Member Info for itisagame

Dozens over the years Jamrok.

Results due later this month.

I’d think the problem is cash flow to get to the end sale of all assets, and they have already had a raise for $60m which should have seen them through.

How they manage to spend so much on transaction costs in such a short period in the meantime is a mystery

Sale was held over Onex shares, strange to put that at risk by spending excess on administrative transaction costs, but then the directors are working for onex once sale completes

“published: wed 12 jun 2024

legacy start-ups circle r&q run-off business

two mooted start-ups – one led by former catalina duo chris ***an and mayur patel and the other comprising ex-carrick specialty executives karl wall and richard harris – are among legacy players that have evaluated opportunities to buy parts of r&q’s distressed run-off business, the insurer can reveal.”

I’m Still underwater on every trade from 2.85p to 7.14p, so I hope it keeps going 😂

3m - £50k trade 👀

0.25% in Canada

0.25% in EU

Should save 62.5k a year on their $25m Euro libor linked debt atleast.

a single positive hair on the dog this week atleast .

One £4.99 trade and +22% to 2.2p lol

All depends on where the $105m difference in net cash proceeds has gone, if a large portion is held back as security it’s still potentially an asset of RQ, if more has been allocated to pay down RQs debt / bonds then RQ has still benefited from it.

Vs If it’s just a revaluation of the book and gonezo

for good with the additional closing costs / funds needed to complete the sale.

One month closer since the last update. 🤞

Sorry, wrong way around, but was a genuine question.

Has there been any asset sales or debt reductions since?

Another question Can $1b of debt be serviced from $42m revenue?

——-

Are the numbers In the half year results correct (says in USD) with

$1.4b of assets

$1b debt

$4m cash

With a large chunk of debt maturing later this year that needs refinancing?

Are the numbers In the half year results correct (says in USD) with

$1.4b of debt

$900m assets

$4m cash

With a large chunk of debt maturing later this year that needs refinancing?

271.389,285 of 373.5m accounted for by II and directors.

100m shares, £1.5m worth floating around

But realistically someone’s / some have been selling and not notifying.

Once - onex

Once partners V has $625m allocated for the two acquisitions, with additional funding available if $340m + $225m

So They have $1.2b available to use.

Thats from onexs interims released last week.

It’s well and truly shaken out anyone who wants out before the asset sales complete, while preventing anyone from wanting to come on board for the unknown journey that leads off the edge of the cliff or in to the promised land.

Yup, old data but atleast we will have a better understanding of where the company stands (or falls)

Big fish already own 80% and are likely inside on information.

Which may be why they are not buying more even if they thought it was cheap.

We Await the details of the settlement ….

And then completion of the sale….

Completion of sale timing will probably line up with the release of accounts.

… 8 weeks left in Q2

I don’t see it happening at all, unless

Scenario 1 : the remaining book is somehow sold for enough to clear the debts and leave a surplus,

or scenario 2, they wind down a subsidiary that holds a large chunk the debt and liabilities, deciding to not bail it out with funds from the PLC holding company, but instead wind down the plc distributing cash to shareholders.

Stranger things have happened.

Don’t overthink it :)

A special dividend is one that’s paid as a one off, which is fairly common following an irregular / one off disposal of assets that nets cash profits.

Where as a normal dividend is paid from cash flow regularly / once twice a year

Eg seed last week, they got surplus cash in from an asset sale, handed out a dividend, it was a one off, not a regular repeating dividend, it was a “special dividend”

Not had any reply to my emails from last week yet.

Would make sense as the only way to move money equally to the 80% of II who may or may not decide whether to fund an ongoing business or not with said proceeds.

Waiting for next company update.

$300m nav originally quoted at $170m net available proceeds

If only $65m net available proceeds, and ignoring millions that will likely be used to pay debt down, $300m - $105m = £150m NAV.

£150m nav available to write down some asset values.

Plus $30m JV sale which we were told made the JV transaction profitable from the original $7m invested.

Let’s see the numbers, and why the majority of holders have held from £1-2,

2p is par value, any refinance below requires a restructuring, any raise requires shareholder vote.