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New board are just Shishir in disguise

Complete Lack of any apology or acknowledgement to ordinary shareholders

Another delayed 20,000 shares trade just posted from yesterday

5k block trades have been replaced by larger 10k + 20k trades recently

I had given up on buyer/institutions but maybe just maybe something is in the water

Https://www.bloomberg.com/news/newsletters/2025-05-08/podcast-deals-are-heating-up-again-in-the-wake-of-trump-s-victory?

There's two RNS that day - the one called "Final Results" below the footer there's another 20 pages of figures

We also get half year balance sheet and results in July, way more important read than the fluffy presentations

Search for this figure 51,793

Read the Final Results RNS 9th April - it's all there

Search for

Retained earnings

Net increase / (decrease) in cash and cash equivalents

They booked a provision for the 2025 + 2024 onerous contracts in 2023 and then release the provision in 2025 + 2024 so it made 2023 EBITDA look way worse than it was and makes 2024 + 2025 looks better than it is - that's why cash has barely moved in last 2 years when making positive "EBITDA"

Makes the whole thing really difficult to read - but from 2026 when the onerous contracts are done. EBITDA/Profit after Tax/Cash should all be more in line with each other

Latest retained earnings is negative $52m which shows since inception they have had more losses than profits. NAV is barely even $5m

2023 cash outflows was $4.3m

2024 cash inflows $132k

2025 cash inflows $2.5m ?

2026 cash inflows $5m+ ?

Explains why SP has taken a battering in recent years, no-one is valuing a company on revenue if it doesn't make any cash

It is going to need some institutions taking a few hundred thousand shares to get this moving

Hope that is what is happening right now as block trades have been quite chunky recently

Tide will turn one quarter at a time just need some patience even if doesn't happen at Q2

Https://www.bloomberg.com/news/articles/2025-05-07/podcast-industry-is-twice-as-large-as-previously-estimated?embedded-checkout=true

Https://www.bloomberg.com/news/articles/2025-05-06/swedish-podcast-conglomerate-podx-acquires-lemonada-media-for-around-30-million

How many barrels of excrement does Heid post per hour?

JKR mention - 21 mins in

https://www.youtube.com/watch?v=heaVGXazgOk

Don’t let us down now - Feasibility Study in Q2

Https://listen.podglomerate.com/show/podcast-perspectives/audioboom-ceo-stuart-last-on-quarterly-earnings-and-the-future-of-podcasting/

There was about £20k of buys the day before Carbon Black was announced while the SP was in the pits

There are definitely insiders in the know

Https://www.musicbusinessworldwide.com/tencent-music-close-to-2-4-billion-deal-to-acquire-podcast-firm-ximalaya-with-a-potential-payday-for-sony-music/

At least you have some points to make compared to the others that ramble on about manipulation and daily SP

Expect usual boo boys to come out after this post but SP is £3.50 for a reason , and it’s not me - btw my employer has to approve all my personal trades

Q2 will be received more positively but they need to up the revenue / earnings forecasts asap to get this moving and not sure they will until Q3

1. Onerous contracts are already priced into the share price

We only get their balance sheet in July and April - so nobody sees the true financial picture for most of the year. I’d rather get a quarterly P&L and balance sheet than the fluff we get in the quarterly presentations. If you’re happy with presentations good for you

2 it has been highly flagged Q1 is the weak quarter already in the price

So how much are they going do in Q1 2026 - another 1% or 10%? No one has a clue

3. Tobin continues to buy thus freefloat continues to shrink

Whilst appreciate the buying he’s been buying for years , has had no impact , average outstanding option price is now £2.40. 10% of the stock is still outstanding what happens when that hits the market . Why did they hand out the shares so low if everyone thinks this is going for £15?

4. Forced seller must be almost done and their shares have been picked up

2 institutions already excited in March - need them back or Tobin or Candy buying 100-200k shares to get this moving . Don’t know why everyone gets butt hurt when you mention Candy or Bonnier - shareholders can influence the SP by their buying or selling

5. Do you think a potential buyer is going to wait around to watch the market cap rise above £7 before they make an offer to fit your 6 month narrative.

They’ve been talking about a buyer for nearly 18 months and had plenty of time to take a stake below £2 , takeover will happen but when is anyone’s guess

I’ve got enough in this now so happy to sit tight and see this as a safe bet for whatever exit price - certainly isn’t going lower

Not surprised with current SP at all - knew reaction to Q1 results would be bad

2024 - profit after tax $1m and cash barely increased

Just read the accounts they still have $3.5m to pay out on onerous contracts in 2025, higher than what I thought at $2.5m but at least they are done with these this year

Onerous makes up $6m of revenues so wonder if they renew these next year or ditch them completely, that's quite a lot of revenue to make up in 2026 - revenue might be flat next year but much higher margins

To get the SP moving they should issue profit correction (I refuse to call them upgrades) at Q2 because clearly will do more than $4.5m EBIDTA but doubt they will until Q3/Q4

2026 will be huge for cash improvement but people will only believe it when they see it

Think this will remain fairly muted for next 6 months unless they drop some big news - but good opportunity to top up

If they can get to $5m profit after tax then £100m market cap will hold, I still say board won't sell for under £15

Of course a lot of you would rather hear rambling on about manipulation and daily RSIs so I will leave you to it

Are they targeting end of April to sign accounts?

New sales director isabel ruksznis

Https://podscribe.com/top-publishers/april-2025