Member Info for Globex

Good point, peer comparisons always raises awkward question about Argo's valuation. Similarly if somebody didn't mind a spot of debt (which would include all Argo holders😁) SDIG has a market cap half of Argo's while mining double its btc.

I would say caveats needed on all these micro miners generally though, they're at the risky end of the spectrum and if/when we inevitably see industry distress post-halving these guys have highest chance of falling over sadly.

The outlook in particular will be very interesting in setting the scene certainly for the rest of this year.

I believe it will be a story of soft 2024 but jam tomorrow next year onwards, based on Sorrell offering a few 'managing expectations' breadcrumbs in interviews/articles since January. Even broadly positive most recent Times article he gave note of caution for reduced tech company ad spend: "I expect that to continue into this year."

To what extent market has priced that in, and then then buys into story of spend coming back is the big question. Might be a challenge for him to convince market of recovery next year, when US macro picture looking much rosier should be already a catalyst.

Seems very full of himself to imagine he has the right to instruct people to leave. Absolutely no rules that say you can only post positive things about any given stock. Imagine how boring that would be anyway, it would become a mindless happy clappy place, like censored internet discussion in some authoritarian country.

@spitfire people can post whatever they like here, suck it up

Autins market cap is what matters for valuation, it's £4.75m today which would value Braveheart's stake at £1.11m. If anyone thinks Autins is a buy remember you can always buy into it directly, no need for BRH middleman with associated salaries and fees.

The other new bit of information in this RNS was "certain overdue supplier obligations", this is the first time market has been made aware of supplier payments being overdue.

Current shares in issue 87m, this deal proposes adding up to 65m shares, which would enlarge share count by 75%. Convertible loan notes will be an overhang, the sooner the business can generate cash under its own term the better. At least staff will get paid now.

Would be a good time for Saylor to put his cape on and prop this up

The share purchase agreement here will be the contract between Argo and buyer for the sale of the site, as I imagine it's owned by Argo within a subsidiary company that they'll be carving out of the plc when it changes hands.

It's likely they have even less than 14 btc. There was a change in wording after the December update, where they gave btc quantity plus separately 'other digital assets worth the equivalent of'. Now they refer only to digital assets as one lump.

They've been holding a few sh*tcoins for years, last set of interims showed they'd even acquired some. Seems insane not to dump them all pronto while they're selling all btc and rest of the family silver.

I'm sure tricky trev will find some jam tomorrow down the back of the sofa from Paraytec, it won't matter that the company is just one man playing around in a lab making up things he can test for.

Few things stood out to me.

Print revenue down only 2% is almost miraculous given wider industry decline in circulation. Will have been helped by them ramping up cover price but I'm sure this is above expectations. Digital revenue down 15% much more problematic given that's future of business. Google and Facebook algos working against news pinned as cause, so maybe not all Reach's fault here.

Maintaining divi means shareholders will be happy, imo it would be better if they kept that cash on hand and not effectively get into debt to pay it, given wider pressures.

Pension deficit very much still in place as I mentioned previously despite a few outlandish claims about surplus that were made on here. £60m cost for pensions annually shows what a millstone they are. Statutory operating profit would be £100m without them. Still that part shouldn't really be news for anyone, this business has been weighed down by them ever since Maxwell went for a swim and never came back.

Possible copium alert but miners often struggle on a day when Nasdaq down. Don't get me wrong though this is definitely underperformance, Mara results were a bit of a rugpull and seemed to bring about a wider shift (apart from Corz which is like an inverse miner at this point).

Also possibly not helped by all retail money currently flowing to into any coin based on a dog. Keeping the faith though, miners tend to run in waves and we couldn't really ask for more from btc right now.

It's so heavily shorted could be covering? I'm sure those guys didn't expect $1k+. Mara shorted that heavily too could see same triggers, need to go up first though :/

MSTR does reflect one mad thing about mining. If any listed miner just stopped buying equipment and power last year and instead ploughed that capital raised into buying btc on the market and pivoted into a btc holding company, the net result would be owning more btc, far less money spent, and ultimately higher stock prices.

It's a debt for equity deal, so big dilution a result of becoming debt free. Current holders take a beating but it's rendered solvent again.

Looks like another classic case of an aim stock sell off front running bad news wider market is as yet unaware of.

Good job growthinvestor20 on the damascene awakening, shows it's never too late. They do say the greatest zeal comes from the converts ;)

No takeover posts ever seem to have any numbers in them, so let's try that. Market cap £108m + net debt ~£50m (generous) = £160m enterprise value. On a debt free basis what would someone actually be buying for their £160m (assuming they are not having to offer a premium for the equity)?

The only tangible assets they own are the two Canadian ones which are only 20MW total. That just leaves machines, mostly Antminer S19j which are now two generations old. If you wanted to buy some loss-making miners why not just buy in the market? There will be a boatload of them being turned off next month so there will be plenty to chose from.

The reality is if someone had that theoretical £160m they would be able to buy sites vastly bigger than Argo's Canadian ones together with many more latest generation more efficient miners.

Being dilutive is a given, the bigger picture is more existential. The more the stock decreases, the less they can practically raise. That doom loop arguably well underway and gathering momentum, problematic when bond alone is now 50% of the already bombed out market cap.

A pretty decent analysis. Quite stark in places despite RGL paying for it, touching on same themes we've discussed here, such as worse LTV than any peer and challenges around bond refi. Naturally leads to question of why they agreed to have it published. I guess they're intentionally warming up market to report's proposed solution of equity raise where "new shares would need to be priced at a significant discount to the current share price".