Member Info for joseywales

Howdie WT.

That financing thing with the Malaysians makes me think next update is not great. Expect continued 'market challenges' and the like again. Reduced here quite a bit. Whilst the covenant risk pretty much disappears as a result of what they have done, it looks like further delay in any meaningful change in the market. I don't know just how much they are at risk from cheap Chinese competitors ... it seems like others in the sector are starting to mix that in with the market wide commentary.

Whatever the reason I just think you play this as if it will be kept down at this level. Today demonstrates there's a strong motivation to not have this pop up above 25p anytime soon. Sort of did the same last Monday a little. Probably end the week a little closer to 24p if not in them. Just a matter of patience and maybe taking the risk to sell on decent climbs to then buy back in (accepting the fact that at some point it will get away from you).

On a debt free basis the business is likely worth around 60-70p/share if there were a suitor. However the market knows and sees the Cosmen holding so there won't be anything happening around an acquisition. So the problem becomes £50m net and it's inability to paydown debt and deleverage substantially. If management deliver on what they are saying, the share price could rise but ultimately it needs further asset sales or a raise to properly eat into the debt. Maybe the rest of the US business could do that down the line.

So for now there is clearly interest in keeping the SP down here and the shorts will clear in an orderly fashion since time is on their side ... likely just buying at end of day auctions. It just presents opportunity to keep growing the holding as cash comes in. I think anything sub 25 carries with it very little risk but at one point the same was said of sub £1!!! The company has simply had a torrid time and if White had not stepped in, maybe it would be in some nasty debt restructuring process wiping out shareholders. That's my take on it anyway. Certainly not the basketcase I declared it only months ago.

Tricky one. No TR1s is kind of positive. This morning looks like a proper tree shake of sorts but who knows. Not getting sucked in to buy and more mind. I had a batch in the 26's which will just sit there for an 'either or' scenario. The RNS they put out was weak and pointless. This was known to be coming, they should have had better preparation. Ultimately it all has to get passed through to the consumer so they simply have to factor in the demand impact that will have. Let's face it April 26 and April 27 are the timelines, so plenty of time to right-size the business for drop in demand. On paper there's no value in the business and that leaves this SP exposed to the sharks circling ... well lets face it taking chunks now!

I think it was a Thursday only job, dipped into the 120s twice recovering to low 140s. Not sure what will happen so will take what happened as a quick pre Xmas bonus. Will bail on EVOK and take that loss .. thought mid 126 was good value but simply wrong I think.

The shorts are slowly being allowed to exit ... this will remain sub 25 for a bit more than a few weeks I reckon. Would love 35 but I think we have to take a dose of reality. If it were to get there in weeks .... they can have all mine!! Otherwise 50p plus over the next 6-9 months keeps the lights on. Guessing next update will be March or April so hopefully we'll get a gradual climb between now and then.

Great RNS. Why they couldn't do that first time around who knows. You'd hope they go all guns on defamation and the like. So I'd be wrong fearing the shorts would kill off retail and drive it down in coming days. See what you can get these for first thing Monday morning but my guess is the guys that opened shorts will lock trading down for the first 15-20 minutes and we'll only be able to by at 170 plus or something not so interesting!!

@ Grizzly ... please let the board now the minute you go after the next one. It was a short but fun ride.

I think they'll pull it down again. Increase the short volume sub 150 and crash to 120 as retail won't keep pace with it. Could sink sub £1 if BOD do not rebut effectively. Plenty of opportunity for a week or two here at least. Still think it's all smoke and mirrors. Let's face it you'd be a lot more than 0.58 short if you were committed and believe what you write.

For sure there will be more fun tomorrow. I was waiting for 125 for another run at it but maybe that will come tomorrow. I was fortunate enough to be watching TRST because of the past run on them and saw the drop to 170 over recent times and was hoping to see around 140 based on JPM continuing to sell off. From memory I think they were one of the buyers back when TRST was all the way down to 50/60p.

Not sure how long this could go on for as the ability for the BOD to answer quickly and honestly will be bound by client relationships and any wider implications around the restriction of triage tools/investigative validation of reviews, only to those who subscribe to their service. (If indeed that has taken place at all).

Fully read the Grizzly report and absorbed now. Kind of get where they are coming from and in previous life we had a bit of a run in with Trustpilot as a 'paying' customer and their review moderation. Anyway, that aside the other report I read was by typing in 'what percentage of reviews on trustpilot are fake?' and getting a 'Deep Research' report in copilot. (Coincidentally far better written than Grizzly ... american grammar I guess!). It's a balancing report between the two and the challenges and recent independent reviews this sector has has as well as the UK Digital Markets, Competition & Consumers Act (DMCCA, 2025) which I was not aware of. They have had The Guardan, AP News and Kwikchex look into them and this year, SafePaper. Clearly it covers the fake review issue.

As someone who on the most part will only bother with giving a bad review when aggrieved, I think that tends to be a trait of the human psyche for working people who don't have time on their hands. So really the example Grizzly uses of Vodafone is clearly valid. You'd expect all telecoms companies to fair badly! The grey and somewhat important areas are:

1. Is voda a paying customer

2. Is Voda the only one of those which goes through the process with tp to validate reviews and get fakes/unfair removed. Certainly big enough to bully TP into it if nothing else

What I imagine actually happens is that TP only run their AI and various systems to remove fakes, through reviews destined for paying customers. So the mafia pitch is that they only implement the triage tools on reviews for paying clients which means they loose the fakes and nonsense. So this becomes an issue and one which is easily resolved by assigning the reviewed company as a paying member or not. In fact, maybe they should have rolled that demand into the DCMAA consumer act this year.

