Member Info for ShearClass

All those saying SMWH has cash, it's actually not in good financial condition at all;

"As at 28 February 2025, the Group had Headline net debt1 of £454m comprising convertible bonds of £315m and net overdraft of £139m (31 August 2024: £371m, convertible bonds of £310m and net overdrafts of £61m)."

Comical that it's been doing share buybacks and all the while this was lurking - classic aggressive accounting which as others have said, could easily be present in other territories beyond the US.

Robert-00, the funny thing is I was buying at 1.4-2p when you were slagging the company off at the start of July. As I said at the time it seemed stupid not to give new entrants into the BTCTC space a chance given what happened to SWC & COIN.

Knowing when to hold them, when to fold them, when to walk away & when to run has never been more relevant than in this highly volatile segment of the market...

Sorry I couldn't resist as it seems so appropriate!

Amazing that this mornings RNS didn't even mention Bitcoin, the tagline is now; "Hamak Gold Limited (LSE: HAMA), a company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy"

Compare this to the 3rd July RNS where the CEO said;

"This is an exciting strategic development for Hamak. With the injection of additional capital, we are now well-positioned to pursue two core objectives in parallel. Firstly, maximising our existing gold exploration and development opportunities and secondly, seizing the transformative opportunity as a Main Market listed company to lead the UK in bitcoin treasury management."

Bitcoin has morphed into 'digital assets', which we know from Friday's interview with Zak Mir means Ripple, Cardano, Solana & Ethereum amongst others.

If you want a listed company that does that then just buy Phoenix Digital Assets or KR1? Both of which trade at a small premium to NAV...

I've been around LSE for a while & I think that is the worst interview I've ever heard. A lot of it didn't make sense & didn't tie into previous RNS's. If you've announced a Bitcoin treasury strategy then why are you going to consider buying other digital assets? A few weeks ago the plan was simply Microstrategy 1.0, now apparently that won't work over the next 5 years & we will have to do something different? Wow.

Completely disagree re. bed wetting aussies. The shambles was GGP being too aggressive with their forward looking guidance back in April and needing to downgrade on their first quarterly report. Downgrading the guidance midpoint by some 45koz / 14% is material & the market will now doubt other facets of newsflow until proven wrong. Anyone that thinks the LSE only / pre ASX response would have been different is deluded IMO.

Moving into a net debt position due to expending huge amounts of capital on supply chain improvements / new facilities is a bold move in the current environment. What's the expected ROIC and is such CAPEX largesse really required? It all feels like they have got a bit ahead of themselves when a more prudent management team may have focused squarely on improving margins on existing product ranges & stretching facilities a bit further.

I also can't understand why they would ever want to sell frozen bakes via Tesco, do you see Macdonald's selling frozen burgers? Not a chance.

I don't think the bottom is in yet given the rise in UK unemployment & seasonal market weakness around the time of the budget. A re-test of Covid lows at around £11-12 seems possible...

All the Bitcoin move does is make UK treasury shares more attractive and bolster sentiment. The actual chance in NAV is tiny, I.e. SWC has a market cap of ~£900m, the $10k increase in its 1275 BTC is worth $12.75m / £9m, so 1% of NAV or 4p per share

You buy these stocks for future capital inflows, short term BTC movements are more or less irrelevant

£100k gets them around 2.8% of the company, if they had chucked £20m in straight away then they would own about 60% and wouldn't be able to buy any more shares without making a takeover offer

They may plan on putting that much in over the rest of the year though, who knows?

Again, who would have predicted that SWC would raise over £100m in 2 months post IPO? Nobody.

Define silly when SWC IPO's at 2.5p on 28th April and has traded as high as £6.30? Now £3.30, so 132x in 2 months

Or COIN which raised at 3p in mid May and hit an 89p high a month later

Frankly it feels silly not to get involved in these situations given the huge interest & amount of capital sloshing around

Wow, get a grip and stop being so childish.

"£2,467,000 raised at a price of £0.008 per share (the "Issue Price") from a range of new investors, including the investment arm of the Private Office of Sheik Nayef Bin Eid Al Thani, a member of the Qatari Royal Family

We aim to provide institutional and professional investors with structured, professionally managed exposure to both gold and the wider digital asset space. This strategy will be underpinned by a substantial Bitcoin asset base, offering transparency, institutional-grade security, and governance oversight through our listing on the London Stock Exchange's Main Market.

