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.
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.
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!
Just been looking back at this thread to remind myself where we’ve come from. In August I said there would be a restructure and the deal would be below nominal value (draft told me I must be on magic mushrooms). I was in at 2-3p in HH days originally. Then in Sept the DBOX deal was announced and we were told it would be at 1.1p per old PLMO share. The RTO is now happening at 0.7p per old PLMO share. I agree it could shoot up - but it kind of needs to given the placing was 1p. Did I miss something? Has anyone seen an explanation of why we went from dealing at 1.1p to dealing at 0.7p?
Despite the apparent contradiction, both posts from earlier today are true, in my view. The track record of small investment companies on AIM has been awful. GUN, YOLO, and RGO/PRS are the ones I’ve got involved with and lost five figure sums on so far. The £6m rule is a good one - any smaller and the running costs swallow the return. Look at PIRI - the largest investment goes from 16p to 66p and our share price stagnates as salaries and running costs swallow up the returns. The board needs to do an RTO. If they can’t find one maybe it’s time to retire. If there isn’t an RTO by the next AGM I’m voting against everything and everyone until we get change.
Ok, looks like assets now more like 3.2p per share - half of them cash though, giving the company enough cash to do due diligence and fund the cost of an RTO without selling the ECO holding. This has to be one of the best shells out there - as long as the board get a move on.
At 65p per ECO share I think it's more like 4p than 6p isn't it? Based on last month's update and the uplift since 18 Jan.
Still a much bigger discount than it should be. Current situation can't continue, at some point this will rocket. But I've thought that for years now!
Exactly, ICL. Think I got out at 0.12, a 20% loss. Call me George Soros!
Just checking in here for the first time in a few months. Looks grim - fundraising needed before June, if it's around the current price I suspect I can kiss goodbye to my warrants that expire in November!