Member Info for phenomenonnick

Added 2x 100k yesterday.

Meanwhile GedW's biographer continuing to waste everyone's time.

Calamari / Tovers - let me help (a bit). I do think the RNS could have been clearer. You can pretty much double the year end NAV from the acquisition of the stake in SURE (paid for by PIRI shares) and the cash received from warrant issues. This means we now have a big effective stake in Sure Valley Ventures, whose NAV is mostly calculated based on the last funding round of its investments. As Artomatix, Buymie, and Admix have shown, subsequent funding rounds can be at many multples of the previous round. So the portfolio Net Asset Value likely hugely understates actual worth of these companies.
THEN yes you can add Pluto on top. Again it's widely expected to float at a big premium to the price paid by Pires.
So a fair price for Pires is a multiple of historic NAV. Adjusting for the share issues it looks like we're currently at 3x NAV. That doesn't seem unfair to me. Arguably cheap if Pluto or low6 soar when they float. I did expect the price to be 20p by now based on Pluto. Some of the heat has come out of crypto but if Pluto floats in Q2 at a decent premium, 20p doesn't seem unreasonable.

More tedious nonsense GedW. The IPOs are planned, not “alleged”.

Not sure who “agreed” this is an efficiently priced share, I suspect you’ve been talking to yourself. I would argue all AIM stocks are not priced efficiently in the sense you mean.

But if it were true - the risk of the IPOs not happening, and the alleged risk (see what I did there) of a high performing investment company issuing more shares to raise capital to invest are both FULLY priced in.

In which case, what point you continuing to hang around making the point that shares are fairly priced? Isn’t there an economic theory Reddit you can go type at instead?

Just checking in here for the first time in a while. What a lot of toxic nonsense. Evansalone if a broker did a placing in one of the stocks I was a TR1 holder in I would be fuming - though I make sure I'm registered with the broker to any firms that I do have such a stake in. But asking to be informed isn't to "give you the chance to offload", it's giving you the chance to participate. When you get called you're made inside and you can't act on that knowledge without committing a crime. In these micro-cap companies, no-one is risking enough to be worth doing time for.

Andrew987 - obviously this is mostly estimates and speculation, but:
When - Q2 of this year is the latest estimate. It was going to be "March/April" but then investor interest meant the pre-IPO round was larger than planned so I believe they want to deploy the larger amount of capital and show it's generating good returns before they raise more when they go public.
What Market - the Access Segment of the Aquis Growth Market initially, though they're looking at listing on further exchanges later on (I suspect if things go well they'll skip LSE and head for NASDAQ)
Estimated Float/MCap - that one's obviously pure speculation, and in large part depends on how well they deploy the $40m or so at their disposal. I note that they turned a $200k investment into $6m last week, so if there are a lot more like that they'll probably do rather well. Chris Akers, our largest shareholder, has estimated Pluto will have an initial market cap of £100-£150m. We shall see. Doubtless GedW would point out that the market clearly expects less otherwise the Pires share price would be higher. I'm buying Pires in the expectation that the market is continuing to not properly consider the value of Pires at all, and is as wrong about the price this year as it was last year.

GedW if you believe markets are efficient I wonder why you're bothering here or indeed on any stock specific board. Care to disclose your position?

Boots already fairly full but I'm buying again despite this being well over half my SIPP.

Master RSI - second of these was mine, as was another 100k today.

TT - no problem. Hopefully Aquis won't be too far off for AJ Bell clients.

Strong emotions here today, understandably. There are valid points on both sides of the argument. A few thoughts from me:
- I took this placing. I also took the last one at 0.3p.
- surely no-one sold shares Friday (or would have if they knew) or forward sold placing shares, knowing about the placing. It’s a criminal offence. This is all relatively small amounts of cash, I can’t believe people who have access to placings would risk jail time.
- I bought because Nigel Burton has a track record of deal making. He surely isn’t going to sit here growing a £25/mth revenue business organically. Life’s too short.
- I am therefore a fan of the management
- nevertheless I am shocked that they released an interview on Friday. I can’t understand the timing. The placing was all organised by then (and heavily over subscribed), so it really wasn’t to ramp the price. It was 0.29p when I agreed to invest at 0.25. I do think this was poor conduct and if I was unaware of the placing and had bought on the open market I would be furious.
- maybe the company doesn’t have control of the timing? Does seem odd.

