The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
morning SB ,
yes i did and i filed a TR-1 last evening having passed the 3% threshold .
forget who it was a few months ago mentioned that i should “ put my money where my mouth was “ ....
as far as i see it , i have been ULTRA transparent with this Board and in all matters i have disclosed my intentions and proposed actions in way more specificity than i have seen from any other poster .
told his board what i was thinking , what i intended to do , even before i did it .
no “ agendas “ as some suggested .
i still have a substantial buy order in place as i have done for the last several weeks , with a strict price cap .
once that is filled at the price or remains unfilled if the price rises then that will be it for me .
Sit , wait , observe , comment and hope that Tony and the team can make the changes that are almost certainly afoot to deliver a steadily increasing free cashflow and more predictable and reliable revenue streams . from my perspective it is actually GOOD to see the DUMS falling in the likes of VIP and WORK as the more “ marginal “ registrations don’t renew .
C’mon Mr Farrow , you have a clear playing field in front of you now . the full year results due soon are of low consequence to me as the refer to the final period of the old guard . new team will be judged on the 2021’s and forwards .
as stated before i think it will be towards the end of this year before the effect of the changes will be visible with the 6 month lead time for price increases . let’s also hope that H2 brings a nice windfall for the expiring 2011 SRB’s converting into either full registrations or AdultBlocks . a big win there may call for and end of year “ special dividend “ ... pigs may fly by then i guess also :-) just kidding .
when i spoke to my broker he confirmed the first tranche were mine of my original 20MM order .
i instructed him to buy more so is every chance the others are for my account too ..
probably have / may hit the disclosable threshold so as soon as dust settled and trades confirmed i will file the appropriate notification of applicable .
yes the result due out end of march may cause a movement one way or another and we shall see whether i picked a good time to jump back in , or whether i was premature .
yes was my first 20 MM limit order filled
morning chaps ,
just about to embark on my 5 miler with old faithful Blake ( weimeraner !) .
i would assume it’s me but don’t have direct contact with my brokers london desk so will have to wait until my stateside guy is at his desk to confirm .
it fits the profile tho , as i confirmed on Friday i have a decent buy order in at that max price , so will be a bit ****ed off if it’s someone else who has snaffled them up .
will update the board as i get an info .
just to be clear and i think i have posted this before , i would be happy to buy up to 80MM shares at these prices or below : not paying more , if my orders get filled then great , if not , no worries .
I am effectively out of all stocks worldwide and have been for over a year now so my recent MMX buys are my only public holding .
i’m a multi year “ bear “ on the wider market(s) but view this company as undervalued on the fundamentals as discussed and happy to invest and wait . along with others a decent dividend makes it easier to buy and hold .
yep back in the game
skyhi,
i think in short , TH tried to present/ negotiate an “ exclusive “ type of deal with ENS but all along ENS plan was to add the same functionality to all existing TLds and also develop their own alternative naming system outside of the icann rules .
summary : Nice try / good intent by MMX , they did their best but sadly was never really going to happen so ended up a little over hyped , worth a try tho .
re :Rory
agreed : seems to find it harder these days to get all 4 stellar rounds in . i met him first over a decade ago when he first relocated to florida and rented my former home in Jupiter for a year with a nice guesthouse on site for his lovely mom and dad .
these days when he his home i see him almost daily as he and his wife take their new young daughter out for their twice daily walks in her stroller : no footpaths in this community so have to make sure i dodge them every time as i come and go in one of the motors :-)
Still haven’t got him to come round to watch the footy on a saturday morning yet for a bit of banter , or a game of snooker / darts :-)
yes and that’s why it’s key that Tony gets the other non adult strings “ singing for their supper “ rather than being over reliant on the nett profit contribution from the adult strings and adult block , which i am more than sure is his priority during his first 6 months .
i have spoken to Tony recently but more just in social matters and the domain industry in general as i/ we studiously avoid talking about the MMX business specifically , given that i am / have been actively trading in the stock .
