Member Info for Rhaegar

from the company preferably, rather than individual posters lol.

I remain deeply cynical. Have any of the new faces (Alex, Striebs, Mayfair) visited the site? I would like to see photographs evidencing the progress made to date and an explanation offered as to where the 2014 revenues have gone. I can see from the blurb that there is a very attractive end game, but I'd need to see more than blurb and a several year old prospectus to invest.

I'd hoped to go to the presentation at K&L Gates on Monday, but haven't been able to free the time. I'd be grateful if you let us know if there is anything particularly interesting said, and your thoughts on Kalaa, if you haven't met him before.

Our views differ slightly on this, but appreciate you taking time to elaborate in your reply. It's a bit of quiet board and it's you've an interesting angle to offer on the debate.

Nice results on the whole...but pressing concern regarding cash position? Large increase in receivables, 90 day payment terms and cash instalments for acquisition...plus requirements for ongoing working capital (and any further growth). Overdraft is tiny. Some prospect of a placing? Good ii support last time, so probably won't be at much of a discount if required. I really like the underlying business, but in some respects it all seems a little sub-scale for a publically listed company?

I see I've been beaten to the comments regarding Dunc's canny trading and his booming property portfolio. I actually googled him earlier today and found all kinds of articles on page 1 of the search...I'll leave that for others to do themselves rather than commenting further. With the cash burn, awful outlook and (what appears to be) self interested management, it's quite a compelling short. I don't yet have expertise to do so, but think it all looks quite bleak

That's very comprehensive, thanks. You're an asset to this board, great informed commentary.

Which website do you use for your spot price nickel? Are the Shanghai prices applicable to MWA? Not read through RNSs in enough detail to see distribution chain (if it's disclosed)

Incredible timing with your entry...what took your eye/led you to pull trigger? Realise you know company already, but that's top flipping!

Hi riddler. I don't have a position here, but don't think today's RNS looked too bad. Seems different to NBU, on face of it at least?

Hi Boxer, boards are for debate so always happy to have my views challenged. Using links, I can support this chronology: 2012: FCA cracks down upon bundled bank accounts (http://www.ft.com/cms/s/0/575a3f40-d7e6-11e1-80a8-00144feabdc0.html) 5 May 2014: HSBC renew contract with Red24 (http://www.red24plc.com/red24-reappointed-by-hsbc) 18 August 2014: Following an internal review, HSBC withdraw business in relation to UK mainland customers (so see your overseas point by implication) ( http://www.investegate.co.uk/red24-plc--redt-/rns/trading-update/201408180700083343P/) What can you provide to challenge that timeline? Was there increased regulatory pressure between May and August 2014? Also, the May contract was for a 1 year extension, but the revenue impact will be felt before May 15, so why was the break clause activated? Finally, in reference to FCA clamping down on non-bank products, and your suggestion that there are no issues with Red24's competitive offering, I note that HSBC are still outsourcing their identity theft coverage (to a non bank), just not Red24? (http://www.hsbc.co.uk/1/2/popups/identity-theft-assistance; http://www.privacyguard.co.uk).

As I speculated on 18/1, the large expatriation (together with other consulting revenues) have masked declines in other parts of the business...declines not related to HSBC's termination of the identity theft business. The consultancy work is great, but as noted 2014 was a busy year in crisis management, will future years present perfect storm of Russia/Ukraine/Syria/Iraq/Ebola, etc? Credit goes to the company for being noticeably more transparent and open than in previous releases...there's some good information on the company's revenue streams and decent commentary from management. However, this only serves to further highlight areas of weakness in my view. They openly accept that they have high fixed costs, and state the loss of the HSBC business will have a strong impact on 2015 FY revenues. Identity theft is as big an issue as ever, so what issues did HSBC have with REDT's offering?

I'm guilty of often being a bit superficial with my analysis...a big weakness. Think Porter type analysis that your friend probably undertook is the sort of thing that often distinguishes (ex and current) pros from most amateurs. Unfortunately zero sum game...so I should get act together really. I looked closely at RNS feed from last 3 years, to gauge trend in revenues/profitability/delivery on key objectives as a simplistic way of assessing managment. I also looked at m/c, debt, cash and profitablity vs listed peers...but have some difficulties as few true comparators. Finally looked at broader sector trends and geographical factors. A year ago (before I looked) it would have stacked up well in all of those respects and been a cracking prospect...the last year has shown perils of small cap investing imo.

5-6 seems unlikely unless results come in below expectations, but 8-9 seems almost inevitable. Interesting focus...in truth I had overlooked that aspect. On reflection, they're clearly very exposed in that respect and the risks are quickly apparent. Probably too early for you to to say wrong call (imo), I think next 6-12 months will tell. Watching newsnight I'm reminded of the German prospects here, have to see how that goes. Was he more positive on GBO/RGS? I hope that app isn't the sum total of management's plan to plug the gap in the revenue!

MASSIVE upside...POISED to pop...LeVeL 2 TiCkiNg Up...ReSeArCh ReSeArCh ReSeArCh etc, etc

Fort well manned. Yes, it does appear to have turned - the volume has increased, the last of the selling looks (hopefully) done...now due a bounce from an oversold position? Results 18th? Not too long for that, should be good.

below 9p for quite some time. I think I'd need single figures to buy. I misread the trading update RNS in the updates below and thought the reduction was over a full year, not half. So EBIT more likely to be £400k ish if no new business is won ...

Clogheen's link, as it offers a helpful summary: http://boards.fool.co.uk/firstly-a-big-thanks-to-david-amp-finncap-for-12992239.aspx The greedy part of me is tempted...but if as cheap as it appears I would have expected Peter Jones and James Sutcliffe to make bigger purchases. They have experience, industry expertise and access to all company documents. It looks like a 5-bagger, so why no 5 figure purchases?

*partly functional

Still mixed feelings...are management being totally open? "RNS Number : 3850I SKIL Ports & Logistics Limited 29 May 2014 ... We continue to expect to have a revenue generating facility in operation by the end of 2015 with revenue from partial commencement of the logistics facilities expected to be produced by the end of 2014. ... RNS Number : 6107R SKIL Ports & Logistics Limited 15 September 2014 ... Based on the progress to date, as outlined above, I remain confident that SPL will deliver a fully developed and operational facility by the end of 2015. We constantly liaise with our contractors and engineers to identify delays and potential delays and thus far are satisfied that the build out of the facility would be operational by the close of 2015." Where is the mention of revenue in 2014 gone from the latest RNS? Every update since the first mention of this in 2013 has said "meeting expectations" or whatever, but they haven't laid the piles for the jetty - so how will it be fully functional? Revenue itself is immaterial, as apparently fully funded, but opacity doesn't compel? ...Like the multibagger potential, but the story hasn't read straight to date (that goes beyond my quote...read all RNSs)