That aside I do think this will do well, not just from these levels but for anyone who bought on Friday.

Investor81 - it needs to be at a discount because otherwise people would just buy shares in the market. My money has already been tied up a week when I committed to invest (when the price was 0.65p), knowing that it may well be the end of April before the shareholders formally consider whether or not to let me invest. Just because a flurry of buys boosted the stock over two days you think they should unpick a placing that was months of planning and try and persuade us that what looked a reasonable investment at 0.6 is still reasonable at 0.85?

You just aren’t being realistic.

Cebo - yes forward selling still happens, no it isn’t my thing, but even this year the exchange has been pretty hot on people trying it. The issue is where - as here - the member firms are unable to meet their settlement obligations. What member firm in their right mind would allow forward selling of a share when there isn’t even a date for the EGM where shareholders consider it? Even on T20 they aren’t going to be able to settle.

Yes I took part in this and it didn’t look a big discount at all, it’s just the effect of the last two days. Also though, surely none of the placing shares are forward sold. I have literally no idea how you could do this when there isn’t even a timetable for them being issued yet.

CertInly do, and he posts on here - baz9707 I think.

Legendary investor IMO. He finds the Akers stocks before Chris Akers knows he’s going to get involved!

Gotcha. I feel like there’s a fair bit of coverage - in many ways the investee companies are the story. There’s huge amounts of excitement around Pluto. Many of the SVV companies are Irish and it feels like most weeks one of them features in the Irish media, sometimes more international coverage. As for Pires itself, we mainly seem to use Vox Markets podcasts, Nick Lee usually does an interview to explain the more significant transactions.

I'm guessing "a while" means "not very long at all". This is up ninefold in under a year! It is rightly getting attention. It's one of the best ways to get exposure to Pluto Digital Assets which looks to be the most exciting float of 2021.

Yeah, this is the place for pessimists it seems. Twitter groups are more active. But I gather Telegram is where it’s at - just looked, the Pires group there has 228 members, of whom 55 are online right now! It includes all the TR1 holders bar Riverfort - whereas I think I’m the only one left checking this board more than once a week!

It's hardly waning antelope - it's literally trebled since they moved into the two assets in question. Last month Low6 said they were listing in Sydney in Q2. I believe Pluto is looking at a similar timescale for a listing on Aquis - given it was only formed in January you can hardly accuse them of being slow.

GedW we aren’t going to advance the debate if we rehearse the same points. Yes there isn’t a conventional “business” here, it’s an investment company giving private investors access to tech companies that are hard/impossible to access directly. They’re creating several million in value this year and I’m confident this will continue. Years ago this stock was a “value” play based on the sum of the parts being lower than the market cap. I would accept that 20p includes a level of value based on expectation of them continuing to make value-creating investments. Most successful companies trade at a premium to their assets, reflecting their ability to create value. Pires is no different. If you’re set on being a value investor you may need to go look elsewhere. You have my motives the wrong way around - I’m not hugely positive about this stock because I’m holding a massively long position; I’m holding a massively long position because I’m hugely positive about this stock. Time will tell if I’m as right at this level as we both were about it being underpriced when it was a fraction of this level last year. Now, enough about my motives for being a fan; tell us about your position here and motivations for being so negative?

Antelope - I think that £6.4m value for our Pluto shares at IPO is entirely feasible, possibly low. But the point here is that Pires have created that value from a £200k investment in December. They also have a £2m stake in Sure Ventures plc, a fair bit separately in its main fund Sure Valley Ventures, and a whole bunch of other direct investments including low6. And a fair bit of cash to deploy in more value-creating transactions.

Hi TT - not involved in TRAF sorry, got a handful of warrants but no idea what’s happening there.