Member Info for mingles1

I think the ex div date is actually tomorrow (4th-per London south east list, and dividenddata), with record date on Friday 5th (RNS for Q1 Results ‘as on register on 5 June’). How that works with the AGM I don’t know.

Gaf-I think you might feel more credible by posting your analysis. You might also stimulate some useful and informative debate, which is surely what we’re here for.

14 years since creation of the share (or earlier if SMS dies, sells up etc). So about 2032 I think.

As was highlighted here a couple of weeks ago, there does appear to be an automatic expiration date for the golden ‘B’ share. Check page 8 of the articles of association.

His shares will, but his golden share transferability will depend on the company’s articles of association I understand.

For anyone that was on the call - was there any indication of resolving their lack of permanent CEO and potential timeline?

I didn’t like his tone either! He seemed to be demanding answers.

1. The presentation was essentially reading the RNS (inc SMS which was somewhat unusual for him), so added nothing new.

2. There were 3 sets of II questions. Can’t remember all of it but themes were: seeing increasing interest in agentic AI; there are new wins but ongoing work to maintain revenues and continued focus next year to match overheads/costs to output; he was asked about next year’s forecast but whilst refusing to commit, he stated that they would be cautious in any expectations (due to previous issues with forecasting and continued global uncertainty); the question on the dividend vs buyback was asked-he stated that whilst they’d look at all of it, he felt there’d be more traction in the dividend (and increased if debt below £100m next year).

3. My take was that I doubt we will see a significant uplift in top line forecasts next year, but underneath there’s a lot going on and they’re at the forefront of trying to lean into changes in the industry (which you’ll know anyway).

Could it be internal pressure? Lots of shareholders through acquisitions wanting to see hard cash perhaps? Not that I perceive SMS bowing to ‘subordinates’…

HL-if you go online (rather than app) you can move the money from your income sub-account to capital Account and it will then be available to use/cash out (cash tab/income and loyalty/rhs of screen to move income to capital account). It will eventually become available, but takes days/weeks otherwise. The only reason I can think of that they do this is if you have auto invest on, the dividends left in the income account are auto reinvested.

Thanks GoCPI. Completely uninspiring article in the end 🤣. My expectation from the FT is of a little more developed insight. Hey ho.

If someone has ft access, there’s an article today titled ‘London’s independent ad agencies will survive the AI apocalypse’.

https://www.ft.com/content/a6edde2e-2ac7-4159-99cc-9728d921bde5

Probably obvious, but this could anything on Monday. I’m not massively hopefully of any significant uptick this year. Think it needs a couple of seasons to settle and demonstrate potential (ie deliver on the mantra). I’m also wary of the impending impairment. Whilst not cash or forward looking, the market seems to use any excuse for pushing this downwards. I’m heavily committed here so it’d be great to see something truly positive. I also (like many others) continue to wonder what SMS’ medium term handover plan is. Unless I’ve missed something already stated, it would be good to gain a hint of confidence in the long term strategy. … just my tuppence worth.

Auson-many thanks. Notwithstanding the foibles of both being listed on the FTSE and S4’s golden share structure, your post likely reinforces that if and when S4 materially demonstrates it’s a viable going concern (with some growth potential), we should get a significant rerating. Whilst many other posters on here (and occasionally on ADVFN….less so recently) have valid points regarding both industry and company/SMS specific risks, I’m hoping that with such experience and significant director ownership, this period will look ridiculous in 18-24months time.

SMS writing in the Times today - one of his state of the world addresses, but with some depth on advertising. I’ve only scanned it but was struggling to fully read between the lines. US market is very bullish looking out 2yrs. S4’s major clients are looking more settled for 2025, but are demanding more efficiency from ad agencies (we know this bit). The larger trad agencies (Omnicom etc) might struggle to adapt to the AI world. I’m sure someone else with Times access can pick out anything newsworthy that I’ve missed.

What I find interesting about the Times article (and associated internet research) is that it suggests Brandtech is a comparable size to S4: personnel ~7000, revenue $1bn (couldn’t find profit tbf), and it is valued at $4bn. Whilst circumstances look different to S4 currently (Brandtech appears to be growing), if S4 sorts itself out (and agencies remain a viable industry) then a comparable share price to Brandtech would be £5-6. Whilst I expect we’re in for another jam tomorrow year, here’s hoping we see some light soon…