Allied Minds Share Discussion Threads

[spectoacc] 11/8/2021 08:40

Where to begin with Numis.

Federated, the only one that really matters - is trading in line:

"The Board of Allied Minds is very encouraged with the progress being made at Federated Wireless. It met its first half revenue expectation and is on track to meet its full year plan."


All the others read well, but so did Spin, for update after update.

There's clearly value in ALM but when do they realise it, when do shareholders see anything back, what bumps happen along the way. Either they get Federated away soon, or everything continues as it has the last bunch of years, with the only winners being management.

Good luck holders. Nothing in that update makes me want to buy back in yet.

[kooba] 11/8/2021 07:58

Numis comment...well the shop are keen!"ALM's Board and portfolio companies continue to deliver accumulating evidence that ALM is worth significantly more than our estimate of its NAV (46p), let alone its current share price (19.5p).""We continue to believe that ALM is worth a multiple of our estimate of its NAV per share, which itself is 2.4x the company's last closing share price. We will review our estimate of ALM's fair value when the company details its 1H FY21results in mid-September 2021."

[spectoacc] 11/8/2021 07:19

Indeed it does - and the very early-stage (still!) nature of the remainder suggests ALM intend to keep the co going for a long time yet.

At least we know now what they've been up to all this time - they've been writing that update.

[paulisi] 11/8/2021 07:12

All hopes lies with Federated....

[kooba] 11/8/2021 07:09

Think they must read the boards! At last some communication!Strange with their directorships mentioned, none feature on the company websites apart from Federated..but pleased with the clarity at last.Decent update seems to show some confidence in particular with federated meeting current year expectation.In CMD FW for at revenues of $17m ( sub $3) current year and $40m for 2022.

[kooba] 11/8/2021 06:57

20p seems a major level of support..breaking that especially when there is a share buyback operating ( however weakly done) would not be a great sign. It's difficult to know whether this persistent weakness is down to knowledge not in the public domain on performance of portfolio companies or just continued frustration with the lack of communication and any sign of implementation of the boards stated strategy.Appears cheap but has done for a fair while ..only for shareholders to then be informed of more bad news which then justifies the huge discount to NAV...ie Spin Spark.The share price has tended to be a good measure of the future NAV as the NAV has cratered over the past few years ...i was rather hoping that it would have bottomed out but with little updated information and a board that seems to be sitting back and having little impact on events its really difficult to gauge whether we are near a turning point. Unfortunately the share price is not indicating a change in fortunes.

[kooba] 10/8/2021 12:59

30th March '21 results..what a lot of baloney."We play an active role in developing the strategic direction of our portfolio companies and driving ongoing planning and assessment. Our executives and Non-Executive Directors serve on the boards of directors of our portfolio companies, working with them to develop and implement strategic, operating and funding plans. We evaluate on an on-going basis the progress and potential of each of the portfolio company's businesses, and make strategic and funding decisions based on the regular review of operational and financial performance and the achievement of key milestones. Together with our management, the respective portfolio company boards of directors define the critical milestones, or inflection points, for each portfolio company and measure tangible progress towards commercialisation and the key factors for a successful monetisation event."They had someone on Spin and Spark board though...both now gone to the wall..nice.

[kooba] 10/8/2021 12:52

Cant quite remember but i think with aim rules the website needs to be fully reviewed every 6 months but best practise is to maintain an accurate picture of the company on an ongoing basis.The company has few investments left as far as i can see the only viable one where they have board representation is Federated Wireless...No one on the boards ofBridgeCommOrbital SidekickOccuTerra TherapeuticsThey are just a small shareholder in TouchBistro but it looks interesting.

[believer2] 10/8/2021 10:41

I am also rather concerned how out of date their website is now ? Surely they have a duty to investors to be fully transparent and current. I agree it’s a hobby board and there are a number who are so far out of their depth

[believer2] 10/8/2021 10:41

I am also rather concerned how out of date their website is now ? Surely they have a duty to investors to be fully transparent and current. I agree it’s a hobby board and there are a number who are so far out of their depth

[kooba] 09/8/2021 20:37

15th Jan 2021 whenCEO Pignato stepped down

“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.”

