Member Info for mbingo

Very exciting for Federated Wireless and Allied Minds investors!

Good to see Crystal Amber increase significantly. Fabulous set of portfolio companies, Federated Wireless the pick for me. The step change from early stage investment companies to cash flow generating is just about here. Revenue opportunity massive for the tech names. Great to be an investor in 3 names, rather than 1 - Federated, Spin, Hawkeye. Commercial Contracts should trigger a massive re-rate here.

Weakening Rand also important. Now at ZAR 15:1 USD+.

Note from last RNS: "Project 2022 is a bottom up assessment of the business and is based on the following prudent assumptions:

· flat nominal diamond prices over the three year period;

· the exclusion of any exceptional stones (defined as having a value of US$5 million or greater) from our Cullinan Diamond Mine; and

· an exchange rate of ZAR14 to US$1 in FY 2020, devaluing at 3.5% annually to ZAR14.49 in FY 2021 and to ZAR14.99 in FY 2022.

.

Therefore the initial target of $150-$200 million of net free cashflow in the years 2020-2022 has potential upside in additional cash generation from improved rough diamond prices, a weakening in the Rand beyond the assumptions above and the continued recovery of exceptional diamonds from Cullinan.
"

that's my thinking. Fallen back so far - and stopped at this level. Last RNS should have alleviated any funding fears. Capex/costs dropping going forward. Cap only at £80m. Would have thought Free cash flow to increase going forward. A few more finds will help.

I know that feeling! Still, it’s a medium to long-term investment for me. Marginally underwater at these prices. USD 100m cash at dec 2018 values the assets at about USD 70m. Seems crazy when you consider future revenue streams of Federated/Spin/Hawkeye in particular. A few hurdles still to overcome but major de-risking events have taken place in the last 2 months. US/China news today should have a positive impact on Tech valuations also. I’m very confident.

100,000 share buyer at work. Also a trade for 155k share sale just gone though. Some realignment amongst the institutions. Important to keep eyes on opportunity here not the price (which has scope for a major re-rate - small movements in the scheme of things - my view.

Certainly lot of volume. Plenty of buying and selling. Great opportunity in my view. Fundamentals make a nonsense of the market cap!

Good to see some late buying! This is now my largest position - and I’m very excited by it!

These tech names are the exciting ones. They also have the lifescience portfolio - and I would expect some of these to be divested in time. The 3 big tech names have a massive addressable market. 2020 will be a big year!!

Personally very excited about this collection of genuinely innovative businesses. Given US$98m cash as at last count, there is limited value attributed to the investee companies. A number of these are on the cusp of implementing significant commercial deals. Major partners endorse Spin Memory, Federated, HawkEye and BridgeComm. Unique opportunity at this market cap. My 2nd largest holding after Rockrose. Delighted to be positioned as I am at this level.

It’s a different game. Either let someone professional manage your money or do it yourself. Managing yourself has plenty of risks.

Yes, picked that up. Buys buys coming through -94k through the day.

And US$13m cash at 31 may 2019. All for just over £20m market cap. Staggering!

The Ogo field (40% interest)
discovery has estimated recoverable reserves of 774M.
OPL 325 (62%) has estimated 2Bn recoverable barrels!! That’s ridiculous!!!

I'm a buyer, reasons being:
- Otakikpo upgrade 2P reserves to 48.5m. Lekoil Nigeria share at 40%.
- £24m market cap, with 7.5% owned by CEO (very happy with the skin in the game)
- Minimal debt- Only $4.5m debt.Producing 2,300 barrels to Lekoil Nigeria currently.
- G&A Costs coming down per op update.
- Otakikpo Ramp up production to 15000-20000 Plan (40% cost to be funded still, but cash generative)
- Share price at very low levels historically.

Nigeria obviously high risk, but this is very cheap.

I didn’t say that. Remain fully invested and look forward to the next acquisition/dividend.

Got to say that I’m delighted with the re-list price, although I know that we are not close to fair value. It’s a great business, one with some serious equity interest from the chairman. Shareholders aligned. What will they do with all the US$270m odd unrestricted cash ... hmmm

Algos. Will come. Silver going some again!!

Gold looks like it’s set up to go again. Silver knocking on 16.50.

Any thoughts on when the rot will stop?!