Allied Minds Share Discussion Threads

[wbodger] 12/10/2022 19:27

Metage's holding in the Notice circular was 6.55%, and has gone up to 6.94% in today's RNS. So they are more than on board, they see value in the unlisted company. I thought they might be Bernstein's facilitator in some of the moves that have to be made by CA. Right or wrong, it is relevant that they are adding.

[wbodger] 11/10/2022 15:04

Orbital is fundamentally different to Spin Memory. Spin had a dream of being at the forefront of yet another revolution in computer tech, where new generations of memory come and go like Spin cycles in the washing machine.

Spin looked like having more competitors than customers and it always looked like a very long shot.

Orbital, however, looks like a foot in the door offering a delivery tool in Hyperspectral imaging. It is a field they are established in which could be huge. I would accept being diluted in OSK because that Order Book should bring in the revenue they need to get the satellites launched. Besides (importantly) ALM is skint. If OSK can't generate funding internally from that Order Book perhaps they should go for the IPO now.

[bobonumber1] 11/10/2022 14:47

Each to their own. I've done my DD on the three remaining subs. Orbital in particular is very exciting and have large contracts for ghost when the sats have launched. BC is a coin flip but look like they must have won some contracts as they have been actively recruiting. Federated is your insurance and a prime ipo candidate. I now see this as low risk @ 10p albeit you're stuck until any liquidation event.

[spectoacc] 11/10/2022 10:20

"I personally have the NAV around 40-50p + and if orbital and bc can deliver then £1 is not pie in the sky."


I probably thought the same 2 or 3 years ago (but for Orbital, read Spin Memory).

For the current and foreseeable state of the market, and ALM's history, either a trade buyer comes in for FW (perfectly possible), or they don't. If ALM eventually run out of cash, fire sales of these sort of portfolios tend to be dire.

I hope it comes good for long-suffering ALM shareholders, but 0p isn't pie-in-the-sky. £1 I fear is.

[bobonumber1] 11/10/2022 10:07

Why would you want to block it Dave? If they can't continue with the current cash reserves then what choice is there? Considering all the institutions are backing this then they must also agree this is the right thing to do. It will mean that we will be able to just about hold our position in an orbital financing and be privy to much more information about the subs. I personally have the NAV around 40-50p + and if orbital and bc can deliver then £1 is not pie in the sky. Granted it's another 12-24 month wait where you won't be able to exit but for the reward it's worth rolling the dice. If you think it's too cheap to sell now then buy !

[davesailing] 11/10/2022 09:47

47% of votes secured to delist. So we would need half of the remaining 53% to vote against delisting to block it. Do we know who the largest shareholders are of the 53%?

[kooba] 10/10/2022 10:58

Document.http://www.alliedminds.com/assets/ALM-Circular-Delisting-071022.pdf

[jj3483598] 07/10/2022 17:02

Thanks. I only bought my first shares after they announced the delisting, but selling into a SPAC would definitely have been better for shareholders.

[spectoacc] 07/10/2022 16:56

I wish they'd SPAC'd it 2 years ago, when just about anything (even Cazoo!) could be got away.

I fear there won't be any good market conditions in the next few years, but you'd hope a trade sale (particularly considering small size) may happen.

Good luck.

[jj3483598] 07/10/2022 16:46

I hope they IPO FW within 2 years. It will obviously depend on market conditions.

[spectoacc] 07/10/2022 16:40

Out of interest, when do you think there'll be any returns? FW obviously being the key one.

[jj3483598] 07/10/2022 16:38

I make my own NAV estimate. And I certainly think there is a heavy discount to NAV.

[spectoacc] 07/10/2022 16:22

Discount to "NAV".

[davesailing] 04/10/2022 22:00

Looks like we need to campaign hard to stop delisting - The value of ALM share holdings are many times more than current market cap and they are in US dollars!

[bobonumber1] 04/10/2022 10:37

It's all a bit of a mess. The company need to make so many commitments on various aspects on how a delisted ALM will be run. From communications to how money will be returned to shareholders to a redress policy. The running costs will still be high because of insurance policies the company require in the event they may be sued. These costs have rocketed over the last few years and I believe priced at around 10% of the market cap. Hence 2.5mill for insurance and 1mill for wages/legal/accounting ect.

[bobonumber1] 03/10/2022 10:39

Got it thanks. All sounds reasonable.

[kooba] 03/10/2022 09:09

CRS final results 30th sept https://www.research-tree.com/newsfeed/article/crystal-amber-fund-final-results-1505463

[bobonumber1] 03/10/2022 09:05

Hi Kooba,Where is the CRS statement from ?

