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
  -0.40 -1.44% 27.45 321,343 16:35:06
Bid Price Offer Price High Price Low Price Open Price
26.25 27.15 29.00 26.95 29.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 5.56 46.75 16.00 1.7 66
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:06 UT 455 27.45 GBX

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Date Time Title Posts
25/2/202106:56ALLIED MINDS2,403
25/7/201618:23new thread: is ALM worth a punt now?602
29/5/201008:30Alphameric another tech shit rubbish share44
25/3/201009:13ALM: Is EVERYONE jumping ship???21

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Allied Minds Daily Update: Allied Minds Plc is listed in the General Financial sector of the London Stock Exchange with ticker ALM. The last closing price for Allied Minds was 27.85p.
Allied Minds Plc has a 4 week average price of 26p and a 12 week average price of 26p.
The 1 year high share price is 45p while the 1 year low share price is currently 19.74p.
There are currently 242,187,985 shares in issue and the average daily traded volume is 584,919 shares. The market capitalisation of Allied Minds Plc is £66,480,601.88.
kooba: 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%.
spectoacc: 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).
kooba: 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 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.
spectoacc: @kooba - valid points. I guess for Pignato it's "when can I maximise it", whereas for us long-suffering ALM shareholders it's "give us back a multiple of the share price please". No question Federated at least has been making progress - the flurry of news on it this year felt like it was being "publicised" ahead of something happening. If we're still in this position this time next year I'd be very surprised - and equally annoyed :)
swinsco: Full text taken from LSE (snaffle)Interim results from Allied Minds (ALM:38.5p), a Boston-based intellectual property (IP) commercialisation company focused on investing in early-stage companies with disruptive technologies, highlight just why I suggested buying the shares, at 38.5p ('Exploit Allied Minds' huge margin of safety', 30 July 2020).The company is a classic Ben Graham recovery play, having fallen out of favour under previous management, but is now in the hands of a new board who are mandated to monetise the portfolio and return cash to shareholders. It has some exciting investments that have attracted the interest of heavyweight technology investors in recent funding rounds, too. However, this is not being priced in as $214m (68p a share) of investments held in six unlisted technology companies, and a further $29.2m (9.3p) of cash (adjusted for post period end follow-on investments), are worth double the current share price.The largest investment is in Federal Wireless, a 42 per cent shareholding with a read-through valuation of $92m (29p) based on the last funding round in April (see below). Founded in 2012, Federated Wireless operates at the cutting edge of shared spectrum Citizens Broadband Radio System (CBRS) technology, which supports the explosive growth of wireless data. The company has already delivered the industry's first 4G/5G private wireless solution, Connectivity-as-a-Service (CaaS), a low-cost subscription, high-performance secure private wireless network delivered from the cloud. 4G/5G secure private networks are a must to connect everything from robots, cameras, signage and machinery to virtual reality applications.Federated Wireless's cloud ecosystem now has more than 40 device manufacturers and computer edge partners, thus opening up access to a plethora of Internet of Things (IoT) and other applications. Earlier this year, the company announced a new CaaS offering that enables US enterprises to buy and deploy private 4G/5G networks with a single click through Amazon Web Services (AWS) and Microsoft Azure marketplaces.In April 2020, Federated Wireless raised $13.7m in additional Series C funding to accelerate the expansion and adoption of its partnerships with Amazon and Microsoft. The proceeds will also enable expansion into the 6 GHz band for 5G services, thus providing a new path to 1,000 MHz of spectrum for private wireless networks.It's easy to see why Federated Wireless has attracted the backing of heavyweight investors including GIC, Singapore's sovereign wealth fund, as it is building a significant recurring revenue base from its scalable cloud enterprise solution. All the signs point to a highly profitable realisation for Allied Minds in due course. It's not the only one, either.
wnd78: Some very fundamental misunderstandings here of the difference in mechanics between investing in a company for new share issuances vs buying/selling existing shares. Imagine the following scenario. I have a company with technology that is worth £100 (my enterprise value) and £10 in my company bank account. My company is therefore valued at £110. You decide to invest in my company, and you invest £55 in return for new shares (note, you didn’t BUY the shares from someone else, the company issued you new shares so the company receives your £55). Do you get 50% of the company? No, you don’t. Why? Because after your investment of £55, my company is now worth £165 (£100 enterprise value plus £65 cash in it’s account, or to put it another way a pre-money valuation of £110 and a post-money valuation of £165). You actually get new shares equal to £55/£165 = 33% of the company. If we sell it tomorrow for the same post money valuation, you get your investment back. Now turning to Federated, we have all the numbers we need to work this out: ALM previously diluted holding = 35.8% ALM new diluted holding = 36.61% Amount invested in total = 13.7m ALM share of that amount = 50% So, quick maths lesson: Let N = pre-money valuation at this latest round Then the new shares issued are worth 13.7 / (N + 13.7) as a percentage of the enlarged share capital of the company. Let’s call this V. This means that ALMs new shareholding is: 35.8% * (1 - V) [dilution of existing shareholding] + V/2 [new shares] = 36.61% Solving for V, we have V = (36.61% - 35.8%) / 14.2% = 5.7% Then solving for N, we have N = 13.7m/5.7% - 13.7m = £226.7m So the pre-money valuation was £226.7m (up about 13% on last rounds post-money), post money valuation is £240.4m (£226.7 + new money of £13.7m) and thus ALM’s stake is currently valued at £240.4 * 36.61% = £88m or 28p per share of ALM.
