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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
  0.525 2.79% 19.375 58,013 16:35:06
Bid Price Offer Price High Price Low Price Open Price
18.75 20.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 1.54 -16.24 -6.00 47
Last Trade Time Trade Type Trade Size Trade Price Currency
15:07:52 O 25 19.625 GBX

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Date Time Title Posts
03/8/202215:18ALLIED MINDS3,218
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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DateSubject
11/8/2022
09:20
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 18.85p.
Allied Minds Plc has a 4 week average price of 18.10p and a 12 week average price of 16p.
The 1 year high share price is 26.30p while the 1 year low share price is currently 16p.
There are currently 242,187,985 shares in issue and the average daily traded volume is 71,402 shares. The market capitalisation of Allied Minds Plc is £46,923,922.09.
09/7/2022
12:05
wbodger: That is from ALM's results. They came out almost simultaneously with the OSK announcement of the Energy Transfer contract. That might keep the wolf from the door. ALM would (I hope!) have known about it when drafting their Results. Not sure how it affects OSK's funding. Roll-out of the constellation looks delayed by a year (Covid related?) but there are still nearly six months of 2022. I agree one satellite out of six isn't encouraging but it could be teething. Keeping the faith, Wb.
20/6/2022
09:23
kooba: Not sure I captured it all ! Another go..says buy at the end!!An unloved deep value playA Boston-based intellectual property (IP) commercialisation company is undertaking a strategic review that could lead to a sale of the company and release value to shareholdersJune 17, 2022By Simon ThompsonStrategic review could lead to an outright sale of the investment companyLatest funding round of portfolio company Federated Wireless implies Allied Minds' stake is worth 40 per cent more than its own market capitalisationInvestee company Orbital Sidekick in discussions with strategic partners to provide funding to add its product to an additional six satellite launchesAllied Minds (ALM:17.5p), a Boston-based intellectual property (IP) commercialisation company focused on investing in early-stage companies with disruptive technologies, is undertaking a strategic review that could lead to an outright sale of the company, or alternatively distribution of its assets and cash reserves to its long-suffering shareholders.The complexities of IFRS accounting standards means that the best way to value Allied Minds is on a sum-of-the-parts basis given that the last reported net asset value of $44.65mn (15.1p a share) in the recently published 2021 annual accounts materially understates the value held in its portfolio companies.For example, Allied Minds' largest investee company, Federated Wireless, raised an additional $14mn (£11.4mn) in a Series D funding round last month (to add to the $58mn already raised) at a post-money valuation of $302mn. It implies that Allied Minds' 23.96 per cent fully diluted stake is now worth $72.3mn (24.5p a share), or 40 per cent more than Allied Minds own market capitalisation of £42mn (17.5p).Heavyweight investors Fortress Investment Group, Singapore's sovereign wealth fund, GIC, and Cerberus Capital Management all participated in the funding round. It's easy to understand why. That's because Federal Wireless' operates at the cutting-edge of shared spectrum Citizens Broadband Radio System (CBRS) that is reshaping wireless connectivity for cloud-based technologies.By providing customers with a secure private wireless network that is both high performance and accessible on a low-cost subscription, Federal Wireless' revenue almost quadrupled last year, buoyed by collaboration agreements with hyperscale channel partners AWS, Cisco and Intel. The company now has more than 350 corporate customers and 90,000 connected devices, serving the defence, government, education, utilities and telecoms markets across North America.It's not the only one of Allied Minds' portfolio companies that has raised new capital as OcuTerra Therapeutics closed a $35m Series B funding at a post-money valuation of $51.3m, placing a valuation of $6.3mn (2.1p a share) on Allied Minds' 12.33 per cent fully diluted shareholding. A Phase II clinical trial of OcuTerra's non-invasive eyedrops for use in early-stage diabetic retinopathy, a disease that results to loss of vision for diabetic patients, will commence in the next quarter.In addition, Orbital Sidekick, a company that is developing aerial and space-based hyperspectral imaging and analytics to enable efficient monitoring of natural resource assets and infrastructure integrity, is in advanced talks with strategic partners to provide funding to add its product to an additional six satellite launches. Allied Minds' stake was valued at $11m (3.7p) following a $16m Series A financing round in April 2021. Orbital has invested heavily in product development, engineering, and analytics, and is now growing its sales & marketing team ahead of next quarter's launch of its Global Hyperspectral Observation Satellite constellation, known as GHOSt. The company recently signed a contract with one