Allied Minds Share Discussion Threads

[kooba] 01/10/2021 11:50

This looks like a widening market opportunity for FW in the 6 ghz space if opened up ..they sound prepped.https://www.fiercewireless.com/tech/wififorward-wispa-tout-next-steps-6-ghz

[kooba] 01/10/2021 11:45

Today Puerto Rico tomorrow the world!https://finance.yahoo.com/news/federated-wireless-first-bring-cbrs-120000020.html

[wbodger] 28/9/2021 14:38

I noted the final remark on Allied Minds:Accordingly, the Fund has commenced discussions with third parties with this objective in mind.

Interesting they think DeLaRue is worth holding onto. Kenmore: they didn't have many, Camellia wasn't quoted afaik, and Redde was a poorly timed exit, given subsequent share performance.

[kooba] 28/9/2021 12:53

I think November is the vote on continuation..so if the vote goes to discontinue the fund then i guess then a timescale is set ..likely at least 12 months i would guess unless there would be negative impact on achievable returns that I'm sure activist SABA are aware ..they may have hedged here and there but on some less liquid assets not , will need current managers to extricate positions.

[casholaa] 28/9/2021 12:31

I think Crystal is up against the clock though. November?

[kooba] 28/9/2021 12:21

Crystal Amber substantial holder here Finals today ..Allied minds comment interesting especially last lines.Allied Minds plc ("Allied Minds") Allied Minds is an IP commercialisation business focused on early-stage company development within the US technology sector. In 2019, it announced that it would henceforth focus on maximising returns and shareholder distributions from its existing portfolio, rather than continuing to invest in new businesses. The portfolio contains three significant holdings: Federated Wireless, BridgeComm and Orbital Sidekick, all of which have raised capital from third parties including strategic investors. As at 30 June 2021, Allied Minds had cash of $17.8 million, plus three smaller stakes in other technology and life-sciences companies. The Fund's previous annual reports include additional background to this investment. Over the year, the Fund focused on securing further reductions in parent company costs and improved transparency of progress of the underlying investments, all of which are unlisted. In January 2021, the CEO left the business, shortly after Allied Minds revealed that its investee company Spin Memory faced a "significant liquidity issue," stating "a down-round financing is not uncommon in early venture companies." The Fund notes that Allied Minds commenced its investment in Spin Memory in 2007 and considers that if Spin Memory was still characterised as an early venture company some 13 years later, this reflects poorly on the management of Allied Minds given that Allied Minds is the largest shareholder of Spin Memory with an interest of 43%. In June 2021, Allied Minds announced that Spin Memory would be liquidated and there could be no guarantee that Allied Minds would receive any return of capital. Allied Minds has invested $50.5 million in Spin Memory since 2007. The investments are now managed directly by the three non-executive board directors. In August 2021, Allied Minds reported that Federated Wireless Inc had met its revenue expectations for its first half and was on track to meet its full year plan. The most encouraging aspect of last month's update related to Occu Terra Therapeutics Inc ("Occu Terra Therapeutics"), a clinical stage ophthalmology drug development company in which Allied Minds has a fully diluted holding of 13%. This had been a passive holding and had been provided for in full. Occu Terra Therapeutics has recently closed a $31.5 million funding round at a post money valuation of $48.9 million. In May 2021, the Fund voted against the re-election of Chairman Harry Rein and non-executive director Bruce Failing. At the meeting, the vote against Harry Rein's re-election was 47.1% and 37.3% against Bruce Failing. Whilst the Fund believes that the current share price of 23 pence fails to reflect the net asset value of around 45 pence, realising the inherent value of the portfolio and return of proceeds to shareholders would be accelerated and enhanced either by the removal of Harry Rein and Bruce Failing and replacement with alternative directors, or a corporate solution. Accordingly, the Fund has commenced discussions with third parties with this objective in mind.

[wbodger] 23/9/2021 19:06

Thanks for the link. New results date is October 14th. They could have continued for another month afaics, so I'm still curious how much they have to spend. They surely could have bought more than 1% if they had funds.

Re management, I've just had another glance at the Result Of AGM RNS: Harry Rein grumbling that the failure to pass motions that CA (presumably) opposed happened because "The Board is aware of one major institutional shareholder who voted against resolutions 2, 5,7, 8, 9,10, 11 and 13, without which there would have been strong support for all resolutions". Actually, the right thing to do is to recognize the importance of shareholders, including the one whose opposition influenced up to 40% of the vote at an AGM, and voted that two Directors not continue. Only 52.8% support for a motion that the Chairman continue is a vote of no confidence.

[wbodger] 23/9/2021 15:26

Interesting RNS today about a week's delay to results: presumably it's connected to one of the holdings. No major effect on share price in London, I wondered is US might leak when they came on, but no big move, so perhaps it isn't major.

Allied Minds stopped announcing share buybacks on August 11, although they had authority to buy up to 24 million shares lasting until October 15. They have bought back a little over 2.5 million in six weeks, slightly over 1%, costing about £500,000 by my calculations. That is connected with the Spin Memory exit - I really hope they got a bit more than half a million for their interest.

