Member Info for Londonwolfie

Take a step back from the keyboard COBRADAN and think about the first part of your sentence......

sorry to be a pedant mazik, but you are aware of the relationship between share price, shares outstanding and market cap?

It's not really holding back from higher investment though is it paulus? If they are accumulating, as you suspect, then these are open market purchases. The two share subscriptions have seen Sareum plc receive capital, and the warrant exercising in due course, will also have that impact, but buying in the market sees money shift from buyers to sellers and doesn't involve Sareum

Spot on cadellin. That is exactly what it has done for me as I have bought in today having done a little more reading and watched from the sidelines since Ilika was brought to my attention at the start of the year

Thanks for the reply Steady.

My day job is completely different from personal account investing. There are lots of principles that apply to both but in terms of companies that I look at, completely different.

But as you rightly point out, you learn to trust your instinct and gut feeling which you continually feed with more information to help you make these decisions, and that is before you consider what a company is worth. That is where this board has been so good - and not just because shares have done well in the last twelve months or so. Constant information to feed the knowledge bug. From the days of Hopkirk et al to more recent musings of regular posters, it has provided the links to help make more informed decisions, and step in to build up a position over time. Hasn’t stopped me being 40% underwater with Sierra mind but thankfully a rounding error compared to paper gains in Sareum.

But without going on and sounding like a pompous so and so, the main difference with the day job is the oxymoron that you have to sell your best performing investments because they become too large and therefore too much of a specific risk to the overall fund (relative to the benchmark you are measured against.)

And, as you say, being accountable to just yourself and not a team of risk analysts who use backward looking data to more often than not incorrectly predict the future is one of the biggest pluses of pa investing.

All the best

Steady.

Absolutely fair enough and I have no problem at all with people having different opinions. I also have zero interest reproducing your comments to prove who is right or wrong. That’s not me being disrespectful in the slightest - we’re both long and both want the same outcome, so not knocking anyone from having a view that differs from mine.

As a portfolio manager, warrants give me financial leverage. The only reason I would exercise non-publicly traded warrants would be because they were in the money and due to expire or because I wanted to sell the underlying equity.

All the best

Steady - so putting £2.5m into shares already doesn’t show support?

There is absolutely no further upside for them to exercise but there is potential downside. So if they do want to get to the stage where they issue a TR1, and this would lead to share price strength on it’s own, better to have committed the capital they would have to part with to buying shares in the open market. The warrants give them financial leverage which disappears once exercised.

Clever and shrewd does not mean subscribing to warrants that at one stage today were only 10% in the money when there is only financial downside risk to doing so.

Ask yourself why you would exercise warrants that don’t expire until June 2026?

I don't understand some people's focus on the warrants. These are unquoted warrants - so they are exercised before the expiry date (which is June 2026). Unless I wanted to sell the shares, and arguably I would start with some of the 32.1m shares I had subscribed to, why would I part with cash to exercise them?

If the price falls back to 2p from tomorrow until June 2026, if I haven't exercised the warrants, I lose nothing. If I have, I lose 3p a share. If the price rises to 10p a share, if I haven't exercised the warrants until this time, I have made 5p a share. If I have, I also make 5p. So why would you exercise unless you wanted to sell - the warrants give you the same upside as holding shares but none of the downside.

The only other reason might be if the underlying shares paid a dividend not entitled to warrant holders, but we're not there yet!

I disagree Stoney. I least expected an RNS at 3.30 this morning and guess what? It didn’t arrive.

ATB

Keep looking at the price info at the top of the page and think there must be some kind of glitch on LSE?

Second jab today. Currently on second wave of sweats having had three waves of chills. At least the near 500 messages have helped me pass the time but I just want to sleep now.

Joined the free ride club today which I’ve imagined happening for 10 years now but was never sure it would really occur..

Happy days. Good luck all.

Lord Sugar bought a stake that was at a meaningful discount to the NAV of the pick n mix stock

Results out - accelerated enrollment for the MOMENTUM trials, with topline trial results now expected to be Q1 2022

Can't see any mention of 737 but looks positive from a Sierra perspective

This is their base case year-end 2021 equity value for the business.

Their bear case is 110p, base case is 440p, and bull case is 770p. Not giving themselves too much of a buffer then!!

ITM Power shares revenues with Linde on electrolyser orders. We learned that most (if not all) future electrolyser orders to ITM Power should go through the JV with Linde in the future: about 65% of the revenues associated with these orders should come to ITM Power, while the rest should go to its partner Linde. On top of revenues associated with the sale of the electrolysers, the JV may be eligible to receive management fees (c.3%).

While this information was disclosed to the market in ITM's 2021 interim results presentation, we erroneously assumed that only a few electrolyser orders would go through this joint venture.

We reflect this in our updated model, which materially lowers our revenue estimates. Our revenue estimates come down by 35% on average over 2021-30e. While we still expect EBITDA breakeven for ITM Power in fiscal year 2024, our EBITDA estimates come down by 38% over 2024-30e.

As a result, our price target comes down from 600p/share to 440p/share. With only 2% upside to the share price at yesterday's close, we are now Equal-weight on ITM

2.02 - 2.13 is the real bid/offer at 8:07

It's one trade that was done pre-market at last night's closing price - different volume but a trade with the same conditions went through pre-market on the 1st March. It's just the rolling of a contract at the start of a month - nothing more than that

You are right Andy - trade date/time was actually from 13:27 on the previous day (i.e. 24th) when the mid price was 1.65p, whilst there was a sale of 1.3m at 1.7625p from 16:25 on the 24th (when mid price was 1.8p) also reported after hours on the 25th

Mustard - Your trade was at 08:05:41 - not an hour before the market was open - and it was published, albeit an hour later. It was larger than the 300,000 shares on the offer at the time, so outside the volume being offered allows the MM's to publish late should they wish in order to square their books behind the scenes (that's the theory but as we all know, that isn't why they always do it in practice). 1.87p was the price you paid I believe

And if the share halves we're also only back to where we were "short ago"

Meanwhile, someone needs to grow a pair