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Share Name Share Symbol Market Type Share ISIN Share Description
Allied Minds Plc LSE:ALM London Ordinary Share GB00BLRLH124 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 2.22% 23.00 23.00 23.90 23.00 23.00 23.00 214,124 16:35:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.5 -55.5 -22.0 - 56

Allied Minds Share Discussion Threads

Showing 7176 to 7199 of 7300 messages
Chat Pages: 292  291  290  289  288  287  286  285  284  283  282  281  Older
DateSubjectAuthorDiscuss
09/2/2021
08:04
If Spin is really worth next to nothing at next funding round, why on earth not reverse it into a SPAC, raise money that way? No drain on ALM's cash, no worse dilution (probably a lot better), & a listed entity going forward to sell out of. Current tech boom market would lap it up. And if it didn't - what's been lost?
spectoacc
04/2/2021
11:40
Spin makes no sense. Reading the report from 29/10/2020. Certainly does not look dead. The appointment of Thomas Boone on the 14th of December 2020 as Vice President of defence and aerospace. Only then to lose the government contract 2 weeks later. Why make that appointment ?The following bullish articles in December :https://blog.executivebiz.com/2020/12/thomas-boone-elevated-to-defense-aerospace-vp-role-at-spin-memory/https://www.eetimes.com/spin-partners-with-arm-applied-in-mram-manufacturing/https://www.eejournal.com/article/spacing-out-with-spin-memory/Where these pod for promos
bobonumber1
04/2/2021
11:33
https://ny-creates.org/wp-content/uploads/STT-MRAM-Technology-and-Applications-Pinarbasi.pdf
bobonumber1
02/2/2021
10:38
No not huge director buys but better than nothing. Makes me feel good as i bought at 28p last week. B/e us now 36p so I’m happy. GLA!!
walterwhite1
02/2/2021
09:34
A couple of director buys - which is nice - but neither massive, 38k & 24k (shares not £).
spectoacc
28/1/2021
12:38
Personally I am selling stocks today. I am worried about a US crash as stated by Jeremy Grantham (see link below) and it repercussions :- hxxps://www.gmo.com/europe/research-library/waiting-for-the-last-dance/
red ninja
28/1/2021
08:37
Bought a few here FWIW. The discount just looks way too deep with various exciting prospects - and a brief to realise assets and give us the cash back.
value hound
26/1/2021
09:05
On Spin yes has been very disappointing but with Edison perhaps indicating little value if as CA sees 5p per share can be rescued through refinancing or monetisation then better than nothing ! Nice idea with Federated but the company needs to demonstrate traction with new customers and revenue build , Covid has obviously not helped but many tech related companies are making hay in this period. It is essential that new Chair at federated gets some new urgency in the business as this will be the big determinant on future value whether by reverse or next funding round.
kooba
26/1/2021
08:50
Thanks @kooba, missed that. Hard to say how much influence CRS have - did like this bit: On 15 January 2021, Allied Minds announced that its Chief Executive had "decided to step down from the board with immediate effect." Speech marks CRS's. If they get a SPAC reversing done for Federated, could really take off. Spin is a sorry read tho.
spectoacc
26/1/2021
08:39
From yesterday commentary from largest shareholder Crystal Amber who I am sure were somewhat involved with recent board restructuring and hopefully moving the board to secure early value through monetisation of remaining holdings. Interesting stating the idea of a reverse into a SPAC, with way things are going in the listed US tech small cos could achieve a big valuation lift.Seeing decent upside on current levels on known info alone.Allied Minds plc ("Allied Minds")Following its initial investment in the fourth quarter of 2018, the Fund focused on securing a major reduction in the excessive parent company costs of Allied Minds: ongoing HQ expenses were running at an estimated US$17-20 million at the time. These have now been reduced to approximately $5.75 million per annum. In response to concerted pressure exerted by the Fund, Allied Minds ended its extraordinary practice of paying management 10% of gains arising from any successful individual investment, without taking account of the losses incurred on other investments in the portfolio (the "Phantom Plan").In October 2020, Allied Minds released its interim results and referred to the "underlying strength of the portfolio". Spin Memory was described as "the preeminent MRAM IP provider [...] transforming the semiconductor industry". Reassuringly, it was stated that "Spin Memory has made significant progress against its key operational objectives since its last funding round". Allied Minds'43% shareholding in Spin Memory, based on that last funding round, was valued at $77 million. This compares with its $44 million cash cost since 2006. In July 2020, Allied Minds invested a further $4 million into Spin Memory. Spin Memory's carrying value therefore comprised around 35% of net asset value. After 15 years, Spin Memory remains a "pre-revenue" business.Following this update, the Fund held detailed discussions with the board of Allied Minds and expressed its concerns.On 4 January 2021, Allied Minds announced that due to COVID-19, the required testing of Spin Memory's chip had been