Member Info for Silverblade

kitkateat - thanks - not sure what's up here though - that level of holding should be declared ie 4%+ unless they sit within one of our larger II's which i don't think is this case but could be wrong. SB

Sunday - back of the packet - our current average DUM is c.$9 (Sales and renewals - $17m 2020 revenue/1.9m DUM's). Strip out 100K adults at $70 - leaves 1.8m generating $10m - c.$5.50. each. Benchmark against Radix - $28m revenue / 5.75m DUMs - c.$5 each - so our average pricing is market. I think .coms retail about $8? The Great Release has a bunch of premium and standard pricing DUMs - it would be good to shift some volume as well as some premium sales - and clearly stop selling DUM's for $1. SB

Kitkateat - I imagine there are probably quite a few II's invested below the 3% threshold. Do you know how many are held by Marlborough? When added up those below 3% likely account for a decent slug of shares. SB

Hi hucks and Sunday (BTW - do you prefer Sunday or your new moniker?!) - good to hear from you. mmx and covide aside life ain't too bad! I just want some sign of life from the company - lets call it reassurance - and yes its only two months since the last update but that was just run of the mill stuff. SJL back on board is good news - and if TF is a hands on guy that gets on with it that's ok - but we have a chairman and a board of directors who have a corporate responsibility and duty to act in the best interests of shareholders and yet once again our share price is nearly back to its 10 year low. Not good enough. SB

Another week passes without any communication from the business. No update on which of our II's sold 70m shares which might clear up why they were selling and if they have stopped (change of focus, had enough, fall out, not supportive of new team, want out of domains, etc), no update on when our results will be posted, no update to our web site, nothing, zero, zip. What's the impact of this - zero investor interest in the business - and the shares marked down accordingly. Doesn't appear anyone even bites at this level. If this is the start of a new dawn - I hope it starts to get light pretty soon. SB

SJL / closed periods aside I am surprised Guy has not made contact - it’s not as if you don’t have a history with the business and the last year reference post settlement was for an improved relationship moving forward. The large seller issue is a real bug bear of mine - this is an issue to be addressed and impacts other shareholders - it is material and should be sorted out.
As for the the results - TF has hinted there will be some substance to better inform and communicate our plan - I hope that is true because there has been little in the way of updates since October’s shockers. As it stands - we are left hoping we have a chance to sort out 10 years of what is quite frankly a complete failure to capitalise on the business potential. This is no more evidenced than the strong performance of virtually all our peer group in comparison to mmx. Is this the reason one of our largest IIs has finally had enough.
I’m with Sunday on the dividend / this should be announced with the results. Or do we have another tender offer. Or buyback. Or acquisition. Or merger. Or something.....Goodness knows because there is no strategy communicated to shareholders. Feeling very frustrated even though I was waiting on the results before diving in to criticise what remains a new team - but who must be aware of the significant shareholder unrest and unacceptable company valuation. SB

Radix net revenue 2017-2020 / $12m, $17m, $21m, $28m
Mmx gross revenue 2017 - 2020 / $14m, $15m, $17m, $17m? Not forgetting the $7m adult contribution since 2018.
On one hand it shows the potential for a well run gtld business / on the other it illustrates just how incompetent our previous management regimes have been. In other news our web site remains out of date, we have a major seller with no idea who it is, and are guessing if we might get the results and update next week. This is not difficult stuff. SJL - at some point we need to hear from the company - has there been any attempt to reach out to you as a major shareholder in the business to communicate what is happening within the business? SB

Dr K - this is why we need to know who is selling to understand how long this might continue - that’s now 75m sold since early March and as you note it’s now driving the price lower. This should be addressed by the company imo. SB

mmx share price (not valuation as clearly there have been lots of changes in shares in circulation) in mid March last 6 years to the nearest penny.

2016 - 9p / 2017 - 8p / 2018 - 10p / 2019 - 6p / 2020 - 5p / 2021 - 5p (only time I rounded up....) / 2022 - Place your bets?

