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ALM

Allied Minds Plc

13.85
0.00 (0.0%)
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 Shares Traded Last Trade
  0.00 0.0% 13.85 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
10.05 12.65
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 13.85 GBX

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Allied Minds (ALM) Discussions and Chat

Allied Minds Forums and Chat

Date Time Title Posts
22/5/202313:53ALLIED MINDS3,570
25/7/201619:23new thread: is ALM worth a punt now?602
04/12/201415:02ALM3,214
29/5/201009:30Alphameric another tech shit rubbish share44
25/3/201009:13ALM: Is EVERYONE jumping ship???21

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Posted at 21/3/2023 19:56 by horndean eagle
CRS commentary on ALM. Not hugely positive re FW.
Posted at 27/11/2022 14:16 by damers
After hovering over the buy button for months, I have taken the plunge on Friday.

I see ALM as fairly safe bet considering the NAV. I am more than happy waiting a couple of yrs to cash out as do not need the reddies until around that time.

As ever we in the hands of the markets. However, I just cannot see an outcome around the current share price 30p is my target & anything above is a bonus. It will actually make a refreshing change not watching & worrying about the share price from day to day.

Appreciative of any posts on this BB as info is scarce regarding ALM. I normally post on LSE, but it's even quieter over there.

Anyway, best of luck investors - it's going to be an interesting couple of yrs ahead.

Damers.

Posted at 16/10/2022 18:23 by wbodger
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.

