Member Info for Raleigh

There is nothing priced into that 1.46 going forward, that is how it stands today - nothing for MXLG, Ravenscroft/GIF, and whatever other opportunities arise.

It may just be getting off the mark now. The board has made their views clear - anything under 1.46 will constitute real value, as opposed to speculation, particularly when viewed over a three period with regular newsflow, supported by a share buyback. The portfolio is where it is anyway, with the latest investment in Ide being bought at 50% discount to current price.

There is another major point - not only are Ravenscroft aligning their interests more closely with MXCP, but in each case the interests of management are aligned to those of other shareholders by virtue of majority personal share ownership.

A little more background. Pula is the Lansdown family vehicle, invested in the GIF. Stephen Lansdown is chairman of Ravenscroft, owns almost 30% of it, and has invested the maximum amount allowed in their funds.

https://portfolio-adviser.com/ravenscroft-trio-reveal-uk-expansion-plans/

The GIF itself is known to have made at least four investments so far.
https://guernseypress.com/news/business/2018/06/01/public-backed-fund-makes-investments/
The benefits of MXCP extending their relationship beyond the GIF with Ravenscroft, through joint investment (including through inclusion of investee companies in their funds ) is self evident.

We are, as you know, waiting for permission and completion on that.

Exactly. I try to work with what I know, taking possibilities into account. What we all know is that an opportunity/arrangement existed today for larger holders to sell and buy, and it did the share price no harm. The opposite in fact. As to who sold, MXCP, Kestrel or whoever, and who bought, it does not matter here, though my hope is the shares have started again with smaller holders.

I was pleased to see the win for Managed Services notified today, as it is a continuation of the uptrend mentioned in the final results, providing more profitable contracts.

The following comment was interesting, indicating current ongoing growth in new customers, and the further consequent additional potential over time.
"As we continue to expand our customer base, we are also seeing increasing opportunities for upselling and cross-selling other products and services across the Group."

H1 end approaches, and we shall know more in October ( dividend announcement ? ) though as with today, there may be something else before then.

Whatever is added, MXLG appears to have started well with SICL, it being reported ( Megabuyte ) that it is balancing its solutions business against growth in managed services, and that this should drive revenues up 22% to £11m and net profit of £1.7-1.8m (up 80%) in the current year( 2018 )

Ahhhh. Say no more, old boy. It shall remain your secret.

I agree the identity of the co-investor is unknown. Thankyou.

Identifies progress in and optimism for the managed services side of the business,, under lengthy contract.

have seen nothing to indicate that the MXCP/Ravenscroft/GIF arrangement, into which MXCP has committed to invest up to £5mil., (with the States of Guernsey and Pula also named ) is at all connected to MXLG. Everything I have read puts them as separate propositions - but perhaps there is something somewhere indicating otherwise?

If sold at market price, as on previous occasions, Castleton shares would currently add £6.65m to current cash.

In relation to investments/acquisitions, on 9th. May we were told

" the first half of the year saw MXC sign agreements with Liberty Global and the GIF. During the period, the Group developed its pipeline of potential co-investments with both of these entities and since the period end, both the GIF and the Liberty Global have made their maiden investments and expect to make further investments in the near-term."

Having followed events through from the £5.1m at bank on 28th February, and assuming arrangements with Ide go ahead as foreseen, it appears to me MXCP has of the order of £12.3m cash at its disposal. There are no borrowings.
That figure is about the same as on another thread, calculated independently, so I am satisfied that it reasonably represents the position.

The company is well set up for the future, particularly as it is now operating on a co-investment model where it's 50% of the MXCP/Liberty Global partnership will likely be shared with another investor as with the last acquisition. Funding appears covered. It is my belief that the company will free up further cash for later investment/acquisitions by sale of the remaining Castleton shares, as and when required.

In my somewhat biased opinion as an investor, I believe people are missing a trick here. An opportunity to invest in the new and substantial opportunities on offer, whilst in the relatively earlier stages of the company's published plans receiving a form of guarantee in the form of the RNS - promised share buyback. But to derive optimum value from that 'guarantee' it needs to be exercised as early as possible and at the lowest price available. It may be that investors do not find MXCP attractive (historically it has been disastrous) but I believe some do not 'get it', that the risk/reward potential over a three year period is currently very much in investors' favour, that risk being shared with management personally.

That, and/or buyback. Perhaps at same time, and no reason there will not be more than one acquisition.

Some share juggling giving rise to a net result of an extra £2m plus in Mxcp warchest.

I can go no further than the net result of the latest announcements. It frees up £2m+ cash for MXCP future deals.
Of no further consequence to Castleton, which is ticking over nicely.

Putting listed investee companies aside ( they are all where they are ) now waiting on
News of Liberty Global acquisition(s)
Progress on the new investment strategy focusing on privately owned growth technology businesses, overseen by Marc Young.
Progress on Ravenscroft/GIF investments.
News of completion of Ravenscroft investment in MxcUk, whereupon Mxc can commence share buyback ( logically at a lower price than the board anticipates it's plans will achieve ) FCA approval RNS will very probably in my view come earlier than anything else.

Those trades, whatever they are, seem to have taken care of themselves - absorbed one way or another. One takes a profit, another looks to do so.

My ideal scenario was not to be. But never mind, Nigel WRAY upping his stake is not exactly bad news.
As you pointed out, there may be some elasticity now after a good run, but company performance, whatever it is, will ultimately drive the price.