Member Info for Hexam

"Firstly, I'm surprised Frasers were invited to participate."

Were they? Looks like they gatecrashed to me.

Their share of total holdings hasn't increased though so no threat to the 30%.

"why would the board have not considered in the first place that frasers would just subscribe?"

Incompetence, naivety, hubris?

And what was the plan if they didn't want to dilute Frasers' interest? Unless of course they really were desperate for £39m cash - which would be a concern in itself.

Agree Alex - it looks to me like their cunning plan has come unstuck.

I’m not so sure Reardon. The last line of the RNS suggests to me that perhaps the BOD were caught out and not expecting Frasers to be able to participate?

“Accordingly, the directors of the Company (for the purposes of AIM Rule 13) consider, having consulted with the Company's nominated adviser, Zeus Capital Limited, that the terms of Frasers' Participation is fair and reasonable insofar as Shareholders are concerned.”

Alex - Either this raise wasn’t a poison pill strategy after all and they really need this extra cash or it is a poison pill strategy gone spectacularly wrong!

That’s odd as I thought Frasers weren’t able to participate but it seems they have got more shares out of this so perhaps the pill wasn’t so poisonous after all and hope remains…

It certainly does sound like a poison pill strategy though whether it is enough to thwart MA is questionable (probably is if they have the ii’s on board which looks like it may be the case).

However, after those results the cash will clearly come in handy too. Far from the positive FCF they were guiding it turns out not to have improved at all (it is exactly half the outflow seen in whole of last year). It’s left them with just £132m cash which will shrink to just £79m with the new £222m financing of which £50m is being repaid this year (and that the new money they say is helping towards).

Apart from Debenhams, and to a much lesser extent KM, the results are truly awful - they had already announced some of the bad news (e.g. the GMV drop off) but both the cash and profit damage are now starkly visible.

Debs does look impressive but there is an element of smoke and mirrors here like there is in the rest of the report. The £1.5bn GMV outlook with ‘double digit’ EBITDA margin could mean such a profit figure as little as £20m - well short of giving a value as high as the current mcap as many seem to take for granted (and that’s on ambitious future targets for a company that has repeatedly been missing them lately).

All in all extremely disappointed with the results and also the ‘poison pill’ which seems to increase the chances that the current shower will be left in charge.

Just hope the market doesn’t share my feelings!

"Well Hex got his wish, bye, good luck on your other investments."

Yep, got my penny (and a bit more) so taking my profit and exiting stage right. There are some decent, honest people here among those that support QBT and so good luck if you decide to stick with QBT. For the rest though that just indulge in name calling, lies, hyperbole and hypocrisy then I hope you get what you deserve.

I may be back - particularly when the raise happens in the next month or two (my opinion NOT fact before anybody shouts) - if it looks like there is a bargain to be had but until then cheerio!

Zesty - It will only be a multibagger if the methods work which I do not believe there is any chance that they will, besides the miners are already multibaggers for me and IF BTC keeps rising will bag some more so I think I'll politely decline your invitation.

If I miss out then so be it - and well done you.

I did and I will. And whilst QBT is moving up it is nowhere near the speed at which the miners are (and I have a lot less invested here than I do in them) so not nearly as enjoyable - especially as I’m not even in profit yet here.

Anything but frustrated. My miners were up another 30% yesterday so really enjoying the BTC surge at the moment 😁

Would love to but you know it will be reposted over 100 times by Jambone Jonny as “Hex says…”

“Surely you should support some mild ramping from RKB...”

No, it’s called integrity. And what you call ‘mild’ ramping I call extreme, mischievous and highly misleading (though misleading seems to be ok here as long as it’s positive).

Yes, I want to exit on a spike but it’s not worth selling my soul for. After all the simple thing for me to do if I was that way inclined would be to ramp myself - especially as I could do a far more convincing job of it than RKB!

So basically RKB is telling us that the directors have options (hardly news), the NEDs have skills and contacts (like the NEDs of all companies do) and that QBT has large historic tax losses that he thinks it can simply sell on to another company (almost certainly they can’t).

Still, serve it all up with tons of spurious detail and lashings of innuendo and some people lap it up and think he really is the Bee’s knees 🙂

Maybe ask him directly though how does he think QBT can sell its tax losses given all the restrictions in the UK to stop companies doing exactly that. He quotes one example of a company that MIGHT be doing that now - but it’s Australian. Does he have a UK example and one that is comparable to QBT’s situation?

Also has QBT ever given any indication they can get value from this asset? Unlike most companies they don’t even include a value for it on their balance sheet.

As usual his ramblings are long on words but short on substance or logic.

If you want to put your faith in QBT and its methods then great, and if they succeed you will be VERY handsomely rewarded. Maybe don’t put your faith though in RKB as some kind of investment guru (especially given his track record of failed predictions) and certainly not as a tax expert!

So, no response to my question llywelyn? Thought that might be a bit too difficult for you.

Anyway please go on with the fantasy that I work for GSA even though they appear to have no interest in the stock now and even if they were looking to short it again they would surely want the price to go higher first, not lower?

Brew pointed out your disaster in COPL but your whole strategy seems to be just to gamble on extremely high risk stocks without any meaningful research in the hope that eventually one will provide a big payday. In the meantime your only contributions to any board appears to be to come up with ridiculous sp targets for your stocks or make up things about other posters.

I'm sorry for all your losses and rather than kick a man when he's down I'll stop toying with you. So please carry on with all your make believe nonsense if that's what helps you deal with your troubles.

Well, I'm all ears if you can come up with an explanation of how my posting is consistent with being employed by GSA when they currently don't have a short open (as I'm afraid I'm baffled and I can't ask my supervisor as I don't have one - at GSA or anywhere).

Looking forward to your illuminating answer as every day should be a school day :-)

You do realise that GSA have almost certainly closed their short by now don't you? Keep up!

You'll have to find someone else that, in your imagination, I'm supposedly employed (or not employed) by.

More reassurance - thanks PAS! 👍

"Yet here you are, invested in the one in a million chance"

No - as I've repeatedly said, I'm invested here because I believe there are enough idiots who will spike the sp on the flimsiest of evidence/rumours and the (lack of) quality in the posts on this board go a long way to supporting that belief. So thank you, and many others, for providing such reassurance on a daily basis👍