[kooba] 01/10/2022 06:54

They are now the largest holder after Invesco sold down.
Whilst 18% holding on its own doesn’t block a delist proposal the company needs 75% of those voting to agree and i think that will be extremely difficult hurdle if CA are not in favour as others may well vote against and many often do not vote.
The costs are wrong but it still shows only a relatively small cut in costs to lose a listing. From $5.5m to $3.25m…with three passive holding where the hell is that central cost going..and why can’t they cut their cloth according to circumstances and retain listing. Shareholders have had little explanation of the breakdown of cost and where savings are being made..think we deserve that disclosure and the basis of ongoing costs.
CA also wants some commitment on wind down ..this seems eminently reasonable as the time timetable of full disposals has been 2 years for at least 3 years now !
This has been the worse run business i have had the misfortune to be involved with for many years in the stock markets ..it’s just serial mismanagement in terms of investments and strategy and there is very little alignment with shareholders..shame someone hasn’t popped up and put it out of its misery with a discounted offer at even 20p , but it appears there is no interest at any price!

[kooba] 01/10/2022 06:48

Crystal Amber report yesterday. Doesn't appear they have signed up yet for delisting. If they do not support then i cant see how it can go through. They are seeking further clarifications and actions including creating liquidity for smaller holders.Would be very good imo if they had someone on board as they have skin in the game.Allied Minds plc ("Allied Minds")The Company has been an investor in Allied Minds since November 2018, and currently owns more than 18% of its issued share capital. Engagement to date has secured a 70% reduction in the annual cost base.Allied Minds' portfolio contains three significant holdings: Federated Wireless, BridgeComm and Orbital Sidekick.In March 2020, Harry Rein was appointed Chairman of the Allied Minds board, having joined the board in November 2017. In January 2021, following a strategic review, Allied Minds introduced what it described as "a new form of governance better suited to achieve value creation." The board had no Chief Executive and Allied Minds was managed by its three non-executive directors. The Company considers, in practical terms, that Harry Rein was the key decision maker.During the year, the Company expressed several governance concerns to Allied Minds, none of which was adequately resolved. In February 2022, Crystal Amber announced that it had sent a requisition notice to the board of Allied Minds requiring Allied Minds to convene a general meeting at which a resolution would be proposed to remove Harry Rein as a non-executive director. The Company considered Harry Rein to be a major impediment to value protection and realisation. Prior to the requisition meeting and following discussions with shareholders, Harry Rein agreed to step down from the board and as a result, the Company withdrew its requisition notice.In March 2022, Allied Minds announced that it was undertaking a formal strategic review, aimed at creating and / or realising shareholder value. It also launched a formal sales process and the commencement of an offer period. Disappointingly, earlier this month, the board of Allied Minds has stated that whilst the process is ongoing, to date, no notable interest has been forthcoming.Last month, Allied Minds announced that it considers that the costs of maintaining a premium listing on the Official List and the Main Market of the London Stock Exchange are now prohibitively high relative to Allied Minds' current size and maintaining a public listing is no longer in its best interests. It stated that it therefore intends to formally consult with shareholders regarding a possible delisting of the company. In response to the potential delisting, shares in Allied Minds fell by 40% to 10 pence.The Company estimates that net asset value per share at Allied Minds is approximately 36 pence, placing the shares on a 70% discount to net asset value. If a delisting is to proceed, the Company believes that Allied Minds first must communicate to market participants a timeline of cash realisations and return of sale proceeds. Furthermore, it should explain how its three non-executive directors are going to be more than spectators at portfolio companies and fight for the interests of Allied Minds. The Company also believes that were a delisting to proceed, Allied Minds should offer private investors with shareholdings of up to 100,000 shares, the opportunity to tender their shares to the company for purchase. Allied Minds could purchase up to 5 per cent of its issued share capital, around 12 million shares. Doing so would be accretive to net asset value whilst providing private investors with a liquidity facility.

[kooba] 27/9/2022 20:01

What we don't know is revenue per customer or device..but looks like customer numbers doubled in less than a year.

[kooba] 27/9/2022 20:00

Company key asset KPIs are our there..the company just doesn't inform.08/11/21 Federated Wireless Accelerates Leadership in Shared Spectrum Market Significant milestones reached in past 12 months, including high-profile vertical deployments and reaching more than 200 customers plus 70,000 active CBRS devices, illustrate solid traction and bright future for the entire market22/02/22 With more than 350 customers and over 85,000 connected devices across the United States and territories,Today Today, Tarazi said Federated counts over 400 customers and 125,000 access points. "CBRS is quite healthy," he said.

[kooba] 27/9/2022 19:43

Seems a bit of a basis change at our largest asset..a change of approach ? A new headquarters.https://www.lightreading.com/private-networks/with-new-hq-federated-wireless-touts-private-wireless-progress/d/d-id/780653

[wbodger] 22/9/2022 13:57

Those prizes are for listening to their message!