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I was reading the other day a coal miner (Alliance Resource Partners) has decided to mine btc with its excess energy. The optics of this space really are a bag of sh*t 😜

This is a legacy deferred consideration. It's one of the smaller acquisitions they did, on the balance sheet they report the total deferred equity consideration reserves as £156.2 million. They are at least performance related.

Me too, took a bath on it to be honest. For me it was after court case, never quite sure how legitimate these suits are in a country where everyone is suing everyone, but coupled with pretty relentless selling figured it couldn't be good.

https://www.reuters.com/legal/crypto-miner-pennsylvania-hit-with-lawsuit-over-pollution-bitcoin-mine-2024-03-26/

Sdig move seems either pragmatic or a cry for help, not sure which? Will be interesting to see if they do get bought, they do have owning 160MW going for them. They're a little exposed with that debt though, unfortunately for them potential acquirer might be better off playing chicken by waiting for default, then buying unencumbered assets from bankruptcy. Before the sale announcement they filed for a massive offering, maybe that's pre-emptive poison pill against a vulture.

But yeah moral of the story for these tiddlers the economics are unsustainable unfortunately. Argo can't even get as far as the cry for help without any assets.

Some BS here, this time those nutty senators talking about threat of Iranian mining.

https://www.coindesk.com/policy/2024/05/02/us-senates-warren-warns-national-security-chiefs-about-iranian-crypto-mining/

Absolutely no chance the Iranians are coming close to competing with the big US players. This is a made up problem, but let's pretend for a sec there was an Iranian Clsk nobody knew about.

If that's then classed as threat to US national security, using same logic wouldn't US miners be a way to counteract the threat? The more the US mines, the less Iran mines etc. Yet they want to clamp down on domestic mining too.

Mara holding up pretty well today, considering. Was expecting carnage to be honest. Maybe this is organic price action we've been missing until now while they were running the ATM.

@steveinhullI don't know if that was aimed at me but fwiw I think the delay is a p*sstake.

It was actually back in 2021 they first promised it.

https://www.lexisnexis.co.uk/blog/research-legal-analysis/thg-abandons-special-share-to-seek-premium-listing-restore-investor-confidence

Once golden share went as we know premium could have happened immediately. That was the main reason investors were agitating for golden share to go in the first place. FCA review seems like another false reason to kick can down road. If FCA decides not merge premium segment, it's back to square one. This is where an assertive chair should step in.

I'm actually surprised we've not seen any of the UK plcs in sector acquired yet. Last year this, TM17 and even tiddler TBLD all went mega cheap. But M&A more likely to come from within industry rather than private equity imo.

Keyword Studios always acquisitive. In US big players like Disney taking a $1.5bn stake in Fortnite maker and Netflix making moves into space should at least help sentiment. On the Chinese side Netease have been partnering with or buying a lot of studios. Definite green shoots in sector after that post-Covid lull.

Unfortunately fed might not be coming to our rescue this time, inflation a bit sticky over there. Talk of as few as one cut this year. 5 weekly red candles and approaching 25% off ATH, weird bull market this ;)

@Yesimabeliever We can only really go on what they've communicated in RNSs and results. As far as market is aware they have consistently signalled their intention to make the move.

The point is that if you were right and their intention was to not proceed, that would require an update. Until we get that, the assumption has to be that you are wrong.

There is zero evidence that they have dismissed the premium listing. If they did make that decision the market would need to be informed. I know Moulding fancies himself as some kind of vigilante where normal rules don't apply, but it would be material price sensitive news requiring an update.

I think we're at that stage of the cycle where you start to pray

Ultimately Darktrace was a success story. Floated at 250p, taken out for more than double IPO price. Investors not happy with that can vote against, but board right to back it given the bid takes it to a revenue multiple not that far away from much larger US peers.

Darktrace was cash generative, buying back shares and consistently growing revenue, an excellent CEO, all the things the market or buyer looks for.

Yes the price went down after 2021, same goes for nearly all tech stocks post-Covid, Meta fell by 75%+, Nvidia fell 65%+. Before it bounced back there was a lot of bearish commentary about it, especially relating to Lynch, but why should Moulding care about any of that?

As for shorts, US stocks all have a far higher ratio proportionally short than UK ones. There is no dreamland where shorters don't exist and bearish commentary is not allowed, so he might as well accept it.

Betaville story is funny. Puts it in perspective from an outsider point of view, if you hadn't come across his rants before, all this Darktrace stuff must seem even more strange.

It would be like the CEO of Asos going nuts about the takeover of DS Smith. You'd laugh and make a mental note what a weirdo.

One thing I think we can all agree on, this latest Linkedin meltdown hasn't helped the share price.

Darktrace are irrelevant as far as I'm concerned, as unhooked says totally different sector and his role isn't to be a crusader. But if he is going to talk about people who didn't rate the company, he should note what Peel Hunt said when they put out the most critical Darktrace broker note of all. Yet in another post he's bigging up Peel Hunt for saying nice things about THG. Can't have it both ways.

That's all we need, another 3 letter agency kicking the door in of the space.

But I reckon not as that would require them classifying btc as money, which would go against the government's interests for obvious reasons. Would also be different from SEC which has referred to btc as a commodity (whereas various other tokens it believes should be classified as a security).

"He never sold the shares though did he?"

Wrong. He sold shares, acquired all the property as part of a reorganisation just pre-IPO, and then was given additional shares for hitting targets.

https://www.thetimes.co.uk/article/hut-group-chief-matt-moulding-to-sell-54m-shares-mjz0k3wv9

https://www.ft.com/content/63668713-c1b1-49e9-9108-800bd9c79e97

https://www.thetimes.co.uk/article/830m-payday-for-hut-group-founder-matthew-moulding-vmd92wlxr

OhhAhhCantona think you summed that up perfectly. The vigilante saviour role would be fine as an activist, influencer or commentator, or if he was a plain old majority shareholder, but while running a plc at the same time it's pretty bananas.

The LSE has lacked tech companies for a long time, was the case in 2020 when he chose to list here too. Same goes for any non-US exchange. Pretty big structural reasons for that but I'm pretty sure it's not because of what someone says on a forum. He can't genuinely be this angry when he personally banked hundreds of millions from LSE.

They are absolutely right about the premium listing. I said on here there was nothing stopping them doing this now, absolutely no need to await FCA review to complete. Funny thing at the time someone replied trying to argue against even that, saying they'd seen some video or something that meant it wasn't the plan. Would literally add immediate shareholder value, no brainer.

Peel Hunt probably useful idiots for a few firms in that regard, seem to remember they published a sell report on Darktrace casting doubt and including a quote calling the products snake oil. Doesn't reflect well on them.

Meanwhile they published a buy report on Victoria plc - not mentioning issues raised by auditor including fraud risk as FT pointed out at the time. That was in September last year, after their buy rating share price went on to fall another 60%.

https://www.ft.com/content/52ba07ba-fca4-40aa-aea7-756114e6da5a