Member Info for JMUK26

The quarterly report where they have said exactly the same thing over and over for 2 years? Yes I’m well aware. Shareholders need details of what is going on. As I said rockhopper released fairly regular updates. If grx are legally bound not to then fair enough. I would say the sp has tanked regardless of your thoughts. We had an sp of over 60p not so long ago, we are now heading down to nearly half that. It’s been a slow but persistent trickle due to boredom.

The SP is in complete freefall purely due to lack of updates from the board to give even an ounce of confidence things are progressing and a decision is due at some point. Most companies in disputes keep the shareholders up to date as key milestones are crossed (see Rockhopper for example) but we've had absolutely nothing here for coming up 2 years! Are the company truly obliged to make zero comment?

Crazy market reaction to today's brilliant results. Revenue flat but they are optimizing the business and improving margins but by year end revenue will almost certainly be up reading the RNS on H2. Cash is set to rise to over 9m which is nearly a third of market cap. That gives them a lot of fire power for acquisitions. Expected a 15-20% gain today, but you just cannot anticipate how many traders are willing to buy on a Friday and take a minuscule profit to drive the price right down and take the momentum away. AIM is a bit of a shambles currently. This share deserves a good gain today and companies just aren't being recognized for their good work at the moment.

Yes, terrible news.

However, it hasn’t provided a buying opportunity strangely. Dropped just a few percent, when it had gained over 10% in just the last couple of weeks. Suspect it will drop more yet.

I'm surprised this hasn't edged higher over the last couple of months, but I think the market is waiting for H2 performance to see if they are truly back in profit and meeting broker forecasts. If they do achieve them, SP will presumably lift off and it's unlikely to be under £2 for long. Using various screeners, this is objectively very cheap (one of the cheapest listed companies inc smallcaps), considering the cash pile and current forecasts. All eyes on whether they meet those forecasts.

I made a small top-up today on this one. It's largely tread water for the last year, but surely only a matter of time before it bursts upwards. The cash pile in relation to market cap is huge, which -as you say- brings the PE down very low for what is a quality growing company with lots of potential. It's priced like a fairly shoddy indebted company currently which I suspect is purely down to the fact that it can be fairly illiquid due to low trading volumes. More aggressive buy-backs, or putting that cash pile to use in order to fuel growth may spike some interest and volume.

Net debt up on year prior and flat over 6 months. This company just cannot seem to get the cash flow to pay the debt down, which is what is ultimately making this uninvestable for most. If that ever turns and debt starts to prioritized and meaningfully chipped away at this will re-rate, until then it will flounder as it has done for a few years now.

What a silly comment topsharepicks. How can you define what is reasonable timeframe with zero information on why it hasn’t already been released? No chance the valuation is released in the next 2 weeks, otherwise it would have been released with the NoA. Doesn’t affect the arbitration at the moment so suspect within the next 6 months.

Can you explain why you think there is good value here at these SP levels? Not being facetious, just interested in your take.

Just having a quick look at the financials, it has a market cap of 190m, but there is nothing really happening, little cashflow or profit etc. They have almost half of the market cap in cash which is a good buffer and perfect for acquisitions, but no forecasts to set expectations on which to value the share. Seems like a play purely on track record here, but as for value I'm struggling to see how anyone could call this good value at the moment? What are you basing this on? Genuinely interested.

I suspect there are discussions ongoing which could lead to early settlement otherwise the NoA would have been issued. If GoI were refusing to engage PAT wouldn’t be waiting around to tick off the 6month period. It’s only a guideline and if there is no dialogue going on then it’s not applicable.

Personally I don't think they are waiting to attach a claim value to the NoA before issuing it. If there is no chance of early settlement, then they'd just issue the NoA and follow up with the statement of claim later so something positive may come yet. The statement of claim often follows months later and will be prepared by an external quantum expert so I don't think this is the priority at the moment.

Hi Hopefulpatience. When I first started posting on this board last October, I outlined how long I thought the process would take, because some of the posters were giving some very misleading or overly optimistic time frames for a resolution at the time. I faced a backlash from the bulls on my thoughts, but I think most of are now getting a greater sense of the pace these things go as I don't see some of the silly timescales being mentioned anymore.