spectoacc: In answer: 1. The former Woody holding in ALM was down to about 2% - isn't clear if they've sold it yet as may not have to report it below 3% 2. Invesco seem to be selling down many of their smaller holdings, and as you say, at this level they're seemingly unfussed at the price as long as it's near enough "market" 3. I expect the ALM share price to fall by less than the divi - but still fall by much of it. Based on discount. 4. I woke up in the night and realised - Simon Thompson is going to be all over ALM when he finally spots it. He had LEAF, he had CRS until moving to sell. Can't stand him, but he'll get round to spotting ALM and tip it big. Am convinced of it. Can all his acolytes move the price? Not much, not with Invesco selling, but eg 250 buyers won't do share price any harm. Edit - thanks @flyfisher, noted re write-offs, but the change to the Phantom Plan should have increased NAV. Also remembered CRS's original proposal to ALM: "Crystal Amber suggests it could cut the annual costs of running Allied Minds by 70%. The fund also said that if it can sell Allied Minds' investments for more than 80 pence a share, it would take a 10% performance fee on any excess. " Hope it's a good sign that they were willing to take 10% over 80p originally.
geordieshores: Thought the price would have increased more today. Some people might be waiting closer to the 24th to see if the price drops, but the risk you take waiting is that the price might increase before the 24th so it will be more expensive to get in.Something else that could affect the price of course the dividend. Dividends can be a complex subject. Sometimes on the ex dividend date the share price drops by roughly the amount of the dividend.QUESTION: imagine the price stays the same eg 52p. Will it drop to 40p after the payment of the 12.65p dividend to reflect the price of the dividend as often happens with other shares that pay a dividend.This ALM dividend is classed as a special dividend, so maybe the share price will stay roughly the same after the dividend has been paid?Does anyone have any other views or opinions on what they think might happen?12.65p as a percentage of 52p is almost a 25% yield. And because it's a special dividend, I can't see the share price falling by 25% after its been paid. In fact, Allied Minds are due to release more news to the market soon (see recent RNS about tie up with Boeing) which means the share price might actually increase without the news of the special dividend.
spectoacc: Strange, CRS buying all these shares, yet doing absolutely nothing about it. If they were, there surely wouldn't have been the director buy. No reply from CRS or ALM IR's. Edit - and not sure what happens to ALM share price when CRS run out of money. Their recent record doesn't inspire (to say the least), but selling bits of other holdings to buy more ALM seems a good sign, and I've added again.
ragnarr: Chrystal Amber Asset update 16th Oct - last paragraph important bit.Allied MindsOn 6 August 2019, HawkEye 360, one of Allied Minds' top-four portfolio companies, announced it had raised US$70 million at a valuation more than double its September 2018 round. The Fund believes that this fundraising added at least 8p to Allied Minds' net asset value per share, after accruing for the Phantom Plan.On 24 September 2019, Allied Minds announced the sale of its stake in HawkEye 360 for US$65.6m, which represents the first successful exit in the 13 years since the company commenced investing. Disappointingly, the sale reduced net asset value per share by about 3p, as it was discounted by more than 13% from the valuation of the fundraising agreed one month earlier. Furthermore, despite having ceased all new company investment activity, Allied Minds' management proposes to return only half of the proceeds to shareholders. Astonishingly, the sale will trigger a cash payout of almost US$5m out of the remaining proceeds to current and former executives of Allied Minds under the Phantom Plan, despite its shareholders having suffered a drop of around 90% in the share price over the four years since it first invested in HawkEye 360.On 4 September 2019, Federated Wireless, another of the top-four portfolio companies, announced it had raised US$51 million at a valuation more than 20% higher than its September 2017 round, adding around 3.5p to Allied Minds' net asset value per share. Federated Wireless received regulatory approval for its Initial Commercial Deployment on 16 September, allowing it to launch its Citizens Broadband Radio Service (CBRS) offering and begin to generate meaningful revenues.Notwithstanding the recent news regarding HawkEye 360 and Federated Wireless, the Fund notes that the share price of Allied Minds continues to trade at a very material discount to its estimated net asset value. Following the closure of Precision Biopsy (a company that received at least $26m of funding from Allied Minds) and the disposal of HawkEye 360, the portfolio will consist of only seven investments, one of which has already been written to zero. This makes it all the more difficult to comprehend the increase in the company's guidance for ongoing HQ cash operating costs (which excludes other costs such as severance, share-based payments and Phantom Plan payouts) from US$5-6m as announced on 26 April 2019, to US$7.5m as stated on 26 September 2019.Over the quarter, Allied Minds' share price fell by 27.9%. The Fund believes that the scale of the share price discount has still not been addressed by the board of Allied Minds and therefore intends to take appropriate action.
Allied Minds share price data is direct from the London Stock Exchange
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