Member Info for iWantThatOne

Presumably these transactions are because Manas needs some investment for its ongoing development. It earns no revenue so can't pay any interest yet. To fund this, LEG borrowed money. It's disappointing that Zaf hadn't seen the need to make this payment, having just repaid the previous loan, but the transactions have a logic to them.

Directors fees £82k for the year. And that IT that kept getting referred to was £5k. £41k each doesn't sound a ridiculous salary. So that was the reason for all the dilution, Zaf bleeding us dry? Yeah right. I don't like him either but facts are facts.

Some people here (I'm looking at you, Kenner), don't know how investment companies like LEG work. Some investments do well, some don't. All require support and investment for years, hence dilution. Company directors need to be paid. Then you get your reward a few years down the line.

Last year the annual results were posted on 8th September, so shouldn't be long to go before we get decent updates on all the investments. At least we'll find out what's been going on, even if all but VS are miles from commercialisation or even mostly worthless. I'm still hopeful about Manas and Bosques but they might need some years of further investment before yielding any return.

The company has built up a good pipeline of orders but does anyone know how quickly these might be fulfilled? The pipeline has been building for some time now but at the last interims revenue was still trivial (I know it's recognized mostly when contracts are delivered). And is there any indication of profit margins yet? Until these are clear it's difficult to get a sense of true worth. Thanks.

I take a slightly different view on VS. Most of their revenue from their retailing clients will be directly related to online sales. This will increase naturally over the coming years as online sales increase, but there may be not much more to be made from here. Not unless the retailers purchase additional components of The Edge, though they've already got their own P2P platforms sorted (unlike NHS). The good news is that existing contracts have just about covered the cost base, so future contracts will be 70-90% pure profit. So new contracts are crucial, hence why geographic expansion is important. My concern is that - if revenue per major client really is relatively modest - then we're going to need an awful lot of them.

Sorry, £94k.

The other bit I like about the recent RNS is that VS made a loss of just £74k for the year to 31/3/16. Surely must be turning a profit for the year to 31/3/17.

With respect, Patient, that just says they're going to expand in the US. It says nothing about a listing. I hope they do, and about a year ago I think Mills was asked about this and he said "not yet", so a listing might well be on the cards. Would be nice to get concrete proof though.

Has it occurred to you that Karim, on behalf of LEG, bought a stake in AMED not just with £25k cash but also these warrants in LEG? That's a sensible approach for a company not over-endowed with cash. That's how investment companies work - you get dilution, dilution, dilution until once in a blue moon one of the investments comes good and the value is crystallized. Just consider - if Bosques is eventually floated for just £10m then our 40% will almost double our market cap.

Notion have just invested money in VS. Whats that got to do with the CEO of LEG? And ref an earlier post, Nick Jenkins invested about £750k in VS - nothing in LEG.

I'm pretty hopeful about Bosques. This was always going to be a long term investment. Growing things, literally, doesn't happen overnight. The lack of ongoing news is still appalling though.

I agree, great validation for VS from investors who know what's what. Good to hear of plans for new geographic markets, working towards being a "global player". Slightly disappointing that the valuation is only £66m but it's upwards from here.

So the SP is now at the level it was when Nick Jenkins invested, pre-NHS, John Lewis and 2 other retailers. Bonkers.

Kenner - for once I mostly agree with you. I'll be very unhappy about any future dilution, considering a loan was repaid with the proceeds of the last placing. (OK we've saved some interest on the loan but why not keep it in place for working capital?). It looks like we've got enough cash for another 6m+, so hopefully a solution will present itself. Perhaps we'll hear something about Bosques getting closer to commercialisation - perhaps sell a small amount to a new investor to raise funds? One caveat - I don't mind dilution if the investments are on the cusp of value recognition for a much larger amount.

Though it's not explicit, the fact that the P&L balance from the sun company is almost zero makes me think that revenues might be approx £2 or 3m, broadly balanced out by costs to leave zero. That's based on me guessing the company is still small and has a cost base of several million. But we're already virtually one year on from the last set of accounts and it's not unreasonable to think another million of additional revenue might have been added. And then the NHS stuff in the pipeline.

The accounts don't include a P&L and revenue is not stated. You may be trying to infer it from the movement in other items. So can you please be explicit about where this revenue figure of £1m comes from?

Soup, from where have you got that revenue is just £1m, more or less?