Allied Minds Share Discussion Threads

[flyfisher] 29/11/2019 10:19

From the prospectus.

Board member severance package is 2 years base salary + an annual incentive bonus of the average bonus over the last three years.

Also:-
''The Phantom Plan is for an initial period of seven years after its adoption in June 2012 unless the Allied Minds,Inc (now Allied Minds LLC) board determines to terminate it earlier.
Thereafter, unless the board of Allied Minds, Inc.(now Allied Minds, LLC) determines otherwise, it automatically renews on an annual basis.''

So it has been renewed.

[bobonumber1] 29/11/2019 09:22

Let's see what their time plan and costs are first. What severance the current board would have and if they now make some concessions regarding costs and the "phantom scheme" due to pressure from CA.

[spectoacc] 29/11/2019 08:41

@flyfisher - I'd want to know why they say the existing Board can still be employed, what that means for costs, what that means for the ridiculous incentive scheme, when they see realisations happening, and whether they see any variation in the existing impending payout.

CRS at Northgate, or DLAR, or even ALM so far, have not been impressive.

[flyfisher] 29/11/2019 08:36

bobo, To remove the board and install Mark Lerdal and Stephen Coe.

I would prefer to rely upon their direction than the current board.

[spectoacc] 29/11/2019 08:18

Well... Doesn't fully answer your points but this is what CRS said:

"....At which resolutions will be proposed
to remove Jeffrey Rohr, Fritz Foley, Joseph Pignato and Michael Turner from the
board, and to appoint Mark Lerdal and Stephen Coe to the board as non-executive
directors. The Fund expects that the proposed board will be more effective at
minimising ongoing costs and maximising distributions to shareholders from the
orderly realisation of Allied Minds' remaining investments."

I'd suggest that what's good for CRS's 17% is good for my sub-1%, but do want to talk to them first.

[bobonumber1] 29/11/2019 08:15

Voting support for what? Do we know what terms their man wants ? How quickly are they looking to wind it down. They are a hedge fund so not looking long term and happy with a smaller return. With 17% and their man on the board they maybe have too much influence that does not benefit the private investor. In one to two years Fed and spin should be worth many multiples of what they are valued at today. If they wind it down early we do not see that benefit.

[spectoacc] 29/11/2019 07:57

Emailed them about ALM - reply there was none - awaiting developments re voting. It's a ball-ache voting at EGMs when held across multiple nominees.

ALM never replied either.

Will try CRS again.

[flyfisher] 29/11/2019 07:52

Have you emailed Crystal Amber, offering voting support with your holding.

[spectoacc] 29/11/2019 07:06

Agreed. That the share price is only as "high" as it is because CRS have absorbed 17% says it all.

[kooba] 29/11/2019 06:17

Bizarre situation not informing shareholders of GM requisition.Technically they have 21 days to call a GM from correct receipt of requisition but most unusual to make no comment.One must assume they are running around trying to garner support from other shareholders to keep them in place, they know the portfolio (what's left of it!) promise to keep costs down ( they've been going up again as the company shrinks!) early monetisation ( not in their interests!) ..what CA might do is get them to up the distribution to actual shareholders ..they already have their $4.9m bonus I bet.Either way they are being put under intense pressure by CA to start acting to deliver some value back to holders in a timely manner. Burning through $7m a year sitting on passive investments for years will just erode what's left of what has been an unbelievably disastrous investment foray where only the management have got any rewards.

[flyfisher] 28/11/2019 17:41

Vesting their options before they are kicked out is the priority.

[spectoacc] 28/11/2019 08:13

Just don't understand how ALM can say nothing at all about the EGM request (not even that they've had one), and nothing at all about the capital return when the sale is long since voted on, approved, and completed.

[spectoacc] 22/11/2019 16:27

CRS gone over 17%.

[kooba] 22/11/2019 09:01

Allied Minds still to inform shareholders of formal requisition of GM ..very odd , looks like they were blind sided by CRS.They still have to inform their shareholders even if they need a few days to think of some defence..no doubt trying to garner shareholder support .. if they can't might just step down ??Either way communicating through the press and not to your shareholders not on..An Allied Minds spokeswoman said that the "current board has overseen and implemented a number of major value-enhancing transactions, one of which will result in a substantial cash return to shareholders. The board has also made significant cuts to central costs." https://www.thetimes.co.uk/article/activist-investor-crystal-amber-attempts-to-wind-down-allied-minds-33nsq5n7c

[spectoacc] 22/11/2019 08:57

Staggering that they don't think CRS's EGM requisition is worth an RNS.

[kooba] 22/11/2019 08:56

Wonder whether the execs have paid their ill-gotten $4.9m bonus out yet..I expect so !From disposal and distribution circular Record Time 2 December 2019 Expected date of Court Hearing to confirm Capital reduction 3 December 2019 Expected date for the Capital Reduction 5 December 2019Note: Each of the times and dates in the above timetable is based on current expectations and is subject to change by Allied Minds. If any of the above times and/or dates change, the revised times and dates will be notified to the FCA and to Shareholders by a Regulatory Information Service.But they say they will discuss with shareholders how to make the distribution..not sure exactly who they will be talking to as the share register is upside down but doesn't appear CRS have had the call !

[spectoacc] 21/11/2019 13:48

I don't see any evidence of CRS doing that - future cash realisations, maybe, but no mention of the current one.

Weird thing is, no mention of it from ALM either. The disposal completed ages ago, what's stopping at least an XD date?

[alasdair100new] 21/11/2019 13:24

"Insufficient prioritisation of excess cash redistribution to shareholders"I would hope an extra resolution will be added about the special dividend as well.

[spectoacc] 21/11/2019 12:18

Yes, except - that's not remotely what CRS's RNS says. Find me the mention of the payout.

[buffettjnr] 21/11/2019 11:27

100% right.

[alasdair100new] 21/11/2019 11:02

Board got told by some shareholders to increase the pay out to nearly the full amount. They didn't... they were warned and now they face the consequences! Why we even need such a big board is beyond me anyway. Each subsidiary each have their own boards as well.

[buffettjnr] 21/11/2019 09:44

Desperate effort to show he has shareholders’ interests at heart. It didn’t work

[spectoacc] 21/11/2019 09:40

Wonder how Rohr - the Chairman who bought shares the other day - feels about being proposed to be removed at EGM :)

[flyfisher] 21/11/2019 09:35

I doubt it will get to an EGM, now that woodford has gone who can the board rely upon for support.