Accesso Technology Share Discussion Threads

[tkamp] 28/1/2020 14:00

Lol who the hell sends you death threats over an opinion you held on whether a stock is a good investment or not. That cannot be real.

[1001011] 28/1/2020 13:21

davidosh, if you can recruit someone who understands the paperwork, you can instigate for change at the next AGM (re: the current long-term incentive plan and other matters). It only requires 100 angry shareholders or one 5% shareholder to request for a particular resolution.

[davidosh] 28/1/2020 12:28

EM....on which company did you receive a death threat?

[eezymunny] 28/1/2020 12:20

When you receive death threats for pointing out the bear case on a share (you know, just trying to help people) you're not inclined to be polite to people any more....

[mr hangman] 28/1/2020 12:13

There really are some bad tempered individuals hanging around this thread these days

[spud] 28/1/2020 11:41

Why do people have to resort to swearing in order to get their point across...?

spud

[bonio10000] 28/1/2020 11:17

Davidosh

Institutions are thick.

Every failed company has masses of Institutional investors.

You point is not relevant.

[brummy_git] 28/1/2020 11:14

Agreed David

I think there is value here (for experience/risk tolerant investors) with the stock trading at around 1.2x EV/sales, vs 3-5x for sector peers.

They have a blue-chip customer base, high recurring revenues and in theory (at least) a multibillion-dollar addressable market. In fact if the company can only stop shooting itself in the foot, then with a 3-5 year time horizon, patient investors could well see the shares rebound to over £10 again

[supernumerary] 27/1/2020 23:56

The options are what they are - it's an exceptional case and it's probably what was needed to get him back, which is the most important thing.

My real concern is that he's a theme park guy, and I suspect ACSO needs a top technologist to integrate the platforms and point a strategic way forward. I still believe there's hidden value here in the IP and the data streams that nobody currently on the board really understands how to monetise.

[davidosh] 27/1/2020 09:56

For the record I think Nil cost options are an absolute 'no no' and do not work at all for investors and purely transfer excessive capital to the management. The only saving grace here is that presumably PN will have given his up so SB will be effectively taking those. I need to check on the terms and whether PN gets a big pay off.

The situation here is very depressing as I still retained over half my original holding and had anticipated a trade sale as a natural exit.

As for Nil Cost options.... I have been against them for years. Many directors in hundreds of companies have been piggies at the remuneration trough & milking it via the nil cost options & LTIPs. I can advise that at last an institution is stamping a foot down and it is a big strong foot too.... Mark Slater has written to all the companies in which his fund has a holding

[bonio10000] 27/1/2020 08:37

Great to see the new guy is back with his nose in the trough.

[1001011] 23/1/2020 22:15

Exactly, more sideways than backwards. Their best bet is to use their bank loan during the low season and get even after the high season.

[hatfullofsky] 23/1/2020 20:26

For the cash issue - Year End Cash FY18 £0.5m FY19 £0.2m

[bonio10000] 23/1/2020 17:04

Synergies are usually retained by the buyer in M&A.

I fundamentally disagree.

But good luck anyway.

[1001011] 23/1/2020 16:44

Because M&A frequently involves gutting costs. If a larger competing B2B software company was amongst the bidders, they had the option of trying to transition the target company's clients onto their platform and then closing up the target company's shop.

[bonio10000] 23/1/2020 16:05

Why would you value ACSO on a multiple of revenues?

As it is - they have said it is about breakeven.

[1001011] 23/1/2020 16:01

bonio, we're talking about even a decent multiple at existing revenues only. Today's trading update was $117-118 million full year, 0.6%-1.4% off from $118.7 million the prior year. Plenty of opportunity for the vultures, who can force unflattering charges onto the last financial statements of an independent company before absorbing such a company.

[bonio10000] 23/1/2020 15:41

That was before the process revealed half the balance sheet needed to be written off.

Whilst it is non-cash - it shows that the anticipated future revenues are materially below what they have previously forecast.