Member Info for Lukee

Got to take into account that since full year results, 6,220,650 shares were also bought back by the company by my math (On 31 December 2024, 252,401,939 shares in issue and 246,181,289 on 7 April 2025, the last day of buyback).

Probably could still be looking at a reduction of $40m in debt. But hopefully we see buyback continue after half year results :)

50k buy after a 32k sell, 18k extra made it spike a little... Makes me wish/wonder what spikes we would have if a buyback programme was on the bid :(

These daily spikes always make me think are we about to get an RNS about something?!

Interesting movement

Really not sure with the share price in the 60s, you'd probably think 90p which is just madness even with this year's expected $60m EBITDA. Would be near £222m/$305m offer, less than 7X multiple even including around $90m debt.

I think back to 7th of January possible offer...

"The two proposals follow earlier approaches from each of the respective offerors, both of which were rejected by the Board as undervaluing the Company and its future prospects."

We're probably having similar now for offers below £1. The reason I didn't sell last time was I expected potential other bidders to come out of the woodwork, potentially KKR as Kestrel has taken IQGeo Group private with them.

Really sucks no buybacks currently, insiders already own 50% of the shares. End of December net debt at $96.4m, would expect that below $90m a fair bit now with no dividends/buybacks. Near a debt leverage of 1.5x EBITDA though which is probably the reason no buybacks! Guess we got to wait for half year results... Unless an actual bid comes in beforehand :)

It's cash on hand the company has. Not everybody will take it (Kestrel), but allowing anyone who wants to not continue with going private an offer they can take.

And Kestrel's control of the company increases for no outlay of there own to be sold privately.

Also on the take private situation...

K3 (KBT) where Kestrel holds a holding of 29%, Kestrel just transferred it's entire holding to other Kestrel clients. K3 also about to have a tender off for £29M cash (mcap only £37M) and after such to delist from AIM.

Nice to hear Zak ask decent questions!

12 months ago share price was reaching £2.

Incredible how much the BoD messed up. Wonder what Kestrel think and are doing behind the scenes.

Edison Investment Research 12th June...

Team Internet’s 10-year deal to run the .co top-level domain (TLD) enhances the growth prospects for Domains, Identity and Software (DIS), the group’s highest-quality division in terms of revenue diversity and visibility. Growth prospects may strengthen with ICANN’s planned new Generic Top-Level Domains (gTLD) Program, scheduled for 2026. This is welcome news at a time when visibility for Search is low. Our estimates are unchanged, but we see upside potential to our 55p/share sum-of-the-parts (SOTP) valuation for DIS as prospects strengthen, and believe that the current valuation factors in modest prospects for DIS and Comparison and no value for Search.

UK's version of co.uk

But with it being just .co and very close to .com, it's a very important domain.

Got confused with that RNS for a moment... Thought I'd landed on some dodgy AIM miner with a deal in a Colombian mine lol.

Thankfully with Domains/Comparison, both having 50%+ EBITDA growth last year and expected to be around $20M EBITDA this year each, Search is a headache but they have some room.

They have talked about lots of different things like with Search, I belive going into CCS sales via Google and direct sales too.

They really should do both though with how low the share price is. Even a small buyback programme than previously would help at such a low in the share price.

The last one had enough funds for an average of 150p a share I believe off memory ffs.

I got a reply...

"in short: debt reduction priority. The authority to purchase own shares resolution passed at the AGM gives flexibility to change this priority in due course."

It's a good idea as debt repayments have been large and reducing in long term and bringing back free cash flow to 2024 levels or higher would give a large amount for buybacks and dividends.

Shinez mess is such a mess.

Thanks edoinvestor! I was planning to email but didn't get round to it.

No new buyback though makes it feel like a closed period currently as if some type of talks are happening. Or they want to reduce the debt more than buyback currently! We'll see :)

Full year results last year. This part sticks out to me a lot...

"reducing net debt by USD 13.5 million in the second half of the year despite USD 12.0 million of shareholder distributions"

$25.5m in 6 months.

Of course issues now with Search. But also have the growing Comparison

and Domains, Identity & Software

have massive potential. As you say GGG, they need to get their **** together and this company is a hugely profitable business.

I totally agree. But if that third party already have a put up and shut up restriction, then it would only be announced if the BoD give them consent to make an official bid.

Just thinking out loud lol.

Very strange one GGG. Especially with the delay of Q1 compared to previous years and no new buyback announced.

I wonder with the two previous potential bidders, especially Verdane. They have put up or shut up restrictions, but the BoD can consent to an official offer if one comes. And surely with Kestrel involved, talks will happen with them holding near 30%.

The uncrossing trade at close was the highest price of the day... Someone in the background it would seem GGG