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Unfortunately right after they start generating profits sufficient enough to fundamentally support such high valuation,
but as for now these prospects are quite slim and practically seems like non-existent (especially considering the thing they're so good at: persisting loss-making consistency looking at their annual accounts since 2017 - not a single year having positive consolidated net profits.)
Why would anyone even want to be long in business which so consistently produce loses and has valuation multiples of what they have in equity? Capitalization here is way over of what they can deliver, it's rather looking like a graveyard for capital.
Re:...based on evolving macro and sector conditions ...conditions that everyone is having to adjust to...
Sorry for intrusion but sector in general isn't in very good shape and doesn't look like it will get any better soon (not necessarily S4 position due to their niche) , I would say it's rather opposite - further deterioration is expected. Companies with relatively so much of goodwill/intangibles on a balance sheets go puff quite easily in harsh environments, although with S4 it's nature of their business model after all... (I'm intentionally omitting upside chances because this is about risk context, there's also no signs of liquidity pressure in their financials).
That's probably because some either rely on pure luck or fall in love with share ending up going with belief - both processes get you detached from fundamentals (as well as some other items from investment checklist) and in most cases tend to ruin your capital.
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... had initially been delayed to allow the Company’s auditor, BDO LLP, to undertake an enhanced set of audit procedures in respect of the financial year ended 31 August 2022, and for the Board to instruct Alvarez & Marsal Disputes and Investigations, LLP to conduct an investigation into allegations of wrongdoing. Without waiver of privilege, the key findings
of this report...
As a result of the delays to the publication of the 2022 and 2023 Annual Reports and Accounts, itis not currently possible to propose the standard resolutions at the AGM relating to receiving the audited financial statements and the auditor’s and directors’ reports, approving the directors’ remuneration report and the re-appointment and remuneration of the auditor. However, under the UK Companies Act 2006,the Company is obliged to hold an annual general meeting on or before 29 February 2024.
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This is an incredible lack of transparency - several years of hiding behind smoke and mirrors dodging disclosure of basic financials, not even BoD' & Auditor' remuneration base.. Exemplary corporate governance!
Haven't seen much of success in those kind of groups (apart from some beneficiaries on legal/intermediary side), followed dozens of vanished shares (from LSE) over the years, it's practically impossible to prove intent of defraud / tacit collision or even punishable negligence (etc.), there were some successful cases with breach of fiduciary duty (and reclaimed money were ridiculous vs lost capital) but it's very rare and mostly because some BoD members were not careful enough..
Anyhow - good luck..
Re: ...this company was valued at 1.8 bil at its peak in 2018...
In 2018 they were making £50m annual net profits and had £400m positive equity.
Since then it was consistently loss-making vehicle with currently equity sitting at negative £40m-£50m.. (which is technical insolvency criteria). Current assets are still balancing with current liabilities therefore no immediate liquidity threat ... unless someone realizes huge chunk of those assets are inventories (and growing)
Economy is not booming therefore future actually isn't that bright anymore.
Generally milking for fees (to benefit of smaller group) is the real purpose (vs declared) of "action group" business model in it's core, providing an illusion of activity without delivering hoped results. There are a lot of predators exploiting financial markets in trouble as their hunting ground.
I'm frequent visitor of shopping centers in Greater London, IMV apart from purely seasonal factors there's no real economy "resurgence" in terms of occupied space or footfall, funds and speculators financially may show some swings of course but it's detached from ground economy.
It's "Up" only within huge spread (and I would disagree it might reliably improve, on a contrary - as it gets closer to suspension/delisting - situation tend to worsen) single share purchased or sold throws sp by around 50%, plus it's just £12K of value traded, how bad it it.. results with deteriorating equity are disastrous btw (various costs are just killing it, they can't squeeze impairments/complaints provisions much), but for some "convenient" reasons people just turning a blind eye on that. As was clearly stated multiple times by BoD - there's no residual value for shareholders after wind-down is complete.
Re: PCF... It peaked at about 1.3p that day..
Re: MCL...except MCL which was January this year
PCF: In the auction that closed on 12th December 2023, no shares traded. The lowest offer was 0.17p per share.
MCL: In the auction that closed on 20th September 2023, no shares traded. The highest bid was 0.1p per share
I think LSE closing for MCL was around 0.2p and for PCF 0.9p, either way - their current liquidity (for shares) is even worse than before.
The only party who might try to persuade more naive people involved by this kind of deceptive advertising are either middle-man as they take no risk and only pocket commission as people lose their live savings or unlucky "investor" trying to get rid of this toxic junk and recover at least some £ to buy a Christmas postcard (especially considering if it gets suspended and delisted - it takes years to account this loss with HMRC to offset tax liability before it gets into official negligible value list).
Main business seems healthy but other stuff is sinking it, I still see they can't break away from a negative "Total comprehensive income for the period", £10m loss isn't as bad as -£50m last time in April for a full year.
Re: ...Whether that be 2 years, 3 years or 5 years...
After dilution, 10:1 consolidation or £25 per share equity raise?
Is it for Carnival PLC or Carnival corporation?
(because those are a bit different companies with different financials and consequently valuations)
Re: ...with not necessarily a lot of cash...
Latest results clearly show negative equity, add to this costs to keep the lights which are burning out remaining cash balances.
I'm surprised creditors are not pulling the plug, but at the same time looking at assets it's quite obvious they don't have much to take back on a first place, so I guess everyone just wrote this off.
Haven't visited this ticker for a while, though "finally" looking at suspension status but seems it's not done yet.
There's another amazing opportunity for AMGO BoD to invest capital of their shareholders into, the company is called "Aerotyne International" - cutting edge hi-tec firm with huge upside potential with very downside risk. (not a financial advice of course).
MTRO has a very unusual business model - lending to property market sector then selling mortgage portfolio at discount (not a first time right?). I might misunderstand something about how capital owners of this bank get any profit, unless it wasn't the intention on a first place.