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That's pure ramping based on illusion, buying in would trigger mandatory disclosure after crossing threshold, then getting even 20% would cost them 2b (sellers / price reaction, plus insider leaks of such public entity will be even more impatient), getting 30% will cost them 3.5~4b+ (progressive scale), 50%+ controlling interest might cost them roughly the same (or more) as potential case outcome but they would receive only half of benefit from it.
Short story - it makes no financial sense as in result it leads to net loss (case reward - position building costs).
IMV with general flat market and BUR going down (even on pre-open) it rather hints on investor' expectation of outcome.
It's "with immediate effect", not something carefully planned for smooth transition.
They weren't profitable without sanctions, why would they get profitable now under sanctions?
All their equity increase was due to capital raises (at boosted share price because of some sort of hype).
But equity increases were less than capital raises (difference came because of the losses obviously).
Of course they do report quarterly profit time to time - but rule of thumb is: on annual basis it consistently comes up as loss anyways.
If even BoD doesn't want to receive shares but prefers hard money instead - what does it tell?
They can stockpile (inventories) as long as it goes, the problem is what costs as part of cashflow items are incurring today and metals of Russian origin might have some issues for a several years (selling it internally won't work without -xx% {internal market is over-saturated due to demand-side shock}, same if they try to do it abroad not to mention issues with western destinations), which creates some disbalance from discounting perspective.
Liquidity position is strong indeed but the issue is about m-cap vs their equity and projected profits.
And another one bites the dust ..
How many stocks left out here with high exposure to operations in Russia?
Not sure why this was even listed since there were practically no trading activity/liquidity anyway.
No they don't, they hope but it's often not materialized, plus they invest someone else money - not necessarily their own.
For AO' even projecting best year profits won't be sufficient to make up valuation (average loss is 11m p/a over last 6 years). Also equity-wise m-cap is inflated approx. 4x times.
They do have enough current assets (to keep things running over one-year horizon) covering current liabilities.
The concerning part is materially growing inventory (as share of current assets)
and continuously sinking equity:
2019-12: +984
2020-12: (138)
2020-12: (210)
2021-06: (267)
2021-12: (466)
2022-06: (576)
NicName - it's majority vote and bidders are very close to call the shots (45%+ ?)
if you take into account BoD (they've recommended this offer), speculators and some other institutional (via automated vote in "favor") - it's pretty much "done deal", retail won't have much influence on the outcome.
In Consolidated Income I see £21.7m under Total comprehensive income line.
One-time thing unfortunately, bulk chunk of these profits aren't from core activity.
The moment energy prices gets back to normal - they are very likely be struggling to break-even again.
IMO - more like bear trap, results show AUM is materially down (and profit).
Shareholders vote for each BoD members, if BoD are idiots then.., well .. yeah, same with politics.
Toptramp - it's a question of trust and reliability, if you dentist (or another surgeon) for several times has messed up on root canal treatment or fitting filling - you wouldn't let him/her to redo procedure again even for free, if there are red flags on low qualifications you wouldn't want to become a Guiney pig for someone experiments hoping for a luck this time, in health industry you often have only one try and damage is often unrepairable.
From 320 in April 2019 to 33 in April 2022 - that's -90% down.
From 33 in April 2022 to 2p today - that's -94% down.
From 320 in April 2019 to 2p today - that's -99.4% down.
Either path as already mentioned before - it's close to complete wipeout anyways and doesn't make significant difference.
Where spread difference goes is very well described here:
https://www.youtube.com/watch?v=nJzo5TDfamk
Hmm, I see sp at 2.25 p already, doesn't look like there's much to support "buys are coming" mantras.
As for Mooky - without going into details on how he's got hands on his holding (partially via nil-paid shares as part of the package) - nonetheless his visible loss is much more painful vs money (salary+bonus) he's got as director (at least direct disclosed part).
Therefore claim what he's got millions out of it is a bit exaggerated.