Member Info for Silverblade

You would have to go back to May 2018 to see the last time we were at 10p. I'm rather hopeful by May 2020 we will be back in double digits - with the business commencing semi annual dividends following its full year 2019 results. SB

We do seem to have settled into a new trading range - not what we wanted in overall terms - but gradually moving away from the year lows and now testing the year high of 6.65p - lets hope we can push on from here and get a decent price before xmas - although in all reality decent would have to be 10p+ so not much chance of that at the moment. The question is will there an update before then or will we have to wait until January. Another great day for registrations - must be nudging 2.4m with a relatively limited number of deletes. SB

CNIN certainly know how to acquire businesses. What was slightly alarming was the earning's multiple based on EBITDA - less than 5 - and the additional bond debt which will be raised to fund the transaction - point to note is whether the interest level is at a higher level that the EURIBOR + 7% for the previous tranche. Different type of business i guess. What was interesting was the revenue per employee - $1.6m pa. Interesting metric.
Currently about 200 adult domain deletes planned (not incl .xxx) - bearing in mind SJL's comments about the anticipated high levels of renewals bringing in lots of cash this time of year. If adultblock can deliver some meaningful numbers to push us above above market expectations (Revenue $18M+, EBITDA $6m+) - an update would seem to be in order. SB

It’s been the best week in a long time. We added a bit and held onto it - no real volume to speak of - and we are continuing growth in most of our domains. All the signs are positive. Let’s hope we have a strong finish to the year and beat our targets and start to deliver the returns we are all looking for. SB

Abry, donuts, .org, Ex-ICANN Board members - all appear to be linked in the two big deals in the US this year so far - with a suspicion that Abry's money is behind both deals. The deals are huge - likely more than $1b collectively to acquire donuts and .org - one direct by Abry and the other a separate although possibly linked PE vehicle. Interesting that .org was recently rebranded as well. Earlier this year we appointed Daniel Schindler (one of Donuts co-founders) - maybe this was more about understanding US investor appetite than selling some premium domains? Looks like there is lots of debate on price rises - not only in relation to .org and .com there was a feeling we could increase pricing in our adult domains without impacting on sales/renewals - this is likely an area of focus for PE acquirers in addition to stripping out costs and economies of scale. SB

Good spot ram - by my reckoning we have now sold 6 single number vip domains. If Glasshalful's comments were accurate in relation to adultblock, it does beg the question - what does very good look like in terms of numbers?! If we were able to sell into the early 1000's on an annual basis - that's great revenue. I think there should be notification of an AGM pre-xmas - perhaps the company will use that to provide a market update? SB

It looks like there are several ICANN related heavyweights who are front and centre in the donuts and .org deals - there is clearly a lot of PE money at play in the domains business - with an insinuation the deals are a bit murky and more than likely benefitting from advance notice on policy changes in pricing in relation to the .org deal. Would we care if we were to benefit from a global push to control the domains market......not likely! SB

Hony itself is PE business / who may have had to take a slightly longer time horizon than they originally planned - and for them mmx is a very small investment - but nonetheless one in which I believe they would see the ability to make a return hence they remain invested or they would have sold - I have often taken comfort that they remain supportive of the team. SB

The clear difference to me is we now don’t need to sell - no debt, profitable, cash generating, growing etc / so any offer would have to reflect what would be a strong bargaining position - and the majority of our larger investors would be looking for a decent return. As I say, lots to look forward to. SB

There does appear to be a pattern with PE buyouts - proven, profitable businesses with scale and capacity capable of organic growth and likely part of a consolidation play to create the type of returns required by PE capital. Interesting times ahead for mmx. SB

he surely is - a double stint!! I'm going to ask if his presentation can be uploaded onto the mmx web site. Lets hope this is the start of a positive couple of months and we can not only hold onto our gains but get back to where we should be - which is a £100m+ market cap business preferably trading on a FSTE non aim index (small cap?) as a progressive dividend paying business or we are the lucky target of a private equity fund with deep pockets....one day! SB

Will be interesting to see a bit more of the introductory presentation captured on glasshalfful's twitter. Well attended session - TH out there promoting the company to the investment community - good effort from our CEO. Lombard picking up 1.75m - a steal at 6p you would think. SB

Looking back at last year I think Toby presented the H1 2018 results with a number of footnotes and mark ups - I think it was the version that is on the web site under investors, presentations, 2018. But yes i agree we should not have to hunt around for info there should be better lines of communication - preferably where there is some good news to report! SB

TH is presenting at 11am today and 5.30pm tomorrow (the latter as part of Fincapp forum). I like to think the presentation will be uploaded after the presentation - probably does not need an RNS unless there is any material update. All valid points Sunday - a couple of the .fit registrations are 2 characters so probably fall into the premium category. c. 25k registrations today - at some point surely we will reach a tipping point where the market starts to recognise the value being created here. SB

.....perhaps another reason bakky why we need to get off AIM at some point - not that this would excuse what appears to be basic reporting errors. SB

Who knows what going on at Lombard....they had declared 122.7m shares on the web site - 13.28% - although no RNS to that effect. They issue a release today to say they have increased from 12.7% to 13.16% with 120.9m shares based on 919.2 shares in circulation. But in reality their holding has reduced by 1.6m from the last available info - albeit it appears they forgot to notify the market about that anyway. Attention to detail lads......SB

SJL - Thanks as always for your thoughts. As bakky commented - this is in no way personal - what private shareholders do with their shareholdings is entirely up to them. Just in your case (and associates), the holding and sales/potential sales is so significant it can effect the entire market - and may be a factor why we started the year at 6p, appear to making great progress, and look like we will be ending the year at 6p. There are clear and rationale explanations as to why you have sold - and lets be honest you don't need to divulge your reasons - but the fact remains where there is a potential large seller of any stock which has until recently carried an 'invest with caution' label (and probably still does), its not going to help the share price in the short term. Your observations on the timing of cash flows and possible settlement of .London are appreciated. It would be good to hear from the team ahead of the investor event with a market update - its all about attracting new investors - and who knows possibly some of the interest to soak up this years selling went to II's who attended last years event!! ATB. For the older investors amongst us....this time next year eh....SB

In my view the .London settlement is one of several issues holding us back, with the others until recently centred on clarity of company performance and the lack of a clear plan in relation to shareholder value - i always felt the 'lets ask shareholders' what they want was just stalling for time - and that's not so say that might not have been the correct decision - just reinforces previous comments that one or two of our largest shareholders are likely in control here. Now, I am far from comfortable that we have likely 150m shares (SJL, other ICM vendors, Afilias - who have sold likely in excess of 60m shares at 6p in the last 9 months) whose share trading positions may hold the price back. I have no issue whatsoever with people trading - personally I wish i was in the position to cash in and buy a Bentley - but i am concerned when such action impacts on my/our investments by providing a large pool of shares at below what we all consider is true value. I don't have an answer, just becoming more and more frustrated that we do not seem to be making any real move to create some value in the share valuation. The only upside currently is that there does appear to be a market for large chunks of shares at 6p - and that has noting to do with the buyback other than some token support at a level which is way below what is should be. That's 12 months we have been at rock bottom and its starting to hurt. SB

I'm pretty sure the holdings notification requirement is 3%, and each 1% increase/decrease thereafter. SB

blimey.....more than just a few shares on the dance floor today. Wonder if we will see any RNS updates on shareholdings. I always thought afilias would sell after losing back end. Also - interesting to see if any were purchased through remaining buyback funds. Suspect SJL is involved as he had the decency to inform us. Still 6p....! SB