Apparent current advisory board of BridgeComm Inc



I have asked why such an important portfolio company where the company has provided most of the investment and remains a significant majority shareholder has no representation of BridgeComm no answer and of Allied Minds Chair no response on this point and have asked again. Not sure how the board expect to influence an agreed agenda of monetisation If they have no board presence.
What is the board doing exactly ..Spin down the Swannie..they only seem to have one board position on a portfolio company which is Harry R chairing Federated Wireless ..think his background is in life sciences so I’m sure his connections and experience invaluable there.

Thinking this is a hobby board for retired VCs with little listed experience (ML exception ) ..they are not aligned with shareholders and quite frankly look out of their depth.

[kooba] 08/8/2021 14:59

Company presenting in london conference later this year.Kerrie Brady, Chief Executive Officer, OcuTerra Therapeutics View Bio• "Purpose engineering" to design OTT166 selective integrin antagonist• Review of preclinical research demonstrating delivery and activity of OTT166 with eye drop dosing• Clinical research results with OTT166 in diabetic retinal disease and wAMD to date, plans for Phase 2https://www.smi-online.co.uk/pharmaceuticals/uk/conference/Opthalmic-Drugs

[kooba] 08/8/2021 14:57

Meanwhile the business the company wrote down to nothing (Scifluor) seems to have refinanced and reinvented itself into a serious play without their involvement ..luckily AM has retained a holding with value.https://www.ocuterratx.com/? Chaired by Brent Saunders and with new CMO David Tanzer joining the fray, the folks at eye disease biotech OcuTerra have enlisted Richard Lindstrom and Sheri Rowen for their scientific advisory board. The founder of Minnesota Eye Consultants, Lindstrom is an adjunct professor emeritus at the University of Minnesota's ophthalmology department. Rowen, a LASIK surgeon in Newport Beach, CA, founded Mercy Medical Center's ophthalmology department in Baltimore 25 years ago.

[kooba] 08/8/2021 09:50

There was an opportunity to make changes at the top but not enough shareholders voted for that change ..i believe some had their heads turned by the idea of early monetisation promises and a share buybacks. The buyback is ineffective at this stage and has now increased the burn thus reducing the opportunity of the company holding its corner in forthcoming fundraises of its remaining holdings.One has to hope that the portfolio companies are successful and that there is some "kindness" when it comes to future dilution. Basing a model on kindness in US venture financing is a stretch.The board has precious little experience in the listed sector or in communicating with uk shareholders..there seems no alignment in intent, and a largely reactive management that would appear to have little impact on the outcome for their shareholders. They appear incapable of convincing the market that there is value in the situation even at a discount over over 50% to their stated asset value. Is this discount down to the quality of its portfolio or the opinion that the management will be unable to deliver a strategy that benefits shareholders?

[buywell3] 08/8/2021 08:13

This post was so shockingly bad , that buywell thinks it is worthy of reading again
Especially if one is a first time visitor seeking bombed out situations

Why ?

Because it explains why the company is having to buy its own shares back


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kooba22 Apr '21 - 16:54 - 2466 of 2562
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Talking of Bernstein ..CA fund update just out.

Allied Minds plc ("Allied Minds")

During the quarter, following the resignation of its Chief Executive, Allied Minds continued its practice of poor communications and the unacceptable lack of provision of financial information. This included a botched Capital Markets Day, to which invitations were only sent to analysts and not to investors. The Fund is aware of two (paid for) analysts who cover Allied Minds. Subsequently, investors were made aware of the Capital Markets Day, with only a few days' notice. The company's broker subsequently apologised to the Fund for this error.

During the Capital Markets Day, important financial information was provided. The Chief Executive of Federated Wireless (which represents 26p of Allied Minds' house broker's estimated net asset value of 46p), reported actual Q1 revenues for 2021 and a financial forecast for the full year.

