Member Info for Silverblade

bakky - I don't disagree - but like any company there have been priorities to sort out and the focus has been on creating the type of business operating model we now have - but we would all accept its been painful to say the least for shareholders. Perhaps it would have been better for shareholders to understand what price the market was prepared to pay for mmx at the review time - but I suspect from what has been made available on that count it would have been deemed to be unacceptable, albeit on reflection it would have likely allowed an exit in excess of where we are today. So the priority was to reengineer the business and create a platform to grow. My points were that now that has been done - the focus should be about shareholder value - as was the case during the review - but it didn't work out that way because of all the crap in the way. SB

Few points to note - our revenue should have been $16m+ as previously indicated by management. Full year EBITDA marginally ahead of expectations - so $4.2M+? The scale of revenue decline without the ICM acquisition is now pretty clear (which as we all know is largely attributable to the china premium sales drop off) - without ICM we would have been sub $12m with virtually no EBIDTA to speak off - this would have been punished big time in share price terms - although you could argue it has been anyway. On a more positive note - we have made a strong acquisition at a decent price; organic sales are up; we are less reliant on china; we are still making some premium sales; we are cash positive; we have received some auction income; we are staring to repay loan; we are close to covering all costs with renewals; and we have dealt with legacy domain issues. For me - Toby's next focus has to be getting some momentum into share price - possibly via director purchases, improved broker updates with clear financial targets, dividend strategy, dealing with poorly performing assets and seeing opportunity in others, making sure the overhead is appropriate to the type of business we are, strategic relationships with industry peers. 2019 needs to show some investor return. SB

The big increase in 2018 from c.1.3m to c1.8m was in work (c.380K) and the ICM portfolio (c.100K). On the basis we don't appear to have any launches this year (not sure what's going on with Budapest and dds) growing the revenue per domain in our portfolio becomes an important contributor to revenue growth - esp where our volume domains were sold at low first year prices. SB

Market Abuse Regulations (MAR) appear to indicate the 30 day period before preliminary results are announced should be considered as the closed period. If there are no preliminary results then its the 30 day period before the actual full year results. A trading update probably does not fall within the definition of preliminary results as it does not contain all relevant financial info - so I would say no we are not in a closed period. Note there have also been PDMR trades as recently as 7th Jan. SB

Looks like we will have to wait until next week for update. If we look beyond the ICM portfolio (which appears to be in moderate decline but still posts excellent renewal levels and a significantly above average domain price) - our volume domains (vip and work) continue to put on decent numbers with an expected level of deletes. In addition to the relatively poor uptake so far of luxe, and the same for Chinese shopping (although if the domain's are being sold at $200 each then that is a decent revenue stream) we have a number of domains with high levels of upcoming deletes - boston (7.6K), fashion (5.6k) and wedding (6.6k) - 25-40%. Lets hope these are the exception and not the rule. Further highlights the need for a detailed revenue breakdown and a plan to increase sales as noted by Taproot. Our overall % share of the global domain market has been steady for some time - we need to hear more on what the plans for the future entail - we have 20 members of staff and an annual overhead of $6m before we add in costs of sales and partner payments. That's a pretty substantial and expensive team which needs to demonstrate its worth. SB.

I seem to remember a point where TLDH shares hit 17p in the past....will we ever see those days again. I appreciate you are joking about our previous management but its the current guys who have had to clear the previous domain deal issues whilst adjusting the business model (renewals v one off income) in an evolving market with Chinese pricing attitudes changing. Not been easy, and certainly painful from a PI perspective. But during that period not one of our major shareholders has sold (Lombard side trade aside) and we have the current support of our largest shareholder in SJL. As has been said several times - the first 6 months of 2019 need to show real progress - financial ones. I don't like Friday RNS's either, but tomorrow is the exception given its a rather famous Scottish poets birthday. SB

c. $6m = $3m loan/working capital facility from London and Capital, $2.2m for ICANN letter of credit fees and a $1m escrow account due for release in 2021. SB

I note that Radix provided some clarity on their premium sales (both initial sales and renewals) recently. It would be useful to get some feedback on how mmx has performed in this area - acknowledging there has been a significant decline but clearly there are still deals out there to be done. They company has previously communicated they intended to do this at the year end - perhaps it will come in the trading statement. Also by my calcs we should also have somewhere in the region of $13m cash at year end - albeit $6m is made up from the shareholder loan (which should be repaid to avoid further interest costs) or restricted cash which will in time become available to mmx - no debt and a positive cash balance is a healthy place to be moving through 2019. SB

I assume by consolidation YHAL means a 1 for 5 or 1 for 10 allocation to reduce the number of shares in circulation - would obviously increase share price based on whatever consolidation took place, reduce liquidity by virtue of less shares being in circulation but not necessarily increase market cap. SB

