Member Info for itisagame

As an CCAP holder with undistributed shares in this company every time I look at this share it feels like I’ve taken another slap in the face.

Should have made a fortune on this, but everything from RTO > RTO cancelation > IPO > delays > updates > more delays > more share price declines > has been a disappointment thus far.

I would not be surprised if the next decision was to delist the company so certain parties can make a few extra quid from investors.

Annoyingly as there is very little free float and the company has cash, and a low mcap, it would be very easy to engineer a share price increase for the benefit of all but seems that has not been the plan to date.

Basically written off in my mind, but in the like past days and mentions of a “£1 take over in two years” I hope to be shown that can come true in time to come yet.

I know I know it’s all AUM, the board runs the company by example and has been a great keeper of shareholder funds which is the best advert they could show any new potential customers…..

Ps Of course it would have to relist at >£30m mcap, that’s the rules.

The problem and eternal questions are : how long and how much is existing equity getting screwed / diluted / wiped out for it to be able to relist.

Board and company history just show milk, rinse, repeat, very little has ever been directed towards equity holders.

Listing Rule:

“For all companies seeking a listing: The expected aggregate market value of all securities of an issuer proposed to be listed must be at least £30 million (approx. US$$38.20 million) for shares to be eligible for listing and £200,000 (approx. US$254,640) for debt securities to be eligible for listing.”

17/3/25

“ …. establishing the foundation to reach its goal of managing over $2 billion of assets in 2025. ”

Today

“Managed assets in the fund management business, now approaching $30 million“

Like saying : we have a goal of owning the top 5 ftse companies in their entirety. but reality is we own a slice of Prem.

A Positive is that there are Not any funds / ETFs / pension funds holding significant amounts, and it’s the main owners pushing the delist (so they won’t be selling) so only sellers will be small, no single 10-20-30-40% holders dumping to worry about.

Shareholders: Hornby PLC

Phoenix Asset Management Partners Ltd. 81.34 %

Artemis Investment Management LLP 9.74 %

FRASERS GROUP PLC 9.255 %

Epiris Managers LLP 0.471 %

Hargreaves Lansdown Asset Management Ltd. 0.4233 %

Will drop further than -50%, even 2p is £3m mcap, delisters normally drop to under a mil mcap.

With another one gone, before long there won’t be anything left on the market at this rate…..

Can only laugh looking at the history, July 2021 list, raise £45m at £130m valuation, £5m debt and complains about £700k listing costs, it raised enough cash to be listed for 100 years!

Easy options were to just renew the £5m bank facility or raise £5m and clear it, the level of incompetence here is laughable.

Any case, well done if you got lows, sorry if you were in before this morning. (I just watched, reading up kept me entertained this morning )

Another theft of equity like made.com was. And many other covid listed stocks.

“ The considerable cost of c.£0.7m associated with maintaining the admission of the Ordinary Shares ”

Considerable 😂

Pull the other one, it’s a route to a cheap buy out via the refinancing for some.

Will bounce to a >1p maybe 1.5p before it goes.

Premium on junk bond rates has dropped 2% since the bid last time too (9s to 7s), a cheaper take over on all fronts ;)

Lol, got away with it for 17 years though

"John Wood Group PLC ('Wood' or 'the Company') today announces the appointment of Arvind Balan to the Company's Board as Chief Financial Officer (CFO) and Executive Director, effective from 15 April 2024.

Arvind has been Chief Financial Officer of the Civil Aerospace business of Rolls-Royce, the FTSE 100 aerospace and defence company, for the last two years.

Prior to this, Arvind held a number of executive financial leadership roles at Shell where he worked for 14 years across the UK, Singapore and China. He is a chartered accountant and holds an MBA from the Indian Institute of Management. He will be based in London."

Date and number of shares, barclays prob did the swap with Fidelity.

At around 90% less than the last failed take over price, my guess is someone out there is happy to buy, takeover total inc debt of ~£2.7b priced now £1.3b

I’d say that billion in liability write downs is priced in.

I’ll stick to a few nice swing trades though.

Small dabble + leverage at 21p, = >60% up already, keep it coming. ;)

Part of the reason for the rise is that the proxy form released last night confirms that they are asking for permission to issue shares to clear some of the debt at 2p which was double the lows yesterday.

So half a mil that was invested will be cleared at double today’s opening price, aka for the lucky few is was (is) cheap at half the price.

“b. £482,300 in connection with the conversion of the convertible loan notes issued by the Company under the convertible loan note instrument dated 23 August 2024, each at a price of £0.02 per ordinary share;”

Sale should have left £235m Net assets when proposed

In October.

Deduct the $45m as was sold cheaper, it should have been £200m net assets

Yet Somehow even with them quoting making a profit on each additional sale mentioned since apart from the last one which was a few mill loss to book value we are lead to believe liquidation was the only option.

They rogered us big time, I hope the results are still released because the only logical way that happens is that there has been gross misconduct here with the extra expenditure.

And they can’t blame interest rates because they are the same as when announced.

Unbelievable, over half a bil of sales due to complete, They had $250m net assets and raised $60m just 12 months ago. And sale was announced when interest rates peaked to current so can’t blame them.

All while accredited is actually doing ok with turn over increasing.

Now nothing, while having the highest paid management in the industry, sometimes you dont get what you pay for.

Well and truly shafted, and they killed any start of a bounce since the sale announcement.

It’s simple.

The plan was to leave equity holders with $240m NET assets which with a small fee based business would have been enough to service the remaining $200m debt over time as net assets (insurance policies) mature over time.

Then they said there was probably $65m to $110m left they still had a leg to stand on and generate or raise and restructure the debt in a way it can be paid off over time

Now they have spent everything the company has and do not have the cash flow required to operate the business to completion of the deals.

Although security for main deal is held over Onex shares worth $465m If they liquidate the company Onex can buy it for less and deal is void, and price returned to debt holders doesn’t matter it’s just highest bidder.

In liquidation rqih can also pause payments to many parties which gives them some cash flow while sales finalised.

But current equity sits below bond holders, and other debt holders.

So shareholders have nout.

Could be as simple as there being many a big legal bills that need to be paid to complete the sales and no one will do finalise the work unless paid.

Admin was always the downside risk, just couldn’t believe so many II would let it flop, but it’s a tax write off for them with a line on a balance sheet

From AM bests website, not sure it posted already, was from Friday, credit rating "remains unchanged following a recent update on their pending sale"

"OLDWICK - JUNE 14, 2024 04:12 PM (EDT)

AM Best has commented that the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Accredited Specialty Insurance Company (ASI) (Gilbert, AZ), Accredited Surety and Casualty Company, Inc. (ASC) (Orlando, FL) and Accredited Insurance (Europe) Limited (AIEL) (Malta), collectively known as Accredited, remains unchanged following a recent update on their pending sale. "

They have ran out of cash flow to secure completion of the deals.

Completion of the smaller deals is required to give them cash flow required to complete the main deal.

Problem.

The 6 month bill for 100 people from sandals resorts put them over the edge

Well one has sold a small handful