Allied Minds Investors - ALM

Allied Minds Investors - ALM

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Allied Minds Plc ALM London Ordinary Share GB00BLRLH124 ORD 1P
  Price Change Price Change % Stock Price Last Trade
-0.30 -1.32% 22.50 16:35:13
Open Price Low Price High Price Close Price Previous Close
24.10 22.80 25.20 22.50 22.80
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Industry Sector

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kooba: Mentioned in the Investors Chronicle i believe.
kooba: Incubators - the last refuge of the scoundrel.Not sure its that all incubators or early stage investors are scoundrels! Ip group and Draper Esprit seem to be emerging well at the moment. Unfortunately AM has always been badly run with a bad model that never seemed aligned to shareholders and likely overvalued investments , they also made bad investment decisions or ultimately too many investments it couldn't support. The market cap after a small distribution is around $78m but they have lost hundreds of Ms getting here...they are an outlier in venture investing and an exceptionally bad one.
kooba: Confused at that comment , do you not think this resignation is due to shareholder pressure? It reduces cost base and to me points to a better alignment with shareholders in effecting monetisation policy. The CEO was ineffective and in my opinion awful at communications in particular IR .As to picking winners I thought you said this was your largest holding having done much research? All investors including CA can only form an opinion on disclosed information, if that information ie Spin proves incorrect then all you can do is effect change to improve the position and hopefully hold the board to account.
backinblack80: Well, Crystal Amber (Richard Bernstein) has really made a difference, not. How embarrassing!! Same on HUR....The not so activist investor??
spectoacc: 1. Fair comment. What they said is: "Allied Minds is considering a small funding round to allow Spin to identify and secure commercial partners for its product, expertise and intellectual property in 2021. The contemplated round is expected to be at a significantly reduced valuation for the company and be dilutive to non-participants from Spin's existing investor base. While this is disappointing, a down-round financing is not uncommon in early venture capital companies and the Board is hopeful that this will allow for an opportunity to generate a higher net value for shareholders upon exit. " On re-reading, agree it's quite possible they won't partake, so heavy dilution. 2. Overheads need to fall further, I agree, and the funding rounds for the remaining 3 decent ones need to be approaching final funding rounds - can't be annual events, or ALM will indeed run out of cash. Note over $3m is annual listing costs, so my guess is a move to AIM, as they've hinted 3. Yes, probably fair to assume one of the remaining ones will fail, but only needs one (Federated) to pay out reasonably, and another as bonus. The bar isn't high, & V-C multiples are rarely less than real multiples of carry value 4. No chance it'll last, total bubble. But reason for ALM to be floating/selling things with actual revenue/on actual multiples, rather than eg a DoorDash. Mind you - wish they'd had a DoorDash :) 5. Short term, absolutely. I'm judging them on their "2-3 years", and don't see how they could afford to go much beyond that. I'd add downside is limited - are at a discount, chances of everything failing after this length of time slim, still have ample cash. [Edit - I'd take Edison's valuation as the valuation now, and be looking for quite a bit more after 2 years, but with the prospect of not getting back much less than 30p if things went badly - or say 15p if went really badly].
kooba: Edison update today..not been particularly reliable on its numbers earlier this year! But certainly teeing up a huge write off on Spin..if zero then NAV goes from previous 63p to 43p ...for some reason I'm not reading the update as that positive as this was one of their two larger holdings..the other apart from federated dont add up to much . So the Spin ..get that all their holdings doing fine and should be up rounds apart from one but that wipes 20p off NAV...all going swimmingly then !!As to whether they have the leverage to influence up rounds on other holdings or get stuffed by new investors coming in we'll have to see. But in a world of super returns in technology sectors they seem to have managed to have narrowed down their holdings to some disappointing dogs, missing all the right sectors.Such a tail of woe and 100sM down the drain.Edison comment..nb this is paid for promotional research so worse case scenarios are pretty baked in ...amusing they say 43p nav would underpin the share price of 32p when they have traded at 40-50% discount recently.Also the cash is depleting by about $500k a month.In its strategic update, management highlighted robust commercial progress across the majority of Allied Minds' portfolio in FY20 (notably at Federated Wireless, BridgeComm and Orbital Sidekick), expected to be reflected by multiple funding rounds in FY21. Spin Memory was the exception, where, although technical progress has been made, six to nine months of commercial progress was lost with the closure of its foundry due to COVID-19. Together with the unexpected loss of a government bid, management now anticipates a down round for Spin Memory in FY21 at a 'significantly reduced valuation'. With estimated parent cash of US$20.4m at year end, Allied Minds remains sufficiently capitalised. As a floor, our estimate of parent cash (6.2p) plus our estimate for Federated Wireless (23.9p fully diluted) underpins the current share price (32.3p at close on 6 January 2021). Even entirely setting aside Spin Memory, Allied Minds' remaining holdings plus parent cash total 43.1p.
