Member Info for StraightAIM

No details provided on the financials of the Nasdaq deal.

How do their other agreements with exchanges work? Do they typically receive fees that are linked to trade volume?

If not the board then who are considered "Restricted Shareholders" who aren't able to tender?

Whole board staying until the end of June 2025. Of course, haha. Couldn't risk any dip in governance standards during that time.

Absolutely mugged here, lesson learnt.

Do they need to tender the shares above market value? What's stopping them from tendering at the closing price on the day that they announce?

So napkin maths:

$48m cash assuming lower end of the earnout range.

$13m winding up costs assuming upper end of range.

= $35m to distribute (approx £27.5m)

Really bad outcome. Would expect MCap to now stabilise around £25m level.

Well they bought another 190k yesterday so wouldn't worry too much about the pace.

Good to see trading improving but sound from previous RNS that strategic review is likely to run into 2025.

Agree, don't understand the operating loss in calcs.

No position here so take this as you like it, but why would CIG finalise due diligence and make an offer for company without using clarity on the situation in Mali?

New terms demanded by the Mali government could significantly change the economics of the mine. Could drag on for quite a while...

Yeah, I thought we might have had news on an initial distribution by now...

Their job is to run the company, not to run a PR campaign to support the share price. They need to be 100% focused on making sure that they hit the revised EoY guidance.

That's just indicative of there being more sellers than buyers, it's literally the reason that share prices move up and down...

Every transaction has a buyer and a seller, who agree on a price to pay. Sometimes people want to buy / sell a big block of shares and they do it gradually to avoid moving the price too much. To call it manipulation without any evidence is just clutching at straws imo.

Disagree with some of the content of your letter.

1. Low share price is ideal for buybacks, I have no desire for management to artificially pump the SP. If they look after the business then the share price will take care of itself (eventually).

2. Kestrel fear... Surely the board can just reject their takeover offer provided that it doesn't match their idea of fair value. I haven't seen anything to suggest that Kestrel want to take control of the business, they could have easily bought to hit 30% before now if they wanted to.

Interesting point about the Kestrel holding. I presume that if / when they get close to 30% they would have to sell into the buyback to avoid being forced to make an offer.

Pretty sure the brokers are instructed to do BBs below a certain % of daily volume to try to avoid moving the price too much

I'm pretty relaxed with where things are. I think the BBs are a good use of cash, and we should be able to de-lever at the same time. I'm not even that worried about Shinez, it's a small piece of the business and may have strategic value down the line, even if the price paid is currently looking poor.

Main thing for me is understanding the OM profitability and what is contributing to the squeeze on margin. If click prices normalise to where they were before (2023) then this is going to print cash, but if they continue to decline then there's a real problem here.

In terms of valuation, I reckon OP is probably worth about the entire MCap. I like the idea of spinning it off with most of the debt, but let's just see what happens.

No real benefit to director buys. Better that they buyback shares at as low a price as possible.

The wording in the RNS also implies that they are more seriously considering splitting the Presence and Marketing businesses - something that has often been raised on earnings calls.

I think the domains business would command a much higher multiple as a separate entity, especially with a US listing.

And key question is whether the margin compression associated with lower RPM is temporary or permanent (and will continue to decline).