Member Info for ronmcdonald

From the FT: "The LSE said it had thoroughly investigated the claim along with the FCA and found no evidence of wrongdoing. For both the LSE and FCA to be wrong, it said, “there must have been a catastrophic and incredibly surprising independent failure of their systems and analysis, both automated and manual”, for which there was no evidence." Of course, what would the LSE say... but who do you believe, LSE+FCA or BUR? Forget it -> focus on the accounts - not on the noise

The case continues. 

The LSE and FCA will go down?! LOL

Whatever the result, this whole case / exercise of shooting the messenger (traders) is blatantly to distract its audience from the bigger picture - the fact that this company is operating a quasi-ponzi scheme by issuing mountains of debt to fuel cash poor investments (litigation cases). Why would a company that has the following cash (as stated in the latest RNS) not pay a meagre £25m dividend? Particularly since (according to RNS) business can only get better with the virus?

o $161 million of cash and cash management investments on hand
o $180 million of shorter duration investments
o $758 million of undrawn fund and sovereign wealth capital

In fact, why does it need to raise £158m (2016), £136m (2017), £365m (2018) if it is so liquid? If your answer is "growth" - you are totally deluded.

The current CFO is the CEO's wife - not sure who else would approve the accounts... and the previous four CFO's / Heads of Finance left BUR within 4 years - that's one per year... This is a ticking time bomb - I never expected to see one before it totally imploded!

(I guess if you're form Manchester you may know Stuart? I ask because there's some info in your chat which I think would require an RNS... maybe not, but just trying to separate the wheat from the chaff!)

elrico - thanks for the info. But how do we know this is true and not made up? So much fake news flying around unfortunately - makes it difficult to trust even great posters like you

Fk1 is a troll - forget him/her. Just look at the facts:

*£1m of significant new orders between December and mid-February in the Cyber division (in addition to the usual run rate of the cyber business and are the result of new high-profile customer wins as well as incremental spend by existing customers.)

*The Group has also been successful in cross-selling new services to its existing MDR customers. These new customer wins (the majority of the revenue for which will be recognised in the next financial year), combined with much stronger recurring revenues in the Assynt strategic intelligence division, result in the Board expecting to deliver revenues of circa £5.9m for the year ended 31 March 2020 representing growth of 13% on last year.

*Covid-19: our technical infrastructure in addition to our processes and protocols has resulted in zero interruption to our service provision. We are, therefore, fully able to service our clients in this period with no loss of quality or service.

The question on how close to profitability FLX is remains (I think), but since they ditched the furnace project which was a black hole in their finances, FLX must be pretty close or there already. It's also important to understand that the company is growing - staff numbers are going up to win more business, which will affect profitability as it does for any company that seeks to grow

Is FUM really trying to commercialise a placebo?! Can anyone please explain how the placebo is different to many existing lubricants with similar "evaporative effects"? My guess is FUM's Directors are desperate to flog it off after researching & developing the product for 17(!) years, and failing the clinical trial... what a shame!!

Whether an overground (Kazakhstan) or underground (Macedonia) mine, both will have miners going to the pub after a shift, and both will have the risk of being shut down by their local governments whether miners are infected or not... I don't think you can simplify the risk of covid-19 for CAML as you have done here

That's great millsm - thanks.

Thanks, but my question is on the fear of some investors not having access to trade their shares in CNEL after they are de-listed from AIM and (presumably) listed in HKEX...

Price must be subdued due to its de-listing from AIM... what else?

On 23 October 2019, resolutions were approved by shareholders in relation to its proposed listing on the Main Board of HKEx (“HKEx Listing”) which included shareholders approving the cancellation of trading of the Company’s shares on AIM (“Cancellation”) simultaneous with admission to HKEx.

very helpful, thanks!

and yet difficulty keeps rising... maybe ARB isn't the only super efficient miner in town?

If we do believe ARB's efficiency, why would others be mining at these prices? Why would they mine at a loss? Surely they would switch off now and switch back on if and when BTC price rises... any thoughts?

Agree, wolster. Unlike gold, which has shot up...

Thanks for the reply, Wmsjames

Wmsjames thanks for listing all the pros, but what about the cons? Halving for a start: I agree with your view on difficulty, but what is CERTAIN is that from May this year ARB will receive HALF the income per block mined, and its costs will remain the SAME. So if the difficulty and, more importantly, the BTC price remain as they are now after halving -> ARB's margins go from ~50% to ZERO. Essentially, you are speculating that the price of BTC will increase significantly for ARB to be able to keep generating today's profits tomorrow... and that's a hell of a gamble! Please correct me if I'm wrong

Thanks for the extended reply, LunaNera. I think there are adjustments and adjustments. Indeed I am familiar with Graham & Dodd's work (I have a copy in my library, although I must admit I haven't used the CD that comes with it!). I think I should let Buffet explain my point on BUR's accounting, as it paints a much clearer picture than what I've written: https://www.youtube.com/watch?v=yk6ulqvpLnM

That's precisely my point - there is no free cash flow. Adjusting it to make people feel better about it is delusional and it goes against the advice of many of the great investors you quote

Graham, Dodd, Fisher, Buffett... all that is great and I agree, but you have to apply those theories to good businesses, and I'm struggling to see the earnings power of BUR... have you seen its cash flow statement? I don't like what muddy waters do at all, but having read their reports I have to say they are on to something, which is in plain sight in BUR's cash flow statement...

The ARB team ahead of the curve? You mean the founder and CEO who left a couple of months ago?! He really is ahead of the curve - he jumped ship!

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