The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"People buzzing about a US listing need to give their heads a wobble."
It's just the latest straw for them to clutch at, now that theatre is DOA, the app is delayed and the company can't be bothered to host any more concerts.
"my spider senses are tingling with the new NAPS app."
Same. It was a red flag as soon as they essentially said 'we're not going to do anything until the new app is ready in Q4'. No new concerts, no meaningful marketing, the old Melody library becoming more irrelevant by the day. Now they've missed the target for the new app launch, the share price is in the toilet and I can already smell another death spiral fundraise on the horizon if/when the already vague launch date slips again.
I'm increasingly of the view that this isn't going to go well at all. Time to start thinking about cutting my losses.
"A snazzy new app isn’t going to do anything, They need to get rid of matchett"
Agreed. He's a busted flush at this point. Time to go. He'll cling on for dear life though, because there isn't a company in the world that will give him a deal as sweet as the one he has here.
So even by Mel's rather charitable interpretation, that's Spring of next year before anything else meaningful happens here. Another six months. Sub-1p by then, surely. The next fundraise will be brutal.
Well you see we have a new app that... oh, hang on. Nevermind.
burningbeard - It's a fairly lazy trope of these bulletin boards that anyone with a critical view is told 'just sell all your shares then!!', as though that is the end to the debate. I'll humour it though, as you seem to be asking in good faith at least.
My view is that the company theoretically has a lot of potential, insofar as it should be worth more than its current market cap of about £8.50. The main problems are that it is being horribly mismanaged by a CEO who is clearly out of his depth and that the business repeatedly fails to deliver on all the big talk and promises that are made. Having apparently been through my post history, you'll have seen that I predicted that they'd fail to deliver the app on time many, many months ago. I was correct.
It is amazing to me that he hasn't been quietly shuffled into some NED non-job already, with the reins then handed over to a proper CEO, with tangible experience of running a global business. Each of the major deadlines that were laid out in the Admission Document are being missed in sequence, yet you still get the clapping seals on here saying 'It'll all come good soon'. The triumph of hope over experience. As it stands, they'll be saying that right up to the point that their shares are worth £0.00.
There are always going to be some people here who gloss over disappointment after disappointment after disappointment, because they're in too deep to do anything else. My guess is that 'early 2022' will quickly become 'Q2 2022' or 'mid-2022' for the app and they'll be back out in the market for more death spiral finance. Anyone who has followed this company since the EVRH days knows that the management team is fundamentally incapable of delivering anything on time or on budget.
"until launch in early 2022"
And there it is. As predicted, they've failed to hit the Q4 launch date. Yet another example of this management's team's ability to talk a good game and then fail to deliver. Mind you, we're still waiting for the marketing campaign that the AD claimed was starting in May.
I'm loath to say 'I told you so', but...
"Who knows, maybe one day Napster will rival Spotify for market cap leadership."
Why don't we see if they can deliver an app (or even a set of accounts) on time, before we start spouting pie in the sky nonsense about beating competitors?
"Interestingly, Dice has a value of £400m, Napster has an odd valuation"
Our management team has a history of promising the Earth and delivering next to nothing. It makes sense that investors are now adopting an 'I'll believe it when I see it' approach here.
Ah yes, our savvy strategy of never doing anything whatsoever pays dividends once again. Look at all these bullets we're dodging!
"didn’t Live Nation used to partner us?"
Yeah, once upon a time. Yet another 'amazing commercial partnership' that dumped us and moved on to another partner at the first opportunity.
Poor old Croydon. Surely he didn't actually believe we were going to get the Abba gig? He's a Super Trouper, I'll give him that. Even while this company is losing him all his Money, Money, Money.
Whenever I see some of the usual suspects presenting themselves as 'in the know' as to the future of this share, I like to revisit some of their earlier declarations and predictions, to see how good they are at spotting what lies ahead. From one user who will remain nameless...
"The Broadway musicals. It's just as well JGO have had to stay quiet - they can't do any work, otherwise it's end of furlough money. But hopefully Melody and JGO have been completing the foundations - under the radar"... "Don't forget the Chair of Broadway League, Lauren Reid, is also JGO's COO. So it's hardly likely we're going to be forgotten about."
Oh dear. Aged like warm milk. Beware false prophets...
I know horse - I was quoting an earlier post, which confirmed that they're no longer working on theatre-related projects. Most of us could see that this was blatantly obvious long ago, but there were still a couple of dreamers holding out hope.
"its a pretty clear cut statement,which should put an end to speculation in that area"
Agreed. Think of all the time some of our regulars wasted posting links to Broadway news websites, crowing about how important it was to our business.
Yet more pie in the sky speculation and dream-weaving, which has ultimately led to precisely nothing meaningful.
Liam, we get that you're here for a quick trade, but we don't need the running commentary on yet another day of the share price falling. Thanks.
Lol, here come the day traders. Should be an entertaining day. Don't get caught holding the ball when the music stops...
Even for you that's an embarrassing response. Still, if it stops you parroting mindless gibberish about how our contracted IR company is going to rescue this company from its own dismal management, then have at it.
"You haven't got the faintest idea what Equitory are doing"
And neither have you. We've all read the vague, meaningless 'read between the lines, the clues are all there, I bet they're browsing their M&A file as we speak' guff that you trot out on here every week. The problem is that there isn't any substance to it. It's just your wild speculation, presented as fact. Give it a rest.
"What a complete whitewash - didn't answer any questions properly"
I don't think anyone will be surprised by this. Same old same old.