Member Info for troutisout

Vistaman,
I was always approaching this with a negative twist, that helped me counter the positive twaddle posted elsewhere, I still made my 'negative' observations when I held a substantial amount of shares (when I was allowed to).

I take your point on NAVs but you must also see that the costs of the companies aren't going away and that TERN will have to keep funding them throughout this year. The only one doing very well is inVMA, but that is more to do with their PTC licence than anything else, I suspect.
You ask me not to use NAV as a metric but the Company seem to want to do so at every opportunity,

"This includes our first investment in an IoT data analytics company, FundamentalVR, combined with several reinvestments into our existing portfolio resulting in a growth in our hard net asset value
("NAV") to GBP16.8 million, up 58% from GBP10.6 million in 2017. This fits with our strategy to deliver NAV growth for shareholders. "

What they didn't say in that sentence, is that long term shareholders didn't see that growth they saw a reduction per share of NAV due to the dilution caused to fund it.

Morning sweepie,

You say you were surprised by the NAV increasing, you do understand the principle of buying new investments and increasing the investments in investee companies? Of course the NAV went up as they invested more to get a bigger share, however the kicker is that NAV per share is down to 7.1p (7.38p - 2107). You have paid for a higher NAV amount through dilution of your TERN holdings.....SO NAV going up 58% has been bankrolled by the long term holders who have seen a NAV drop per share they hold.

Think that was being worked throughout the day, this morning after the sells at 4.4p I tried to get a quote to buy 150k, then 100k, down to 50k and then 30k wouldn't give me an online quote......

Lots of the volume today looks like transfers to use up tax wrappers before the end of the financial year,

The 308k and 305k this morning, the 290k and 287k and later the 700k and 697k all look like transfers (the latter one they put in the wrong amount on the buy side and then had to put through a cancellation trade (the 2 x 397k trades).

I did wonder, but I am hoping that we don't have to go through the ups and downs of the Poldarks......Just another silly thing to pass the time though....I am invested in SML because they seem to have formed a strategy and have stuck to it, and although some good luck, it would seem they have done well with drill programmes because they have done their homework. Some great deal making, attention to shareholders and trying to keep dilution to the bare minimum have been a refreshing change to normal AIM companies.
I am not worried about the current SP, as I think a lot of us here are still in the accumulation stage and the New tax year waits for many of us.

Very happy with this, I had a plan to buy up to 2% of the stock and then would own 1% of a Cornish Tin Mine.
If this goes through then I will be looking at owning 2% of a Cornish Tin mine.

Wake up people we have just had announcement they are looking to take over Redmoor....subject to NAE shareholder vote.

Looks to me that we are seeing some end of tax year transfers going into ISAs/SIPPs.
The two 600k+ trades yesterday and the first couple this morning look likely candidates.

https://twitter.com/RTF83/status/1101507496517292032

surprised,
You have been going on about block sells for months now, well before the cf liquidation.
But your response below about that morning is weird, you say there were block sells, yet there was massive buying and so much so and with a falling offer that if you look back in the morning some realised there was a large seller and the MMs were working to fill the order. It was only later in the afternoon when PW tweeted about CF did others start to realise but many had filled their boots before that. The Volumes that day were skewed with the sell column containing many buys at just below mid price and most of the '?' column also buys. There were plenty enough traded to fill the late 19m print and still have many more buys than sell on the day.

Both you and AIMtodeath keep saying selling when you are talking about the MMs. To stop the confusion, MMs bid and offer stock, market participants sell and buy .
A bid is explained as 1.6p for 200k (the MM is bidding 1.6p for 200k of shares) and an offer would be 200k at 1.6p (MM offering 200k shares at 1.6p).
If you stick to those definitions then the confusion can be stopped.

surprised,
You are now going awry.
MMs are the ones that our brokers deal with (they are the retail service providers), they have to quote a spread, they then can supply prices to trade within the quoted spread and earlier AIMtodeath pointed out that SING were the 4th best offer and that he felt they may move away from that offer if the ones below were taken.
You seemed to agree with that post.

