Member Info for phenomenonnick

I'm one of those investors. But overwhelmingly this round was backed by Herald. Really impressive, getting an institution to back a firm of this size, they clearly see the potential.

Antelope the group hasnt vanished, it just moved to invite only.

Highly confident all will be well here.

Haha, apologies vbeckers. I was trying to raise without selling Pires, I needed £100k cash in my SIPP to exercise and was basically fully invested as like an idiot I'd been "buying the dip" in a load of stuff that the wealthier tech stock promoters were pushing. Like an idiot I've been expecting the market to improve and it just didn't. With the warrants expiring at the end of this quarter and my broker historically being pretty slow to exercise, I've been having to sell things at a loss. I got 75% of the funds raised without selling Pires, but just couldn't see how to get the rest.

Anyway, all done now, looks like I'd have done much better if I'd waited a day. Surprised the market hasn't reacted badly to the Pluto delay but I guess people are noticing there's lots of other value in the Pires PF and the NAV of Pluto is above the valuation last used to calculate the Pires NAV anyway.

Once the warrants are exercised this is back to being my SIPP's largest holding. Though still (narrowly) my second largest investment overall, after DRUM.

Hi MasterRSI - my SIPP sold 500k (100k and 400k) and have finished. It needed funds to give me enough cash to exercise the warrants it holds which expire at the end of this quarter.

"Extremely quiet"? Hardly. This time last year was just the same, just the share price was more volatile and they had to put out a statement saying there was no reason for it to have jumped up. Interim results presumably will come out in May ... just like last year.

Thanks both.

OOS - yes I'm sure Acuity will prosper in the current climate. Will be interesting to see what the next investment is.

Optimist - appreciate the clarification. Presumably Torchlight do want a listed vehicle, the cost of a takeover bid is pretty high, if that was their gameplan they would surely have bought the whole thing at the outset rather than construct this complicated long term investment mechanism. Either way though not long to find out now!

There surely won't be income from Acuity - and I don't think I'd want it: with Acuity 75% owned by management and still a relatively small business I'd prefer to see cash reinvested in the business to accelerate growth than see the management taking cash out, even if a quarter of it comes our way.

With you 100% on prayers for KCR though! If I remember rightly the Torchlight option that lets them take ever more shares at ever lower prices finally comes to an end this August. Think optimist knows more but I'm hoping that if we haven't been able to sell our shares, conditions will be more favourable after that.

Trouble is the Acuity stake being unlisted, that firm's brilliant progress won't be reflected in the Drumz P&L. Instead as you allude that's driven by the legacy investment KCR as that's listed. Sooner that gets sold the better I'd say.

I share your excitement that this will be great in the long term. I'm rarely on LSE these days, I prefer Telegram - the DRUM group there is quiet but not as quiet as here!

No idea - some but not all of today's buys were me.

Anyone who’s sure is an idiot. I don’t care about a three week price movement. My point is that Cineworld are likely to lose on appeal. 99% of cases stand.

Sure. Not convinced that means much - possibly Cineplex investors realising their firm has very little chance of collecting any judgment as CINE is mortgaged to the hilt and judgments are unsecured liabilities. And Cineworld investors failing to understand how hard it is to get a judgment overturned on appeal!

It’s the same system we have here - which shouldn’t surprise anyone who considers the history of the two countries for more than a few seconds. One side makes a load of claims, some of which are usually mutually exclusive. The other side makes a load of counterclaims, some of which are usually mutually exclusive. At the judgment, a judge rules on all the claims and all the counterclaims. The party that isn’t happy with the verdict gets to appeal the rulings that went against them. The other side gets to do the same. The appeal court will review the original decisions. Most cases get upheld on appeal, though I guess there might be a different basis for calculating damages. At current prices Cineplex surely a better bet than Cineworld I’d say.

Agreed. Seems crazy cheap. I continue to add.

Yes, nice find draft. I took a lot of the raise yesterday, this is starting to look crazy cheap.

Ha, snap!

No I don’t think so - shares get issued at the higher of 95% of share price or 10p a share. Even if the remaining options all got issued at just 10p per share, looks to me like the net asset value would still be over 19p per share. More likely they get issued at say 18p on average, and assets per share dilute to 23p. So the current price is well underpinned by assets. We get maybe £7-£10m extra cash to deploy (including recent issuance) and therefore far more assets to spread over a similar overhead.

Hi Jimmy/BigDave, the Telegram person and the Twitter person were one and the same, ie me. Sold 25m and had a limit sell for 20m which filled in stages and eventually it all went. So 45m of today’s sells were me. My original plan was to hold them as risk capital and exercise the warrant if the trial results were good. Yesterday’s RNS wrecked that plan, so I sold at or over 0.07 knowing I’m buying back at 0.06 - I’ll still do well if the trial results are good, and if they aren’t the company will be glad of the cash from me and the other warrant holders as it looks to rebuild. Have to say this is the biggest outright punt I’ve taken in quite some time.

But it’s taken. Fingers crossed for a great result for all!

Yop absolutely flying today

I guess that miserable bloke I’ve muted only wants to come and tell us the market is pricing this precisely correctly when it falls, not when it rises.

Baz tweeted pointing out they’re passing resolutions that would pave the way for dividends. Possibly some buying off the back of that? Or the recovery in crypto heralding better prospects for Pluto?