Member Info for Globex

I hope you're not basing your investment decision based on what the company report for gross profit.

Look further down at the actual bottom line, where you'll see they've made a statutory loss for the last 3 consecutive financial years. They even made a loss during the lockdown ecommerce boom year in 2021 - and you can't blame rental for that loss as it they hadn't even started it then. This is simply not sustainable.

With net debt going up and revenue going down year after year, lenders are the only thing keeping the business alive. If any of them pull the plug - for example RCF recall due to a covenant breach, it would be game over.

Property wise they don't own any freeholds, all they have are lease liabilities. The company's overall debts are such that if it went into administration today, creditors would not be made whole, let alone shareholders. Liabilities outweigh the physical assets, and that's assets at reported book value - realistically the assets they do have, kiosks, depreciating phones etc, would realise less than the reported balance sheet values. This is a real distress situation.

This winding up petition was filed on 26th April, so any holders left in this might want to know why market wasn't notified until 7th May.

https://caseboard.io/cases/9856350f-b50d-4912-82b7-85bbab7d4b78

This isn't their first time, another one was filed at in December 2022. That time they didn't inform the market at all, instead doing a raise a month later to "support the continued delivery of the Group's growth strategy". Price action since December 2022 speaks for itself.

https://caseboard.io/cases/e8d10b15-7fea-436a-ac41-4236530ebd19

I think that was around 39p. iirc at that time whole UK market in doldrums because Truss and co had put out that trainwreck budget, GBP was cratering etc, whereas this time around probably helps UK stocks a bit perkier.

The cynical take at the time was it was viewed as a bit ar*se covering by Moulding after IPO lost investors their shirts 2 years prior. There was a convincing argument to say he was just recycling a fraction of his IPO cash/property gains.

Saunders on the other hand buying potentially more credible. Hasn't already made bank from the stock so not really throwaway money. He's a bit more independent, less of a clown type figure, less baggage.

With you there Chaebol. Q1 was never going to be great, we did say this before. I take some comfort in Riot getting a beating too ;)

Costs should come down noticeably this quarter, they had fair bit of capex for fitting out the sites they bought earlier this year, plus fixing the various issues. Applied site being under their ownership an ongoing saving from Q2 too. Hard part out the way as far as the sites go.

Market absolutely hates Mara this year, can't blame anyone for ditching it. Btc production wise we didn't learn anything new to be fair, monthly reports had that covered and everyone can see their pool in real time. Drop must be a combination of B.riley cutting their rating this morning, btc price and ATM uncertainties.

Mara management could learn a quite a bit by following Corz imo. There management buying shares, not constantly issuing new shares (except when warrants price target hit but that clearly signalled and long way off), and mining far more consistently - despite challenge of running hardware that's older overall.

I would think about it from an acquirer point of view. Which would be more cost effective, buying the whole company, or peeling off an individual podcaster they have signed up?

Buying the company means being saddled with an enterprise that made a loss of $19m+ last year, made a loss in 4 out of the 5 last years, and has cumulative losses to date of $54m+.

Alternatively they could poach individual podcaster(s). These are the only real assets the business has (that lack of assets is why reported NAV is only $0.13 per share). Do that and you save tens of millions, are free of any encumbrances, and the hassle of trying to turn around the operating business. Personally I can see why Wondery went for this option.

That's not fair to say he doesn't know what's going on with the company. He at least knows where the pens are located to sign off Moulding and Gallemore's numbers.

Maybe you should add that to your tweet then? Then next time wouldn't hurt to include something like a jpg of a sign saying 'private', you know as in a very mysterious hint about THG going private, that'll get them going.

Must admit I've lost track now where Mara are with these ATMs. Shares outstanding only up a tad this quarter, was expecting a massive increase. Good news in a way, mcap lower than everyone thought.

But why kill sentiment with the shelf offering announcement in the first place, then not touch it? Double edge sword, if share count had increased massively that's never great, but at same time at least ATM plaster would be ripped off. As things stand having shelf filing sat there still bit of an overhang.

Imagine if everyone posted when they bought/sold though, this board would be totally unreadable. We already have trade data if we need it.

Hope so, it is promising they've used those magic words 'fully funded'. You'd think $1.5bn would be enough surely, but to be honest I thought they'd be done with the ATMs before they started the $1.5bn 🥴

Yeah nothing anyone says on here is moving the share price of a stock valued in the hundreds of millions. It's nothing more conspiratorial than some people being bearish, some people being bullish, some people being a mix of both. Same goes for nearly every stock on here. There will always be those factions pulling in opposite directions, so not worth getting too worked up about it. If anything the least interesting boards are those where everyone agrees.

Yeah strange, Nasdaq site and everyone else reported earnings release as after market close too. Maybe the Mara clash was accidental after all, so they brought it forward to avoid. Either way good for sector it and Corz results pretty well received. Just need to Mara to avoid dropping any banana skins now.

What about their earnings?

Stitcher and Wondery both sold for revenue multiples because they were both software companies. Both had their own apps and platform. Audioboom no longer has an app. It is not a software company, instead it's just a publisher.

All they have is a collection of individual podcasters, who can leave once their contracts end. Acquisition wise why would you buy the whole company, when you can just poach the individual podcaster? If any of them were worth it that is. That's what Wondery already did.

https://www.thisismoney.co.uk/money/markets/article-11989631/Audiobooms-turnover-slumps-true-crime-podcast-network-leaves.html

Shots fired for whoever scheduled their earnings date second out of Mara and Clsk. Bit awkward when there can only so many analysts covering the sector to go round. (Bet it was Clsk.)

What's laughable is you thinking he's coming to the rescue here

Trev's had a bit of a nightmare over at Chamberlin so might not have much spare in the kitty at the moment.

Too late now but imo they'd be better off reducing or even stopping the dividend. I'm sure I was one of the few to vote against it. While revenue is contracting and cash going down, it's a bit mad. Especially with pension deficit, slow decline of print and uncertainties around future digital earnings.

I can understand why they're doing it though. It'll be the only thing keeping a lot of investors here. If they stopped it'd hammer the share price in the short term and CEO would find his strategy under a lot more scrutiny - especially from media rivals who like nothing more than to kick a competitor. Direct Line CEO being booted out shortly after stopping theirs will be a cautionary tale.

But carrying on as if everything is fine seems to just be kicking the can down the road.

Everyone will have their own definition of bad actors, better to think for yourself and decide from your own viewpoint.

Most of these boards are much quieter than they used to be. Probably a mix of symptoms including general UK stock market malaise, social media competition or PIs realising they have little chance of beating the market focusing on individual UK stocks.

THG wise I think a large proportion of investors have given up on it, but there will always be the die hards.