Member Info for phenomenonnick

Is this really such good news? If the assets were worth much wouldn't Oyster have been able to make more of them? Wouldn't Polemos have got a material amount for its loan note? I suspect the assets are essentially the right to spend cash in the hope of finding some value, and clearly no-one was convinced to do that inside Oyster. Is Gunsynd's record any better?

Maybe HH can find something to inject these assets into but I'm far from convinced the assets are worth as much as our loan notes.

Sorry to pour cold water but I think I have to accept that I've finally lost faith here. I said long ago (years?!) on here that this was an undervalued investment company, but I didn't see any reason to think it wouldn't remain undervalued. Time to have the courage of my convictions, have halved my holding here today off the back of this rally, which was as much as I could easily do. Painful loss but after cutting my holding a year ago at least I'm down to fairly minimal amounts in the scheme of things.

Did the same thing at Polemos (now DBOX) and that's turned out to be a lucky escape, I'd have been hammered if I'd stayed in through the RTO with anything other than a tiny holding.

Good luck to those who see a rational argument to stay in, and to those whose belief became blind faith a long time ago. Optimist, I'm talking to you! Genuinely, I hope you're right and I'm wrong. Good luck to you, but I'm looking elsewhere for my returns.

No mention of DBOX/PLMO - wonder if GUN bought their loan note for a nominal sum. Would be good to understand how much of the Oyster asset we own and what the relationship with Northbay is.

Curiously from the further post on GUN it appears we ARENT the note holder to Oyster. No mention of our loan note assets in the DBOX admissions document. Guess that was a million of our assets up in smoke then.

Cosmic.

Interesting post on the GUNsynd chat board this morning suggesting their and our loan notes to Oyster have been exchanged for the entire share capital of Oyster. No idea what value is there but if there’s anything at all it’s a bonus as it’s written off in our books.

Interesting - the other is Digitalbox (formerly Polemos). I imagine they’d be up for selling to Gunsynd as it’s clearly non core for Digitalbox.

Shaun - I do not doubt you are telling the truth. I am sure W H Ireland have been engaged to advise Fastbase on its float. I’m equally sure their advice will end up being “you have no chance”. It’s just obviously a scam. They’re talking of having over a million companies signed up for their service. I run a £10m firm and network with other business leaders about digital marketing etc and have never come across them. 94% of UK companies aren’t the kind of enterprise that could use Fastbase. They’re IR35 type businesses used to bill for someone’s time, or they’re a holding company for a buy to let investment, or they’re a shop selling to consumers (Fastbase doesn’t work with people visiting sites from home). Applying that 6% ratio globally to the estimated 200m companies means that there are about 12m potential clients for Fastbase. You’re asking us to believe it’s got 10% of the potential market sewn up, yet no-one’s heard of it or reviews it online? Come on. When W H Ireland gets round to doing some due diligence they’re going to run a mile.

Not much of a flurry so far it has to be said!!

Think we have to hear by the end of Tuesday otherwise holders of >3% (or former holders of >3%) are breaking the rules.

Yes, that's in the admissions document too ;-)

Lol, that has nothing to do with it. Read the detail of the admissions document.

Based on 2018 results probably looking at around £500k a year of profits.

Just came here after a while to get an update. Fastbase is clearly a scam, no-one is going to touch it. It won’t float. If it somehow floats it’ll collapse. Optimist you’re true to your name but it’s time to get real.

It’s not really true that there’s no downside, there’s significant reputational risk for Gunsynd in being associated. And not least that several GUN shareholders appear to have been duped.

Also alarmed by the radio silence from GUN. No announcements at all in Jan or Feb. If they had something good to say they’d have said it. Let’s see how grim the interims are when they get announced.

Don’t think it’s legislation is it, Socialist?

My account with AJ Bell still calling it PLMO and valuing my holding at zero. Quoting a price but can’t trade.

I agree it’s really poor but there are greater injustices in this world.

More interested in what happened to our £800k of loans to Oyster and Securlynx. Have we made any attempt to recover them? Reckless investments by the former BOD. Is this the sole reason that the deal was done at 0.7p instead of 1.1p as originally announced?

Knicol that's dangerous nonsense. Millions of new shares were printed for the Digitalbox assets. There's no PREMIUM for the assets. Arguably because the market thinks one isn't deserved.

As it happens I like the business. I hope the shares go up - my original holding was at something like the equivalent of 50 per new share, I bought lots in the placing at 1p (20p per new share) and sold almost everything I had at 1.3p (26p per new share). I have a handful left which I was in at 1p /20p. As I say, I like the new business, I might buy more, but I'm well aware the old holders have less than 10% of the new business. The new shares are where the value for the new business is. No inherent reason to say it's undervalued unless it's above 14p.

Seems unlikely. Barring last year they’ve been late March for years. But we can hope!

Should see a flurry of holdings announcements over the next few days as the placing reshapes the shareholder list.

Let’s hope we aren’t forced to pick sides...

Best shell on the market has to be worth fighting over though.

I'm not convinced that's the main reason for the rise :-)

Who knows? Maybe she thought it would rocket; on discovering it hasn't, she's decided to simplify her affairs?

Maybe we'll get the NAV back up to where it used to be before it all gets spent on running costs...

Haha possibly!

Jokes aside though, if you held 3% my understanding is that whether you sell to 2.99% or sell every last share, the TR1 form says "below 3%" meaning you no longer have a notifiable holding. So there's no way to be sure.

Does feel disappointingly early for an experienced investor to be getting out though. This does feel like it could go a lot further.

risk if by a "ramp" you mean a higher share price, with a management team determined to find and execute a decent RTO a higher share price is more than justified. This used to be a £800k market cap with £800k of assets. It's now a £1.6m market cap with £2.0 of assets, and the assets are much more liquid than previously. Got to be the best shell on AIM.

There are undoubtedly some pretty unscrupulous people running AIM companies - but aside from obvious situations where the SFO are investigating (CAKE for instance) it's hard to form a judgment except where I've met people and followed them for some time (years not months). I've met the chair of RGO, YOLO, and PIRI, and in none of those cases would the term shyster seem remotely appropriate. But in all three cases the "small investment company" strategy just doesn't seem to have worked - even in PIRI where the underlying investment portfolio has done brilliantly. Easy to see the problem - the running costs of a plc are six figures, if you barely have seven figures in assets you're looking at running costs over 10% of assets. Incredibly hard to make a sensible return against that headwind, without taking crazy risk levels. Just wish they'd recognise it and put more effort into finding an RTO!