Member Info for JG68

About 50k down here, think it's got to the point if the serenity prayer!!

Accept the things you cannot change!!

Bond price is 86.7 currently, seems fairly stable in between its 52 week range.

I don't know much about bond refinancing or how the equity price is relevant.

Imo last weeks results weren't particularly good, and the SP performance was a bull trap enticing people in, knowing they would whack them a week later.

Paddyboy

I can't see how this is good news when the second largest II are crystallising losses, and directors won't buy shares in their penny stock!!

It marks a very good first year for the CFO and newly appointed head of IR.

I don't think it's the debt here, you only have to look at loss making 888 with 1.6 billion debt and also forecasting significant revenue / earnings growth over the next 2 years.

The City believe their forecast but clearly have zero confidence in this board.

This has lost three quarters of its value in 2 years, two thirds in the last year.

Continuing to hold nearly 200k of these now but

I am far from comfortable.

Mainly buys since 4pm and the price keeps falling.

Might still be selling

Really is a sucker punch psychological blow now in 70s FFS.

WTF is going on here behind the scenes.

If anything good is bubbling surely they wouldn't have sold 20 million shares.

This now beginning to get into " after all this time do I crystallise my losses too"

Beginning to question what they put out there at HY now. Because this is not not acting like all will be good H2.

Second largest holder too, must have had conversation with our great IR.

Well done John Dean, your first big input since being in post.

Hardly inspires confidence

Well says it all doesn't it, M&G selling over 3%.

Would that explain the performance over the last 10 days or so?

Why no BOD buys at under 20p ?

Seems a bit odd no?

Obviously nit including that ridiculous 20 k share purchase, that's more of an insult if you ask me.

Why aren't they filling their boots.

I know we are green today, but UK markets in general are atrocious at the moment.

A few months ago we were hearing from various market analysts how undervalued UK equities are, yet here we are just falling more every day.

Hopefully we will reach the trough soon because its becoming tedious now, and the US market hasn't started its downturn yet!!!

Manz

I'm about 40k down here accross my tranches, but when you think about it logically and without emotion, they only reintroduced dividends 6 months ago in March, and followed up with this year's interim, they have managed to reduce debt in H1, so as others have said, if they now asked shareholders for cash, imo that would result in the the CEO and CFO having to stand down through sheer incompetence.

I feel the board are very slack as it is, minimal communication, would have been much better to do a share buyback than start dividends, imagine how many shares they could have bought back by now, possibly also should have had the foresight to sort out all short term debt liabilities a year ago, everyone knew what was coming, etc etc.

And to be fair, 1% down on a day like today is not too bad.

As I've said previously, I'm treating my entire capital allocation in MCG as capital allocated and not required until the earliest 25.

But you're right it well and truly s-cks.

And paddyboy on the weekend!!

KGinvest

Totally agree and for the record I personally find yours, sneedway, wealthtransfer and pokerchips posts and insights invaluable when I'm feeling like this.

Wealthtransfer

Thanks for that explanation too, does seem a useful tool in these times.

I guess the only concern long term is, that it's not included in the total debt figure.

Thanks Sneedway, appreciated as usual.

Sneedway

There is a bond due to be refinanced in quarter 3, 400 Mill?

This 600 mill hybrid bond, what essentially does it mean by sitting on the balance sheet?

I really don't believe the horrendous share price performance is solely down to rate rises.

There are other companies with a lit more debt that have double since last year, one that springs to mind in a sector more vulnerable to cost of living and recession, MAB.

I think that the fact the BOD have not taken action to halt this decline is sheer incompetence.

A buyback instead of the dividend would have bought back a considerable chunk of shares since March.

Without doubt my worst investment over the last year by a country mile.

Giro

This what I call an extreme show of confidence by an incoming CEO. Obviously wouldn't expect this from an BOD because its huge, but I would expect more of an endorsement than what our newly appointed CFO has purchased .

Notification of Transactions by Incoming Director

On 31 July 2023, the Company was notified that Per Widerström, incoming Chief Executive Officer of 888, purchased 940,996 Ordinary Shares of 0.5p each in the Company ("Ordinary Share") at a price of 109.6p each (the "Transaction").

I don't call what the new CFO purchased as a decent chunk, not worth the RNS imo.

As for what they could do more, we'll after they update on 3rd quarter in October, we don't hear a word from them for 6 whole months until March.

Apparently that's the way they do it when I questioned it last year.

Now we all know how the market initially reacted to the FY update in March, positively until Liberium did their sell rating a week later.

So imagine what the SP would have been in March if they had just done a pre close update in December or January.

It would more than likely have been received positively as tge FY update was, then the SP would have probably been rising with the rising FTSE in January and February. And I'm quite sure we would be well above quid now because we would have been a fair bit higher before the HY update.

That's what they could do a bit more fir shareholders, update more when there is good news to report, instead of leaving it 6 months.

Read the market sentiment, that's what IR should do also imo.