Member Info for Zidane

I think the reaction to him laughing at shareholder's questions is quite unfair, if anything in the context it was a slight friendly chuckle before he answered

But Escapetohome might be right, the implication was that the company is at risk of a takeover due to the lower share price but would naturally be decided the by the II's votes. The dilemma the company going by the slides is that they believe that if they implement their strategy they could be seeing 50 million+ sales per annum in 5 years with much more thereafter, however they would need more funding by H2 2024 to get there. So, will II's lead another round to keep Angle independent or will they entertain a takeover below the previous 80p fund raise? In the end it may come down to the terms of any hypothetical bid i.e would it be a cash buyout or a share conversion.

The fact that they hve held on to the same margin levels, despite inflation, without increasing prices shows the managment is doing an excellent job in improving efficiency. The cost of sales being level YoY also quite impressive, as well as debt and cahs going the right way.

I'm not sure what the market is expecting from this, but to me it looks a well run company with decent avenues into new markets. I'm also happy to hold here and collect the dividends, may add if it drifts back down to £1.

I can't understand why he would come out on the first trading day of the year by saying he doesn't expect any decent sales for the full year. More than that, he basically publicly announced to potential customers that he needs sales in the next 18 months before the cash runs out, it is negotiating from a position of weakness.

Yes but $100 billion market means little if you don't have a product that customers want to buy, which is the main challenge AGL is facing over the next year. That said, there are still reasons to be optimistic!

The volume today has been higher than both FDA and 80p share issue day. The spread as well is much thinner than usual. Surely some of these large trades are being snapped up by investors with bigger pockets than the average forum poster?

Down exactly a third today as I type. The volume today is also wild considering we've had single digit trade volumes most recently.

Also at least Berenburg are still putting a buy on it, FWIW. It looks like an arbitary halving of their price target, still an optimistic 4x upside from here...

50p would be some slap in the face. I would wonder if the institutional investors would vote for that considering they put in millions just 6 months ago at 80p.

Today's price seems like a huge reaction though to what is pretty much alreayd known, commerical agreements are taking time. The truth is none of us are privvy to these talks so we can only hope. I can understand why this would spook investors though, the RNS is effectivley laying the ground for another fund raise unless sales start raming up in the next 18 months.

Thompi here is the link(s):
https://www.bailliegifford.com/en/usa/professional-investor/funds/baillie-gifford-international-smaller-companies-fund/#Documents
https://www.bailliegifford.com/en/usa/professional-investor/literature-library/funds/mutual-funds/investor-reports/baillie-gifford-international-smaller-companies-fund-investor-report-q3-2022/

You have to select your country as USA when entering the site and maybe choose professional investor as well.. The USA must have better regulations on transparency of full fund holdings as usually UK sites only show top 10 holdings. Although, I don't think this particular fund is available in the UK for individual investors.

I found these comments on the BG website for their International Smaller Companies Fund, AGL only takes up a small holding in what is a very diversified portfolio full of companies, of which many will be duds, so difficult to tell their conviction in the investment but still interesting IMO:

Angle is a UK based biotechnology company that has pioneered a system for extracting cancer cells from blood samples for testing. This year the company achieved a breakthrough FDA approval for its 'Parsortix' product. This now opens the door for it to commercially launch a liquid biopsy solution into the massive global oncology market. We have taken an initial holding as part of a fundraising the group recently carried out to help expand its commercial reach following the FDA's decision.
Opportunity: Given the size of the global oncology market the opportunity here is clear. The
company believes that the breast cancer biopsy space alone, where it has now received its FDA clearance, is worth in excess of $2bn.
Edge: Liquid biopsy has a clear edge over physical in terms of repeatability, safety, and cost.
Relative to other liquid biopsy peers, Angle's focus on CTCs (circulating tumour cells) is a clear advantage.
Sustainability: Angle's technology has the potentially to revolutionise cancer identification and patient care.
Alignment: The founder is still leading the business after almost three decades.
Scalability: This is the main challenge faced by the company. Having proven its technology Angle will now need to spend significant time and money driving commercialisation.
Insight: We believe that if Angle can execute on this opportunity then it should grow to many
multiples of its current size. We believe that being a small, illiquid UK business means this will stay under the radar of investors focussed on the larger US peer-group.

Sorry Jon, at $4billion market cap with only £113 million in FCF - a P/FCF of 40 - this could easily fall another 50% and still be quite an expensive stock to own.

I would expect it's getting punished along with the US commerce stocks that missed their earnings. Shopify being the most comparable - although Shopify was at one time trading at 50x sales, even after a 75% drawdown it is still today around 12x sales.

Despite the 50% fall -from IPO, this still has a £6.8 billion market cap on around £500 million in sales (growing 25% yoy). Will this ever reach a point where it becomes attractively valued?

It also went from 80p to £4.80 in the 18 months preceding that though.

London Market didn't 888 buy only the physical retail arm of William Hill? The digital assets of WH are being kept by their parent company as mobile is key to the US Market, hence why 888 - an online, high margin, asset light player - wanting the shops was so puzzling for investors.

The Series F round in 2017 valued Deliveroo at £2bn, and in 2019 further rounds it was valued at £4bn then £7bn. It's definitely quite interesting to know that there are so many institutional investors currently underwater here.

Just the market going crazy - nothing we can do but hold on. If/when it stabilises and recovers, so should the SP here, all other things being equal.

Yes the past few weeks we have been lucky if we've hit double figures for trades by this time of the day.

Low volume selling all the way down to £1, we haven't truly tested this area in a while - with any luck this should tempt a few buyers or even triggers some limit orders.

Looks like it's cratered to a record low -where is the support now?

RNS today isn't inspiring the market. It's hard to think of a less shareholder friendly move by 888; issuing shares and taking on debt to buy a chain of low-yielding British retail shops.