of the largest pipeline operators in North America – Energy Transfer – to deliver recurring monitoring services from its satellites through 2023, and won a major work programme contract with In-Q-Tel, a North American Venture Capital firm. Orbital is also developing products for the mining and agriculture industries, along with fire fuel and carbon mapping capabilities, and plans to expand its footprint within the defence and intelligence community.Portfolio company, BridgeComm, is also engaged in discussions (with Aeroequity Industrial partners) to provide funding to support delivery of its patented technology. The company provides ultra-high-speed mesh connectivity for terrestrial, airborne and space systems that require 10-100+ Gbps throughput in the space and ground applications used by commercial and US government customers.The Space Development Agency is one such customer, and there is growing interest in the cutting-edge technology following Russia's invasion of Ukraine. That's because current battlefield communications tend to use a single point of distribution with the risk of a single point of failure, but Bridgecomm's high-speed optical communications allows for dispersed communications which are difficult to detect and intercept.Boeing HorizonX Ventures, the venture arm of Boeing Company, is co-investor in BridgeComm alongside Allied Minds, which holds a 62.9 per cent equity stake that had a read through valuation of $23.9m (8.1p a share) at the last funding round in September 2018. However, investment fund Crystal Amber (CRS), which holds a 18.4 per cent stake in Allied Minds, takes a more cautious view. The fund places a 2p a share value on the BridgeComm holding in its 36p a share spot net asset value calculation for Allied Minds, slightly below my own read through sum-of-the-parts valuation of 38.5p a share when I last suggested buying the shares, at 19.5p ('Bargain Hunting in the tech sector carnage', 21 February 2022).Importantly, Allied Minds' retains a positive cash position with pro-forma cash increasing by 50 per cent to $13.4mn (4.5p a share) since the start of 2022 following the disposal of its holding in restaurant supply chain software provider Touch Bistro. The bottom line is that an outright sale of the company or asset disposals by a new board of independent directors has real potential to release shareholder value. Bruce Failing, previously senior independent director, has now assumed the position of interim chairman after Harry Rein stepped down from his position. Buy.
19/6/2022
21:51
kooba: Strategic review could lead to an outright sale of the investment companyLatest funding round of portfolio company Federated Wireless implies Allied Minds' stake is worth 40 per cent more than its own market capitalisationInvestee company Orbital Sidekick in discussions with strategic partners to provide funding to add its product to an additional six satellite launchesAllied Minds (ALM:17.5p), a Boston-based intellectual property (IP) commercialisation company focused on investing in early-stage companies with disruptive technologies, is undertaking a strategic review that could lead to an outright sale of the company, or alternatively distribution of its assets and cash reserves to its long-suffering shareholders.The complexities of IFRS accounting standards means that the best way to value Allied Minds is on a sum-of-the-parts basis given that the last reported net asset value of $44.65mn (15.1p a share) in the recently published 2021 annual accounts materially understates the value held in its portfolio companies.For example, Allied Minds' largest investee company, Federated Wireless, raised an additional $14mn (£11.4mn) in a Series D funding round last month (to add to the $58mn already raised) at a post-money valuation of $302mn. It implies that Allied Minds' 23.96 per cent fully diluted stake is now worth $72.3mn (24.5p a share), or 40 per cent more than Allied Minds own market capitalisation of £42mn (17.5p).Heavyweight investors Fortress Investment Group, Singapore's sovereign wealth fund, GIC, and Cerberus Capital Management all participated in the funding round. It's easy to understand why. That's because Federal Wireless' operates at the cutting-edge of shared spectrum Citizens Broadband Radio System (CBRS) that is reshaping wireless connectivity for cloud-based technologies.By providing customers with a secure private wireless network that is both high performance and accessible on a low-cost subscription, Federal Wireless' revenue almost quadrupled last year, buoyed by collaboration agreements with hyperscale channel partners AWS, Cisco and Intel. The company now has more than 350 corporate customers and 90,000 connected devices, serving the defence, government, education, utilities and telecoms markets across North America.It's not the only one of Allied Minds' portfolio companies that has raised new capital as OcuTerra Therapeutics closed a $35m Series B funding at a post-money valuation of $51.3m, placing a valuation of $6.3mn (2.1p a share) on Allied Minds' 12.33 per cent fully diluted shareholding. A Phase II clinical trial of OcuTerra's non-invasive eyedrops for use in early-stage diabetic retinopathy, a disease that results to loss of vision for diabetic patients, will commence in the next quarter.