Posted at 02/9/2022 14:57 by davesailing
ALM cash position is 10M US dollars.(Over 4p per share). ALM current holding of Federated Wireless is valued at 25.6p per share (so this is valued at under 7p per share with the current ALM share price of 10.8p!!!!!
Posted at 02/9/2022 14:33 by kooba
Is there a further update on last week?On the hunt for tech bargainsShares in two small-cap technology companies have been savaged this year, but at such depressed valuations the investment risk is skewed to the upsideAugust 25, 2022By Simon ThompsonInvestors invariably head for the exit on news of a potential de-listing. This was the case with Allied Minds (ALM:10p), a Boston-based intellectual property (IP) commercialisation company focused on investing in early-stage companies with disruptive technologies.As part of a strategic review that could lead to an outright sale of the company, or distribution of assets and cash, the board is consulting with shareholders to ascertain the level of support for a de-listing to save on listing fees. Allied Minds' share price had been trading above the level of my last update ('An unloved deep value play', 17 June 2022), but tanked on the news.I would not sell out at these depressed levels as the group's largest holding, Federal Wireless, is alone worth $72.3mn (25.6p a share), or 2.5 times Allieds Minds' market capitalisation of £24mn. That technology group is reshaping wireless connectivity for cloud-based technologies by providing customers with a high performance, accessible and secure private wireless network.Including proforma net cash of $13.4mn (4.75p a share) and other holdings, Allied Minds' sum-of-the-parts valuation of 36p a share is 3.6 times the current share price. Even as an unlisted entity, the investment risk is skewed firmly to the upside.
Posted at 02/9/2022 14:30 by davesailing
Investors Chronicle (Friday 2 September 2022) latest view from Simon Thompson is not to sell ALM at these depressed - Federated Wireless is worth 25.6p a share on its own 2.5 times ALM current capitalisation. With other assets the sum of ALM is 3.6 times the current share price....
Posted at 26/8/2022 08:41 by kooba
Looks like the seller cleared..will get the details no doubt later on.Simon Thompson..who hasn't shone on this one.https://www.investorschronicle.co.uk/ideas/2022/08/25/on-the-hunt-for-tech-bargains/On the hunt for tech bargainsShares in two small-cap technology companies have been savaged this year, but at such depressed valuations the investment risk is skewed to the upsideAugust 25, 2022By Simon ThompsonInvestors invariably head for the exit on news of a potential de-listing. This was the case with Allied Minds (ALM:10p), a Boston-based intellectual property (IP) commercialisation company focused on investing in early-stage companies with disruptive technologies.As part of a strategic review that could lead to an outright sale of the company, or distribution of assets and cash, the board are consulting with shareholders to ascertain the level of support for a de-listing to save on listing fees. Allied Minds' share price had been trading above the level of my last update ('An unloved deep value play', 17 June 2022), but tanked on the news.I would not sell out at these depressed levels as the group's largest holding, Federal Wireless, is alone worth $72.3mn (25.6p a share), or 2.5 times Allieds Minds market capitalision of £24mn. That technology group is reshaping wireless connectivity for cloud-based technologies by providing customers with a high performance, accessible and secure private wireless network.Including proforma net cash of $13.4mn (4.75p a share) and other holdings, Allied Minds' sum-of-the-parts valuation of 36p a share is 3.6 times the current share price. Even as an unlisted entity, the investment risk is skewed firmly to the upside.
Posted at 03/3/2022 07:08 by kooba
Crystal Amber results todayALM comment...no punches being pulled !Allied MindsThe Fund has been an investor in Allied Minds since November 2018, and currently owns in excess of 18% . of its issued share capital. Since investing, the Fund has secured a 70% reduction in the annual cost base.In 2019, Allied Minds announced that it would focus on maximising returns and shareholder distributions from its existing portfolio, rather than continuing to invest in new businesses. Allied Minds has failed to provide market participants with visibility as to the timing and quantum of shareholder distributions. The portfolio contains three significant holdings: Federated Wireless, BridgeComm and Orbital Sidekick.In March 2020, Harry Rein was appointed Chairman of the Allied Minds board, having joined the board in November 2017. In January 2021, following a strategic review, Allied Minds introduced what it described as "a new form of governance better suited to achieve value creation." With no Chief Executive, Allied Minds is now managed by its three non-executive directors. The Fund considers, in practical terms, that Harry Rein is the key decision maker. The 2020 Report and Accounts for Allied Minds states that "the Chairman is responsible for the leadership and conduct of the board."During the period, the Fund expressed several governance concerns to Allied Minds, none of which were adequately resolved. On 18(th) February 2022, Crystal Amber announced that it had sent to the board of Allied Minds a requisition notice requiring Allied Minds to convene a general meeting at which a resolution will be proposed to remove Harry Rein as a non-executive director.Harry Rein's record and responsibilities as Chairman (there is no Chief Executive) include:1. Appalling shareholder returns: since becoming Chairman, the share price of Allied Minds has fallen by 40%. Over the same period, the NASDAQ US Small Cap Index has risen by 85%. Over the last 12 months, the share price