Member Info for Sangijuelas1

i initially thought it was probably an unfortunate incident involving a pay off and nda

now thinking he was just a bad fit and maybe getting blamed internally for the whole **** show

Yeah they can point to the return on the likes of UI Path but when they effectively burned all the return on TM, Aiven, Cervest and Coachhub at massively inflated valuations...

All of the UI Path cash would have been a perfect opportunity for a special dividend.

I didn't mix up NPV and NAV. I said in this case NAV is derived from NPV

You are taking the NAV calculation as an accounting standard when in fact it's treated here more as an informal performance indicator.

They won't have got much carried interest over the last 2-3 years, will they?

also senator- you claim that the molten partners don't care about the sp as all they are interested in is the carried interest.

the partners will care very much about the sp as many of them were granted options at the previous inflated share price that did not vest because of the crash.

so for the last couple of years there will have been some very ****ed off people at molten.

at one point the annual report even floated the possibility of delisting if the sp didn't recover or if they received a hostile bid.

From note 35 to the financial statements 2024

For a start GPV, NPV and NAV per share are all provided as Alternative Performance Measures for information purposes only. It is not established as it would be for an investment trust according to IFRS standards

GPV is defined as the gross fair value of the investment holdings before deductions for carried interest and deferred tax.

NPV is the value after the above deductions.

NAV per share is the net assets attributable to shareholders and seems to be the NPV as the note defining NAV refers to Note 30 which shows how NPV is calculated.

Molten has a much more complex set up than an investment trust as they are structured like a company that provides services and holds assets that can go up and down in value.

For a start Molten Ventures is not set up as an investment trust.

The notes to the financial statements are the source for the NAV calculation, which is clearly stated as the Gross Portfolio Value (the portfolio company stakes) minus the carried interest. The cash and debt are excluded from this.

From what I can determine from the financial statements GPV and NAV can be impacted significantly by new investments or realisations and cash on hand is excluded.

So for example if they had sold their entire holding of Revolut and say Thought Machine at their valuations this would reduce GPV and NAV.

Whereas if they invested all their cash including using the debt facility this would increase GPV and NAV per share.

What I am not clear about is whether the £90m reduction is from realisations or from actual reductions in the holding value of portfolio companies.

I am also more sanguine now about Wilkinson taking the helm. He was already CFO when Davis joined in 2019 so he will know the business inside out. Davis did not have a VC background so perhaps the problem was more the underperformance aspect.

It does pay off to track the portfolio companies.

I had had my eye on both Endomag and M-Files as solid companies that could get bought out.

I can't really see where else significant realisations could come from. Maybe Iceye would be a buyout target but as they are involved in defence geopolitics come in to play to make things more complicated.

Aiven maybe but their latest revenue was a very small increase.

Thought Machine are 3 years away from being in a position to IPO.

Manna are doing ok but they need to raise capital.

Revolut could blow up in a massive scandal anytime.

IPO seems a crap way to go anyway. With both Cazoo and Trust pilot Molten were locked in and never got to sell anywhere near the IPO prices.

They were selling Trust pilot at 80p and it has since risen to 240

What I suspect but with no evidence and not wishing to "bear false witness" against him.

Sure he is a true gent

I think Martin's departure much more likely to be of the social interaction variety than business related.

I took the rise to 376 yesterday as an opportunity to derisk significantly here yesterday.

If it hadn't been for Revolut increase (which is at a valuation I don't accept as it was based on the sale of a tiny portion of the business to Tiger) then the GPV decline would have been much greater.

I have lost faith again in core companies like Aiven, Thought Machine, Ledger and Coachhub. Isar should have done a launch by now and that is extremely high risk anyway.

If I want exposure to Iceye better to get through Seraphim Space.

Risk not worth the reward.

When the companies raise capital it's typically in dollars because the bulk of investors are in US or Asia

Martin has been completely exorcised from their website.

Thought something might be brewing when Marshall Wace upped their short.

Also the bulk of the portfolio will be valued in dollars rather than Euros despite the European origins of many of them.

The Revolut value has increased. The problem is that has been offset by a £90m drop in the value of other investments.

Extremely concerning that Martin has stepped down. Has he done something naughty? Not like a regular CEO stepping down as he is a main partner.

Seems odd that they can't find a way to include cash on hand in the NAV. I don't understand the structure here as I think that's what an investment trust would typically do but this is not classed as one.

Sad about the leak. Pretty disgusted on the whole

More pertinent for me are his current links with buyout firm KKR

Big ESA contract

https://www.spacedaily.com/m/reports/ESA_partners_with_D_Orbit_for_first_in_orbit_servicing_mission_999.html

Thanks for demonstrating my point.

Ok VP I will bite. When people address your concerns you don't engage with any of the points they push back on. So it often makes more sense to talk to a recorded message.

You talk about the lack of new partners. We are all aware of that. However, Ocado have said that their main objective this year is helping existing partners draw down more modules at active sites as that will also contribute substantially to revenue. So yeah new partner with a big order would be nice and would likely double the SP.

You mention also an "array of negative issues", without being specific.

In the past you have raised concerns about none of the partners using the Reimagined tech. This has now started to be rolled out with Alcampo using it and the new Kroger order for it.

Also you have complained about the under capacity in the UK, yet it is clear that sales have been growing extremely quickly so this is on the way to being resolved.

Your strategy is clearly to try and exhaust anyone who is long with your repetitive posts that all say the same.

If you can be more specific about the array of concerns you have that would be great.

Actually just seen the Brewin holdings reduction. I suspect they made some profit for their private clients and are selling due to fears about a rise in CGT- discretionary investment managers like them have to pay a lot of attention to minimising their clients CGT