Member Info for MattTheBrave

I'm pretty sure it isn't - once the Company entered administration in 2022, all ord shareholders value was wiped out. Interestingly, according to the Gov website (https://find-and-update.company-information.service.gov.uk/company/06133927/filing-history) the Company was dissolved in May this year, although there is nothing on the company website which suggests this, and they still give lots of new wins/developments up to May. Hence I'm not 100% sure whether the Company even exists any more?

Almost doubled now since the Octopus deal announced. Nice!!! :-)

Placed a limit order to but the rest back at 3.4p. Let's see if it gets filled!

250p fall in share price in last 2 weeks based on a single broker downgrade is overdone in my view (and the brokers are seldom right - more to do with whether they think they'll get adviser business rather than genuine independent research) I've added at 1630p today.

Looks pretty solid. If I'm reading this right, we'll got c21p (of the 86p NAV) back in phase 1 and this will rise to 54p by year end, with 2025 proceeds taking this to 83p out of the 86p Nav. Helpful scenario analysis as well, where the worst case outcome takes NAV down to 77p, but this still represents an IRR of 20% pa from here. Overall, market should be positive on this (but probably won't be :-( )

I'm still very surprised that the company thought that this level of dilution was the only solution to the re-financing - in fact, they have actually raised twice as much as they need as well. However, even despite this. LTV has only fallen by 10% to 40% if I'm understanding the RNS. Overall, I think that management is clearly sub-standard to have allowed this situation to even develop. I was lucky enough to get out at 25p, but I'm not sure I'll be buying back in, even though it's nearly back to the 13p I paid!

When someone says dividend, I think it's fairly standard for this to be with reference to the per-share value. As such, I think 404x's response is completely valid given your comment.

Just bought half of them back at 3.69p. I'll do the rest if we go back to c3.4p

So people are taking money away from professional investment managers managing active products so as to use their own experience of active management ( probably Zero!) to do it themselves? Or is it simply the case that they will be accessing the same asset management products through platforms (eg HL, ABell, Fid) rather than accessing directly? Struggling to get your point here?

Thinking about whether to switch some CMC to IG. PE of 20x vs 10x and yield of of 2.6% vs 5.5%. Momentum all with CMC, but history shows us that this is often the perfect time to lighten. Any thoughts?

Crypto looking pretty weak this morning - might wait to see if stock price falls a bit from here before buying back.

Phoebus - Correct

Dret - XO, aka Jarvis

So I received my proceeds today which showed that I managed to sell 95% of my holding at the tender price of 5.39p. Hurrah! Given that the stock price has fallen back below 4p, I'm considering just reinvesting the whole lot back into the stock again on Monday. What are others doing with their proceeds?

....even when there's a potential bid for the Company! NAV is around 80pps, but I'd very much doubt the bid will be that much. I would expect a c15% discount which is 65p to 70p if it comes at all. If we get up to around the mid 60s this month, I'd probably let some go!

Out today at 25.09p - a 90% return in a couple of months will certainly do me!! :-). Good luck to all longer term holders here - I hope there's a longer term recovery story for you!

This isn't really a traditional insurance company any more - it's a bulk annutiy company where large UK pension schemes move mostly pension (but some deferred) liabilities to them and pay a premium for doing so. The gilts crises actually accelerated this process as it actually increased funding for most UK schemes to the such an extent that many more can now afford to undertake these transactions. The growth and success here is being underplayed due to recent accounting changes which force annutity companies to recognise profits through the P&L over time rather than one lump which is why they now focus on operating cash generation rather than eps - and it will be generating op cash broadly equivalent to its market cap over the next 3 years!!. The market believes that the dividend is unsustainable, but I believe the opposite - that it will continue to grow from here. I suspect the stock is indeed a ripe target for someone, though not convinced it's WB as this is a different area of insurance than he is familiar with. Overall - very strong buy!!

Hey Broom - absolutely agree - I certainly wouldn't be buying here, it's more about when I exit!

Thanks Saint - I think that's good advice, and defo what I'd be doing if this was a larger holding, but its only a few grand so probably not worth holding a small rump. Thanks though :-)

Not sure I understand your post Scandi. I am simply pointing out that I bought it at 13p in March (as evidenced by my post back on 12 March) on the basis that the stock price had completely dislocated from reality due to an awful RNS from the Company. I was lucky to have hit it fairly near the bottom, and now am considering what level I exit - I never planned to a be a long-term holder here. I thought that a Board like this was specifically designed to discuss a stock's share price and when to buy and sell, so not quite sure what your problem is here?

TSM - agreed!