of Allied Minds has fallen by 36%.2. An egregious total expense ratio: Allied Minds is projecting annual operating costs of $5.7 million. Net assets are currently estimated at $123 million including cash of $13 million. Adjusting for cash, the total expense ratio is 5.2 per annum. Expenses relative to market capitalisation less cash are 11.8%. per annum.3. Withholding price sensitive information: In April 2021, at the Capital Markets Day, it was disclosed that revenues for 2021 Federated Wireless were forecast to be $17 million with $35 million to $45 million expected for the year to December 2022. It was stated that during Q3 of 2021, the company would have "a really good idea" of the 2021 outturn. In August 2021, Allied Minds reported that Federated Wireless had met its revenue expectations for its first half and was on track to meet its full year plan. In October 2021, house broker, Numis Securities wrote: "Federated Wireless accounts for c.26p NAV per ALM share (but is likely worth a multiple of this) in our view, and, most importantly, the company keeps producing more evidence to assure that it is on track to turn over $17m in FY21 and $40m in FY22, and earn high, SaaS-type, profit margins." Following Crystal Amber's requisition notice being announced referring to this issue, on the following business day, Allied Minds' announcement admitted that Federated Wireless revenues were below expectations set out at Allied Minds' capital markets presentation in April 2021.4. Misleading and unbalanced regulatory news service announcements: on 21(st) February 2022, Allied Minds announced a $58 million fundraise at Federated Wireless. This was presented as an "up round" referring to a $15 million increase in the pre-money value. However, adjusting for the $4.3 million of bridge funding, the like for like value of Allied Mind's shareholding fell by 17%. This was not disclosed to market participants. 5. Governance concerns including: i) Breach of provision 20 of the 2018 UK Corporate Governance Code. No external search consultancy was used to identify and recruit Bruce Failing. Bruce Failing, a non-executive director was proposed by Harry Rein who advised the Fund that he had "persuaded Bruce Failing to join the board."ii) Bruce Failing acts as the Senior Independent Director but the Fund does not believe he is independent: both Bruce Failing and Harry Rein are directors of Delivery Care RX.iii) Breach of provision 24 of the 2018 UK Corporate Governance Code. Harry Rein is a member of the Audit Committee.iv) Appointing Mark Pritchard, a 5.5% shareholder as a paid consultant, further increasing the cost base. 6. Investor communication blunders including: i) The publication of a "rogue" press release by Federated Wireless, a company also chaired by Harry Rein. In November 2021, Federated Wireless issued a press release stating that revenue growth was four times higher than expected. When Crystal Amber wrote to Harry Rein to seek clarification as to why this information had not been released to market participants, he replied: " A marketing manager at Federated released the initial Federated release without the Board of Federated's knowledge." The release was subsequently amended to exclude any reference to revenue growth.ii) Failure to invite investors to the 2021 Capital Markets Day: invitations were sent to analysts, not to investors. The Fund was aware of two (paid for) analysts who cover Allied Minds being sent invitations. 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.iii) Withdrawing of paid-for research from Edison, after the Fund highlighted an error with the percentage holding in a portfolio company. Edison also apologised for a previous error pointed out to Harry Rein by the Fund: estimated net asset value had been materially overstated, as a result of not deducting the special dividend paid to shareholders in February 2020. It would appear there was a lack of oversight of these figures from Harry Rein.Under Harry Rein's "stewardship," the Fund regards Allied Minds as rudderless and guilty of serious and egregious corporate governance failings. To safeguard against further erosion of shareholder value and to stop such conduct continuing, the Fund is now seeking Harry Rein's removal.The Fund estimates that net asset value per share at Allied Minds is approximately 38p, placing the shares on a 50%. discount to net asset value. In its engagement, the Fund has found Harry Rein to be a major impediment to value protection and realisation. The Fund believes that Allied Minds must communicate to market participants a timeline of cash realisations and return of sale proceeds and this should materially assist in narrowing the share price discount to net asset value.
Posted at 05/1/2022 15:20 by kooba
This the August '21 Numis comment..i think rather upbeat with multiple of our current nav target of 46p. FW worth a multiple of current value.I suppose we will find out fairly soon if the board has been giving BS guidance of values and returns..market is not agreeing with the company's broker!ALLIED MINDS (BUY, 46P)*. Pre-close update for 1H FY21. Positive - 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). Federated Wireless, by far ALM's most valuable portfolio company, now earns recurring, fast-growing and profitable revenue. Several other portfolio companies continue to earn material project revenue. 