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I think the relatively downbeat message on dividends and that we already knew most of the good stuff already is enough to explain the early price action - we don't need MM conspiracy theories.

What's key though is that whatever the sp does short term the results are good and the prospects seem bright so would agree with @TheSmiler that they are well on the way to recovering pre-covid levels of sp - but it just won't get there today or tomorrow.

No

"So does it just keep going with RoW and debt free?"

All of CINE keeps going under this proposal, including RoW, but owned by the lenders not by us existing shareholders.

"who gets that 16% left over that's the question ???"

You gave the answer:

"The settlement reduces the backstop premium to 11% of the new equity shares, providing the minority lenders with about $38.5 million in additional value"

I think the results are only not 'amazing' as we were already told much of what to expect. Having said that both the EBITDA and PBT are another £5m or so ahead of what we were told in January.

As to the £7.4m provision that was in last year's accounts as well plus they have released in to profits £2.3m of other provisions that were held. They believe the £7.4m remaining is cautious so could be some release from that next year too.

Overall I think the results are pretty 'amazing' compared to where they were last year, it's just that we knew most of it already and has been reflected in the strength of the sp over recent months. So I think it's hard to call what further impact the actual results will have on the sp - but will soon find out!

Cheers Clank. It would be a shame if you stop reading and contributing to this board just because of a few individuals. I'm afraid most, if not all, boards have people on them who just want to disrupt things and are far from objective (both positive and negative i.e. ramping or de-ramping excessively). Would suggest you maybe better just to ignore or filter those that add little value. If this is your goodbye though then good luck with TUI and all your other investments.

Thanks AB - I agree, any new money should always be treated as brand new investment and too often averaging down is just chasing losses to use gambling speak. I just think ARB is a little more value today than it was yesterday. That said my focus is more on US miners - you know the ones with one or more of little debt, loads of assets or looking like they are moving into profitability already...

Cheers AB that’s useful and encouraging.

I’m almost tempted to average down a bit but even with a good hosting deal (PPA pending) its growth prospects look so weak I just cannot see how in any bull run it can outperform US miners that have much stronger balance sheets. Yes, there are additional FX costs but we’ve seen ample evidence recently of how they’ve moved much more with BTC than ARB which has pretty much stagnated (aside from the recovery after it almost went bankrupt).

AB - there isn’t a lot of detail on the hosting agreement but the figures they’ve quoted for Q1 look encouraging as the 5 cents or so purports to be an all-in cost so presumably includes the share of Galaxy’s overheads.

You know more than me about power costs - does it sound as good to you?

Spratt - I've been invested here for nearly two years now with an average currently of just over 30p. Of all the companies I'm invested in ARB is the one I've researched the most (and is the easiest to understand as it is at heart a simple business with few drivers).

I keep posting here because of the above but also because I have an equal distaste of both rampers and de-rampers who post messages of exaggerated hopes and fears with little or no substance to back them up.

I don't have much hope of the share getting back to 30p for the reasons I've already given but I also post on the chance that I've missed something and one of the rampers will actually back up their rhetoric with substance that I can believe in. In the meantime though I'm focused more on US miners who seem to me to be far better placed to take advantage of any increase in BTC - despite as I say the report being better than I was personally expecting.

"Read the full report, I'm sure I don't need to explain it to you"

So basically you have no idea.

Well, I have read the full report and there are admittedly some good bits, most notably that they say the average direct cost per Bitcoin mined was approximately $12k in Q1 this year helped by what looks like a reasonable hosting deal with Galaxy (with average all-in costs at Helios approximately $0.05 to $0.055 per kilowatt-hour).

This should help reduce their cash costs per mined BTC by quite a bit and improve their profitability (i.e. reduce their losses).

The other good point is that the intel deal is still alive after all, although selling machines they already had on the cheap seems a heavy price to pay for keeping the intel deal going for machines that won't be hear until Q3.

However, that's where the good news seems to end. The bad news is:

Even with the reduced costs they are not making much, if any, cash each month (and are still making significant losses once non-cash items are allowed for).