My take when I made my initial investment last October was that they would lodge the NoA in Q1 as they stated, we would then wait maybe a year for the hearing to take place, then maybe another 2 years to get a decision/award, then maybe another year for the actual payment (based on previous case timelines). I thought we might see £1 before a decision is granted, so still money to be made even if ultimately it doesn't go PAT's way. PAT still haven't even lodged the NoA, so if it goes all the way, I'm now hoping for a decision by end of 2027, providing they lodge the claim in the next few months. It could be a year earlier or a few years later though as every case is different.

In the meantime I have build up a decent stake here, and plan to sit on it.

Your username is probably apt here though.

I suspect they are still waiting for the auction result as it will dictate the amount they want to claim and how they approach the case. It is highly likely that the auction will not fetch fair value for the asset because of the circumstances. Which company is realistically going to pay top dollar for a stolen asset which could be subject to legal action and attention for years to come? A low ball offer will probably be all they get. On the flip side, if it does miraculously sell for more than PAT anticipated claiming for, then they will still argue that the fair price was not achieved and claim even more. I can see why they are waiting, but I think they need to limit the timescales now.

Possibly Gallmat, but I'm struggling to see what that reason could be. Lets hope it becomes clearer in the coming months. If nothing happens, it might just be management raising to keep themselves busy which is worst case scenario from a dilutionary perspective unless they use that money very wisely. Ideally, I'd prefer to cut costs of PAT to the bone for now, and focus on exploration when the SP is higher and funding more easily achievable.

5.50 price even..

Seems a strange time to be raising funds when there are 2 drivers which should materially affect the SP on the plus side and provide less dilution. Announcing arbitration claim is one, and announcing a claim value is another. They clearly don't think they can do either at this moment in time which suggests to me they were either desperate for cash, or they are in dialogue with India and think there could be a positive outcome. We shall see. I did 1 final top-up on the drop, but due to the spread couldn't get near the 5.25 price. If we don't get any sort of positive update in the next month I think PAT need to submit the NoA as it's just delaying the inevitable.

Looks like they are doing all they can to conserve cash which is fair enough. They know that any raise right now will be destructive to shareholders including their own holdings as they still haven't secured meaningful orders and income, so any meaningful raise would be at a low price. Enough of the LinkedIn posts and RNS's about testing and how good the product is, go out and secure some orders if it's that game-changing, it shouldn't be this hard. The timescales and targets advised by management to date have been appallingly inaccurate and only added pressure to themselves. We should have been manufacturing and distributing the product right now according to them, not posting 1 drill to Australia for more testing. It's make or break time for NTQ this year. I will hold, but getting a little nervous!

After reading the latest trading update, and various articles from private punter and the like I've decided to jump back into SDI at a 30% discount to my exit price some time ago. I've been impressed by the new CEO, who has quickly identified problems with the existing businesses and introduced some quick wins to get them back on track. He states he will focus on improving cashflow to pay off debt which I think is important before committing to further acquisitions, unless there is an absolute steal to be had. I was also surprised to see that this years financial targets were still comfortable, as I thought there may be further skeletons the closet. Lets hope for a good year of progress at SDI and getting growth back on track.

All depends how management handle the debt. If it starts creeping up further, the SP will no doubt be hammered and todays rejected offer price will seem a long way away. Time will tell, bit I suspect the lack of even a moments consideration for either deal might suggest the directors didn't fancy losing their jobs rather than what was in the best interest of shareholders long term.

I don't disagree with what you are saying FG / Nimrod. Obviously it will be a few years until anyone can pass judgement on whether an acquisition was successfully integrated and a wise investment. But, that is the same for any acquisition for any other company. What we can assess right here and now is whether the price paid is a good deal for BBSN shareholders based on both companies current performance metrics. Does anyone have an opinion? I'll be honest and say I haven't yet done the math's but will do so and feedback my thoughts shortly. This is not an acquisition that BBSN can afford to go wrong if they go through with it.