Member Info for iWantThatOne

Just non-stop bailing out now, now 90p bid. That’s a forward EV/EBITDA of just 5.0x. Management really hasn’t helped here with its conservative forecasts. They’ve stalled all momentum and people are just scrambling to preserve their capital. Way to go, Bango.

Nonsense.

- £1.9m loss is after non-cash items, doesn’t affect positive cash generation.

- Debt is serviceable and is part of a flexible drawdown arrangement.

- Cannacord Genuity believes cash remains positive through next year

- CFO left ages ago and was replaced, irrelevant to current situation

- Nobody knows why Wendy left - temporary hiatus.

Meanwhile look at the positives:

- NHS struck historic deal with independent providers in January

- Newlands buy in: sign of confidence

- Directors confirm they will meet consensus expectations this year

- And have good visibility of same next year.

You don’t know what you’re talking about.

Trades data shows a sea of blue this morning (and Friday pm). Going back up. EBITDA of £3.5m and an mcap of £6m is absolutely ludicrous. Price/Sales is less than 0.1x. Cannacord retains its 20p price target.

TwoGood and other troll (pay attention at the back) - you seem to conveniently ignore the “historic” agreement between the NHS and the Independent Healthcare Providers dated 6th January, and reported here by stt1, that cements the partnership between the NHS and companies like Totally to bring waiting lists down etc. But it seems you don’t like the truth and want to continue to spread this false narrative that the NHS will bring everything in-house. Time to change the record.

If an RNS is not forthcoming on Monday that probably rules out the leak theory and suddenly the risk-reward equation changes: buy more shares to potentially make 33% upside or drop perhaps 10%?

But why were both transactions for the exact same, uneven number of shares? That’s more like an agreed transaction between two parties, one party selling to the other. With the drop to 94p being a separate issue.

Normally any leak results in a number of sales, not just one big one, so this is not the normal pattern. For that reason I remain hopeful and crossing my fingers that the sale goes through.

Stt, when Boards decide that it’s best for them to part with a CEO who has been around for 12 years and done good work, they make nice noises. Not a brutal sacking, but a decision to look for a fresh leader. It’s normal.

If Wendy did resign for fresh challenges, fine, I guess we’ll never know. Either way this is yet another drop in the SP drop that is unnecessary. People are once again over-projecting.

I read this as she was sacked. Loss of confidence in her, shareholder value no longer there.

In response to other comments here, a) TLY is not “expensive” or “fat to be cut out” - it provides services the NHS can’t without adding to fixed expenses, which comes with its own problems and b) we have had guidance for 2026 EBITDA just a few days ago. Talk of “more cancelled contracts” is likely rubbish. Occam’s razor - the simplest explanation is that the CEO carries the can for the fall in value.

So Puma have bought 3m shares and stand to make £750k in very short order if the deal goes through. Nice. Like you, G_G_G, that’s just a fraction over my risk reward threshold.

I’m almost certain the sale will be going through. This happened with another of my (failed) investments recently - the due diligence and all the paperwork took forever and they had to ask for an extension too.

It’s hard to believe the buyers are not serious at this stage. If it does fall through it could be because Kestrel et al don’t get what they want out of it. Which, on the plus side, would at least suggest they feel there’s greater value to be had.

Father Ted, and even this morning Wes Streeting was on the radio confirming there’ll be a big place for private healthcare companies going forward. This is a non-issue - it’s been decided. And if it weren’t, how do you think the NHS would recruit all the medical staff and managers to bring this work in-house? Answer: they couldn’t.

The results indicate that revenue needs to double to break even at an EBITDA level. January’s figures indicate progress but still a long way to go. (Frankly the revenue figures are pitiful - A$2.4m is £1.2m, so £200k per month).

What are people thinking, now the dust has settled on the trading update? Looks like some II buying, perhaps, but quite a few retail sales. I think still a great prospect for the future - strong position, growing market, capex fully funded, no need for a cash raise. But the rather tepid growth forecasts and lack of free cash flow due to the continuing capex means there’s not too much to encourage buyers right now. The forecasts were guided to be conservative in order to bolster confidence but, in doing so, I think have stifled potential momentum in the short term.

Stas, nice figures but the Sproule 2023 report was updated in 2024 and substantially changed. It can be found in full (if unaware) within Pulsar’s AIM Admission Document on the Investor tab of their website. The results were also summarised in a 2024 RNS.

Of course the EBITDA figure don’t include exceptional costs. That’s how EBITDA is defined - it measures the ongoing “cash” profitability of the company in normal operating conditions. There is no reason to believe exceptional costs will arise for any other circumstance beyond the 111 contract. Scaremongering.

Agreed. The 111 contract was worth maybe 10% of revenue in the next full year, say £8.5m, given they had allowed for a curtailment to some degree. And with gross margin at a bit less than 20%, that’s £1.5m (ish) off EBITDA, less when you allow for a further reduction in G&A as a result. That tallies broadly with the expected FY EBITDA dropping back by £1m from £4.5m to £3.5m. Thats’s still a decent EBITDA given potential upside from the NHS review that should see increased numbers of contracts being offered.

“One client”, that should have said.

This “new client” nonsense has been answered many times before. The various NHS commissioning bodies operate independently. It makes sense for tge 111 service to be coordinated nationally but not other services. The Labour Gov has says many times that private companies supporting the NHS are here to stay. Once the NHS review is communicated in the spring the contracts will start to flow. Easy money if you invest at these levels.

£3.5m EBITDA, that should have said.