Member Info for reefles

Yeah - but it's not a "clinically meaningful reduction" in share price!

Love it when we’re on the leaderboard.

The last six months make SEED look like a sane investment.

DJP4976 - it was a shareholder meeting for Northern Leaf, so Ed and Alfredo were just listening in, not speaking. NL are looking for a bit more funding so they can push their IPO back a little until the market's more buoyant. Good opportunity for Seed to step in. NL are a great company and it should be a relatively low risk investment with a decent return.

...I'm in an online investor conference with Ed right now... Anyone want anything adding to the Q&A?!

I reckon we'll see Seed swoop in with another £700k - £1m to support Northern Leaf's IPO, in the next week. Sounds like the IPO has been pushed to Q4 and things are tight. (These predictions based on runes and divination.)

Do the prices today look odd to anyone? Like, why has the ask price just risen, given the trades so far??

Thanks Sam. Yep - I know what an AGM is. I've never personally held shares in a private company that is going through an IPO, though, which I think is quite exciting. See the Notice of GM on their website: https://www.northern-leaf.com/

There's a name change, new articles, a vote to allow directors to issue shares without prior consent, etc. etc. And it'll be the first look at the 2022 accounts, too. If they are as good news as the GMP Accreditation, it should all be looking very rosy on the way to market.

As you say, though, the real SP mover wil be an investment grabbing the attention of the market.

Haha - how about... it's the Northern Leaf AGM tomorrow. (I was tempted to head out to Jersey for it, and see some old mates, but I had to be in the office this week.) Should mean everything's in place for an IPO in the next few months.

Silence in the courtyard, silence in the street...

Yeh, no, I'd put money on it that something is happening.

Hmm... It sort of feels like something's happening.

Https://www.johnogroat-journal.co.uk/news/caithness-man-fined-after-disabled-parking-badge-expired-whi-279892/#:~:text=John%20O'Donnell%20(79),been%20married%20for%2065%20years.

Well blow me down, it IS all real...

Took them long enough… (see OP)

There was a nice update to Northern Leaf convertible loan note holders this afternoon. Probably worthy of an RNS for Seed tomorrow.

Cheers mate!

I’ve been largely silent on here for the past few months because any thoughts I post here have always been ignored. Mind you, I’m not exactly a pro trader! Still sat on over half a million shares at c. 8p, having invested about 50% of what Ed has… (I should have been more like the day traders, but this method means I get to keep hold of my soul!)

Have a great secular / non-secular weekend.

Haha- I’m half ****ed off with Ed, half in admiration. He wanted two things: to buy into SEED; and to get a 25% investor on board.

To do the latter, he would need to own a decent percentage of the company; and also get rid of Leap (the major investor won’t want the old FFWD stuff).

It’s actually worked in his favour to crash the share price by delaying / giving away Leap, as the delta been SP and NAV - as it falls - has been exaggerated. And the delay in buying could all be tied up by him having a conflict due to his Board seat at Leap. I’m sure IMH paid him handsomely for that, and ended up with mates’ rates on Leap.

The good is Ed will want at least 3-4x return over the next 12-18 months. This is a sure sign that he is incentivised to (and now in a position to) bring in an institutional investor.

The MMS have managed to scare away all the PIs. All of this IMHO, but surely now is the time to fill our boots…?

Midas - I’m sure you know that a book valuation of an unlisted equity investment under GAAP doesn’t relate to its market valuation, if the sale takes place after accounts are signed off. It’s valued at historical cost, less impairment indications, but not increased due to unrealised market expectations.

From memory, even if a sale takes place between yearend and the signing of the accounts, the uplift would be shown as a PBSE not a revaluation on the balance sheet. The audited valuation might lower the official NAV, but not what we should interpret the real NAV as. In my humble opinion…

I probably sound like a broken record, defending Ed’s reputation, but…

…while we’re all whinging that we haven’t had better returns over the last year, Ed has been on a Board (at Leap) who have been responsible for c. 50 Ukrainian staff, whose home town is being evacuated due to war, after an international pandemic.

The team have been relocated. Leap is in profit, whilst increasing sales and territories and partnerships. Seed have just facilitated the cash for M&A that Ed has orchestrated. We aren’t privy to many of his decisions because of conflicts of interest, but the panel who *do* see the details of his performance decided to give him a bonus and a pay rise…

I don’t know what more people expect of him…?? That he’s going to set up his own Telegram group, like Quint, and drip feed info just to LTHs so we can profit from trading rather than holding…?? There is no evidence that Ed is like Lorne Abony or George Roach (as someone said today)!

Haha, if Leap’s revenues / profits were higher, they wouldn’t be doing their job right…!

At their stage of corporate growth, especially in a competitive global market, they should be making a land grab by undercutting the bigger players on fees. What has Twitter’s revenue been like over the years?! Or even Wordle! Of Leap had made more cash, it would have been at the expense of expansion. So they don’t have much in the kitty… they’re increasing their share of the markets IMG want.

Ed also mentioned at the update last Sept that he was particularly well placed to sit on Leap’s board because of his experience with reverse takeovers. Nice to see it finally indicated at in an RNS.

I don't understand why anyone is bothered by a bit of pump'n'dump - unless they were duped into it (Mr OD, did you really top up at the peak?? I hope not.)

It was an opportunity for LTHs to get a bit of liquidity back, if they wanted. We're never going to get the SP up to our post-Leap NAV with just Quint and his 100 mates. In fact, the more you think about IMG's position...

IF we float Leap, think about the ratio of our SP to Leap's SP. It no longer becomes about our NAV. If SEED still own a third of Leap after the float, for example, our market cap should not fall below one third of Leap's market cap. If they're worth £100-200m, happy days.

But why would IMG allow that to happen? Surely the suspension to SEED's trading will be a vote on whether IMG can buy us all out. That would explain Ed's inability to buy, too. (I'm sick of people saying he's doing a bad job, and that SEED is a POS. Ed got a bonus and payrise, while keeping all his cards to his chest, which is just a straight up indicator that he has strong plan which he can't tell the public about.)