I am curious why the buybacks have stopped, assuming it isn't a stock market rule. (They should have known that when they started.)

[kooba] 23/9/2021 09:03

Talking of space..for the boffinshttps://www.everythingrf.com/news/details/13163-bridgecomm-develops-optical-inter-satellite-links-for-enhanced-data-transmission

[kooba] 23/9/2021 09:01

Orbital sidekick are in very hot areas , space and positive climate technology. https://twitter.com/orbitalsidekick/status/1440350049909698566?s=21

[kooba] 23/9/2021 05:41

TouchBistro, Inc. completed the acquisition of TableUp, LLC from Allied Minds plc (LSE:ALM) and other shareholders for $6 million on August 5, 2020. Allied received consideration shares valued at $5.99 million.If similar valuation improvement was seen would be significant to Allied Minds.

[kooba] 23/9/2021 05:38

Notice Toast valued at many multiples of 2019 and 2020 valuations ...believe Touchbistro is held at value of last fundraise from 2019.Barrotti has been open about plans to take TouchBistro public, noting it would happen "when market conditions are right." Last year, the CEO had sights on an initial public offering (IPO) by early 2021.https://betakit.com/touchbistro-hires-new-cfo-keeps-eye-on-ipo-despite-pandemic-market-uncertainty/It would appear the time is right judging by Toasts reception .

[wbodger] 10/9/2021 18:39

Even I can see that OISL Terminal looks like significant technology. That I-S link trumpets Bridge's commercial presence early in what looks like very interesting tech.

The other link about putting likely winners together seems to be about Boeing aggregating winners and losers without continual cash calls. Is that your reading, k?

[kooba] 10/9/2021 15:06

Space maybe explains Boeings interest better.



But i notice changes at Boeinghorizonx too…their dozen or so holdings including Bridgecomm i guess moving into a larger Private Equity vehicle to support investments it seems.



Bridgecomm fits the bill it seems
Boeing said AEI HorizonX will further support sustainability and will focus on investments in connectivity, space, mobility, digital and industrial technologies.

[kooba] 10/9/2021 14:36

Bridgecomm seem busyhttps://news.satnews.com/2021/09/09/optical-inter-satellite-links-now-offered-by-bridgecomm-to-customers/

[wbodger] 09/9/2021 19:04

Space Micro might be a name chosen for the first four letters.

Still, if they do go, ahem, public (Is that the right word for a SPAC?) BridgeComm might get a piece for intellectual property without committing funds.

SM Inc is based in San Diego, which is hot for that sector. Respectable history by the look.

[kooba] 09/9/2021 09:15

Yep not a big boy but BridgeComm moving more into the hot space sector with a very respected long term player. This and especially orbital are looking very interesting.But obviously much depends on Federated Wireless in terms of asset exposure. Encouraging the AM update. But would be good to see more evidence of traction, it appears the private network space is in for exponential growth would just be good to have some real evidence of FW growing in that space.Think there are reasons to be optimistic now that the asset value has bottomed out and that there is decent room for up rounds when portfolio companies come for next finance rounds , but with AMs limited resources and zero chance of raising funds one has to hope they are not crammed down by new investors in this process and manage to protect shareholders interests.Problem is the market is obviously not convinced by the management to deliver value. IP group and Draper Esprit trading at premiums to hard nav ..AMs a 50% discount...is this the assets or the management? Thinking management.

[wbodger] 08/9/2021 17:08

Space Micro Inc looks interesting. But only USD 18 million revenue. Employee-owned company, 100+ employees.

[kooba] 08/9/2021 06:29

https://www.businesswire.com/news/home/20210907005340/en/BridgeComm-Enters-Into-Strategic-Partnership-With-Space-Micro

[skinwalker] 30/8/2021 20:34

AQC - regretting selling ?!
I sold at nearly £7.
My only regret is that I didn't sell the lot.

[kooba] 26/8/2021 18:47

https://twitter.com/orbitalsidekick/status/1430947435669504002?s=21

[kooba] 24/8/2021 07:39

Rather overlooked asset in the portfolio is the holding in TouchBistro received from their acquisition of portfolio company Tabletop to them. It's a very interesting business that was rumoured to be on the IPO runway pre CVD 19 but seems to be coming through well and has incorporated in house take away software in its restaurant management softwarehttps://www.touchbistro.com/blog/third-party-food-delivery-services/Allied Minds holding Aug 2020.A total of 2,542,662 common shares of TouchBistro to be paid to Allied Minds valued at $5.99 million.There has been no fundraising or revaluations since then but this is a hot area and TouchBistro an established player could well return to IPO runway and would likely command a decent premium over current carrying value imho.

[believer2] 22/8/2021 12:06

Was hoping there might be an acknowledgment in the weekend papers? Wonder if Woodford legacy still hangs over this that some journalists would have to ponder he may have had a point in some stocks! Still think we carry a bit of his legacy in the share price. One day Rodney x