Allied Minds Share Discussion Threads

[bobonumber1] 26/10/2022 20:01

Around 23% I believe. If we do not delist then we won't see the end of 23 !

[wbodger] 26/10/2022 14:20

Afaiu OSK still hopes for six satellites during 2023 in three launches, beginning Feb.

Not sure what ALM's ordinary equity interest is now? The line in the half-year results reads preference share holding investment held at fair value.

I have voted against the delist, but would keep my shares in a certificate if it happens.

[kooba] 26/10/2022 06:28

https://twitter.com/orbitalsidekick/status/1584600743654305794?s=61&t=c07LstcUpnSfC3IIgyt_Vg

[wbodger] 22/10/2022 14:36

I trebled my holding earlier in the week - misread Ursus and Metage and overpaid.

If the delist goes through I will hope to recover well over 20 pence. If it doesn't there should be at least a partial retrace of the share price The risk is also obvious: that they delist and still can't monetise the portfolio.

[bobonumber1] 20/10/2022 09:11

I have just voted in favour of delisting

[kooba] 17/10/2022 12:46

Think CA were asking for an exit by tender for smaller investors..it does not appear anywhere that they actually got one agreed.

[wbodger] 17/10/2022 09:16

To be attractive the offer would have to be based on the share price of ALM shares before the delist move was tabled.

(I don't know where I got 5%-better-than-current-sp from, but anyway I can't see how it can be made to work.)

[wbodger] 17/10/2022 07:46

I thought I read it, but I can't find it. Maybe wrong.

Edit: here it is. CRS Final Results 30/09/22

[Crystal Amber] also believes that were a delisting to proceed, Allied Minds should offer private investors with shareholdings of up to 100,000 shares, the opportunity to tender their shares to the company for purchase. Allied Minds could purchase up to 5 per cent of its issued share capital, around 12 million shares. Doing so would be accretive to net asset value whilst providing private investors with a liquidity facility.

[bobonumber1] 17/10/2022 06:38

Where do you see an offer of current share price plus 5%?

[wbodger] 16/10/2022 17:23

They cost Dobbyn £60,000. He could only have bought about 330,000 shares for that when he was appointed. I can't criticise him for timing his purchase.

Also, I don't think he can be blamed for doing what he was appointed to do. The market has had three months to adjust to his appointment. This is from the June 27 RNS:
Sam Dobbyn is a UK-based corporate executive with deep public markets experience and a proven record of optimising shareholder returns. Until March 2022, he was CEO and previously CFO of Urban Exposure PLC where he reduced the cost base, managed a sale process and ultimately delivered a successful delisting of the business.

That was an unmistakable signal when the share price was over 18 pence. It has only cost shareholders money if they would have sold after that June 27 RNS and didn't act immediately. The share price remained over 18 for two months.

For me it is irritating to have to hold on indefinitely, but I hope it will give me a better exit in the end. I will certainly ignore any offer of 5% better than this depressed market price. My minimum would be 20 pence and they won't be offering that.

[kooba] 16/10/2022 08:40

Director purchase..should be encouraging to those holding on.The fact they've trashed the price through delisting and then bought another matter!ALLIED MINDS PLC(the "Company")PDMR NotificationThe Company announces that Sam Dobbyn, a Non-Executive Director of the Company and a person discharging managerial responsibilities in the Company ("PDMR"), on 13 October 2022, has purchased 588,235 ordinary shares at a price of 10.2 pence per share.

[bobonumber1] 13/10/2022 08:49

The cash is worth around 4p so currently the rest of the portfolio valued at around 5p. Cerberus invested $55mill into Fed @ around 26p 6 months ago.

[wbodger] 12/10/2022 18:27

Metage's holding in the Notice circular was 6.55%, and has gone up to 6.94% in today's RNS. So they are more than on board, they see value in the unlisted company. I thought they might be Bernstein's facilitator in some of the moves that have to be made by CA. Right or wrong, it is relevant that they are adding.

[wbodger] 11/10/2022 14:04

Orbital is fundamentally different to Spin Memory. Spin had a dream of being at the forefront of yet another revolution in computer tech, where new generations of memory come and go like Spin cycles in the washing machine.

Spin looked like having more competitors than customers and it always looked like a very long shot.

Orbital, however, looks like a foot in the door offering a delivery tool in Hyperspectral imaging. It is a field they are established in which could be huge. I would accept being diluted in OSK because that Order Book should bring in the revenue they need to get the satellites launched. Besides (importantly) ALM is skint. If OSK can't generate funding internally from that Order Book perhaps they should go for the IPO now.

[bobonumber1] 11/10/2022 13:47

Each to their own. I've done my DD on the three remaining subs. Orbital in particular is very exciting and have large contracts for ghost when the sats have launched. BC is a coin flip but look like they must have won some contracts as they have been actively recruiting. Federated is your insurance and a prime ipo candidate. I now see this as low risk @ 10p albeit you're stuck until any liquidation event.

[spectoacc] 11/10/2022 09:20

"I personally have the NAV around 40-50p + and if orbital and bc can deliver then £1 is not pie in the sky."


I probably thought the same 2 or 3 years ago (but for Orbital, read Spin Memory).

For the current and foreseeable state of the market, and ALM's history, either a trade buyer comes in for FW (perfectly possible), or they don't. If ALM eventually run out of cash, fire sales of these sort of portfolios tend to be dire.

I hope it comes good for long-suffering ALM shareholders, but 0p isn't pie-in-the-sky. £1 I fear is.

[bobonumber1] 11/10/2022 09:07

Why would you want to block it Dave? If they can't continue with the current cash reserves then what choice is there? Considering all the institutions are backing this then they must also agree this is the right thing to do. It will mean that we will be able to just about hold our position in an orbital financing and be privy to much more information about the subs. I personally have the NAV around 40-50p + and if orbital and bc can deliver then £1 is not pie in the sky. Granted it's another 12-24 month wait where you won't be able to exit but for the reward it's worth rolling the dice. If you think it's too cheap to sell now then buy !

[davesailing] 11/10/2022 08:47

47% of votes secured to delist. So we would need half of the remaining 53% to vote against delisting to block it. Do we know who the largest shareholders are of the 53%?

[kooba] 10/10/2022 09:58

Document.http://www.alliedminds.com/assets/ALM-Circular-Delisting-071022.pdf

[jj3483598] 07/10/2022 16:02

Thanks. I only bought my first shares after they announced the delisting, but selling into a SPAC would definitely have been better for shareholders.

[spectoacc] 07/10/2022 15:56

I wish they'd SPAC'd it 2 years ago, when just about anything (even Cazoo!) could be got away.

I fear there won't be any good market conditions in the next few years, but you'd hope a trade sale (particularly considering small size) may happen.

Good luck.

[jj3483598] 07/10/2022 15:46

I hope they IPO FW within 2 years. It will obviously depend on market conditions.

[spectoacc] 07/10/2022 15:40

Out of interest, when do you think there'll be any returns? FW obviously being the key one.

[jj3483598] 07/10/2022 15:38

I make my own NAV estimate. And I certainly think there is a heavy discount to NAV.

[spectoacc] 07/10/2022 15:22

Discount to "NAV".