Member Info for Silverblade

Morning kitkat - it was a strange time to issue an RNS after 5pm last night so some may have missed it. If our geographic partners had signed off it looks like the deal would have been done - as it is a minor extension is required to the longstop date so they must be confident on timescales. Next RNS is likely to be the one we waiting for to confirm the deal is done and payment has been made. SB

...and the second batch of 19 (not 18 as mmx previously reported) domains are now under GD registry - that's 23 to date including adults. Just leaves 4 (Bayern, NRW, Miami, Boston) to be resolved with partners, secure ICANN consent to transfer and we're done. SB

Looks like GD’s registry business has been busy promoting xxx since it took over the adult strings from uniregistry this week - another sign we must be close to deal completion. Once partner deals are signed off we should be good to go. In the meantime let’s see if we can squeeze some more cash into the business in what is likely to be our last trading quarter as a registrar. SB

SS - it would be good to stay in touch. Worst case - and probably for the next 12 months - you know where to find us!!! SB

Sundaysun
As disappointing as it is to hear you are leaving, I fully understand your reasons for doing so. I have been tempted to take my position off the table for some time and sold down a few shares recently for other investments but have retained the majority of my holdings here. I suspect I’m here to the end!!
The reality is we have had no return here for 10 years; and the only positive from the sale is the recognition there is value in the business albeit at a lower level than would have justified the length of our investments. As you say there have been some dark days in the company’s history; and the ability to share our thoughts with fellow posters has often brought much needed relief. If I have been of any assistance then pleased that my thinking/comments were useful – I have always tried to provide some reasoned analysis especially where the company has been less than helpful with its communications in dealing with its multiple business and management team car crashes.
I wish you all the best with your future investments; I have enjoyed reading your posts over the years and the various discussions we have had. I won’t be the only one to say the mmx bulletin board will miss your input, as will I. Cheers and ATVB. SB

Agreed Sunday - just say it as it is! The other positive I take is that the other conditions precedent appear to have been sorted - which I assume means china change of control has been granted which is nice and positive and removes that as a potential issue. Hopefully not too far away now - but could be end of year before we see any distributions and that assumes we can still get over the line in the next two months. SB

I guess this RNS provides a bit of reassurance the deal is still very much alive; albeit it would appear 5 of our TLD's require a bit of work to secure final approvals - presumably those with shared ownership/partner deals. We were 'selling' 28 TLDs and it would now appear the deal is for 27 - so one of our JV partners appears to have used a pre-emption to secure the TLD (Law?).
Looks like the 'transaction' will not complete until all 27 are transferred - so I assume this update is a precursor to a delay in the long stop date of 7th August.
Still not sure what is going on with Chinese 'shopping' TLD which is not part of current deal.
Wonder if we will get a trading update on H1; the company should still be updating shareholders on its business operations.
As usual with mmx comms - could do better......SB

Morning Sunday. Feeling a lot better thanks - not the most pleasant of experiences so glad its in the rear view mirror now. I hope we managed a decent H1 performance and have added to our trading cash position - c.$2.5m should be achievable for H1 and would take us up to 9p net asset value if transaction costs and exchange rate remain as per previous. I guess the market still places a risk premium on whether the deal will actually complete - and then there is the issue on what level of pay out the company will make and when, and the level of cash retained in the business. The $12m escrow (presumably 10% of the sale value) would also have some level of risk attached given there may be some conditions which we need to discharge (transition services?) before it is released - and finally the uncertainty on what exactly mmx2.0 intends to do as a cash shell.....as usual I'm sure we'll be last to know! On the plus side - we should get some kind of an update in the next 2/3 weeks! Cheers, SB

It does seem that the business has gone to sleep since GD made its offer Sunday. No update on the great release (maybe not so great after all...); web site hasn't been touched - major shareholders way out of date (No SJL holding; L+C and Lombard incorrect - and still unclear as to who sold a pile earlier this year); the only positive is someone is still buying albeit not exactly in great volume. Sooner we get this over the line the better with a clear plan - surely that's not too much to ask. SB

The share price is slowly getting closer to the deal net asset value norrab - and if these purchases continue to be made by Lombard that can only be good. Just need to make sure the exchange rate remains at its current levels to avoid any value erosion. Can only assume china approval is holding completion up. SB

I think/hope your right Sunday. Lombard have bought c.3.5m shares since deal was announced. It would be unusual if they were ‘loading’ up at c.7p to make a potential 2p per share profit ie up to the net asset price - although its easy money. Perhaps Lombard have an investment they would like to bring to AIM and see mmx as the route to achieve that with the cash left in the business treated as shareholder equity. H1 done. What will H2 bring!!! SB

Aug 7th is the long stop date for the conditions precedent to be discharged. If they have not been met by that date, the deal timings may be extended, the deal could lapse or GD may just do the deal and tie in the remaining requirement into the escrow period - ie March 2022. I think we hear from the company in the next few anyway - trading update/deal update - reality is deal could close any day. SB

Thank you all for your kind wishes - really appreciated. Although we will likely never meet, one of the only positives I have taken from my time here are the digital ‘friendships’ I have formed with you as we have shared the mmx journey - and what a journey. It’s not completely over yet - and I hope there might be a slice of good fortune in the coming months to make this all worthwhile. In the meantime - best of health both physically and with your investments! SB

Thanks for the update Sunday. Glad to hear Taps is still raging!! Correctly so - but that’s the past. Pity he wasn’t savvy enough to be reborn on the notice board like others eh :-) I hope everyone is keeping safe as we wait for the deal to complete. I’m recovering from a dose of the delta variant - What an unpleasant last 10 days - now I really could do with some good news to cheer me up!! SB

Cheers norrab - I do remember him being pretty hacked off and that was when we were c.8p!! SB

Don’t worry about bakky - he was posting elsewhere a few hours ago!! I suspect he’s just waiting like the rest to hear news on the deal closing. It made me wonder about another poster from the past / Taproot - he’s been absent a long while now. Maybe he/she sold and moved on. SB

Bobat - its not actually 1m director share purchases - Lombard are the purchaser but is gets linked to Turcan because he is a non-exec director of mmx and a director at Lombard Odier (which inherited its holding when it bought one of Henderson's Funds and the management team which included Turcan) - and that association is the link. That said, you would like to think Turcan advises his fund management colleagues that its a good deal at the current price! SB

Looks like Turcan's having another wee nibble....SB

Its a bit frustrating at the moment hucks but as you note the choices for now are fairly limited - with most happy (well you know what i mean....) to hang around to see the deal conclude, receive a reasonable pay-out relative to the current share price and hope that whatever cash is left in the business is used to bring a company to the market and provide some funding for a 'hot' sector with an anticipation that will boost our residual valuation. It sounds plausible and profitable - but so did investing in a relatively low risk, simple business 10 years ago....! In some ways I have now come to thinking that whilst the sale price appears low - its actually not a bad deal. I have posted my thoughts on this previously - our underlying business is simply not performing and I don't see anyone in our management team capable/interested/willing to address that. The further frustration is that on conclusion of the sale - and I 100% hope we conclude the sale - it is likely to be several months before any cash is distributed - so imo a deal in July could lock up our cash distribution until late this year - assuming the distribution is progressed in the most tax efficient manner. SB

Bobat - just in case you thought you were all alone.....! Turcan buying - even at small volumes - is a good sign nonetheless and shows Lombard see value at these levels and probably more importantly are as certain as they can be that the deal will complete. We've got about 8 weeks to do the deal under the current timetable - hopefully the conditions are being dealt with - Chinese approval is perhaps the only issue which will be taking time to secure consents. SB