Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Indeed, somewhat underwhelming. Presentation has never been a forte here, but the appointment of Charlie Roach as Chief Revenue Officer was a move to 'get inside the tent' . Given he only started in February, I am prepared to give them a bit more rope, as the product would appear to argue for itself, and it is too early to call this an also-ran. The full results should clarify exactly where the revenue shortfall from target really lies and as a new CRO, he no doubt feels very comfortable with the low bar set here when it comes to his annual appraisal.
Shambolic from Ageas. Clearly no top up forthcoming from China, which should have been arranged at the get go. I don't think there's much solace for DLG holders either. It's a bit like a kid buying a first car, cant quite stretch to it, goes to his parents for a top up, a quick look under the bonnet and that's the end of it. Likely very messy Monday morning, unless a richer (local) kid needs some wheels!
I do hope they make material progress in the next few years. The new CEO couldn't possibly do worse than the previous and now has the feather in his cap of defending from a takeover. The employees should be grateful but wary....the cost cutting is still going to happen.
Now it truly is a binary outcome. Ageas' hand is much strengthened, as the synergies / cost cutting are better addressed in a larger group and DLG have made it clear they will be reducing staff in any case. The second bid now also makes some sense.....any further sweetening of the deal will look more digestible to shareholders in comparison , and as such I expect we will hear of a slightly better offer being made this coming Saturday. So no bid or final offer, 1.50 or 2.50.
It's so comically bad, its almost like a typo....maybe they need to reduce rather than increase the number of DLG shares in the divisor by 12.5% to say 22 per ageas share and then you get to about GBP.273. That would make sense.
It does seem odd. Even if the liquidnet value is written down to zero which i understand is not the case as they are gaining traction, albeit not necessarily in the imagined direction, the core broking business should be printing money with the past years vola in rates (unless the brokers are overpaid) . Clearly we are missing something here, hopefully all comes a bit clearer tomorrow.
It's a complex business and I'm not sure that they are bending over quite enough to the retail investor to explain their results, as can been seen in this forum. I do not have a PHD in financial chicanery, which keeps me away from this stock despite the generous divi's. I'm sure it is good value in the low GBP2 area, but will stay away until they can clearly illustrate their financial position to the likes of me. I also do not like the tone of the CEO, who seems to convey in his intro, that L+G were lucky to have got him. Does he not get who's shoes he is filling and the challenge that entails? CEO's need a dash of arrogance, but also need to listen to the crowd, especially when they just sat down.
Someone likes it today....been on the back foot since the buyback completed end of jan. Would think the core broking biz has done ok with the fed's false (for now) signals. Interesting to see how other divisions are shaping up.
Ticking a lot of boxes this company, and with low debt, a buyback, continued capacity to expand the business and a strengthened board, should make further progress. Still I guess the fast $ heading to AI, but this should weather any storms and seems well placed to help engineer the energy transition.
I'd have thought Ageas need to get a wiggle on. Admiral results this week and DLG on the 21st are significant in the near term. Good results could prevent a further higher bid, as Ageas may conclude that an offer less likely to be recommended by the board. Conversely, poor results may encourage Ageas to improve their offer, but only by a small amount. If they are to be taken seriously and hope to aggressively grow their business in the future, a clear improvement of the offer should be made certainly before DLG results and possibly admiral's update.