Member Info for Hexam

The numbers back mine just as much. The reasons why the volumes are down and sp remains low despite MA’s interest is up for grabs.

You say it’s MM games, I say it’s a lack of buying interest, apart from MA, and price would fall further but for him.

The numbers fit both explanations - I just prefer to stick with straightforward ones rather than fanciful conspiracy theories. Especially when your idea suggests the MMs are shooting themselves in the foot by deliberately reducing their own income.

“it's clear that the market has been destroyed because numerous brokers are only seemingly interested in serving Frasers.”

No, that’s just your hypothesis and a rather poor one at that I think. A simpler explanation is that volumes and prices would be even lower without MA’s interest and he is merely helping to prop up an under siege stock.

Yes, I do feel sorry for you Steve and others trying to control the board - in your case with plenty of childish abuse thrown in for good measure. Thankfully though my skin isn’t nearly as thin as yours seems to be so please carry on if it makes you feel any better.

…of starting a new thread didn’t work and the post was deleted anyway despite I thought not being very controversial.

This board has just become laughable and I no longer feel annoyance about those getting posts removed under the guise of breaking the rules when really it’s just because they disagree with them.

Instead I just feel pity.

No Bfd, they are trying to create a market where very little interest exists. It just isn’t a stockmarket darling anymore.

MA may be buying but he seems to be pretty much the only one (not even the board are at this prices) whilst there seem to be just enough sellers giving up their shares to him.

“Btw this isn’t a short attack it’s the mms dropping the price looking for buyers”

Finally he gets it! Yes, the price goes down when they want to attract more buyers (e.g. because they have sellers a plenty and they don’t want to be left with too much stock) or the price goes up to attract more sellers as they have buyers queuing up but not enough stock to meet their demands.

Quite simple really - just doing what they can to try to create a market and earn some money.

"When is the deadline to report a guidance change?"

In the past two years they've changed guidance (downwards) on release of the half-year results so would expect if there is going to be any change in the limited guidance they have given then it will probably be then.

The RNS? That, on its own, is positive and encouraging.

I already have a piece of the action Zesty whether you believe me or not.

I agree that a raise won’t be a bad thing if there is a definite purpose to it - especially if it is to launch a proven method B or something similar.

The point is that FG said their wouldn’t be one and people took him at is word with no room for debate (even after the last accounts mentioned the possibility).

Now it seems extremely likely but still some are denying it.

“There is no evidence that a Placing is coming soon.”

There is evidence in the accounts with their cash balance and the amount of money they are spending . Unless that rate of spending has come down a lot or they get some decent income soon then there WILL be a raise in the next few months.

Just make your mind up - is it your opinion or a fact that they could have gone in with the major players and if it is a fact then where is your evidence for this?

So now you admit now that you DID make it up - just another fluff theory of yours. Ok, I’ll just file it with the rest.

Sorry AWL but that just qualifies as a mild ramp on this board. Really hope it’s not third time unlucky for you!

Think we’re on the same page…

“It's almost like there is no risk management or in depth costings/strategy with anything they are doing.”

Yes, it looks more like vanity projects rather than being based on any sound commercial bases which suggests perhaps it is not JL who is really to blame?

I’d be surprised if it is not a hit on cash for full year but depends of course on one-off costs vs savings. One-off costs appear to be at least £10m - can they really save that much in less than half a year? H1 won’t be affected (will be covered as a post balance sheet event).

“The article is on LSE I’ve merely quoted it”

Yes, quoted it clearly without understanding it at all and then converting it inaccurately to sterling. Apart from that, all good :-)

Reardon - they’ve done this to improve profitability (hopefully). It is actually a hit on cash short term because of the one-off, exceptional costs.

On RevB it depends on how core it is to their strategy going forward as to whether they would consider taking the cash (and of course on how badly they need it).

I’m afraid Roberto is correct in this instance. The new bonds are issued at par but redeemed on maturity in 2028 at a 20% premium (and hence the increased effective interest rate over and above the coupon rate).

Yes, capex has already be spent but the point is that spend is now worthless and so that is a real cost now rather than being spread over many years in the future as the previously expected benefits were supposed to emerge.

So a big hole in profits this year but the cash cost will be much lower (though still probably enough to push FCF negative if it wasn’t heading that way already).