Member Info for ryanf

As Ste2k has gone missing, I thought I'd keep the running commentary going as it's so insightful.

Marshall Wace holding their finger firmly on the buy button despite the nasdaq futures and peers such as asos tanking. MM's LinkedIn post must have been taken well by the market a day after the event.

Come on luckystar11, the guy died have some respect. RIP.

LD, MM and any other parties (QIA) have an interest in taking this private for as little £ as possible by September.

I'm still thinking that a privatisation deal will come through by summer, probably at 200p.

If that doesn't materialise, I think governance will no longer be a "problem", else the board will be ousted.

All points to up.

US small caps did really well after 4.30pm so expecting a good day tomorrow.

Hey Ste2k, are Marshall Wace hitting the buy button today? I'm missing your running commentary.

On Ingenuity, I wonder whether it's possible to charge different margin %'s for different valued items. I.e. company's may argue a lower % of GMV for something easy to package and deliver like perfume bottles vs larger clunkier items.

So margin % of GMV may in itself be too simplistic a measure for profit. Spit balling here.

Ste2k, can you give us a running commentary of which II is buying when the price is going up too?

Licker, I'm sure MM would be happy to facilitate our visit, he did say none of us bothered to visit the North so now could be a good opportunity.

Oke, surely as long as MM is CEO, he is free to continue to pump money into Ingenuity?

Isn't that the more realistic reality? Then if results as a whole are poor due to FCF being poured into Ingenuity, like it has been for the previous quarters, the price will suffer as per last trading update?

My question is, what will it take for MM to wind down the Capex spend on Ingenuity? Is it that we oust MM as CEO? Or are there other levers that can force him to stop?

Trouts, just because you yourself has not made any claims, doesn't mean that others like you haven't.

Your property may be old, with the pipes more likely to freeze and burst. They cited that in their trading update as a large driver of claims.

Your car may be unassuming, but there could have been a large increase in older drivers in serious accidents. They have seen the experience and they are getting out of that market because it is loss making, so they can focus their resources on other areas of the market.

FYI, I'm an actuary from a rival insurer, have read their update and I'm happy with the moves they're making and happy with the price now knowing that it's likely they'll reinstate the dividend in the future.

I'm all for giving MM a break when he decides to deliver value to the SP rather than destroy it.

Also, can we stop putting MM and Musk in the same sentence?

Np HH

I'd rather be proven wrong, I'm a LTH, you know that HH. Harsh to say its a daft argument though. Knowing MM, it wouldn't at all surprise me that they had a clause in the Special Share terms to say, we (the company) have the power to reinstate the Special Share if we see fit. But happy that I'm reading too much into it. It'd be better if they were a little less ambiguous so there can be no incorrect inferences like the one I just made though.

@dpws you've missed out the following from the paragraph you pasted:

"(and the special share will be capable of being repurchased or cancelled by the Company)"

HH, so you're saying they can cancel the special share and leave them alone as ordinary shares, or they cancel it and then could repurchase through a buyback programme?

Yes possible that I am reading too much into it but I'm wanting to get the facts fully ironed out because there were so many people who misunderstood the softbank option.

HH, when you say:

"that is just the ability to repurchase or cancel the share because it then becomes an ordinary share like the others."

The whole "repurchase or cancel" is surely very important?

If they cancel, then yes, the special share gets cancelled and all is well.

If they repurchase, what happens in this instance?

We cannot just say that cancelling and repurchasing are the same thing. To me, it sounds like they repurchase it in order to reinstate the special share.

Btw, I don't think MM will repurchase the golden share, I'm just saying it is possible that they can given the wording in that paragraph.

"The rights attributable to the special share will cease (and the special share will be capable of being repurchased or cancelled by the Company) on the earlier of: (i) the date falling three years after the date of Admission; (ii) the transfer of the Special Share by the Founder to any other person (save to a Permitted Transferee upon the death of the holder); and (iii) if a person who has become the holder of the Special Share on the death of the current holder ceases to qualify as a Permitted Transferee."

Now, what does the following mean to you?

"the Special Share will be capable of being repurchased or cancelled by the Company"

That to me says that so long as MM doesn't die, the company can cancel OR REPURCHASE the Special Share three years after the date of Admission.

I did read somewhere that the board are able to extend the golden share if they see fit. Can't for the life of me find it in the prospectus docs though.

It does remind me of how so many people misunderstood the option with Softbank to buy Ingenuity.

There is a very realistic possibility that they extend the golden share in order to protect the company from a hostile takeover, especially at these low prices. Personally I don't mind if it gets extended as I'm holding for as long as the fundamentals improve. I'd feel like I've been robbed if my shares get taken off me for 170p.

Blue, they clearly didn't want your business if they're charging a high premium. DLG have clearly overexposed themselves in certain lines of business in the past, probably where people like you who have had bad claims experience in the past, hence the now high premiums.

Most people don't understand insurance and the drivers for profit. Sometimes it's good that they charge very high premiums for certain customers. They'll turn it around and they'll reinstate a healthy dividend in time.

------------- IT WAS A JOKE -------------