1) Federated Wireless (FW) accounts for c.26p NAV per ALM share (but is likely worth a multiple of this) in our estimation, and, most importantly, the company keeps producing more evidence to assure that it is on track to turn over $17m in FY21 and $40m in FY22, and earn high, SaaS-type,profit margins. In addition, we highlight that ALM's Chairman, Harry Rein, has been appointed FW Chairman as well, because of his own expertise and experience. On its own, or with major partners such as Amazon Web Services, FW is delivering top quality private 5G networks, at speed, to commercial and US government customers(because of this, the DoD, for one, is promoting FW to other sectors of the US government).This is in addition, to the continued deployment of FW's spectrum-sharing service to augment the mobile network capacity/reach/quality of numerous incumbent and alternative connectivity SPs (e.g. telcos and cable companies). In addition, FWhas commenced commercial operations in remote US territories as well (e.g.Puerto Rico); has launched products to further help fixed wireless SPs deploy its service in remote geographies as well (to help eliminate the Digital Divide); has progressed product development of, for example, its Automated Frequency Controller for the 6GHz band (as opposed to the CBRS band), and Spectrum Exchange (which allows holders of CBRS licenses to lease out unused spectrum, and thus extract more value from their licences; these licenses were auctioned in 2020 for a total of >$4.5bn). 2) BridgeComm (BC) accounts for c.8p NAV per ALM share, in our estimation. BC continues to hit its technology milestones (with partners such as Boeing and Nokia), further developing its leading and patented technology for ultrafast and secure optical wireless communications. Most importantly, in our view, BC launched its point-to-multipoint laser communications product in Mar-21 ('MOCA') and sales are expected to start in 2H FY21. BC earns project revenue already, but the company may well crystalise its value simply by selling its IP. 3) Orbital Sidekick (OSK) accounts for c.4pNAV per ALM share, in our view. OSK completed its $16m Series A funding roundin Apr-21 (it has a $16m contract from the US DoD as well). As importantly, in Jun-21, OSK successfully launched its most powerful satellite yet (Aurora) to collect and analyse hyperspectral data to serve customers in the energy, mining and defence sectors. Aurora is a precursor to six further satellites scheduled for launch during 2022. 4) OcuTerra Therapeutics (c.15.5%-owned by ALM) has been brought back to life by an unexpected $31.5m Series B funding round, now completed. OT is a clinical stage ophthalmology drug development company. We estimate that its post-money valuation of $48.9m adds >2p to ALM's NAV per share. 5)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.
Posted at 06/10/2021 10:29 by bobonumber1
NumisAllied Minds (Buy, TP: 46p) On course to demonstrating VC returns in monthsALM's announcement of 1H FY21 results today follows its detailed Trading Update for the same period on 11-Aug. At a minimum, we think investors should note two key points. First, during 1H FY21, Federated Wireless (FW) and Orbital Sidekick (OSK) progressed from pre-revenue companies to earning fast-growing, recurring and profitable revenues - we estimate FW/OSK make up for 66%/9% of ALM's total portfolio-company NAV. Second, we think FW, OSK and BridgeComm (we estimate: 17% of ALM's total portfolio-company NAV) are only months away from financial transactions which will show that, in aggregate, ALM is worth significantly more than our estimate of its NAV (46p), let alone its current share price (23p).Download On course to demonstrating VC returns in months(3 pages) Federated Wireless (FW) accounts for c.26p NAV per ALM share (but is likely worth a multiple of this) in our view, and, most importantly, the company keeps producing more evidence to assure that it is on track to turn over $17m in FY21 and $40m in FY22, and earn high, SaaS-type, profit margins. We also highlight that ALM's Chairman, Harry Rein, has been appointed FW Chairman, due to his expertise/experience. On its own, or with major partners such as AWS, FW is delivering top quality private wireless networks, fast, to commercial and US government customers (thus, the DoD, for one, is promoting FW to other US government branches). This is in addition to the continued deployment of FW's spectrum-sharing service to augment the mobile network capacity/reach/quality of incumbent and alternative connectivity SPs (e.g. telcos and cablecos). In addition, FW has commenced commercial operations in remote US territories as well (e.g. Puerto Rico); has launched products to further help fixed wireless SPs deploy its service in remote geographies as well (to help eliminate the Digital Divide); has progressed product development of, for example, its Automated Frequency Controller for the 6GHz band (as opposed to the CBRS band), and Spectrum Exchange (which allows holders of CBRS licenses to lease out unused spectrum, and thus extract more value from their licences; these licenses were auctioned in 2020 for a total of >$4.5bn).BridgeComm (BC) accounts for c.8p NAV per ALM share, in our view. BC has started to sell its Optical Inter-Satellite Link terminals, for space and ground applications, to commercial and US Government customers. Most importantly, we think, BC launched its point-to-multipoint laser communications product in Mar-21 ('MOCA') and sales are expected to start in 2H FY21. BC earns project revenue already, but it may well crystalise its value for ALM simply by switching backers to further fund its progress.Orbital Sidekick (OSK) accounts for c.4p NAV per ALM share, in our view. It completed its $16m Series A funding round in Apr-21 (it has a $16m contract from the US DoD also). As importantly, in Jun-21, OSK launched its most powerful satellite yet (Aurora) to collect and analyse hyperspectral data to serve customers in the energy, mining and defence sectors. Aurora is a precursor to six further satellites to be launched in 2022.We remind that our ALM TP is based on the post-money valuations of the past funding rounds of, mainly, FW (Sep-19), BC (Sep-18) and OSK (Apr-21).
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