Member Info for Silverblade

Tap - my point was this - whilst it appears we are making good progress - we have been unable to articulate this into real bottom line performance. Our results for the H1 2018 and Full Year 2018 were frankly diabolical because of the need to deal with legacy issues - which in turn would have been difficult to address if our core business model was shrinking - as it was hence the low ball offers on the table for the business at the time of the strategic review and the need to make an acquisition to create the much improved business performer we have today. So when I refer to rebuilding confidence in the share price I was trying to encourage the view that - and i know there are different views on this - management will now be judged a) the historic actions taken to create the business as it is today and i think despite the share price performance that there has been significant achievements in that area ; and b) the ability of the business to create shareholder value - and on that count i think we are all agreed that we need to see a company of reasonable scale and substance delivering an investable business case - mmx can hopefully at long last demonstrate they have the evidence to support that - and up to this point despite good news about initiatives and sales and renewals and china and etc - the only thing that really matters is making money and telling the market and that was my point - but i appreciate we all have different views on this and that's why investor boards are good. SB

Tap - I'm going on the assumption that mmx are now sitting on enough financial data to release a very strong trading update. I will be surprised if we don't hear within the next couple of weeks on the progress that has been made. The fact that last weeks news on the adult domains blocking service was silent on trading performance makes me believe there is good news coming and it warrants its own RNS release - and we know what it has to cover. I'm pretty sure the majority of investors here are now aligned in terms of expectations - some gave the company a bit longer to address its historic underperforming business model - but now is the time to demonstrate we are a high margin, low cost, profitable, cash generative, debt free, dividend paying business - and that's the only way we start to rebuild confidence in the share price. SB

Looks like a great finish to H1 2019. Plenty of registrations across the portfolio - both in high volume/low prices sector and lower volume/higher price (.law picked up 200+ today – possibly linked to the current premium sales programme release alongside the adult sales and vip premiums - we have now sold 5 of the single character numbers this year). What will be interesting is to see where the deletes peak on .vip and .work. Renewals at the 75/80% levels would be exceptional and as it stands we are well within those thresholds – with the added bonus that renewals will be at decent prices v original purchase. Snapshots don’t tell the whole story – but this time last year we had 1.5m and we are now at 1.8m registrations – both excluding .xxx and .review. It feels like we are finally going to deliver. I hope so for all of us invested here. SB

On reflection I would prefer that they hold off on any RNS announcement until the are ready to issue a trading update with real financial data which will highlight a growing turnover, increased earnings, generation of and hoarding of cash, managing total overheads below $12m and beyond, clarification on any remaining legacy issues, achieving renewals targets, premium and general sales, auction income – and most importantly – a clear timetable on shareholder distributions. Anything else is just noise and will lead to further frustration. That said, now I have said that I bet we get a light touch update tomorrow! SB

Despite where the share price is - I still support the path mmx pursued in relation to the ICM purchase. It is clear without action to drive earnings the company would have been in dire straits on all fronts. I also do not believe we are where we are solely as a result of market views on adult domains - there may be others who disagree and everyone is fully entitled to their opinion / but for me the over reliance on premium sales, historic overheads, crap deals, management changes, Chinese bubble, coupled with general market malaise are more relevant to where we are. We are moving on - donuts have made it clear that their strategy is delivering - and we may be 10% of their size in TLDs but not in market share and likely revenue and earnings - and that will not be going unnoticed. SB

The purchase price for ICM represented a multiple of 12 based on last available earnings - maybe not the highest multiple but SJL saw value in the initial deal and the medium term benefit of being a major shareholder in a diversified domain portfolio business. If we can deliver the type of earnings we believe are achievable coupled with all the strong business development initiatives underway I would be very surprised if we were not part of any attempt to create a major scale gtld business as abry appear to be creating. SB

Interesting article from donuts - linked in from Domainnamewire if link doesn’t work. Consolidations big and small - focus on registries!! Good weekend all. SB https://donuts.news/a-word-from-donuts-ceo-akram-atallah

Let’s hope so bakky.

Just out of interest our current total ‘deletes’ sits at 60K out of 1.75m in total domains – 3.5%.

If we look at the registries above us in the sales league table, the corresponding figures are Radix (200K deletes on 4.3m – 4.5%); Donuts (235K on 4.3m – 5.4%); Jiangsu (330K on 3.3m – 10%); Domain Venture (560K on 2.4m – 23%); XYZ (130K on 2.3m – 5.5%).

Appreciate this is only a snapshot – and there will be points where mmx % is higher etc - but it does support the view that mmx benchmarks well against our per group. Our portfolio represents the full range of domain sales strategies in terms of price, geography, sector and product – I think we have a lot to look forward to. SB

Thinking about the recent references to renegotiations, I wondered if the company might be looking at concluding the work which started with the .london contract restructuring last financial year. As we know the company impaired both the asset value by $4m and wrote off a further $7m to reflect predicted losses for the four years remaining in the contract. There was reference to the company seeking a more equitable settlement and that is possibly part of the current discussions - a potential upside.

At the same time, a further payment of $721K was made against another domain deal to conclude a contract restructuring - although it is not clear which domain it was.

Given the company owns 100% of its domain portfolio apart from the following - Law (50%); London (50%); Review (33%); Country (50%); and Boston (99%) – then any contract restructuring is likely to involve those domain assets – and possibly the level of agreed partner payments even though sales targets are not being achieved? On the assumption London is sorted, the performance of law, boston and country might require further management intervention to address – although I suspect the $721K is related to one.

