The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Do you really think we’ll invest anywhere before selling LEAP? I posted this on 25th Nov. If I were Ed, I wouldn’t want to be selling a 47% stake in a £100m asset without a few hundred grand in the bank for legal contingencies. Thus, I think we’ll sell soon.
“We had £2m on 22nd Sept, and running costs of c. £70k/month. So, from mid Sept to end of Nov, that's £210k running costs, £150k on SW Brands and £390k on Leap. So, we've spent £750k of £2m. That's not a lot of headroom left... which some might think suggests a HUGE LIQUIDITY EVENT must be on the cards soon. In three months time, Ed will have less than £1m in the bank for disasters / contingencies. I think we'll see movement before that point...”
Longlad - are you sure? Looked to me like the original 100k was shown as a sell, but is actually a buy... then the order has been topped up: 100k switched for 200k; then 200k switched for 450k; finally 450k switched for 525k after hours... but all listed at the original trade time?? It feels like someone is accumulating at a similar speed to when Rhonda got out, with similar MM support.
Ahh Fatman, you are just the worst. You have consistently talked about Ed’s underperformance (based on misquotes) and how SP will drop further. Why haven’t you sold, then? You can always come back once we’re in the 4s, which you think is inevitable - although I doubt any real holders would miss you.
I know half the posts here are intended to be irritating misinformation, but I’m SO BORED of people misquoting Ed and using it as a stick to beat him with.
I’m not saying he’s doing a good job, but at no point has he said share price will be 23p by yearend. He was pressured to answer an interview question about valuation by yearend (could be Dec or March), which was intended to make him reveal timings of the Leap sale. His response was that while he couldn’t give anything away, he wouldn’t swap SEED’s holdings at yearend for a £50m cheque. It was not a stupid remark for him to make. As I’ve said before, if IMG value Leap at £75m and buy us out, it pretty much takes us to NAV of £50m.
I don’t know why people interpret “yearend” as calendar year, not financial year - which is relevant for tax and reporting.
Oh come on, O'Donnells. We're all trying to find something positive to say, and you're throwing out double negatives?!
Maybe it is just total pony until New Year, but as my Pa used to say: "don't hit the pony; hit the dusty old trail or hit the hay".
So in Bambi, when Thumper was saying "if you can't say something nice, don't say..."
...do you think this is what he was expecting?? Did nobody have anything at all nice to say today?!
(*n.b. I'm counting this as nice)
I don’t know if I’m real, anymore.
I thought there were other people, but there all acting so suspiciously I question there existence as well as there motives. If I ever forget how to spell, I’ll no I’m no longer real and have become an alias. X
Blimey, sorry I asked! If I was being nosy, O’Donnell, it’s because you often say things like “We don’t understand why people are selling in the 7s… 6s… 5s…”
I’d also like to understand this, so I’m pretty open about when I’m topping up, how underwater I am etc. and I would tell the BB if I had to sell a few at a loss for cash flowing / other investments.
I assume people on here are relatively cooperative, rather than aggressively trading down, so isn’t it in everyone’s interest to have an idea of what % is held by regulars on here…? Then you’d get a better idea of who’s selling at 5.5 rather than relying on assumptions like: Rhonda’s brokers probably only trade in round numbers (!!)
Why do you think there are multiple sellers? It could all be multiple brokers for Rhonda Abony.
I never understand why people on here aren’t more open about their dealings. How many are you holding now, O’Donnell, and what’s your avg price down to??
Yeah… when I’ve bought into private equity via a broker, like with Northern Leaf through Chrystal Capital, I’ve had to self declare earnings over a certain threshold in the last tax year / that I’m a sophisticated investor. Equally, I can’t pay for crypto or shares with my credit card. The new regs for gambling probably won’t sting much more than that.
I'm not saying I disagree with EVERYTHING that has been written here today, but thanks to Gooner for actually talking sense.
For anyone who bothered to dial in / listen to the recording of the AGM in Sept, the Sept interims are NOT news. I've posted breakdowns of these holdings and NAV per share several times; I've shared these SINCE the reinvestments in Leap and SWB. Some people need to be careful with percentages, i.e. we're at c. 50% of NAV, therefore new holders should expect to quickly make 100%... although if you're basing this on interims, they're over two months old. (Whoever said wages had jumped up... No they haven't, not since we were told on Sept 22nd what they were; they're in the tracker I share round...)
SEED don't hold enough in Yooma for it to materially affect our SP, but I do agree that with Lorne as chair... the reason for Rhonda switching sides is not driven by SEED. I've mentioned this SO many times, around whether the family are shorting / moving to Yooma / moving to Peridot... or if there is an unofficial agreement around a big new investor coming in, who benefits from the price slump. See the delayed trades from yesterday that look like shorts... Someone's having a play.
Ed gets far too much grief for "wouldn't accept £50m for the company". For one, I'm not sure that he actually said calendar yearend, rather than financial. Either way, it was in context of the hidden value in Leap being realised. There are understandable delays with that, the market is down, but by financial yearend we could well be at £50m. The auditors haven't downgraded the holding value of Leap, suggesting it's still on track, and they're not going to present it at its sale value unless that's practically certain. Plus, that was as at the end of September, NOT as of today. It could be sold tomorrow for £75m and that would give us a market cap of £50m. Auditors aren't going to sign off on a gradual ramp up of its value.
Why are LTHs so special? I started researching / buying in about 10 months ago. I've got just over 550k shares at c. 8.5p avg. I think following investments is something there is a skill to, rather than something you "get a feel for" by sitting here years saying the same thing without even learning how to spell it. I used to really like this BB but it's becoming an echo chamber.
Yeah. I think we could win the Turner Prize if we record the online party, and display it alongside a scrolling history of the BB and share price. Then we’d actually make some money. (People’s perceptions of me are bang on, though…)