Member Info for Theanalyzer

A bi annual audit makes no sense.

Entities are either audited annually or not at all.

I notice that they are too shy to name the Big 4 Firm, Office and Partner who signed off the audit and provide no audit opinion to show what the scope of the audit was or their findings.

Credible firms publish fund accounts including a signed audit opinion because they have nothing to hide.

Credible funds that claim they are worth hundreds of millions don’t struggle to pay a mere $300,000 in cash on an agreed deal.

It’s under two weeks to annual results so that would make it a close period.

PP

The full coupon hasn’t been received and Valereum don’t even say how much has been received.

BP Marsh’s track record of profitable disposals often at mark ups to last valuation looks strong at present but market still values it a discount to NAV even though unlike many AIM companies it is profitable, cash generative and pays a dividend.

The share buy backs will help increase in NAV.

Await results in June with interest

Only 11 more trading days until 2025 accounts are due on 30 April.

I suspect there will be a fund raise of some sort to enable auditors to sign off on the accounts.

I wonder if AZ will try and get IOB deal completed so he has positive news to spin for gullible punters.

Tick tock

Harleygreen appears to have misunderstood the Nuburu press release.

The $5.15 million Nuburu loan remains in place. If it was cancelled or forgiven why is there no RNS from Supply?

The new Nuburu loan is to SYME currently owned by SFE which Supply is in discussion to purchase.

AZ is using Nuburu to keep Supply afloat.

Nuburu has now formally invested in a SYME 3 bond to mortise Tekne inventory

It’s only €3.5 million though.

Now that bond is issued could SYME buy SYME 3 company?

A classic AZ ramp, cite a $20 billion market entered into by your tiny $2 million business acquisition Lyocon or cite a 0.8% stake in Heckler & Koch as a strategic investment.

AZ needs to get resolutions passed at 12 March meeting so he can perform more share consolidation to keep share price over $0.1 and avoid being kicked off the exchange as share price craters from constant dilution.

He also wants to sell Orbit business to Nuburu for $12.5 million. Last year’s Orbit turnover under $400,000 and it was heavily loss making and technically insolvent. It’s the same business as owned by Reg Tech Open Project Plc and laughably still uses that name in its Privacy statement when that company is dissolved. Of course he promises staggering growth for the business which had revenue of £1 million in 2020, 2021 and 2022.

I suspect it won’t be long until next SYME fund raise. It will probably be linked to the IM company acquisition.

BP Marsh continues to be significantly undervalued.

Despite BP Marsh’s strong track record of value creation and a a good number of cash exits typically above carrying valuation, market doesn’t value the stock.

Curse of AIM market where too many investors chase the next Helium, AI, Bitcoin Treasury etc dream stock as opposed to investing in a consistent growth stock that pays dividends.

I am happy to hold and watch value grow, my average is 195 pence so sitting on nice profit.

Year end accounts will see uplift in net assets from SSRU of £4.9 million plus potential deferred consideration of up to C$24 million based on SSRU performance to 31 Dec 2025.

A larger share buy back might help price move closer to NAV.

My concern with Sbtx and Croda is that there was no statement saying that whilst 2025 royalties were reduced to nil to date we have now have received x since that date .

Superdrug sounds like trivial revenues and both acquisitions are just breaking even.

Even worse they CFO is also in the frame along with Ashman in my view.

What a disaster.

PAFC boy Kefi shares will be unchanged by the move to the Main Market.

It’s just the market on which shares are listed which is changing

Another good deal for CSN which opens up a new market for acquisitions in Luxembourg.

Deals with major players should encourage other major groups to consider Chesnara as a credible partner to transact with.

Ashman never stated the £700,000 was from Croda, he let people believe.

The existence of the accrued income should have been confirmed by after date cash receipts by now.

The fact that it hasn’t and they don’t even talk about current year revenues for Zenakine isn’t good.

The lack of clarity around financial matters is appalling.

It could be Ashman has lied to board about sales figures using non disclosure as a device to hide the position.

The due diligence should take more than a few weeks at most.

If all is well then we could move to an agreed bid probably structured via a Court Approved Offer which will take some additional time.

Unlikely to be more than few months in total.

Until offer is a confirmed offer Beazley share price will be lower than offer. After formal bid the gap should narrow.

Benchking

The cash hole isn’t plugged as Supply state in response to question 34 asked at AGM they need to raise more cash before 2025 accounts are signed in April 2026.

Alternatively if look at 2025 interims and extrapolate cash burn to end of Jan 2026 you can see that there remains a large black hole.

There are 72 billion shares, many owned by stale bulls who would love to get out of Supply.

Supply needs to raise more cash to finance ongoing losses and the hole in its balance sheet.

The proposed acquisition will require a large share issue and the Nuburu loan conversion will both increase scale of dilution.

Henchking

118 million shares is less than £5,000

Hardly a sign of institutional investment

Zurich is already one of the largest insurers in the P&C space and many of the big US and Japanese insurers already have presence at Lloyds like Tokyo Marine, AIG, Berkshire, Markel, Travellers etc.

Also for Lloyds a key part of the value is the underwriting team, if they don’t like new prospective owner then a bid is a bad idea.

So I don’t see a counter bid happening..

Looks like it’s a done deal subject to Zurich not finding any nasty surprises in their due diligence.

Should see nice tick up in Bez share price today.