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@Valuplay, they recognised the autostore proceeds in the P&L, but the cash will hit the balance sheet over 24 months;
"AutoStore will pay the Group £200.0m in instalments over the two years that commenced in July 2023, of which the full £200.0m (discounted net present value of £186.5m) was recognised as adjusting income in FY23"
So £100m will land in FY24, vs £50m last year, bolstering the cash balance.
Re. the current share price, I note that >0.5% short positions now total 5.9%, up from 2.5% in early January. Last June they peaked at 7.1% right before the near 300% short squeeze up to £10. Since early 2023 12 hedge funds have breached the 0.5% barrier, of which 7 are currently over it. I'd assume that the other 5 are still short, along with many others. Wouldn't surprise me if the cumulative short position was >10%.
The game appears simple, no news is due to be released until the half year report in mid July, so hammer the share price in the near term. I plan to slowly add over the next 3 months, I'd be surprised if shorts push this towards £3, as it's shown many times before that it can bounce back very aggressively. Depends how greedy they get though
When will the CMA report be released though? The consultation closes tomorrow, but that doesn't mean they will be publishing their decision on how to proceed any time soon...
Yep, should just be the start of the re-rating, shares first hit £23 back in September 2021, when the alternative banking division had only just formally launched. Huge latent value present here...
Do some people just post nonsense for the sake of it? Page 314 of the admission doc is key here;
https://wp-helix-2024.s3.eu-west-2.amazonaws.com/media/2024/04/Helix-Admission-document-final.pdf
There were only 22.4m shares in issue prior to the 10p IPO, most of the investors who held pre IPO have added at 10p, as per page 314...
This is not set up for flipping, if it was then the pre IPO round would have been for substantially more than 17.2m shares at 5p... volume yesterday was 14m shares, today is just shy of 3m so far, so any flippers will already have disposed of a large proportion of any pre IPO holding. Beyond that 10p is the floor price & there will be little liquidity to satisfy buying.
You have to get into these opportunities early...
Admission doc looks decent - interesting to note Premier Miton have take 4,125,000 shares in the placing and many of the pre IPO holders bought significant amounts in the IPO raise.
Also good to see the following re. the 10.2m options issued to directors;
"Vest 1: Ordinary Shares trading above 20 pence for 20 consecutive trading days.
Vest 2: Ordinary Shares trading above 30 pence for 20 consecutive trading days.
Vest 3: Ordinary Shares trading above 40 pence for 20 consecutive trading days."
Looks like a potential multibagger based on similar small cap resources IPO's over the last few years.
Fair play to the CEO who has called out UK institutions in no uncertain terms;
"For over a year, the Board has been contemplating delisting from the AIM market. However, given the dramatic rise in the US biotech indices in Q3 2023 which has seen record amounts of capital being raised, we decided to remain on the AIM market and embarked on a capital raise roadshow in February-March 2024. Despite the firm commitments given by our two largest shareholders, the Board was extremely disappointed by the lack of institutional UK interest in our innovative, technology-driven value propositions. Importantly, ETX struggled to get sufficient engagement from the vast majority of the institutions who were approached, reflecting the risk appetite of the UK markets. This trend has been a consistent theme over the last four years and the Company has primarily raised funds through the current two key shareholders, who continue to support the Company irrespective of its listing status. As such, we believe that there is a limited available audience on the AIM market for companies such as ETX."
AIM / LSE is done as far as life sciences is concerned.
There are no success stories because there is no capital, and there is no capital because there are no success stories.
Woodford began the demise, and the disgraceful conduct of companies that used Covid as a tool to line their own pockets at the expense of shareholders was a further nail in the coffin
Oxford Nanopore's valuation demise sums things up, there is no risk capital available anymore. In complete contrast to Australia, Scandinavia, France & of course the USA. Utterly shameful.
Yes, there is no £12.5m increase in the buyback.
Pre AGM they could only repurchase 10% of their share capital, as per the 7th March buyback RNS;
Pursuant to the 2023 AGM authority, the maximum number of Ordinary Shares that can be bought back by Funding Circle is 36,130,314, representing 10% of Ordinary Shares in issue at today’s date. Following the expiry of the 2023 AGM repurchase authority, or to the extent that Funding Circle meets the limit of that authority prior to the 2024 AGM, Funding Circle will seek further repurchase authority at the 2024 AGM or an earlier General Meeting"
They are seeking authority to repurchase up to 15% of share capital, this gives them headroom for ~53m shares or £25m, whichever limit is reached first.
At the current 10% limit, if they bought 36m shares at an average price of 45p it would cost them £16.2m. They would then be unable to purchase any more... post AGM they won't have this limit.
Because annoyingly there are sellers - one of which just issued a TR1. Zedra Trust's previous TR1 was on 17/08/22 for 14,832,952 shares, todays shows they now hold 13,941,138, so they've reduced by 891,814 shares. Clearly there are also II buyers, it would be nice if one popped through a threshold to give us a clue whether it's a new or existing shareholder. In the meantime, FCH need to step up the buyback back to the 250k levels.