Anyone feeling brave (SJL's 43.7m aside...) ahead of next week? SB

SJL - Out of interest there have been 12 major sell trades in the last 10 day days totalling 70m shares - with a very tight price range; 4.7p - 4.78p. 8% of the business. You have picked up the lions share - 25m unaccounted for - with a maximum price paid of 4.8p funnily enough in 12 trades although not all equal to the sells. There are only 4 II's who could account for that - or 5 if they were part selling. I have queried this with mmx comms - this should be cleared up imo - our broker should be on top of this and asking our II's why no market notification has been issued to the company. The last trades were as recent as yesterday - and there may be more to come. This is likely impacting on the current share price given the volume of shares being traded - and if the company is looking to address shareholder value it should have a relationship with its II's (and you and GE) to understand how its shares are being traded - accepting the market is what it is. We should hear next week on when the results will be announced on the assumption its the following week. SB

SJL - not that it matters much looking backwards but the company previously indicated its 2020 revenue was largely in line with that for 2019 - which was $17.2m after the revenue issues were accounted for properly - and H1 2020 revenue was $8.5m so hopefully H2 was at least that. As for partner payments - that's a real pain for me - but H1 2020 was $1m after london was dealt with - so again that was my basis for FY $2m calc. I have wondered if the partner payment domains are time limited deals in the same way as london - $2m a year is still heavy - and I suspect is a core reason why our non adult gtlds financial performance are so poor in relative terms. SB

My current guess:
2020 - OH $6m, COG's $3.2m, Partners $2m. Revenue $17.5m. Cash $9m
2021 - OH $5m, COG's $2.5m, Partners $2m. Revenue $19m+ (Adultblock, The Great Release could shift some numbers so our revenue is a bit of a finger in the air.)
Point being - our NETT revenue 2021 could be $15m without anything too dramatic. SB

Interesting summary SJL - and all makes good reading. No problem with management options - they will be based on a very low entry price - but that's not TF's fault. However - as we have noted recently - mmx business cannot be based on the assumption someone will come along and make an offer - certainly not an any price level which would be acceptable to II's (large current seller aside) or the majority of PI's.

For that reason we need to show growth and we need to have a robust financial performance - the rebalancing of our revenue has been good - but on the face of it we offer little to the market in the way of revenue increase. So alongside the big picture marco issues you cover - we need revenue growth, increasing cash flow, decreasing costs, higher EDITDA, PBT and of course a clear policy on investor distributions. We have the potential to be highly cash generative - in excess of 1p per share earnings should be achievable in 12/18 months. And that's the point at which we exit. SB

...ironic indeed. Although at the same time - someone, somewhere has now sold c. 70m shares in the last week - still no sign who and if they have stopped selling. SJL picked up c.39m - who bought the other 30m? SB

Still nothing from the seller. Now thinking Canaccord given the scale - which might explain delay in notification. SB

That's you half way there SJL :-D
There must be a pile of TR-1's sitting on the mmx doormat by now waiting to be unveiled....SB

60m plus purchased at 4.75p to 4.8p maximum - so someone is adding in addition to you - my bet would be L+C who have been the most active for some time. And I think the stock is trading at a big enough discount - but would agree someone offloading 60m shares could have caused carnage if not done in a managed exit. Wonder is Disher (who should have c.1m shares by now as part of his pay deal) is going to be replaced with a permanent CFO. SB

*May 2020 - getting ahead of myself.....

Morning SJL, freudian aside. I guess it matters in the sense that 4 of our major II's (L+C, Lombard, Cancord and Oryx) picked up some of your shares in May 2021 at 6p - and given they were presumably briefed in matters relating to Octobers issue and subsequent management changes and the more recent ICM settlement - and given they have stuck through mmx through the years and we are weeks away from an update on where we are going this year - it would be surprising timing to sell out now with what appears to be a brighter horizon than of late at this low price? Hony might be the answer - linked to vip, dweil, TH - big hit but deep pockets at Goldstream parent. Guy E - he's the only one who could shift some at 4.75p and still make a profit. ? And if you picked up 34m - who bought the other 25m+? Will be good to see the TR-1s....SB

60m sold (and bought) since Monday. This is a large exit - and is clearly linked to SJL's interest at this price. Question is - who's selling - and are they looking for a full exit in which case these is still downward pressure at this price. SB