They are low on cash (just over $20m) and with net debt already of about $55m, no significant cash coming in from operations and no assets left to borrow against the only way to raise funds to grow beyond the 300PH from intel machines appears to be from an equity raise (which at this sp will be very painful).

The interest rate on the Galaxy loan is high at about 16%pa so eats into their cash flow and profitability.

They've taken another hit on Pluto (now Emergent Entertainment).

Overall though this is better than I was expecting! Most of the bad news (including the thumping great loss) was expected but 300PH growth was 300PH more than I hoped for and the the hosting deal appears better than I thought it would be.

Unfortunately the weakness of the balance sheet and the very modest growth expected this year still put it miles behind the US miners and they are likely to fall further behind as the year progresses - however BTC performs.

However, if you think I've missed anything, particularly on the positive side, please let me know?

"I agree DNP, most scaremongers on here haven't got a clue or they have and are secretly moping up the lows"

OK then - if you've got a clue as to why things are looking so good please fill everybody in, or are you just basing your view on that warm and fuzzy quote you posted?

"The TERP is 808p, do you understand what that means?
Everything below that is a loss for whomever took up their rights.
It's around 35-40% lower than that currently."

That is the correct TERP but not the right one to use to assess the loss for anybody taking the rights as it does not allow for the upside for everybody else from the sanctioned shareholders not being able to take up their rights. This means it is actually the incorrectly quoted TERP of around 736p that is the right one to use for this purpose. So anybody taking rights is now about 30% down - still painful but not quite so much.

"10 to 1 UK share consolidation to reduce shares to 50milish.
Why? So they can get rid of this unloved ADR setup."

AB - you may be right but I thought many (most?) UK companies use ADRs to access US markets - including on a 1 to 1 basis. I can't remember the exact reasons why (but basically it's easier and cheaper I think). I agree they may do what you say to bring the prices in line (bar FX) but not so sure the ADRs themselves will disappear.

We pretty much know the results so the 'something' that may attract people back is I think limited to detail on a fantastically advantageous hosting deal with Galaxy or a clear, sensible and achievable plan for growth. I'm not holding my breath though...

I don’t think it’s an earnings leak as we know pretty much what that’s going to be anyway - $150m pre-tax loss plus whatever else they decide to throw at it to get all the bad news out of the way at once.

What will be interesting is anything they have to say about the hosting arrangement or strategy for growth.

“I was offered 553 RI shares which I decided I wanted to sell (didn’t want to be adding any more money here which will probably prove to be wrong).”

If you sold them for more than about 25p then you actually made the right call as the new shares were trading at around 510p and so you could have bought them for that which is less than the £4.88 they would have cost you in the RI added to the 25p+ you got instead for selling them. You can still buy the new shares now (they are just part of the total existing shares) but that’s your choice post RI and the sp will keep moving one way or the other.

I think you meant 533 new shares but not sure what you mean by what the RI shares will have ‘raised’? They raised 1.8bn euros in total and had you taken up your rights you would have contributed £2,600 of that. Your new shares, with sp at around 530p, would have now been worth just over £2,800 but again you have to deduct whatever you got for selling the rights to see if you are still better off or not.

Hope that made some sort of sense in relation to your question.

I’m not sure why the sp has bounced a little either Clank. I was expecting it to drop a bit as the new shares hit the market and to pick up some more below a fiver. That might still happen but I certainly won’t complain if the sp keeps moving up instead!

“With some brokers today buying the RI shares on our behalf”

Clank - What do you mean? All RI shares were purchased about a week ago - the rump placing dealt with the last of them. All that’s happened over the last couple of days is the allocation of the new shares and the actual handover of PI money which won’t affect sp. It’s only the open trading of the existing shares (including the new ones) that will do that.

True - but again, what's your point? Leasing planes is a cost, just like pilots etc. the only difference is that for leases you set up a liability for future lease payments. You also set up an equivalent asset which broadly offsets the liability. So it doesn't initially create a deficit on the balance sheet.

Nice deflection :)