Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
So far market looks to have accepted the reasons for the unwinding of the hedges and thinks price is about right but it is only 8:05
If Revenue maintained at 5% then forecast would be for 2,050m slightly ahead of expectations 6.5% for year
costs up 5.2% not bad considering environment it would be impressive to maintain for half 2.
Property losses up but explained
Operating Profit then heading for FY 86m if H2 matches LY which would be 43% up
Finance costs in line
Finance income jumps around massively with JD
Tax dropped significantly because of one offs last year see note 4
The one offs are going to make bottom line FY look worse unless adjustments come in in half 2.
I emailed them this week to remind them that its been 7 months. While they will not give me a date it might make them think to communicate. That or they leave to the 29th June like last year. It would have to be 28th as that's the Friday. That usually indicates going concern worries which should not the case this year with TMT funds.
We were promised an update by end of March. Auditors will have given a worst case date so should be guaranteed.
US sale process must be outlined. If no update of Sale with dates then board should be removed.
European Express Enterprises Limited for example 6th dec
hTTps://find-and-update.company-information.service.gov.uk/company/05564243/officers
you will see 8 officers 5 named Cosmen
I have just been updating my facts and figures for Mobico. It is interesting to see the way they jump in and out of sharing data on each region at half and FY. The HY results comprise 36 pages and the FY 298 pages. The Income statement is page 198.
Most of the rest is self indulgent tosh that no body wants to read, a ridiculous 298 pages. Just to amuse myself Wetherspoons FY 87 pages and Frasers FY 55 pages. two businesses owned by founders that would not allow time to be wasted on the other 200 plus pages. It says every thing about the Mobico management. Slim it down and move the 3 unproductive people writing this epic into a more productive job. Non sense.
After David Allen running the AGM because Yosi was clueless on the process it great to see we have kept him. Everyone has to have a piece of art to look at and try and wonder what it meant and what it was all about in a deep and meaningful way. Yosi is Enets. Not sure what he does but he has some nice guitars, busker perhaps, just need to move him about so as to avoid dust and ask someone else to run meetings. Then look at him and say where were you when the madness was not checked. Ornaments can be useful reminders.
The Board has proven themselves to be not worthy of trust. The scandalous leaking of the last raise, followed up by utter incompetence because they can't count. If you incentivise people to deliver a target you run the risk of the performance being over stated, you put in measures to make sure this does not happen. Anyone who sold at 10p when the sudden drop from 12p accelerated to 9p, then 8p then 6p on no news was smart as they realised how this was going. Then just a few months later they can't count so that raise not enough.
No trust left for the boy who called sales (wolf). when the raise is completed to fill the gap 2.45 may look a long way north.
the Board has misled many, many times, who knows if next raise will get them through. At least the chairman got burned and hopefully is kicking Greg around the office for the 7th day in a row.
"Silverbullet has extended its partnership with Mars for the third consecutive year, for a value of US$2.3 million, from January to December 2024.
In this extended collaboration, the Company will be broadening its support to Mars across three primary workstreams, specifically dedicated to the implementation of AI driven first party customer data intelligence."
Mars third consecutive year, the stickiness speaks volumes. When many companies are having to come up with an answer to cookies going forward, here it is. Good news
RNS 2 days ago
Silverbullet, a provider of digital transformation services and products, announces that it has issued, in aggregate, 55,349 new ordinary shares of 1p each in the Company ("Ordinary Shares") pursuant to exercises of 13,333 and 42,016 options at exercise prices of £0.01 and £0.81, respectively, per Ordinary Share (the "Option Shares").
It could be employees, not as wealthy as execs, took option to cash in. Perhaps if this was the case then Silver Bullet could have advised them on a better way to sell to maximise their return, note only if this was the case.
Given Justin W support for share I doubt he has sold out but he has every right to as like all of us he is trying to get better returns than 4-5%.
Skid
That £100m was the message being ramped by David Levi. Chinese will have drained the ideas out of him and probably never intended to pay. Cisco etc may well have talked to him about direction of travel and his work with genuine interest to see and listen but that's it.
David is a bright man and should have learned by loss of his previous company what not to repeat. Josi is supposed to guide and challenge him. To me he seems a waste of space and for those of us that attended the last AGM, well his prep was non existent, an embarrassing day for him.
In many ways David is starting on company number 3. Breakeven will be about £6 million revenue but other finance costs will probably make it as loss, though some of the hit should be taken in 2023 results. Consensus seems to be SP of 3p if revenue hits 6m. For now this a traders share until David tells us the true contract update. He has stuck to his word since AGM about facts so we will see.
I published these before but because they were factual I was reported 5 times by rampers and they were taken down. Where is PROSPECTOR now, his account was new. (I did not know the 5 times thing worked but my note disappeared)
hTTps://ethernitynet.com/wp-content/uploads/2023/09/230919-ENET-Interims-30-June-2023-RNS-and-FS-FINAL.pdf
page 4
hTTps://ethernitynet.com/wp-content/uploads/2023/06/Ethernity-Annual-Report-31-December-2022.pdf
page 7
from these history documents you can see the direction of travel I recommend you read as the future profitability and SP can we framed with actual information not nonsense.
GLA