Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Why is this is still even listed? I mean I do know about technicalities and formalities of wind-down process - the question probably rather is why do people even hold anything as toxic as this one even though it was clearly announced by multiple parties that there's no value for shareholders left?
Re: MIKODX
It's not about how much they receiving but rather about net difference between revenues and costs,
all recent financial reports are clearly showing this difference being negative and paired with negative equity it means CINE is not burning money of shareholders anymore (since there is none left) but money of creditors.
Gtx1 - Re:"...to buy them back and place them inside my share ISA for the longer term tax savings..."
Selling from regular share dealing account then buying on ISA does not fall under HMRC's "Bed and Breakfast" 30 days rules.
These rules are applicable to the same type (tax-wise) of accounts - exposed/liable for CGT (even if held by different providers/brokers).
Selling assets into this crazy market will have to go at material discount, most of disposals already do go below acquisition price (without even considering costs nor money compounding value, and that for deals partially committed before all these problems with market started), REIT sector is being hit pretty hard. IMV investors voting in favor of equity release acceleration this way are shooting their own foot, but I don't think they are in majority atm (at least taking into account current shareholder structure, other predatory players would have to start buying specializing on salvageable value approach).
Re: "...but having good legal advice will protect all of our interests..."
there are no interests left, SOA was already significantly undercutting liability to creditors.
no matter how they try to twist it - interests of shareholders won't be considered as shareholders are last in line.
everything else, any attempt in this direction is just throwing good money after bad.
financial rationale clearly says what sp should be nil
whatever we do see now is purely nostalgic residue
and opportunity to recover at least something back at cost of whoever buys this pile of toxic $%^&.
Re: "...Which is why they should never have made the announcement without consulting shareholders..."
Interests of shareholders were off the table since 2 years ago when AMGO has announced it is facing insolvency (and where it all goes to was more or less clear since 3 years ago with exodus of RG/JB, including unwillingness of shareholders to take decisive action back then and to support JB with legal fight).
No disrespect to your investment here as every hard-earned penny counts.
If you take this factor alone then it might be incorrect to view at increased debt cost (bond interest rates) without the other side of the coin as alternative (since we're comparing opportunity costs of different scenarios/net outcomes): releasable asset value in contemporary harsh economic environment, IMV most assets in current climate will have to be disposed at discount exceeding % cost of capital (specifically debt component of it). But it might be a little bit different story if we take into account materially reduced prospects of positive NET revenue generation for those assets (even considering property type conversion costs) vs WACC as part of NAV outcomes comparison exercise.
Unprofitable projects should have been disposed long time ago without debt considerations, the ones with shifted scales under new world order will inevitably go slashed over the next 3-5 years too. I don't really expect HMSO to become profitable for the same period, it will most likely to keep bleeding equity as a result (which is not something new looking at their financial statements over last 5 years, in fact this is what they're persistently so good at).
Last week banking sector plunged because of several US banks (including sp for up to -75% and more on some correlated ones having similarities or dependencies with affected).
Today I guess major factor for all banking shares is Credit Suisse pre-collapse market sentiment (can't comment because I used to work there).
Those two affected US banks have around 10% gap because of this gov debt maturity mismatch.
This recently so popular Gov debt contagion MTRO exposure was clearly outlined on results presentation page 28 (break-down) where it says: "Weighted average portfolio repricing duration 1.7 years excluding cash" stating < £2B on "Government bonds" category (vs total assets £22B+)
and covered in general on trading update (for FY2022) pages:
7 (treasury assets/investment securities)
25 (Consolidated balance sheet)
31 (section 6: Financial instruments / Investment securities)
33 (section 8: Investment securities)
46 (section 14: Fair value of financial instruments)
Not sure if they have more detailed description in text (incl. maturity profile), just quickly browsed tables/graphs.
I would prefer for all banks & finance tickers to stay low for at least 4 weeks (until 6th/7th of April).
Congrats on a fifth loss-making year in a row. This consistency deserves a medal.
Considering where economy is heading in general and particularly impact on property&management segment - this will highly likely to keep rotting for another 3-4 years.
Another worrying sign is increase of current liabilities and drastic fall on current assets (including cash), although liquidity (acid test) still looks pretty solid - this deterioration is an extra bullet into a list of red flags.
Nav is still above m-cap but it's only on a paper with limited prospects of improvement and material chances for further decay.
As long as they keep breaking records on mounting losses - sp records will follow.
6 months - only 3 million comprehensive loss (last full year ended with £5 million loss)
the way it goes - doesn't look encouraging.
equity £9.8m (that's after 50% equity raise!) and m-cap somehow is still sitting above £13m+
well, world is full of surprises.
they've lost £21.4m over the quarter (Dec)
scheme arrangement allowed them to significantly reduce complaints provision (without it they'd have to go belly up)
remaining equity £26.6m (again - December).
If this continues like that - then it's game over (and we're rapidly approaching March), therefore I would say internally they already do know where this is heading without any doubts.
Bringing all the positives on a front while hiding negatives as far as possible is quite a red flag in investing on a first place, just like LLOY today with their presentation - all green nice looking numbers on front pages despite £1.3b loss for a year on comprehensive/consolidated basis. Same with mtro - fanatics keep ramping about profitability in Q4 (confirmation bias) but turning a blind eye on previous quarters and implications for a full year.