Member Info for Tardis

Thanks SNN for taking the time to go through that.

Are you in essence saying that the company’s term ‘cash generative’ is loosely equivalent to EBITDA. That is to say, day to day the company is profitable, before some exceptional costs are deducted.

There is a worrying trend on both sides of the Atlantic, where the results of legitimate democratic processes are being undermined ferociously by an establishment who loathe the choices the populus have made. How can our establishments in the West preach democracy to the World when it really isn’t being practiced here in the first place.

Goodness, that was quick!

I will answer your question as you seem to be struggling with the figures. Or I have made a mistake and am happy to be corrected.

Revenue was $144.9m for the six months. RhythmOne contributed three months revenue toward that figure. Finncap are stating RhytmOne’s revenue input was $50m.

So if RhythmOne had contributed for six months, it would have been an additional $50m.

$144.9m + $50m = $194m

Disagree?

Initial response this morning to reading the results was one of disappointment, but still fully digesting them.

It’s a shame that we didn’t have six months of RhythmOne contribution as it would have made the figures clearer. Finncap’s note suggests that Rhythmone contributed $50m revenue, which seems to be for the three month period only, so revenue would have been nearer $200m with a full 6 month contribution from RhythmOne.

If there are any accountants out there, could you explain how the company reports $19m of positive cash generation for the period but an EPS loss of $0.05c? Genuine question.

The company are clearly angling towards video as their primary offering and management certainly regard the combined company as one of the leading market players in this domain now. They seem confident of delivering growth, but they haven’t proven this yet.

Year-end revenue is predicted to be nearly $450m dollars, with cash generation of nearly $60m. Revenue would be nearer $500m with full 12 months contribution from Rhythmone.

The market cap based on today’s dollar exchange rate is $220m, c. 44% of anticipated annual revenue, and c. 3.5x anticipated annual EBITDA. Compared to sector peers this seems cheap.

For me it remains a hold.

One area you can’t criticise TM is remuneration. He has bought in heavily to fund raises including at 11p, and as mentioned below, has fore gone a salary.

The tide will turn here when copper price improves. Will be slow going until then. Just the way of the world...

The months of speculation due to end tomorrow. No profit warnings, so expecting decent profit as per AGM statement. Hopefully tomorrow will be the start of a serious SP recovery.

It wasn’t supposed to be sarcastic.

I didn’t email him in the end because the update basically did the job.

I fear it is going to be rather bleak here until the copper price increases. Success with the drill bit in November might help though. Especially if the deep drill between BKM and BKZ is successful.

I would guess he was waiting to update the market before updating you.

What you’ve posted is basically what’s in the RNS.

I suspect shares are changing hands from one large investor to another - large trades today and yesterday. Suspect we’ll get a holdings RNS soon.

Holders have no reason to expect bad news next week - the company have told us to expect strong profitability. Read their AGM statement from June.

Bruce Sheng now heavily incentivised to make this work. It looked like he was picking up shares on the cheap - now he’s heavily underwater.

There seem to be serious market jitters for the mining sector atm. This is ridiculously cheap now...

I can’t understand why anybody would sell in to this current share price. The contract looks 90% nailed on and when it drops in the next few weeks the share price should at least double.

Where else on AIM is offering those sorts of odds.

One step closer.

So as some speculated, the issues between MPS and GPHA has been the hold up. Should get ironed out soon. Payments on account in the meantime.

Market response?

Not much trading action. I will be holding in to results.

In due course it will be. This contract is coming.

Updo, are you related to Yoda?

Foxy working in overdrive today.

Why?

Does anyone have an email address for Tony Manini or Peter Bird?

I’m finding it hard to work out what management’s strategy is at present time. They can’t continue this current route - it just isn’t working and we are starting to get heavily diluted with each raise. Furthermore the raises are too small compared to the size of the assets to do significant drilling campaigns.

I have emailed IR to try to get some clarity as to the direction of the company but no answer after a week.

Unfortunately I think that their strategy has been based on the copper price rising above $3, and now that the copper price has stayed stubbornly low, their strategy isn’t working. Question is, how do they plan to respond.

The June AGM statement is well worth re-reading.

This is an important paragraph.

‘Taptica's brand advertising platform has continued to trade well, with management also delivering sustainable margin improvement. In spite of the weakness in the Performance division, management believes it is on track to meet the market's profitability expectations.’

There are also clauses about expecting to achieve $20 million of cost synergies from the merger and the company being cash generative and having $70 million in cash following the completion of the first buyback.

There seem to be a number of doomsayers around, but that is not what the company are saying.

Take your pick who you believe. Personally I am looking forward to the results in Sept 24th.

I’m not trawling back through endless output - that’s your job.

They have said it.