delayed for nearly nine months, that this delay had affected Spin Memory's ability to secure new customers and that as a result, this, coupled with an unexpected loss of a government bid in late Q4 2020, Spin Memory is now facing liquidity issues. The contemplated funding round is expected to be at a far lower valuation than its carrying value.On 15 January 2021, Allied Minds announced that its Chief Executive had "decided to step down from the board with immediate effect." Going forward, the portfolio will be managed by the three non-executive directors. The Fund welcomes the streamlined management of the portfolio, in which three companies comprise more than 90% of the latest reported carrying value.The Fund notes that the current 28p share price compares with an estimated 26p per share carrying value of the 36.6% holding in Federated Wireless together with parent company cash of 6p per share. Holdings in BridgeComm, Orbital Sidekicks, TableUp and Spark Insights are together valued at 12p per share. Whilst there is uncertainty as to the current value of the Spin Memory holding, the Fund estimates that at least 5p per share could be achievable. Overall, therefore, to trade at the Fund's estimated net asset value of Allied Minds, the share price would have to increase by 75%.The Fund expects the Allied Minds board to proactively seek to realise the inherent value of the portfolio in a timely manner and return proceeds to shareholders. It should be open to any structure that could achieve this objective including, if considered appropriate, reversing Federated Wireless into a Special Purpose Acquisition Vehicle (SPAC).Over the period, the share price of Allied Minds declined by 10%.
kooba
15/1/2021
08:43
The fact it states these NEDs will be joining certain boards , they will be joining as the corporate representative of AM and JP will undoubtedly be stepping down.Suspect staying on in Cfo capacity is largely regulatory pending replacement.Be interesting if there will be some more proactivity in extracting value from the portfolio especially major asset Federated , where again revenues have not met KPI targets which will be partly down to CVD. It's time for some realism and delivery of shareholder value not sitting back and letting things slip further.In the short term i guess whoever is given the poison chalice that is Spin has work cut out to try to get anything back for shareholders...not easy on where we are but hopefully i might be pleasantly surprised if there is an orderly sale process where we get some cash out.
kooba
15/1/2021
08:25
It is clear Pignato will be replaced on all investments where the company has a director representative by one of the NEDs who seem to have solid VC experience. Was hoping Lerdal would step up to an executive role, he was introduced by CA but is independent but did a sterling job of extracting value from Leaf Clean Energy a UK listed mess he took over and sorted where shareholders achieved a great result.
kooba
15/1/2021
08:19
Shareholders large and small can only go on official information.Joe was on the board of Spin so in the best possible place one would have thought to look after shareholder interests and keep stakeholders fully informed.In July the company committed more cash to Spin on unchanged valuation.In oct interim statement "Spin Memory has made significant progress against its key operational objectives since its last funding round."A few months later we now find it is well behind objectives and facing significant liquidity issues this is largely due to foundry being closed and the required chip testing being 9 months behind we understand. But due to the nature of the communication and subsequent Edison note we are being braced for a full write off...hopefully some value can be salvaged but it appears the company do not necessarily believe this is just a delay in extracting value from its over 10 years of funding this business it looks like they have turned off the tap.Must be more to this sorry tale but it is of significant concern as to who was overseeing investments.Look there could be a happy ending here but i think one needs to hold the management not the shareholders accountable!
kooba
15/1/2021
07:35
@kooba - was my largest position. Pignato - why has he gone now? Shareholder pressure, maybe, but other shareholders didn't support CRS much when they tried to make changes. Are the rest of them waking up? But my biggest surprise/concern - Pignato the key man at several investee co's. Says nothing in the RNS about him resigning from those. "Board Chairman, CEO, & Executive" at Federated, on the Board at Spin. Does he keep those jobs? Edit: "The Non-Executive Directors will be involved with each of the Group's portfolio companies. As such, one of either the Chairman, Harry Rein, the Senior Independent, Bruce Failing or the Non-executive Director, Mark Lerdal will each join certain Boards of Directors of such companies, including Federated Wireless, Inc., BridgeComm, Inc., and Spin Memory, Inc., to provide strategic guidance and support advancing the portfolio towards monetisation events." Let's hope them sacking Pignato from ALM keeps everyone on good terms. But still a surprise. But yes - a positive he's gone, even if just for costs.
spectoacc
15/1/2021
07:28
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.