Key investors include the two new Directors, see below. Nick Thurlow has subscribed for £150,000 and James Lawrence for £50,000. In addition, MBS Global Investments ("MBS") has subscribed for £100,000. MBS is the investment arm of the Private Office of Sheik Nayef Bin Eid Al Thani, a member of the Qatari Royal Family."

The first Tao Alpha £5m convertible was priced at 0.2p and shares ran to 15p, they then issued another £20m minimum at 1p and shares ran even further. Now back at 8p which is a diluted market cap of £400m

This is infinitely more attractive at £6m market cap with Middle Eastern backers. The relative undervaluation is huge & I can't see it lasting long once price momentum gets going

Worth keeping an eye on short positioning; https://www.shortman.com.au/stock?q=GGP

Unlike the utterly corrupt LSE, the ASX discloses cumulative short positions on a 4 day time lag. It can be helpful for understanding price movement.

I think volume has been ok so far, I have level 2 for the ASX and there has been solid buying but equally persistent selling. That makes sense to me, as it must have been challenging for an ASX fund who bought in the 4.8p placing to sell on the AIM, given GGP is still a quote driven SETSqx stock.

There are many dynamics at play here and of course there has been a complete absence of non IPO related news since the April quarterly + outlook statement. That should change pretty soon.

Reece, you can spreadbet both ways! I think someone was short 500k shares and they were margin called / closed out by the broker. It's educated guesswork but it makes sense when you look at the trading. There are plenty of slime balls out there that bet against everything and anything, sometimes it comes back to bite them.

Hard to believe this won't trade at at least 50% of the SPAC valuation in the coming months, which would be ~45p. Looks like good r/r from current levels.

The 500k / £170k trade at 34p is interesting, could be a short spreadbet gone very wrong? Feels about right though; the market makers selling 500k shares at 34p and then buying them back from those taking profits at 24-26p? Nice business if you can get it & explains why there was no online quote untul 8.07 / 29.9p...

It's not close to being oversold yet, the RSI (14) is at 48, whilst we just had the first bearish MACD crossover since the IPO, suggesting the bearish momentum has only just started.

I have fully diluted mNAV at between 6.5 and 7x, depending on the fees they are paying their brokers for the placings. Again, this is not cheap vs their peers Blockchain Group or Metaplanet.

Finally, the CEO buying shares on the open market and tweeting it on X is a bit too keen for me. Along with his wife he already owned ~27.2m and they have 2.5p warrants over another 27.2m, so remind me why ~40k shares is material? It suggests he is obsessed with the share price and short sellers must be revelling in the apparent stress.

I can see a retest of £1 in the next couple of months, particularly if they have to use CLN's with a lower conversion price if raising vanilla equity is off the table due to shares trading below the last raise price.

Interesting times ahead and an incredible performance since IPO, I've made a few scraps so I'm happy enough.

"If you look at Argo blockchain? It trades in US at $0.36. It trades in UK at £0.025 allowing for currency trading exchange rates there is no parity between one and the other? It is quite likely that you could end up with high price in Australia and lower price in the UK?"

LOL. That's because there are 10x as many UK shares as US shares, it's quite common to have a different ADR / ADS ratio for NASDAQ listings as they need to comply with the $1 minimum price rules. $0.36 / 10 = $0.036 / 1.35 = £0.0265

Summit, there are some simples answer to that;

Plenty of UK retail 'investors' are sheep who can't count and most won't have a clue that the ASX price closed at A$7.30 / £3.49

The gold price has fallen back on the geopolitical seesaw, so the market makers have taken the opportunity to relieve some of those sheep of their shares.

They also know that consolidations on AIM are usually associated with sh*tco's like PREM, and many are wary of them, so dropping it straight after a suspension will cause some to panic.

What's more baffling is why it's so illiquid, and the answer to that is likely that it's on SETqx & market makers don't want to take much risk. Shaun needs to move it to SETS asap to improve liquidity & reduce the spread.

The closing auction was very interesting - there were ~206k shares bid for at £3.50 which sat on the book until 4.38 or so. In the end the buyer reduced their size to 50k and got filled, but then another 50k went through at £3.60. If that's indicative of ASX demand then it will be really interesting. £3.60 = 18p, so that's the highest price paid this year...

"no sign of new investment."

Apart from Allianz announcing a 10.4% position a few weeks back...

Anyone else get charged FX on their retail offer purchase?

Yep, fully diluted share capital will be just under 3b. £150m market cap at 5p for what was formally Streaks AI and which was capitalised at just over £2m 10 days ago. Make it make sense...