Member Info for You_Having_a_Laugh

About 0.13% of share count traded today.
It might reach capitulation and head sub 4p.
Why panic? If people do panic it's best to be first.
Personally, my thinking is this is a storm in a tea cup.

They cannot take advantage if it will result in questions being asked about independence. BB is correct. As soon as mention of formal investigation there is stasis until its cleared and in no way should there be seen to be a financial benefit to anyone linked to the company in any business fashion.

Interesting to see the open today relative to yesterday & what it might indicate.
Not too long now before some closure on this.

Interested to see the close.
If the investigation comes in OK as a hit <<$1M and convincing explanation and possible change, expect positive price reaction. Might go lower in meantime but recovery to 6p in short term imho.

At least one of the big transactions shown as a sell is a buy.
One of them is known to me.

Either blind, totally lacking self awareness or its not a big impact and business as usual once its accounted for.

$1M worse case, not £, and I think a good chance it won't be worse case.
Might be a convenient way to oust someone for all we know.

Will be a change. No more faffing about.
Investigation is not window dressing this scew-up.

It won't be allowed to happen again and also amazed if no blood on the carpet along the way to sorting it out. Someone is toast.

Totally agree BB. Correctly accounting for revenue and billings is a non-negotiable. No wiggle room, no excuses.

Shaking up the BoD would be an excellent catalyst for change here.
Formal Sales Process even better.

That no one closed the loop in accounting to confirm any liability associated with billings or revenue via a contract is so rookie its amazing.

As for the cash in bank - 100% certain its there and total exposure worse case was defined before informing the market imho.

It should come out of cash reserves that are clearly stated. Divi never made much sense to me but I'm a bit strange like that.

A formal sales process announcement would do no harm. Cash plus some shares in any listed new owner and remove this management. Still get equity exposure plus some cash. Sooner the better.

Was hoping to be out of this by now. Have been buying at reasonable volume instead as it looks overdone.

A pure speculation on my part on the basis this will be cleared as a problem, tender offer due and further returns of capital going forward. Give it another 18 months.

The worse case hit is stated as < $1M.
I do expect recovery to 6p+ within 6 months.

Given there will be a tender offer, and above market price to attract sales of stock, who would sell now?

Chris Mills should be via Oryx 7.8% holding.

It makes ii's look as if they have risked capital in a company not having sufficient fiduciary controls. Even if a small % of Oryx it won't be acceptable to have lax internal oversight on allocation of revenue.

Partial restatement of results will get bad press too.
Time to clear out responsible management.

The PDF of Chairman role is pretty clear. They obviously didn't have controls in place to avoid what is damaging to shareholder value and yet to be proven no shenanigans. Fingers crossed its an oversight.

https://mmx.co/investors/corporate-governance/

Some are certainly being shaken out.
How TH and others can realistically do face-face with shareholders puzzles me.
His currency is busted with anyone expecting basic competence.
This "investigation" must be deep in a rabbit hole to be taking this long.
Highly likely some head will roll, beyond a joke.

Why should ii's get the verbal before anyone else?

We all see the written release at the same time so why not the presentation, is the ii material more useful, more in depth?

The longer it takes the more I suspect someone was up to no good and not just asleep or incapable. If there is anything underhanded the police will need to be brought in. Unlikely but the longer it takes the more suspicion that will be needed.

The delay is also bad for the reputation of the CFO, Sales and CEO. This stuff sticks.

I think so bakky. The worse case is defined and should not happen.
The investigation delay is concerning unless their are mistruths involved rather than incompetence. Mistruths are my only real concern as that's like a cancer in an org, it spreads and only radical action gets rid of that type of culture.

Takes a long time to compose an ass covering RNS. My big hope is someone like Chris Mills asks awkward questions and begins to agitate to force change and release value. Problem is this is a small holding as a % of most of the ii's overall portfolios - noise to them.

behind scenes - ideally a sharp finger nail applied to a sensitive area to at at least 2 people.