flyfisher: Federated failed to attract funding from most of its investors at the last funding round and was propped up by ALM. Now spin needs cash, which will be at a discount to last funding and propped up by ALM. If portfolio sold now, it would be at a significant discount to prior funding rounds. Overheads continue at an excessive level. I was watching this to look for a re-entry, but have now put my running shoes on and will leg it. Good luck.
hpcg: patshares1 - not to talk against my own book here but Temasek are no better or worse than the average investor in the market. They have their fair share of disasters. It could be said they are more random than an investment house; not only is it other people's money but the other people whose money it is don't even have the opportunity to withdraw funds.
spectoacc: And another: "Allied Minds plc Orbital Sidekick Series A Financing Allied Minds plc (LSE: ALM, "the Group"), the IP commercialisation company focused on early stage technology businesses, announces that its portfolio company, Orbital Sidekick, Inc., has conditionally secured $16.0 million in a Series A Preferred financing round led by Temasek, an investment company headquartered in Singapore. Round participants also include other new investors and existing investors Allied Minds, committing $2.5 million (including conversion of its SAFE), and 11.2 Capital. Proceeds from this financing will allow Orbital Sidekick to focus on scaling its business and growing its sales pipeline to more rapidly bring its products to market and enable it to launch two additional advanced hyperspectral imaging satellites to support its customers. "
swinsco: Full text taken from LSE (snaffle)Interim results from Allied Minds (ALM:38.5p), a Boston-based intellectual property (IP) commercialisation company focused on investing in early-stage companies with disruptive technologies, highlight just why I suggested buying the shares, at 38.5p ('Exploit Allied Minds' huge margin of safety', 30 July 2020).The company is a classic Ben Graham recovery play, having fallen out of favour under previous management, but is now in the hands of a new board who are mandated to monetise the portfolio and return cash to shareholders. It has some exciting investments that have attracted the interest of heavyweight technology investors in recent funding rounds, too. However, this is not being priced in as $214m (68p a share) of investments held in six unlisted technology companies, and a further $29.2m (9.3p) of cash (adjusted for post period end follow-on investments), are worth double the current share price.The largest investment is in Federal Wireless, a 42 per cent shareholding with a read-through valuation of $92m (29p) based on the last funding round in April (see below). Founded in 2012, Federated Wireless operates at the cutting edge of shared spectrum Citizens Broadband Radio System (CBRS) technology, which supports the explosive growth of wireless data. The company has already delivered the industry's first 4G/5G private wireless solution, Connectivity-as-a-Service (CaaS), a low-cost subscription, high-performance secure private wireless network delivered from the cloud. 4G/5G secure private networks are a must to connect everything from robots, cameras, signage and machinery to virtual reality applications.Federated Wireless's cloud ecosystem now has more than 40 device manufacturers and computer edge partners, thus opening up access to a plethora of Internet of Things (IoT) and other applications. Earlier this year, the company announced a new CaaS offering that enables US enterprises to buy and deploy private 4G/5G networks with a single click through Amazon Web Services (AWS) and Microsoft Azure marketplaces.In April 2020, Federated Wireless raised $13.7m in additional Series C funding to accelerate the expansion and adoption of its partnerships with Amazon and Microsoft. The proceeds will also enable expansion into the 6 GHz band for 5G services, thus providing a new path to 1,000 MHz of spectrum for private wireless networks.It's easy to see why Federated Wireless has attracted the backing of heavyweight investors including GIC, Singapore's sovereign wealth fund, as it is building a significant recurring revenue base from its scalable cloud enterprise solution. All the signs point to a highly profitable realisation for Allied Minds in due course. It's not the only one, either.
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