Tony is a solid player , he may be green as a CEO and possibly not the most investor friendly in terms of PR etx ( think diametric opposite of TH !) but he will get the job done in a solid no nonsense manner , of that i am sure .
re : Tiger
yes the poor bugger has been in the wars over the last few years : his CFO , Chris Hubman is a good friend of mine .
incidentally i bumped into Rory at 7:15 am on Sunday morning while i was walking the dog , out playing at the Bears Club ( where he also lives ) . he missed the cut on saturday out at the Genesis and must have flown straight back but there he was bright and breezy first thing Sunday working on his game . He is such a nice friendly , even shy young man .
Silver / BB ,
agree with both of your points and personally i have no reservations at all ! after all it was me that secured them !
when the muppet show is now limited streaming with warnings for not being PC and with visa / mastercard pulling payment processing for the worlds biggest adult site , the power of threat of boycott in this “ woke / PC “ world is stranger than ever . you saw what happened when the IC guy Simon whatever refused to follow MMx post icm acquisition .
i’m just saying that some of the conservative suits at these bigger players may do a risk analysis and decide they don’t want to go there .
Silvers point about just running and hopefully growing the business the best way possible is my view , return 1/2p divi every year to shareholders and see what comes along ...
good morning chaps ,
i tend to agree with Silvers point of view mainly in that yes the company has excess cash and continues to produce free cash so why not pay a decent dividend to soothe investors wounds in the meantime pending exit.
the company is unlikely to make acquisitions as there just isn’t appetite there and for prime TLD assets are other more deep pocketed bidders around .
one very recent development which may not bode too well for the full price exit to say PE backed Donuts was the news that just last week they bought 4 out of 5 TLds from another small operator . interestingly the one they left on the table was .spreadbetting which , to me at least , indicates they may well be steering clear of potentially “ controversial “ or “ risqué “ strings on their march to their hoped for IPO .
IF that is the case it would tend to scupper the idea of them making an all out full price bid for the MMX full stable .
the whole raision d’etre of the 2018 deal was to acquire the icm portfolio at its “porn discounted “ price , subsume it into the larger portfolio and then hopefully on exit it would add almost 2x what was paid for it as the “ discount “ element as a standalone portfolio would disappear in the larger 32 Tld grouping .
sadly since 2018 the “ woke “ culture and “ cancel / boycott “ culture has massively accelerated which if anything , in truth , and i am loath to admit this , makes the adult domains perhaps MORE toxic than they were then . with the numbers of players left on the field vastly reduced and the 2 most likely bidders one already public and the other likely going public , if you were their CEO why would you risk some random fund / investment manager / commentator taking exception to your business and recommending a boycott for the sake of buying this relatively tiddling company in market cap terms vs your own . you just wouldn’t , i don’t think .
i don’t think CNIC would have such qualms but would be a mainly stock based deal with them which has a whole bunch of other considerations .
the whole company is without doubt undervalued at these stock prices IMHO hence my recent buys , but i have to say following several discussions and observations over the last few weeks , i am beginning to struggle to see how the lucrative exit comes about .
i hope these ramblings make sense to some
i caught up with Frank and had a good chat with him last evening .
price spike nothing to do with him , nowt brewing there it appears .
Congrats to YHAL .
Silv ,
i agree re dividend and made my position crystal clear when i was a significant holder .
for there own reasons , and i am assuming it comes from the 2 or 3 major II ‘s the company has showed a disdain fir dividends , preferring buybacks instead .
ultimately it’s probably six of one and half a dozen of the other in real terms but for many , myself and perhaps many PI s an annual dividend of 3-8% return would ( have made ) make it easier to park this stock and see what the end game is in the longer term but with an attractive enough annual tickle to ameriorlate any pain in short to medium term price fluctuation/ volatility .
i for one would have likely kept my final 95 MM or so shares fir the long haul had they been chunking out a 1/4-1/2 P dividend . keeps the Rollers filled with 4 star :-)
morning silver ,
no nothing to report from my side of the fence .
been busy buying cars to restock the fleet back to its pre covid levels in anticipation of my self imposed 11 month lockdown coming to an end as i was lucky enough to get both vaccine doses :-)
i bought several million shares as i posted here a while
ago but that’s it as far as i am concerned for now .