Classic market maker driven false market right now - the advertised spread is showing £19.60-£20, when in reality it's £20 to sell and £19.99 to buy. It appears that they are desperate for shares, likely due to international buyers loading up whilst it's still under the radar. Would be excellent if we could crack the £23 resistance before moving to the main market (and clearly very much deserved when looking at the fundamentals).
Ps. I note Wise is on the verge of breaking £10, truly astonishing variance in the impact of treasury / interest income on market cap growth vs Alpha.
Crikey, that twitter profile is like opening pandora's box. Some crazy Republican's has been accusing FCH of having links to the CCP & wanting their banking license to be blocked / revoked due to them putting the business up for sale. Makes you wonder whether the reason they want to sell is due to political risk to their business upon a potential Trump win? The sooner the US business is disposed of the better!
FCH having to work much harder to get their 280k shares today ;)
Interesting to compare today's announcement with that of Ilika's on 6th December, which said;
"This is a significant milestone as it means that the Goliath solid state pouch cell is now able to match the representative energy density of incumbent lithium-ion pouch cells, achieving an effective energy density of 250 Wh/kg and a capacity of 0.715 Ah."
Vs the RNS today;
"Gelion has achieved a high energy density milestone by fabricating a 395 Wh/kg lithium-sulfur 9.5 Ah pouch cell (commercial cell format). This result represents a c. 60% increase in the energy density (lower weight) compared with current lithium-ion batteries (approximately 250 Wh/kg)."
Ilika ran to £80m market cap on that news, GELN currently sits at £28m (and vs the £154m it IPO'd at a couple of years ago...)
Could easily run back to 50p here IMO.
The market makers take the p*ss on a daily basis here, why LSE permits uncrossing trades of 18 shares at 6.08p worth a grand total of £1.22 is anyone's guess. It's mickey mouse behaviour done to manipulate the closing price and could easily be fixed by put a minimum value on UT's of at least £10k.
But yes, we've just got to ignore the low volume nonsense. So far this calendar year we haven't had a trading day breach 1m volume (~£60k). Total volume year to date is 13.3m shares. Contrast this to the 3 days after the LCM funding was confirmed last August when 10.6m shares changed hands.
IMO we'll breach that in a day when quantum lands, and if a settlement was to appear then all bets are off!
Not sure it matters too much given the £5m market cap...
"There can be no certainty that a Transaction will be concluded; however, given the significant processing infrastructure in the region, the Company is confident of receiving multiple commercial offers."
Market makers scared stiff with a fake 17% spread, volume of the charts and easily the highest ever recorded. Bullish signs IMO.
Very different feel here today, shares rising on every buy... Does very much look like yesterday may have been the end of the seller. Fingers crossed we can now push higher, volume has been excellent.
It is, and even more bizarre to report them on the day they announce the uplisting! I'm hoping that the propsectus will give some detail on number of shares held by PDMR's / staff, as it's a bit of an unknown right now. On that note, it would have been nice if they had disclosed how many shares / unvested options the MD was still holding.
Couple of quarterly data points should land in the next week or two; shareholder movements & average cash balances / interest rates for Q1. Interesting to see where shares head in the next couple of weeks as the change approaches.
Resistance is a 2.49p, just needs a bit of buying volume to get through and it should move much higher IMO.
I think there is a good chance of that happening Koolhead. Resistance at £23 has been insurmountable since it was first tested in August 2021, when that is broken it should provide a major technical boost. Not having the quote driven, market maker controlled SETSqx system meddling with the price should provide a lot of positives, worth reiterating that it is currently almost impossible to buy share in Alpha if you are based outside the UK, you can place bids in the daily auctions but good luck getting filled for any size. All of that changes come next month and I suspect a lot of new liquidity will enter the market.
Ah, likely from 26 mins onwards on this video; https://www.youtube.com/watch?app=desktop&v=8fvuZ94J1jk
The CEO talks about an speculative model where the QP 'got a bit excited' and put a middle case NPV of $242m on the open pit alone. However, this is then qualified by stating that CAPEX would be prohibitive for a stand alone project, but if you gave 40% of the economic value to a concentrator to process the ore & use their facilities, then you would be left with an NPV of say $120m with only $10m needed for CAPEX.
I can well imagine someone like CAML being attracted by economics like this given they have the processing facilities...
Based on above & today's RNS, I struggle to see the CEO entertaining offers of less than 10% of the $120m NPV speculated above. It also wouldn't surprise me if he was to get substantially more than this.
Worth pointing out that CAML currently produce 13-14k tonnes of copper per annum, so 100kt+ of new inventory would move the needle for them.
Market makers trying really hard to shake shares out here - the usual LSE nonsense where 2 big buys are absorbed but a couple of moderate sells immediately have an impact. Time to hold until June and see where shares can get to.
@David6576, where did the CEO state 40-80 times undervalued?