Revenue forecasts were also provided by other portfolio companies. The Fund believes that this information should be provided to all market participants and not just to those that were able to access the Capital Markets Day. More than a week ago, the Fund requested that Allied Minds release this information without delay to all market participants. This afternoon, this information has finally been made available.

Separately, earlier this month, paid-for research from Edison for Allied Minds was withdrawn, after the Fund highlighted an error with the percentage holding in a portfolio company. Earlier in the year, Edison apologised for a previous error: for several months, estimated net asset value had been materially overstated, as a result of not deducting the 12.6p special dividend paid to shareholders in February 2020.

The Fund believes that responsibility lies with the Chairman of Allied Minds. In light of this, the Fund has written to Harry Rein to ask him not to seek re-election at next month's Annual General Meeting. If he decides to seek re-election, the Fund (an owner of more than 18%, of the issued share capital) will vote against his re-election and write to other shareholders to explain its reasoning. The Fund believes that Mark Lerdal, a non-executive director of Allied Minds, should replace Harry Rein as Chairman. Following his appointment as Executive Chairman of Leaf Clean Energy ("Leaf") in 2014 with support from the Fund, Mark Lerdal achieved an excellent outcome for all shareholders in the company. Like Allied Minds, Leaf was a London listed, US based closed end investment fund trading at a 50% discount to net asset value.

Over the period, Allied Minds' shares fell by 31%.

[petersw1] 06/8/2021 16:07

The Saba capital short should be considered in conjunction with their long position in the Crystal Amber fund that they are pushing to wrap up. They seem to be working to lock in profits from Crystal Amber's discount to NAV.

[spectoacc] 06/8/2021 15:36

Shouldn't laugh, but:

"Allied Minds plc is an IP commercialisation company focused on early stage company development within the technology sector. With origination relationships that span US federal laboratories, universities, and leading US corporations, Allied Minds historically created, and now operates and funds, a portfolio of companies to generate long-term value for its investors and stakeholders. "


Shouldn't that be "...Destroy long-term value.."?

Operates: really?

If "Stakeholders" means the directors, then yes, they've done very well long-term.

[kooba] 06/8/2021 08:55

Not new news but details the opportunity around the DoD marines contract.https://www.businesswire.com/news/home/20210805005166/en/Federated-Wireless-Oversees-Successful-12-Million-5G-Private-Network-Pilot-Using-Shared-Spectrum-for-United-States-Department-of-Defense

[walterwhite1] 05/8/2021 10:01

Yes I thought so too, but its only from the short tracker website. Either way fingers crossed for FED and Bridgecomm over the coming months

[buffettjnr] 04/8/2021 22:49

Very strange

[aqc888] 04/8/2021 22:34

Seems quite a strange target for shorting...

[walterwhite1] 04/8/2021 20:15

Saba capital have got a short at 1.23%.
The 20p level does seem solid but I’m reluctant to average down tbh. My b/e is 36p so I’m fairly happy with my holding. Federated wireless and bridgecomm are due to start generating revenues in Q4 so I’m quietly confident

[aqc888] 04/8/2021 09:53

Would add more, but bit concerned they are getting some short interest. Surely they can’t fall further from here?

[spectoacc] 21/7/2021 13:27

No, it's the CRS NAV releases, where they detail the total holdings (shares + CFD) & usefully state the % of ALM they hold, shares + CFD combined.

So to go back 4 of them:

End-Feb 2021, 20.7% of ALM
End-March 2021 - 21.4%
End-April 2021 - 20.9%
End-May 2021, 20.9%

Due to timing of the sale, end-June NAV (due soon) also likely to report 20.9%, but latest is 18.6%.

[bobonumber1] 21/7/2021 13:24

My calcs:01/07/20 they held 22.6 %On that day they transferred over to a CFD 4.39% leaving them with 18.21%22/10/20 they sold 0.37 % leaving them with 17.84%31/03/21 increased to 18.27%13/07/21 increased to 18.56% So a 0.29% increase or 689454 shares purchased