it wouldn’t be inconceivable for the company to do some kind of merge / acquisition with frank’s company / portfolio now he had run the flag up the flagpole so to speak by announcing his TLD auction , just to see who was going to salute :-)
all pure speculation and have absolutely NO knowledge of any such moves .
as another poster said could be some fat finger action based on social media buzz .
for the record , i would have sold at 8p or what we had i been awake !!
or could also simply be a bit of p&d tied into the mistaken confusion with the “ other MMX stock , maverick metals who announced some big gold finds or the like yesterday :
same happened recently with The Robinhood type crown mistakenly buying shares they through was GME ( gamestop ) but buying another similar ticker by mistake in the frenzy .
all fun and games .
morning all ,
i have no idea what caused the spike .
i did, however notice this cryptic IG post yesterday by Frank .
could be totally unrelated but just saying ...
https://www.instagram.com/p/CLZ-OBapZgr/?igshid=1cdecpkm6sw1q
for those who don’t have access it says something to the effect of
“ for all those doors closed on me , i’m coming back to buy the building “
who knows ,
congrats to all ...
drK ,
i guess that would be when and if the price motors up .
that said I guess we will let Finncap know that we are always available to take a large block of any such block became available at what would then be a substantial
“ block “ discount .
i think 12p may be pushing it in all honesty .
not impossible but it would take , imho
22-24 million sustainable revenue
stable and growing dums
a USD / GBP ex rate no higher than it is now as buyer likely working in $$$
price increases announced and a renewal season past
the icm adult portfolio generating under 50% of the “ nett revenue “
the buyer not to be afraid of the adult names nor to apply an irrational discount to their contribution.
the buyer to be have a large and active defensive brand protection play ( which AB would turbocharge) which may and should ameliorate and queasiness about the adult names .
partner deals rationalized and and exit strategy in place with them .
i’m thinking 9-11 p should be the target range by end 2021 and thru 2022
the company should be able to pay a 0.5 p annual dividend in the meantime so perhaps 2 of those before exit .
BB,
I sold out may last 90+ million at 6p if I recall.
and my whole 145m for an average of something like 5.9...
As I may have mentioned before I am out of all equities globally during these uncertain times.
Is going to be hard, or so it appears , for me to rebuild a 50-80M share holding and I put a 20M but order in with a limit of 4.75p.
trying to be as transparent as possible here.
is simple math for me and the quantum needs to be large enough for me to take much interest.
I know money is money and every bit helps but Im not a stock trader, more of a buy and long term hold merchant than a short term opportunist buyer.
I would like to think that at these buy prices I could double my money , with a following wind. skilled management team and the odd but of advice given here and there.
Isn't worth the effort and brain space to make make a few thousand, the numbers need to be meaty enough to focus and channel the attention these days sadly (or gladly depending on which way you look at it).
I am pretty damn certain that with TF at the helm the eventual exit will be at a decent clip above todays price but in truth Im looking at a million of a million quid investment, perhaps up the 4 million and am desirous to double that.
Each of us has our own goals and I am happy to lay mine out for you.
I would like to see my former ICM partners be able to see 8p or more on their holdings.
I think we are all hoping that the 'fear" has now gone out of this stock and the fundamentals will apply and can be relied on.
I would have been much more happy to have held my original holding much longer and made it clear that with a dividend I would have done so. The company throws off enough cash IMHO to make the payment of an attractive dividend a breeze.
We haven't seen the full year 2020 results yet, haven't had time to gauge any sales driven/price change initiatives driven by TF and also the Auction (or prior) sales of Franks portfolio won't be until April.
So yes, I do think this stock is undervalued , but at the same time, Im not sure what the triggers may be in the short term to drive the price higher.
Also I am totally devoid of any FOMO , so all in all is no reason for me to pile into the stock at a price higher than the 4.75p I have stated.
There are lots of macro economic variables at play too currently in the Global indices whilst we are still struggling with the pandemic and the economic fallout that comes along with that and all the stimulus spending so another major pull back in stock prices wouldn't surprise me and smaller individual stocks can tend to get swept along with the same brush at the time..
Hope that all helps explain my local and global thinking...