Member Info for Rock8

Not for the listing change but the demerger.

He originally said there would be a vote.

I would laugh if he’s now been told that a shareholder vote IS actually required?

No volume but low volatility and tight spread.

Unusual combination here.

There is also now another 169,002 offer at 33.5 that comes and goes but displays the same behavior when the actual price gets close.

Also active since Thursday but comes and goes during the day - Today arrived at 0956

34.5p

On Thursday they could have got the price but they moved it around to ensure they didn’t

Sorry 'offer' not trade.

Better describes it as it's on the book.

Same 355,535 trade sitting on sell side every day since about 1430 last Thurs.

Looks like false trade but still there.

Investing in a private company is enormously risky for PIs and actually not possible if invested using a SIPP or ISA(most will allow the investment to be held outside the ISA).

Its not as you suggest

A combination of the two would form a very resilient organisation.

One of the many benefits of size driven by consolidation.

And £200m market cap.

Can believe every competitor isn’t looking at it now.

Sorry typo £1800m+ annual billings not £800m

OK so there isn’t a Bull case anymore.

Just as I feared but reflected in the share price on Friday

Nothing new in what you say as it’s all happened many times before.

Fortunately SMS is an old hand and will sell up before.

Frankly it’s his only option at that point.

He will know when that point is reached.

The only real asset is £800m of billings and that’s what others will pay for.

Most can’t or won’t hold Ingenuity as it’s a private company.

An added layer of unmeasurable risk.

We are reliant on Beauty having a good Christmas as we know Nutrition won’t

I am not expecting a business update?

Why are others?

Just demerger details.

As I said he needs to sell up.

Likely still worth 50-70p to a competitor.

They need to acquire some companies to diversify quickly but they don’t have the resources/share price to do that anymore.

He must know by now that as the tech companies are still doing incredibly well without spending on outside marketing they won’t be back.

Why would they?

SMS needs to sell up.

£800m of billings has a value to competitors

The sooner the better

No more profit warnings

Does anyone have a credible bull case for this share in the near term?

Need to get some balance.

Thanks