In the last 5 trading days there had been just over 550K shares traded. Almost all sells (although there may have been a bed and Isa accounting for almost 50% of all trades). All told - about £30k in trades - insignificant. The previous two weeks show a similar pattern - although there was some buying from Lombard/Turcan. We are in a position where small trades have large pricing impacts - not because of company performance - but there is very little purchasing interest and the volumes are so small it doesn't really matter in the grand scheme. We know the reasons - its now all about current trading i.e. the next 6-12 months. Some forward guidance would be useful as part of this weeks (expected) trading update - or at least some info provided to allow a brokers update. SB

The problem with the results is two fold - firstly we pretty much know what to expect in terms of the numbers and therefore there's not likely to be any surprises , and secondly the reality is because of the accounting decisions made we are going to post a large loss for the full year despite the progress being made - and generally that's not the most popular bit of news for investors....! Most previous news has had a negative impact on the price - even when its good. Maybe we will buck the trend this time. We might have to wait until H1 2019 to see a positive reaction. If the price stays low until april it gives a chance to bed and isa and reap the future tax benefit - not 100% sure but a couple of the trades this morning look like they may have had the same idea. Boston about to lose a stack of reg's - there was a bulk purchaser in dec 17 - looks like they are about to drop the lot. Wonder if they will post the trading update on Rabbie Burns birthday again this year......SB

Taps - I appreciate your ongoing frustration and sympathise - I'm not exactly doing cartwheels given the share price and the losses I'm currently sitting on. I am trying to remain positive - and I genuinely believe we will all see a substantial improvement in the next 6-12 months. The point about directors not caring about share price is not accurate - both Toby and Michael have significant share options in three tranches - none of which are currently worth a single penny to them. We can debate about what they have not done in terms of open market share purchases and the poor way the review was conducted; or focus on the positive acquisition, the required write downs on poor assets, the attempts at innovation (ok .luxe is struggling to meet expectations but you cant disagree it was an interesting concept and could yet reap rewards), the focus on creating a strong renewals base to underpin revenue at a time when premium sales were reducing - all of which have resulted in a growing, profitable, cash generative, dividend capable business. ATB. SB

Lombard RNS clarification which confirms what has already been discussed here this morning.

2. Reason for the notification (please mark the appropriate box or boxes with an "X")
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify) iii: issue of 128,300,765 Deferred Consideration Shares X

Dandee is 100% correct. Lombard have been increasing their holding from 112m shares in Nov 2018 to 117m shares in Jan 2019. The TR1 notification is based on their reduced percentage holding purely as a result of the new shares issued to complete the ICM purchase. SB

I wasn't sure if this meant 8.vip had been sold already or was part of an auction. Our inventory seems to indicate we have all single number .vip domains remaining to be sold - and the FB sales campaign confirms - so looks like registrars are part of the marketing campaign with a premium sales focus. Work also having a wee sales flurry. SB

Looks like the big fella will be putting a wee investment into Mrs Santa's stocking this year. Let's hope his faith is well rewarded. To quote from John Sullivan's finest work......this time next year Rodney.....SB

I hear all your points - and everyone is fully entitled to their respective view. Despite where we are we have made leaps forward this year - not the type of leaps we perhaps envisaged - but nonetheless we have a stronger and more profitable business, we have cleared our legacy problems (hopefully) and we continue to grow what is still an evolving gtld market. Most if not all of us would find it difficult to sell at these prices given we are likely heavily in the red. We cannot lay all the blame at Toby's door - he is the part of a team - and he has non exec support. Not one of our II's has sold (with exception of the large fund trade) and some are buyers. SJL remains supportive and he's got more red in his account than all of us put together. We are going to post a decent EBITDA for 2018 - and going into 2019 we should finally get the rerate we all need. It has been and continues to be a bumpy ride - but if we stay the distance we will see a change in market attitude next year. If not - it's likely our II's will look for change. SB

SS - just to clarify my reference was to current share 'buys' not a potential buyer. The lack of 'buys' to me reflects a range of negative market sentiment incl. more shares shortly to be issued. That said, our major II's continue to purchase and we are moving in the right direction / just very frustrated with the share price but ain't we all. SB

MMX have pretty much declared what their 2018 numbers will be - $16m revenue ($9.5m renewals) and $4.1m EBITDA. Strip out 2018 ICM revenue (c.$3.5m) and EBITDA contribution (c.$2m) and it makes pretty uncomfortable reading from MMX 2017 ($14.3m and $3.2m) numbers. However, 2017 included launches, auction income and higher premium sales - so not a true like for like. Earning per share for 2018 should come in about 0.5 cents. Small sale volumes still have disproportionate impact on price. The share issue in January is more than likely to be having a negative impact on any potential buys. Its been said a number of times - 2019 - esp first half - is when MMX needs to deliver on its own or consider its future options. SB

All. I mentioned the shareholder loan earlier today and it seems to have grown legs and frustrated todays conversation - wasn't my intention - although at least we got a bit of engagement on a Friday!! It is a 12 month facility so lets see when and if it ever gets used and accept there must have been a good reason to proceed with such a requirement given the funding conditions. Have a good weekend and lets hope for a good sales finish to the year. SB