So SING although on the Offer on L2, aren't really wanting to sell stock then?

MMs can cross the spread to sell to others, but my point is to those who seem to think that N+1 Singer were holding shares back from the CF sale to sell into the market, that the had ample opportunity, volume and a higher price to do so before yesterday.
Your second point echoes mine and that is the far more likely reason for the sales yesterday, of course it could just be another holder(s) selling some stock for their own reasons.
MMs don't hold positions for long as they make their money on the churn of stock, holding a position is not usually done unless they have been wrong footed and they attempt to ride out any move by averaging up or down.
Just like a bookmaker likes to have a balanced book or will lay off any particular risks when they get too toppy, MMs holding positions increases their risk, most are watching a couple of screens full of different stocks and the quotes are run by computer algos, not personal intervention.
No doubt there will be some waves from the CF liquidation, but also the end of the tax year and the Brexit situation this week could see people selling also. There are many reasons and those that sell get replaced by those that buy, just wish I could buy some more at the moment.

If N+1 Sing are the seller, then surely they would just be offering the shares through the bid/offer? What we have seen today is large sells hitting the bid. There has been plenty enough volume (and recently at higher levels) for them to have got shot of the stock already, I think what you are seeing is the natural wave pattern after an overhang, where traders/Buyers having bought on the day of the overhang, sell or get panicked into selling, these get picked up and the price rises and then another smaller wave occurs until the overhang and it's 'aftershocks' has worked itself through the market.

Ian B,
I sold some at 57.11p an hour before the second speeding ticket was released, but the best thing about it was the low price and chances to buy in real size were due to a silly CLNs scheme which left massive overhangs each month.
I saw the same opportunity here with the selling from Bachmann and Morffew, however neither seem to have wanted to get out fully.
There is a lot of baggage here at MRS but that will dissipate when things start to shine through and others see value in the stock. Half that movement would be great for me here at MRS, we will go up at one point and the rise will catch a lot out.

Believe it or not a-2-b it ended up roughly where we started 4.3 - 4.59p this morning and 4.3 - 4.57p at the close. Forget the spread which was as false as possible at last night's close. Each day, each week we get closer to the news at the end of the month (I hope I don't get confused with my views on no deals or deals at that time).

Hi Smudge,
As always I could have timed my exits better (I was a TERN £millionaire for a few days), but we all get carried away with the hype and I should have taken more out higher up, but came out with a large profit all the same.

I started at the same time putting some of that money into here and SML and averaged my buys in all last year, SML is now quite profitable having picked up many at lower levels, every time I think this is going up to my breakeven it drops back down again. Well that helped me today as the losses were taken and then I managed to buy back in tax free wrapped accounts (unfortunately had to do it through the market as they are with 3 different brokers).

I will be patient here and do believe the business will come through and get valued much higher eventually. Debt restructure and a little more communication would help that.

I mentioned SML earlier, look at their RNSs and with nearly each one they follow up with an interview with one or two of the Directors, they keep their investors informed and they generally meet or beat the expectations and timeframes, because of that their shareholders are calm and happy. Also they buy the beers in a pub after each AGM (true Aussies). Could we see PB do that if we get another AGM in this country? I hope so....

diggit1gold

This time last year I held over 2.5m TERN shares.....although having stocks drop (and rise), MRS is the only one I am able to crystallise losses in at this time.

win4call and diggit1gold,
I have been doing some Spring cleaning today and sold a total of 350k, I need to take some losses to offset gains from last year. You will see that they were bought back and another 40k for good measure inside a tax wrapper.
There are many reasons for selling, they don't have to always be one or a few persistent sellers.

What I will say is there seems to be plenty of stock available and this morning very little on the bid, I was getting fill and kills thrown back undealt quite a bit. However I see it has ticked up again now and 300k would cost 4.7p...4.39p to buy for lesser amounts.....

With about 650k of buys in the sell column the net buys today have been large and the MMs seem to have run out of stock, I can see this moving up more rapidly as more buying momentum continues