14/3/2022
16:24
kooba: I get you believer2 ! Happy to walk away with something resembling value.RB of CRS has invested in many companies over the years i guess and often has challenged underperforming managements in the process . Chairmen , CEO'S and all the NED's of company's were lost along the way ..but most changes have had a very beneficial impact on the share price ultimately. It's the way activism works . Often though a sensible management might actually take on board what some of its shareholders want and relations are cordial. i see it as a good thing not a bad thing as some on here seem to think. Perhaps if some had been stronger and not allowed this fiasco to continue as far as it has shareholder value might have been saved. The down round on Federated Wireless is a disaster for shareholders..when we were continually guided to a big up round all year...were opportunities missed..was it left too long to go for a round , did ALM shareholders get beaten up by Cerberus on the terms. I reckon yes to the above ..and who was Chairing Federated Wireless..protecting ALM shareholder interests..yes good old Harry. The man to lead this to a conclusion..i think not.Just a thought ..i wonder if RB did want the fire sale as the current strategy has zero evidence of achieving decent exits...and team Harry have just copied it and run with it to spoil CRS plans...oh what japes!!
03/3/2022
07:08
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.
21/2/2022
19:58
bobonumber1: Allied Minds (ALM:19.5p), a Boston-based intellectual property (IP) commercialisation company focused on investing in early-stage companies with disruptive technologies, has provided some reassurance to its' long suffering shareholders.The group's largest investee company, Federated Wireless, has raised $58mn in Series D funding round that places a post-money valuation of $288mn on the company and values Allied Minds' 24.19 per cent fully diluted stake at $69.7mn (21.4p a share). That holding alone is worth more than Allied Minds own market capitalisation of £46.7m (19.5p). Federated Wireless operates at the cutting-edge of shared spectrum Citizens Broadband Radio System (CBRS) technology, which supports the explosive growth of wireless data. It has over 350 customers and 85,000 connected devices across the U.S.A., serving the defence, government, education, utilities and telecommunications.Singapore's sovereign wealth fund, GIC, and Cerberus Capital Management both participated in the latest funding round, the proceeds of which will be used to accelerate the expansion of Federal Wireless' Connectivity-as-a-Service (CaaS) low-cost subscription, high-performance secure private wireless network solutions that are delivered from the cloud. Federal Wireless is monetising the technology through collaboration agreements with channel partners AWS, Azure, Intel and Cisco. It's realistic to expect further valuation uplifts given the growth potential in this space as 5G secure private networks are a must to connect everything from robots, cameras, signage and machinery to virtual reality applications.In today's portfolio update, Allied Minds directors also revealed that they are in the advanced stages of disposing of the group's residual holding in restaurant supply chain software provider Touch Bistro for $4.3m, and have sold a 71 per cent stake in property insurance analytics firm Spark Insights in exchange for $0.7m of shares in Concirrus, a privately UK-based insurance technology company. This leaves the group with proforma cash at the parent level of $13.3m, a sum worth 4.1p a share.In addition, OcuTerra Therapeutics has closed a $35m Series B funding from new investors which values the portfolio company at $51.3m and places a $7.3m (2.25p) value on Allied Minds 14.18 per cent fully diluted holding. The proceeds will fund a Phase II clinical trial of its OTT166 asset in diabetic retinopathy, as well as for other working capital needs.Allied Minds' portfolio company, Denver-based BridgeComm, is also engaged in discussions with multiple investors in a new funding round, having developed and commenced sales of its Optical Inter-Satellite Link terminals. These are used in programmes for space and ground applications with commercial and US Government customers. Specifically, the patented technology provides ultra-high-speed mesh connectivity for terrestrial, airborne and space systems that require 10-100+ Gbps throughput. Allied Minds retains a 62.9 per cent equity stake that was valued at $23.9m (7.3p a share) at the last funding round. Boeing HorizonX Ventures, the venture arm of Boeing Company, is co-investor.Allied Minds 24.1 per cent holding in Orbital Sidekick should have investment upside, too. The stake was valued at $11m (3.4p) following a $16m Series A financing round in April 2021. It was led by led by Singapore-based investment company Temasek and valued Orbital at $46m. The company is developing aerial and space-based hyperspectral imaging and analytics to enable efficient monitoring of natural resource assets and infrastructure integrity. Later this year, Orbital plans to deploy four advanced hyperspectral imaging satellites with edge processing capabilities to provide daily targeted monitoring for the defence and commercial markets.By my reckoning, Allied Minds portfolio has a read through valuation of $125m (38.5p) using the valuations at the last funding rounds, or double the company's current market capitalisation. Importantly, the investee companies are now attracting the interest of some shrewd technology investors. So, although Allied Minds share price has drifted from 24p to 19.5p since I last covered the investment case ('Five investment company bargains', 8 April 2021), I feel that there are catalysts for a narrowing of the 50 per cent share price discount to sum-of-the-parts valuations. Buy.
