Blinkx Share Discussion Threads

[neo26] 10/6/2016 12:23

will this company ever make a profit?

[sikhthetech] 10/6/2016 10:35

JCWEB debuts ad viewability guidelines

[leluot3] 10/6/2016 09:30

Geheimnis passed away in the night

xx

[geheimnis2] 09/6/2016 22:25

Nighty night buffoons...

Sleep tight and always remember....

SC LOVES YOU ALL!!!!

xx

[sikhthetech] 09/6/2016 20:48

If the intangible assets have been sold to RhythmOne LLC and are now all US based, then what's to point of continuing a listing in UK..

We are shareholders of Blinkx plc not it's subsidaries...

[sikhthetech] 09/6/2016 20:45

1gw, thanks, as always, for your great analysis...

why so many subsidaries... they seem to have one for developing tech, 1 for holding cash to lend to another subsidary, UK2, which buys companies...

The original Blinkx UK Ltd, incorporated 11yrs ago, has minimal cash, £882k...but £23m liabilities..

That's not a lot of cash for tech development...




It's a wierd, confusing structure.

[1gw] 09/6/2016 16:12

STT UK2 can't pay a dividend because it loses money! UK Holding lends money to UK2 and UK2 buys/invests in US subsidiaries and pays interest to UK Holding.

So blinkx plc raises money (IPO/placings)
It puts that money into UK Holding, receiving shares in return
UK Holding lends that money to UK2
UK2 buys companies (Rhythm NewMedia etc)

UK Holding makes a profit broadly equal to the interest paid by UK2, which makes a corresponding loss.

At least that's my interpretation.

[1gw] 09/6/2016 16:01

And last but not least, blinkx UK limited which is a "trading company" according to the FY16 blinkx plc annual report. So STT's link allows us to see the FY15 accounts for all 3 UK subsidiaries listed on page 67 of the main annual report (FY16).

This one (blinkx uk limited) is where the technology is developed. "The principal activity of the Company comprises developing technology for the blinkx group to facilitate the group's delivery of brand-safe, quality, cross-screen advertising at scale, across a consolidated supply footprint"

The numbers are rather smaller than for the 2 holding companies and the main point of interest I note is the very last statement:

"Post Balance Sheet Event
On 1st April 2015, blinkx UK Limited sold all the intangible property which it has owned and developed historically to RhythmOne, LLC, a fellow subsidiary undertaking of blinkx plc The disposal proceeds were not less than the carrying value"

So that looks to me as though all the technology ownership now sits in the US and the (main?) UK companies are purely holding companies.

If that is correct then I might speculate that that would maybe simplify a number of things, most obviously perhaps:

a sale of the company to (or a merger with) a US company; or
a floating of (substantially all) the company on a US market (blinkx IPOs the appropriate holding company).

Might this latter option also facilitate the acquisition of something chunky were blinkx so minded at some point in the future once it has re-established its reputation as a growth business with a bright future? i.e. blinkx announces an agreement to buy something big funded by current cash plus funds raised in an IPO on a US market...

[sikhthetech] 09/6/2016 15:11

1gw,Thanks...I looked at both subsidiaries before...They were incorporated within days of each other...same directors..The uk2 company doesn't have the res for Dividend...What interested me was that the 'liabilities' of UK2 are equal to the cash of 'Holding' subsidiary....odd and looking at previous yrs has been similar figures for both...

[1gw] 09/6/2016 14:53

Also interesting to look at the accounts of blinkx(UK2) Limited, which curiously reports exactly the same list of subsidiaries (including "blinkx (UK2), Ltd" i.e. itself? and also blinkx (US) holdings Inc despite saying that blinkx (US) holdings Inc is its immediate parent undertaking).

So I wonder if the cutting and pasting may have gone slightly wrong on the subsidiary listing, at least for blinkx (UK2) Limited. Or can a company own all the preferred stock in its own parent??

blinkx (UK2) Limited has $165m of investments in preferred stock.

So my guess would be that at the end of FY15 (i.e. 31st March 2015) blinkx (UK) Holding Limited had invested $55m in and loaned $110m to blinkx (UK2) Limited and this latter company had invested the combined $165m in US subsidiaries).

But I'm very happy to be corrected by someone better at interpreting accounts...

