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Brilliant news to see a TR1 from such a distinguished investor, rubber stamps the appeal down here.

Surprised that they haven't published a timetable though? Based on Breedon's move from AIM to premium listing last April, the prospectus was published around 7 days before AIM trading was cancelled, so we should expect something some time next week.

Great find PK

Here is an article from the same publication dated 26/02/2013 which states Indo Gold discovered the bhukia deposit;

https://www.business-standard.com/article/companies/australian-firm-strikes-gold-in-rajasthan-107022101011_1.html

"Indo Gold Ltd (IGL) of Brisbane has struck gold in Jagpura region in Rajasthan. The company has discovered 1.74 million ounces of gold at the Bhukia prospect. Once IGL gets its prospecting licence, this would be the first ever open pit gold mine in the country."

"The area to be explored is arid and underdeveloped so there are no issues of resettlement and rehabilitation. However, Higgins said the government was taking longer than usual to grant the prospecting license.

The company requires both the state government's and Centre's approval for getting the prospecting licence."

Vs the 24/02/2024 article you posted which states;

"About a decade back, the state had discovered 113.52 million tonnes of gold ore in reserves in the Bhukia-Jagpura village of Banswara district."

To clarify, they didn't just miss guidance by 10%, it was a whole lot worse than that.

1. In the 22nd Jan trading update they confirmed that unaudited FY23 revenues to 31/12 were in line with guidance at $340-360m, today they changed this to $318-323m post audit, so it appears that ~10% of revenues weren't signed off by the audit team.

2. FY24 forecasts were slashed, previously revenue was forecast to be $403.9m, now it's $340-360m, EBITDA was forecast to be $109.8m, it's been slashed to $70m, a 36% reduction...

3. FY25 is now forecast to see top line of $450m at 20-25% EBITDA margins ($101.25m EBITDA at the midpoint). Prior forecasts were for $497m & $151.4m EBITDA (30% margin). So this is a 33% cut in EBITDA and a 25% margin cut...

So many downgrades it's hard to count, however the 36% reduction in FY24 EBITDA easily justifies the 28% fall in share price today.

I can only presume that the Deutsche bank upgrade was issued prior to today's results, otherwise they've effectively upped their EBITDA multiple from ~9x to 14x in the face of severe downgrades.

Last point - the comments on this thread prove once again how ridiculous it is that UK PI's don't have free access to the high level forecasts that these companies are reporting on...

Sorry to hear @koolhead. I've called this out many times over the last couple of years, in my opinion the way it reports results should be outlawed as it obfuscates performance to such a degree that the numbers become useless.

A shocking company which in my opinion has well and truly taken the p*ss out of UK markets & the FCA.

Indeed, surely that's inside information & at the very least shares should be suspended until the investment is concluded. The main reason for a suspension should be that the 'tier 1' investor will know exactly what they will pay per share & any rise in share price off the back of today's RNS is therefore a false market...

"What happened when their claim figure was declared through an RNS?"

GreenX were trading as Prairie Mining when they released the £806m claim on 9th June 2021, shares closed on 8th June at 13p which valued the company at ~£30m based on 230m shares in issue. The day of the release shares traded up to 21p, valuing them at £48.3m / 6% of claim value. They have a similar setup to PAT with some early stage projects but the claim certainly underpinned their value (before signing their A$18m LFA with LCM, shares traded at 6p / £12m market cap).

PAT is currently valued at £12m, if they file a similar size claim to GRX then based on the above we should re-rate quite considerably. But that's simply my opinion & nothing else :)

Once again worth highlighting the false spread on show - it's £21.46 to sell yet no market maker is offering more than £20.80 on the advertised bid... One regulation that would very quickly fix tactics like this is a maximum spread for companies with a market cap over £100m, sitting with a fake 3.5% spread is just nonsense. Nevermind, a great week here with significant buying pressure, would love to see £23 go before we move to the premium listing.

@steviewonder, 2 days to decide whether or not they do a full market investigation, with all that would entail? Surely you can't be serious? This is a public body, any decision will likely require dozens of internal meetings & procrastination

5.9

"Following careful consideration of the responses to this consultation, we will publish a final decision on whether or not to make an MIR in respect of the supply of veterinary services for household pets in the UK."

If the consultation closes today, surely 'careful consideration' means a month or two?

@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!