I have been buying a few of these post the announcement of Allenby being appointed as NOMAD. The retained losses of £11.75m will be attractive for any tech company looking for a RTO to be used to offset against profits. Those alone would be worth £2.3m in tax savings which is 6 times the current fully diluted market cap. Would imagine they will be attempting to stuff the debt into the liquidated subsidiaries bringing the parent out as a clean a shell as possible. Anyway, lets see where this goes.
Makes sense MasterRSI. I would guess that given the retained losses of $9.6m and the probable business split as per last years that the 10% rate would apply. The interims at the end of next month will provide clarity.
Yes, completely agree that the re-financing needs to be finalised as quickly as possible. My guess is that the capital provider would have been waiting for the audited results to be released before committing. This is entirely understandable given the turbulent history of the company.
A "sell on news" event was to be expected given the absence of any 'new' news within the results. My expectation now is that we will see a build in price over the coming weeks and months as we see value investors taking a position.
Whilst the results were known the fact that we now have the results audited by an independent third party could prove to be a pivotal moment. As ever, we shall wait and see.
It has certainly taken far longer than I had hoped for. The impression I get is that the finance provider probably wants to see the audited results before completing the deal. Given the perilous history of the company that would be a sensible approach. Hopefully we will get the audited results in the next week or so.
The grossly overpaid CEO hasnt' ever actually bought any shares here. He earns a ludicrous amount, something like $350k including a bonus last year which the share price has dropped by 80%. In order to reassure shareholders all is well he should buy a meaningful amount of shares.
Yes, its been a relay of sellers between TB, GB and PM. Very frustrating and will have put off buyers. But as you say the figures do indeed speak for themselves and on the current run rate we could easily be on a PE of around 2 at the current share price.
Paul Morrfew has always been open about his intentions regarding holding/selling for anybody that cares to ask.
The company is ticking along nicely and an awful lot has been achieved in the last 18 months or so, turning around the business from a significant loss to an even larger profit, winning new contracts across both divisions and streamlining the operations.
But this is just the start. We are merely approaching the foothills of where i believe this company is heading. Once the near term catalysts of the debt refinancing and update on current trading are released along with the FY audited results I expect the share to re-rate.
Looking beyond this I would expect to see acquisitions of complimentary businesses and exponential growth in profit. Sit back and enjoy the ride.
Morning, definitely not me! The majority of the UK nominee accounts have actually increased their holdings in recent weeks/months. Assume it’s a few people with a non notifiable holding. Once we finally start to see some decent newsflow things will start moving upwards