[1gw] 09/6/2016 13:18

STT - great link to the (free) company documents thank you and very interesting to see the accounts.

This company (Blinkx(UK)Holding Limted) holds blinkx' interests in a number of subsidiaries, including some of your favourites (AdOn Network, Verti Technology Group, Pinball Corp, Lead Impact), but also in Burst Media, Rhythm New Media, Lyfe Mobile, AdKarma. You can see the list on page 12 of the FY15 accounts.

Its assets at 31/3/15 seem to be $56m of investments in subsidiaries plus $118m of loans to other blinkx companies and about $18m in cash. So $184m of net assets, balanced by the same amount of shareholder funds, most ($160m) of which was sitting in the "share premium account".

Now given the huge write-offs taken in the blinkx plc accounts for FY16, I imagine there must have been significant write-off in this holding company as well. So the $56m might be expected to come down significantly in the next set of accounts (FY16) and there might also be a question about the $118m of loans - might some of those have to be written off. Note the 24th May 2016 resolution to cancel the share premium account, which presumably is the balancing part of the asset write-offs.

So clearly some major changes will be needed in the FY16 accounts and as part of that maybe they are paying a dividend back to the shareholder (blinkx plc). I don't know what the conflict of interest is, but maybe it is to do with the interplay between the payment of a dividend to blinkx plc and the write-off of loans to or investments in companies which are ultimately owned by that same shareholder?

[kendonagasaki] 09/6/2016 11:19

Can't blame them.They have worked hard??

[sikhthetech] 09/6/2016 10:23

Blinkx (UK) Holding... blinkx subsidary...


Resolution re payment of dividend... and 'conflict of interest'...


Payment of dividend to whom and why????

Are they paying a dividend to the holding company or Blinkx (UK) holding directors???


The other subsidaries do not have a resolution to pay dividend...

Blinkx (UK2) does have a resolution regarding 'conflict of interest'

[sikhthetech] 09/6/2016 09:53

The End of the Anti-Adblock Arms Race: ATG Ad Tech Group Presents Unique Solution

[kendonagasaki] 09/6/2016 09:14

How much is a punt?

[cromw3ll] 09/6/2016 06:27

Agree football...some people need to get a life!

[sikhthetech] 09/6/2016 00:01

fb... wow, you certainly do have a lot of time on your hands for wanting to dig that out... a real stalker, aren't you....

It's none of your business how much ANYBODY spends on any share....
unless you're going to pay for their losses...

why do you want to control what people read.... what's your agenda...

It's my money and my time... I'll do what I want to with it....


football 8 Jun'16 - 23:46 - 106859 of 106859 0 0

only one buy of 50,000@@17p and 2x25000@16p on the 16th of May when you added so about £8k ish

so with so little invested in blinkx and it's only a punt now which would be far less than your £8k

why post and bash blinkx so much when your time would be better spent else where

[football] 08/6/2016 23:46

only one buy of 50,000@@17p and 2x25000@16p on the 16th of May when you added so about £8k ish

so with so little invested in blinkx and it's only a punt now which would be far less than your £8k

why post and bash blinkx so much when your time would be better spent else where





sikhthetech 17 May'16 - 20:59 - 3286 of 3395 0 0

The fy revenue of $167m wasn't far off my prediction of 9 months ago...
My 50k buy yesterday seems to be doing ok...

[sikhthetech] 08/6/2016 23:25

is SOL data due this week?

[sikhthetech] 08/6/2016 23:03

oh dear fb...
you better get yourself a new abacus....lol

a 5yr old could tell you that 50k shares wouldn't cost £3.3k...doh!!!

Do you have a problem with presenting correct figures...lol


football 8 Jun'16 - 10:08 - 106840 of 106857 0 1

if 50,000(£3.3k) shares is a investment! what is a punt level then?

and would you post non-stop if the only had a "punt level"

[brando69] 08/6/2016 20:21

Your own little pocket teddy bear, gayhemline love you long long time, Bendonobasuki

[geheimnis2] 08/6/2016 17:50

haha no idea stocky - remind me who BIG BEAR is?

;-)

looking forward to your own next piece of great analysis!

[stocky] 08/6/2016 17:22

Ge2, any posts from Big Bear?BTW, has any taken a look at Blinkx.com? Most of the news videos are from 2 months ago?