18/2/2022
15:24
kooba: CRYSTAL AMBER FUND LIMITED("Crystal Amber Fund" or the "Fund") Crystal Amber Fund requisitions General Meeting of Allied Minds plcto propose the removal of the Chairman, Harry Rein, as a director Crystal Amber Fund, the activist investment fund, announces that it has sent to the board of Allied Minds plc ("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. Since November 2018, the Fund has been an investor in Allied Minds and currently owns 18.2 per cent. of its issued share capital. In 2019, Allied Minds 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.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." Since Harry Rein has become Chairman, the share price of Allied Minds has declined by 40 per cent. Over the same period, the NASDAQ US Small Cap Index has risen by 85 per cent. Over the last 12 months, the share price of Allied Minds has fallen by 36 per cent.The Fund has conveyed several concerns to Harry Rein including:1. Lack of updating market participants regarding core portfolio company Federated Wireless Inc. ("Federated Wireless"), where the current carrying value significantly exceeds the market capitalisation of Allied Minds. In April 2021, at the Capital Markets Day held by Allied Minds, it was disclosed that revenues for 2021 for 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." The Fund believes that price sensitive information is being withheld.2. 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, Harry Rein responded: "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.3. Breach of provision 20 of the 2018 UK Corporate Governance Code. No external search consultancy was used to identify and recruit Bruce Failing as a non-executive director.4. 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 DelliveryCare RX. Bruce Failing was proposed by Harry Rein who advised the Fund that he "persuaded Bruce Failing to join the board."5. Breach of provision 24 of the 2018 UK Corporate Governance Code. Harry Rein is a member of the Audit Committee.6. 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: for several months, 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.7. Failure to invite investors to the 2021 Capital Markets Day: invitations were only sent to analysts and 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.In its engagement with Harry Rein, the Fund has found him to be a major impediment to value protection and realisation. Moreover, his track record evidenced by the concerns outlined above, speaks for itself. Over recent months, on a number of occasions, the Fund has asked Harry Rein to announce his resignation. He has declined to do so. Therefore, in order to safeguard against any further erosion of shareholder value, the Fund is now seeking his removal. For further enquiries please contact: Crystal Amber Fund LimitedChris Waldron (Chairman)Tel: 01481 742 742www.crystalamber.com
05/1/2022
15:20
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.
05/1/2022
11:26
kooba: Effective 1/10Dynamic nil pointsToo much talk and no delivery...more bad news on the remaining holdings bye bye Spin and Spark. Only bright spot was the reemergence of Sciflour as OcuTerra Theraputics which appears to have had nothing to do with AM who had written it off..Harry's board appointment still pending i guess.So..Numis 6th October"ALM'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)."The August note referred to multiples of their estimated asset value of 46p.This was based on information given to the brokers by the management who then released it to their clients..no mentions by the company in its interim rns to the owners of the company..their shareholders. But a shop broker note is going to be approved..or should be because the read should be accurate.Begs the question if FW BC and OSK were all at point of the company disclosing such financial transactions (fundraises) to their broker in early Oct how come we are into 2022 without a peep from any of them ?Obviously by far the most important asset is Federated Wireless which always needed funding Q1 '22 , if the board do not manage to protect the company interests from dilution at a level that does not reflect the "strong progress" , move to revenue and the clearer opportunity that is now presented since the last valuation priced in Sept '19 then there needs to be serious consideration on their ability in delivering stated strategy.I'm sure they will let us know what's going on one day ..so we can properly judge the merit of the current management structure and whether serious changes need to be made.
06/10/2021
10:29
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).
Allied Minds share price data is direct from the London Stock Exchange
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