well not be Lucan's cup of tea, so wouldn't be surprised if does the company a favour and puts himself out to pasture.

Yeah shame that didn't last. Mara did manage to grab a couple of blocks with whopping 4btc+ fees (846899, 846901). Both noticeably very small # of transactions, similar form to those exceptional blocks around halving so at first glance I assumed layer 2 related.

Even if this interview is part of a push to shore up support in forthcoming AGM vote, where Moulding definitely does deserve some sympathy is the various mental health issues referred to (OCD, ADHD plus possible autism). With all of that going on I wonder if it would actually be in his own interests, as well as shareholders, for him to take a bit of a step back?

Running a plc clearly requires a certain temperament, and being answerable to the public markets a very different skillset to that of a private company. Not everyone will excel at it.

There would be no shame in him stepping down. In many ways could be the most dignified thing to do. Let's be honest, in normal companies there are few CEOs who ever survive a sustained 90% drop in share price anyway, so his departure would feel quite natural. Yes he has a large shareholding, but maybe that's no long enough of a reason to justify him being in position. At least he gave it a go and all that.

To be fair at least he's being honest in acknowledging that the business would be worth more without him there.

Bit of a puff piece with more on his gym routine than the future of the business. Interview must have been granted conditionally with an authentic grilling off limits, THG PR did well here.

On the substance, if his claim was true, that if he sold the company would bought for "multiple times its value today by American businesses or big corporates,” seems to imply it would be in shareholders' best interests for him to exit. That and the life story stuff, could this be the start of a long goodbye? Probably wishful thinking.

Yeah CitySpy has always been a charlatan. Actual insider access comes with an understanding of the personal implications that would follow the misuse of non-public information.

If you fancy some bedtime reading the remuneration policy that was voted on is here (I don't know why they've uploaded the same document 10 times) https://argoblockchain.com/investors/stock-information/annual-general-meetings

It was set to apply for next 3 years so looks like they'll have to go back to drawing board. Table illustrating CEO's max pay (inc shares if targets hit) of $6m+ presumably a big factor behind the shareholder rebellion.

Speaking of which it's worth voting on resolution 16 in AGM where they're asking for permission for more political donations. Moulding has already given hundreds of thousands to the Conservatives, but CEOs of major PLCs should usually stay politically neutral for good reason.

Well he got 88% in favour of reappointment, in context of this vote a relative landslide. Seems they're less keen on the remuneration policy and further share allotment.. and those annual accounts.

Must be some pretty p*ssed off holders amongst that 8%, funny the remuneration policy was voted against by 75%. Rare to see AGM votes go this badly. Even the annual accounts only just got approved lol.

The thing is even at 10% he's just another shareholder and can't practically alter their strategy. Nothing can really change with his incremental buys, unless he gets closer to the 30% region where he'd have to table an offer. Its risky in the sense Kelso could dump their THG shares after the AGM and put out another RNS criticizing it and he'd be powerless, in the same way that disgruntled THG shareholders can't change anything here.

I'd echo that, was pretty relieved the tender took all mine 24p. Hard to see a catalyst now what remains of Samsung cash will be spent without anywhere near sufficient income to offset. Short of a wildcard like a CEO change, can see this now returning to long term support in 10p range.

This will get acquired

On a more serious note, Salesforce results the other day didn't go down too well, which might be relevant here - the theory goes that tech companies are now so completely focused on the AI arms race, and the mega expense that comes with it, that sales & marketing spend has taken a bit of a backseat.

Could be problematic for S4 when it's hard to see that trend reversing. Hope is that they pivot to be less dependent on tech clients. Then again AI is so all encompassing there's virtually no big company that isn't investing heavily in it. If this is the new normal, imo S4 shouldn't wait around for a turnaround that doesn't come, and instead right sizes the organisation now with an aggressive cost cutting program.

Every dog has its day and all that, and to be fair it looks like they've turned this from being a basket case to something that resembles a recovery story. Massive disconnect between share price and net asset value suggests an opportunity, but it's hard to get too excited about it, maybe it's the ultra unexciting name? Either that or something to do with the very unloved sector. Still I'm sure there's enough good news here for Mike Ashley.

Drinking game suggestion: Take a shot every time Sorrell mentions macroeconomic pressures

Riot proving to be resilient despite the report has to be good for all miners ultimately, so I'll take that, whatever our views on market mispricing vs peers. Had a positive shout from JPM which maybe helped.

https://www.investing.com/news/cryptocurrency-news/jpmorgan-updates-bitcoin-miner-models-and-price-targets-3469647

Corz has 26 EH operational now vs Riot at 14.7 EH.

In May Corz mined 447 btc (+128 btc by customers hosting with them) vs Riot 215 btc.

Riot has the better balance sheet certainly, and that 9k btc adds ~$650m of value. But headline for me is that Corz is still $1.45bn cheaper than Riot, so if the short report is wrong and Riot is valued fairly today, Corz must be a steal at this level.