Member Info for Okehurst1

Good summary

Plus

Overseas Listing
Ingenuity to raise its own funding

They could have done that but Qatar and Moulding had that personal benefit of buying SoftBank Shares at 39p

Messages crossed Boom - fair comment

Boom
Where would the liquidity come from though ?
The premium listing requires 5%
Known Shorts 4%

And we have Activists building up a stake

Unless of the course the Shorts hold / pay the interest and let it ride?

Nearly 150M shares on 10% buyback
Plus 70M for Index funds on premium listing

60M known Shorts over .5%
Plus all the ones under the threshold

It’s a bloodbath for the Shorts

So the Shorts have been supplying Kelso and we can guess Sparta as well - there could be others

So unless the Shorts keep ‘ Doubling Down’ the market is strapped of liquidity

Sparta and Kelso / others maybe want more shares, no serious Long is going to sell shares

We get the announcement of Premium Listing - that’s in the Can - and the squeeze on the Shorts intensifies as the market needs 70M shares
Nb see why Kelso list on their demands

Boom, they hadn’t finalised 2021 R&D we will know on results day
Will be interesting to see what that and 2022 amounts to, it’s a few quid - should be

Spot on Boom

R@D relief should be hefty, again it’s pure bunce cash that the market has overlooked

We don’t know as they only split away last year - 10 months trading

We have £1B plus of Goodwill on the Cult beauty etc …it’s all tax deductible as the asset is written down for tax

Hence they want to see the breakdown

There has been some serious Capex spent on top

It is Boom

They request divisional tax losses as well

No need to guess why they want it per entity

HH,

No doubt Kelso and Sparta have had talks, John Goold will know these guys personally, he was a CEO and Rainmaker at Zeus Capital for 10 years

Notice the reference to the Tax losses

£2B plus

Worth £500M minimum

That’s as good as cash to private equity / VC

Sparta/whoever can’t be far off a TR1 now

Another disclosed 1.5M shares sold after the bell and we still end up 4% plus

Almost £200,000 on 3 trades went through on the Bid and we tweaked higher
Someone picking up the volume

Can see a decent jump coming unless the Shorts double down again

Sparta / whoever need the volume to have clout and be in position before the update and we can guess depending on the RNS at that point they show their hand - open letter

Looks like the MM’s have made a market and sold a few more than they had on their Book and now have minimum to pick up on the Bid

No idea Boom other than Shorts have increased which by default someone has bought
maybe not Naked shorts ? Borrowed ?

Ste,
They guide £90M capex this year, £3M to £5M maintenance
£80M Intangible SaaS to improve the platform for the Whale

The Whale didn’t come, no need for £80M

Appears Sparta need the Shorts to continue to double down to provide liquidity for them and keep a lid on the price otherwise we drift up as MM’s tease our buyers

Retail can’t satisfy the volume required

Steve / Kando

No argument with your points

We will see Premium Listing confirmed April, GS expires and a high chance confirmation of overseas listings

To spend £80M on Intangible SaaS this year would be in excess of 1000 extra full stack developers, I’ve found no evidence of that volume of new starts - I may have missed if anyone else can provide ?

Knows it’s a long shot but this would indicate they have pivoted due to Auto Store JV which is API driven and capex lite and we will report FCF positive Q1 to follow on from Q4