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If we put aside the structural issues with US miners covered in the short report, as to be fair that applies to them all, if Riot do actually deliver all the MW they've been promising by the end of the year that would go some way towards addressing all the doubt. Then it really comes down to valuation, which will be at the root of any short case. Seems reasonable to say it might be pricey on current form. Corz for example has a market cap half the size.

Looking at the first couple of pages this could apply to any of the miners. Cold analysis like this does make me wonder if maybe they're all screwed in some way, just to varying extents. I like their turn of phrase with zingers like "Riot incinerates cash". But really the last thing we need is this type of scrutiny, especially around the "fragile electric grid" in Texas. Maybe we'd be better of if they all pivoted to AI!!

Maybe Riot should stay as one to avoid, getting a bit wrecked on a short report (just glad it's not Mara) https://www.kerrisdalecap.com/wp-content/uploads/2024/06/RIOT-Kerrisdale.pdf

@CB could be worth looking at Applied Digital for the AI infrastructure play, their share price was hammered by those issues at that Mara site but reckon it's pretty much sorted now. Also small enough to be an easy acquisition for someone. To be honest Mara should just buy them. Riot and Hut I've warmed to, both improved a lot. Riot always have grand plans, whether they deliver on them and on time is the thing, and with Hut at least they got rid of that awful CEO.

This AI stuff is a bit of godsend to US miners that own decent power. With that demand boost and there only being so many of these sites to go round, the value of them can only really go one way. Unlike bitcoin the AI stuff will have to be kept onshore too because of regs/security, so owners of decent sized infrastructure in the US are really laughing.

So yeah I think Galaxy will be able to name their price.

If so, assuming Argo can rinse shareholders enough, perhaps they'll try to keep the charade going a little longer by finding a different smaller scale 3rd party to host with. Won't be cheap though, and then they'd have to question would it really be worth going to the effort of installing a bunch of old machines elsewhere, only to continue bleeding cash? And that's before we get on to practicalities like how would they service debt during that downtime. Not looking good really.

Imo BBSN should have walked away and instead stayed nimble growing the company organically. Mission has a decent topline which I'm sure is what's ultimately attracted the bid, but with that comes a pretty horrific balance sheet - in contrast to BBSN's with its positive NAV and minimal borrowing.

"his main duty is to do what’s in the best interests of all THG shareholders"

Good to see the FT haven't lost their sense of humour

At this rate Warrington Council might have to bail him out again

There was a 10:1 reverse split prior to emergence, plus holders during chapter 11 were issued with warrants (Corzz and Corzw).

https://s29.q4cdn.com/356375974/files/doc_presentations/2024/01/FINAL-CORZ-Emergence-Update-Slides-012224.pdf

I've been banging the drum about Corz for a while now, good to market waking up to it now. Their key strength is owning own owning all their infrastructure and sheet scale of it (albeit that did come from a mad spending spree in 2021-22 that almost killed the company).

Another big humiliation for Iain McDonald as head of their remuneration committee. Wouldn't have fancied his chances at re-election there if they'd tried to steamroller those awards through. Everyone knows he's a sycophant-for-hire at the disposal of whoever pays enough for it, but when shareholders are revolting against you at two different PLCs in pretty quick succession you'd think he'd get the message.

Spitfire44 you are very much mistaken if you think you are in a position tell me anything about miners.

It won't have hurt but the HL bid only came this week. As I mentioned, the Liontust share price is outperforming peers (so other active fund managers as opposed to a retail investment platform) like Jupiter or Impax for the year as a whole.

Looks like I was right to call this a no-brainer at 45p. Good to see there are still these opportunities out there.

Not financial advice but it seems logical to me to re-allocate funds from Argo to a miner (or group of miners) with better prospects. That way you get to keep exposure to the sector, while avoiding those multiple Argo specific banana skins.

The demarcation originally came from a Moulding Linkedin rant where he said: " Our LSE pain comes from the 35% of 'fast money' shares actively trading."

https://www.business-live.co.uk/enterprise/thg-boss-matthew-moulding-reveals-26898060

Totally absurd idea that Sorrell would be playing around with derivatives on this share, silliest thing I've read all day.

Noticeable it's outperforming peers like Impax and Jupiter quite dramatically this year. Tailwinds like UK equities on the up, reducing inflation and interest rate cuts on horizon will benefit all UK asset managers. The momentum this has picked up seems above and beyond those factors. Would not be at all surprised to learn of a Liontrust specific reason behind the positive price action.

It used to be a perfectly fine business but management made two major mistakes. The first was rolling out kiosks which have required millions in capex and took this from being in a comfortable net cash position to where it is today. Second fatal error was rentals, there's no demand for renting used phones and just results in defaults, less cash upfront, and being stuck with stock that depreciates rapidly.

Clearly with both endeavours they wanted a growth story to try to sell to investors, but it hasn't worked out that way. If they simply accepted they were best placed by sticking to being a traditional retailer, they could have avoided bleeding cash and taking on the huge amounts of debt that may well ultimately kill the business.

Could be time for them to admit no offer is coming forward now. Pretty absurd to to be running an offer period since November. Whoever has been speaking to them has strung them along for long enough, and if they were going to make an offer they would have done so by now. Whoever's been kicking the tyres all this time likely just wants to be first out of the gate bidding for assets out of admin.