Have a lot more to say on the matter but no-one is paying me! DYOR and put that wonderful AI to work. Another thing Ai kills off will be the publishing of part fact part fiction/guesswork to fit shorting narratives. Of course, when it's done well it can be the bastion of best practice and root out illicit corporate activity.

Well report is available on the Grizzly Research LLC website. Not really based in fact but a lot of supposition because they don't even know who pays and who doesn't for reviews. So if you believe Vodafone were 'held ransom' by Trustpilot in mafia fashion. Fill your boots and short the hell out of it! I'd just like to get paid the money these guys get for writing these reports ... I could make those up all day long and much much better!!!

This kind of goes back to the time they were down at 50/60p and there was a whole thing about paid for reviews, integrity of the system and all that carry on. It's nice to benefit from it, but not good for holders who have just seen 30% disappear on what could well be smoke and mirrors with little repercussions for them should claims be unfounded or rooted in past activity. It's for them to present some substantive data which would already have been leaked by employees when the likes of GLG and other big funds pay considerable sums of money to research companies, who speak directly to past and present employees where they can. It really does smell like that darktrace where the fella published the report openly and it was borderline hilarious - a 12 yr olds PPT presentation!!

The shorter probably needs investigation. Stinks a little like that dodgy short which went into darktrace before it was eventually sold. FCA have no teeth though to deal with US scaremongering.

WT, Hope you caught TRST. Was a good one for me a few days ago and was watching it fall to 170 mark and now the cats out the bag. Reminds me of that dodgy short company which had a load of false news on Darktrace that time. I though it was just JPMs impact selling down,

I think if they provide the opportunity to buy at 3 or 4p then great. If they do as they did with Music Magpie then they sell out eventually. Maybe they just consider it a hazard of AIM. Would be great to be buying these at 3 or 4 p. That said it's only great if they sell the whole business ... selling just Taiwan is good for the balance sheet but won;t catapult the SP. The business is still pretty much broken and needs to be bought by a scaled player. Taiwan sale would just delay the inevitable.

Patience is name of the game here. Over next 12 months should see really good recovery if management stays on track. They are certainly making it a little less basketcase and back to being 'challenged'. Address debt in 27/28 with a possible raise set against a business forecasting profit, cash generation and returns. Couldn't be easier!!

But yes WT, exit WeDriveU, UK bus. Timing is everything on WeDriveU as they mentioned new contracts and if they can demonstrate a very achievable pipeline, they would crush the EBITDA multiple. If rates drop in the US, that would help hugely as well.

For the moment it looks like any meaningful increase on SP is awaiting news on Germany despite it being well provisioned and a small part of the overall.

JP Morgan now in at 34p on EVOK so should be another bad day there! I've actually just had a small punt on IQE to start. 5p is well below net assets (stripping out intangibles completely) and it's a ticker that's served me well in the past. Punt on a sale event happening in coming months but might pick up a penny or two prior to that.

Was looking at the Vistry report today. Strange they site energy/industrial as main area of support for the business. Wonder if SYNT is seeing energy finally pick up for them. Would be a bit of a bonus come the Jan winter trading update....and assist any sale of that business area.

Cannacord activity very similar to their sell out prior to Music Magpie selling up. Purely coincidence ... but they do seem to sell out at any cost and write off the loss.

Stripping out intangibles and factoring in some continued loss, the net asset value should still be at least 7-8p alone so 5p is a nice place to start again with this share. Fingers crossed and all that.

WT, After saying I would not, bought EVOK in mid 26s. Someone is filling all the buys assisting short exit. Whether it will be a few days or longer, back to just below 30 would seem easy enough. Hopefully a quick dip. Looked at it and think it takes the 330m EBITDA to about 270m and they have 5 clear months to address retail and UK headcount. Sum value of non-UK businesses eclipses debt + a few hundred M. Just yet another business where the UK simply does not work as a place to do business....ditto MCG and buses!!

First had PAY 2/3 years ago when they a bit lower then they are now ... I think 400 rings a bell. Then sold too early but made very well on it. Think it got back to 7/800 mark. Bought on that profit drop as it's clearly overdone and would expect it to go 6-700 window with a potential to climb further. Quite like the Collect+ side and with RM on board, should see some further traction. Did not know about the UAE money.

Can't remember the name of it but did well on a UAE payments operator which was sold eventually .... is was Network something or other and simply had quite an extended period of SP pressure for no real reason.

Yep, staying quiet too. Could this possibly be the run we've been waiting for here. Needs to break that 60p. I'm simply not selling anymore until this is approaching £2. Wrong side of the sell I did with the intention to buy back but hey-ho.

I bailed on EVOK and took a loss. I think it might settle in the 30's but not hanging around for that. Bought at 31p yesterday and sold them earlier after the RNS and industry replies. Will try not to look at it in future as might be a honey trap!

PAY definitely interesting and I have some.

FCH on the climb again ... sold what I got at 116 and basically bought on every 2 p drop from 122.

Good fun at MCG after a somewhat concerning run up to the update. Caught a great drop first thing yesterday.

Same page on OCDO.

JD. and possibly here I think might be good if the supreme court goes against the Donald. Not sure what then happens to treasury bonds and the like if all the monies have to be re-paid!