Note Radix replaced Donuts today at the top of the gtld registry league table. mmx numbers holding up well so far; at H1 2018 we had 1.5m registrations. H1 2019 – we could hit 1.9m+. SB

Once again we continue to suffer from continued selling at small volumes. All the impetus from the last two weeks in terms of director purchases (nice to see your confident too Sunday), TH feedback, some really good observations from posters, strong domain sales, upcoming premium programme and likely high renewals gets outdone so quickly. Being a shareholder here ain't half difficult at times......3 weeks and H1 2019 will be over.....and I hope for some early feedback on how our trading year has fared so far - lets hope the numbers do the talking this time. SB

Tap - thanks for sharing - it sounds like the positive nature of your conversation has allowed you to take a more objective view of what mmx have been up to behind the scenes - and whilst it hasn't been reflected in the company valuation it does point to an anticipation that we will have a strong set of numbers reflected in the first half year results. I was rather hoping that our legacy issues are now in the past - you seem to think there may be something afoot - care to share your thoughts? The only thing I can think of was a comment TH made in the FY 2918 results on how the benefit of contract renegotiations in that year will help up in 2019 H2 and beyond - and that's a positive impact. Thanks again for sharing......VIP has added 20K registrations in last 10 days ......maybe we will get to 1M eventually! SB

That’s a good bit of info 2crazy - looks like we are going to finish Q2 with a bang.xxx......! SB

bakky - I can see why you have tried to calculate the way you have. I took a simple 'snapshot' - possibly on a good week - because to do the exercise properly it really requires a bit of forensic analysis on a day to day basis - tracking daily deletes and sales. I assume you took the starting point of .vip at 01/01/19 (856k) and today 27/05/19 (879K) and took off the upcoming deletes (9K) - gives you +14K year to date? (Although this disagrees with your number?). I guess this gives the year to date gross increase (or loss) - but misses a lot of the detail i.e. whether domains are new sales or renewals - and as Sunday and Rykan pointed out - some renewals may be higher prices than initial sales. If adult domains are $100 each - we sold 100 last week - that's $10K alone - although yes some dropped off. I guess they key message is - we need new sales to outstrip those not being renewed, general renewals to renew at higher prices than original sales and premium sales to add one off income and add to growing renewals as premium domains presumably have higher renewals rates!! I am currently in optimistic mode.....SB

Just did a quick review of our sales in the last week – not a comprehensive analysis just looking to see what we achieve in an average trading week – you need to look on an individual basis to see true sales when deletes are counted in the overall gtld portfolio. Our volume plays .vip and .work sold 4k and 2.5K respectively. There were also some notable boosts in .fit (1K), .casa (500) and .wedding (300). Our adult domains collectively added 100 names (@c.$70/100 each that’s great revenue). Our geos added 100, beer 100 and yoga 100. So – in total – about 9K domains sold in the last week, clearly with a range of prices – including some premium sales activity. We know that in 2019 our renewals as a minimum should cover the total costs of running the business ($12m pa) so these sales create our profit – and if that’s the case we should be on track for a strong first half to the year when you add in our auction income and what appears so far to be a good year for renewals. SB

Names garden shows all 10 single number ,vip domains as available (0 - 9). However, we know that in the past two weeks 3 have been sold - 1, 5 and 7 - so have to assume names garden will be updated. We received an update on .luxe - perhaps there is a similar one with .vip update - renewal %, premium sales etc? If you are correct bonum the other numbers may/will attract higher pricing. As for the timing bakky - pretty sure it relates to the policy of releasing premium domains over a period of time to avoid perceived revenue spikes (and hence one off as opposed to recurring revenues) - plus Chinese market was subdued for the last 12-18 months - perhaps it is wakening up again hence the sales? Plus we have new senior members of the team to increase sales and mmx needs to show they are adding value to justify bringing them on board? SB

Jal - there are various web sites which publish daily registrations. I look at dnpedia dot com. If you look at online tools it will show you the daily domains options. Click on .vip (number 12 in overall list) and it will list all domains registered today. Top of the tree - 1.vip. The one to watch for is 8.vip - lucky Chinese number - and thought to be the best .vip domain to secure - but at what cost - the more the better for mmx! SB

Sold - that's got to have been a decent earner. It is pretty clear that the company is looking to deliver an equally strong Q2 to that of Q1. As to the dividend - there is perhaps some rationale that the timing of any update was impacted by the ongoing participation in the .music auction. Now that we know the result, and in the absence of any further update, I am working on the assumption the 18 month timeline post May 2018 still holds - which would see the intro of a progressive dividend announced with the H1 results in Sept (although I would also like to see a H1 2019 trading update in July). Fully agree with your dividend point on AIM companies Sunday - although I would prefer there was a plan to move away from AIM which is largely a market for early companies to raise cash to grow businesses. CNIC is following a different path with a stated aim to grow its business through acquisitions and continuing to raise money to support this policy. Its share price was languishing and as pointed out has increased by 50% in two weeks by offering clarity on its plan and ability to generate increased EBIDTA - albeit the business is still heavy loss making once all costs are taken into account. Interestingly this morning it has announced a significant plan to raise funds for its latest acquisition and pay down existing loans. Similar spaces but perhaps a clearer message from CNIC on what it is looking to achieve. MMX needs to provide that degree of clarity so investors can understand what the companies ambition is and provide an investment case for much needed support. SB

YHAL / not in relation to these options which were 100% linked to the share price on publication of the accounts to 31 dec 2018. The performance condition was not met so they have lapsed. SB

Evening ram / the 2018 tranche expired with the publication of the accounts in April. Next tranche don’t come up for vesting until April/May next year. Next future award probably August this year. As for Eurovision - Iceland - WTF?!! SB

Safe to assume the 7.5m 2018 nil price options have lapsed on account of failing to meet the minimum price to trigger the award ie 8.1p. SB