Comparing Barclays to Starling is ridiculous. Starling is a digital bank licensing tech around the world so people can white label a challenger bank anywhere, quicker and cheaper than doing it themselves. You could have used that argument 20 years ago to support ITV over Netflix or WHSmith over Amazon |
The other RNS of the day is AVI taking their stake above 10%. I've done nicely owning the trust itself, as well as tagging along with some of their investments.
One day we might come to appreciate wefox have depressed the share price - allowing us to top up - once the value of Klarna and/or Starling is realised... |
Please don't keep pouring our money into Wefox - clearly a bottomless pit so better to just write it off. Anything we're able to then salvage back will be a bonus. |
Management keeping the gravy train going. All the money will probably be lost in wefox that they are pouring in. A concreted bet on the likes of Starling etc but we have seen how Metro Bank turned out. You can buy Barclays Bank on a PE of 5 currently which is buying back 2 billion worth of stock a year. Best strategy here would be to have the fund managers return the 400 million they have taken in fees? |
Looks like they are pretty much going it alone in bailing out wefox. A further concentration of the portfolio I don't like but I guess the alternative is also pretty grim. |
The cash they are getting appears a bit of a result relative to the next to nothing that some thought might be the result with Graphcore running out of cash.The monetisation delivery getting more concentrated on WeFox and its restructuring programme.https://www.finextra.com/newsarticle/44396/wefox-rescued-from-insolvency-amid-profound-restructuring |
https://techcrunch.com/2024/07/11/softbank-acquires-uk-ai-chipmaker-graphcore/No confirmation on valuation.But on a separate article employees been told their holding IG worthless which on the terms means less than $600m. I guess CHRY will have to explain to its shareholders what they are getting though! |
Thanks Kooba, should be a rubber stamp with Japan. |
Graphcore deal updateJapanese deal for AI champion Graphcore faces national security reviewInquiry follows growing concern over foreign takeovers of sensitive UK technologyhttps://www.telegraph.co.uk/business/2024/07/01/softbank-ai-deal-graphcore-national-security-review/ |
Wefox update.https://www.insurancebusinessmag.com/uk/news/technology/insurtech-confirms-ceo-and-cfos-imminent-departure-495261.aspx |
Yep agree. It is so bizarre i think it just might be an error! |
The cynic in me says the graphcore reval was performance related, although the materiality without a note beggars belief, especially with the space given to wefox. I wouldn't want to be signing off that as reasonable or remotely close. The rest pretty much as expected and don't have any issues with. |
The Graphcore stake has been valued upwards from 16.5m to 35m in the quarter. That is punchy. Clearly hoping Softbank buy it and its the worst kept secret that this is the sale that Chry are hoping executes to hit the liquidity trigger but why the revaluation when it's a distressed sale. Molten reduced the valuation of their stake by 45percent so one of them is wrong. I couldn't see any commentary in the results explaining the revaluation. I could of course be wrong. |
The shares hardly budged on the news. Wefox is the negative (but broadly known), but there are plenty of positives too. Bit of balance please… |
Why the hell are the putting out results 2.30 on a Friday afternoon? I completely missed these and only just seen them now after markets already closed.
On Wefox just hope they don't throw good money after bad to keep it going. Would rather they write off to zero if necessary - the market has already done so. |
Well you won't close the discount gap by putting a warning that wefox is likely to be further written down. |
Sorry ignore last post..... wrong board ? |
Lord Ashcroft 2.6% stake disclosed.....is this new position?He already has controlling interest in Gusbourne....amongst other things..... |
Well it looks like they dodged a bullet there without having to passing the cap around yet. Let's hope wefox can turnaround given time. |
https://news.sky.com/story/wefox-investors-propose-25m-injection-to-thwart-ardonagh-deal-13154987 |
Liberum -
HY Results group update with the Chrysalis Investments team on Tuesday 2nd July at 10:00 BST.
if you would like to join email CIR@Liberum.com
(Maybe by invite only, though.) |
It's a shame this wasn't voted to be wound up as that would deliver the best returns to shareholders and guarantee investors ultimately get everything back at NAV. There's been so many issues here that I fear this will always trade at a big discount. |
I am just trying to work out a valuation based on Klarna and Starling. Looking at the Starling potential the best thing to do would be that when Klarna IPOs use the money from that to buy back stock along with the proceeds of the other mentioned disposal that was RNS'd and just run this as a concentrated play on Starling which looks like it may become a huge winner? |
Today's fall apparently due to further negative rumours regarding Wefox - there is a story on Citywire. Don't people realise that Wefox has already been more than fully written off by the market? Even using conservative calculations, Wefox is now basically valued on a negative basis (ie detracting from NAV) which clearly makes no sense. |
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