kooba
15/1/2021
07:18
CRS couldn't shoot fish in a barrel - add DLAR and more. Pignato gone! That's a surprise.
spectoacc
14/1/2021
22:41
Well, Crystal Amber (Richard Bernstein) has really made a difference, not. How embarrassing!! Same on HUR....The not so activist investor??
backinblack80
07/1/2021
16:15
Two points well made, you do not treat existing holders well who cannot or do not want to participate in a funding round..in fact you undermine them often, secondly why does a fully loaded sovereign wealth fund not want to hold its corner at even an unchanged valuation.AM maintains high positions in its holdings often , this can mean that valuations are not as true a reflection of value if they don't or can't get new or even existing holders on board it maybe just reflects trying to hold things up..seen with precision biopsy , Sciflor and now Spin ..all of which were given more money $4-$5m then the bad news.Hope something positive is achieved for shareholders but for a company that has blown over $400m on bad bets and costs in its six years of listing and maybe with this latest erosion of shareholder value only has $140m left to show it certainly needs a brave stomach and a change of luck to make this look attractive.
kooba
07/1/2021
15:14
Thanks @kooba. ALM my largest (now 2nd largest) holding, so it's good to have a debate. "A key feature of Federated's SAS is that it is the only FCC authorised company with a fully deployed Environmental Sensing Capability as required by the FCC. This has allowed Federated to operate unabated, providing a significant competitive advantage." But that needs to remain the case. Amazon, Azure, US Govnt - there's a lot of potential, but will that +500% revenue target (from a low base) be achieved? Federated's 5G angle about the only hot sector ALM exposed to. (On last funding round point - strongly suspect the fact Temasek stayed out meant ALM - with all their influence over Federated - wanted to not pay too high a price for more. Give others a bit of dilution. That doesn't explain why Temasek didn't invest, but does explain why at same level).
spectoacc
07/1/2021
15:08
Yes all valid especially on costs, and yes it has become somewhat binary on Federated now, things like orbital look interesting but are very small holdings. Unfortunately the company had a wide range of early stage investments that was trimmed back to the few we have now..rather a shame the hydrogen play wasn't kept on, but they have certainly managed to dodge hot areas!The danger with running Federated on a tight budget, the AM CEO is Chair (which might conflict ) is that it does not move to industry dominance in what might be a fairly commoditised industry. They are not, whether solely due to CVD19 ? hitting revenue projections so there is no evidence of their positioning gaining traction, sure the upside could be pretty big if they manage to build customer base but its not showing yet. Again pointing out the last round was on same terms as last few years is not showing the company has ability to attract a higher value as they build out. Best hope is there is a land grab in the space and there is a battle to take it out be honest.Certainly the best chance of getting in final pay out in the range you hope for i reckon.
kooba
07/1/2021
14:16
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].
spectoacc
07/1/2021
13:31
1They have supported spin for over 10 years ..one of their original investments they put more good money in only 6 months ago and now substantial write down coming..i think they are teeing up that they wont put more in which leaves huge dilution or trade sale i guess.2Over half their cash needed to support overheads on 2-3 year timetable so not exactly rolling in it or in a position to hold their corner in future rounds which leaves them exposed to unfavourable terms or heavy dilution.3See above but agreed would be difficult to see no up rounds, having said that Spin was making good progress in the summer when they put in more money at previous same value and in the OCT update so things can change very negatively very fast in AM world it would seem. Also federated still same value on last raise as two years previous so not achieving valuation up lifts as it progresses.Federated last rounds were ahead of big uplifts in revenue...this has not materialised.4Tech is still hot and there are lots of easy list SPACs around valuations are already toppy ...might not last.5 i stand by.i do not see any short term value crystallising event this company serially disappoints and charges the earth to mismanage it.
kooba
07/1/2021
13:12
Thanks @kooba, all interesting stuff. I'd counter with: 1. Spin not likely to be zero - they'll support it 2. They have the cash to support/take part in all the up-rounds - but it ought to focus their minds on costs over the next "2-3 years". Cash burn/expenses always been far too high 3. The up-round valuation increases will counter some of Spin write-off 4. ...Accepting that that's all an accounting exercise until they actually sell/float something, but I'd hope eg BridgeComm and Federated to go for significantly more than last funding round 5. "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." With that I agree wholeheartedly, but caveated by thinking it's in the price. Was tongue-in-cheek about a return to £3.50 (or £7!) but c.60-80p doesn't seem unreasonable - even without a crazy tech market - in their 2-3 years. Other than the unfortunate Spin, has been some decent progress in 2020 elsewhere.
spectoacc
07/1/2021
12:13
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 it..is 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.
kooba
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