Idox Share Discussion Threads

[smithie6] 14/12/2017 16:28

Phillis
"huge warranty claim"

not so sure

against who ?!
X hundred 6PM shareholders ??
cant see that happening.

vs ex dirs of 6PM
but I doubt they have £20M available to pay any compensation....although any shares they have in IDOX could be frozen till any legal case was settled....

but I guess they transfer to wife or son or Cayman co. ...to avoid freezing & sell ...well before any court decision in X months time....

[smithie6] 14/12/2017 16:28

Phillis
"huge warranty claim"

not so sure

against who ?!
X hundred 6PM shareholders ??
cant see that happening.

vs ex dirs of 6PM ?
but I doubt they have £20M available to pay any compensation....although any shares they have in IDOX could be frozen till any legal case was settled....

but I guess they transfer to wife or son or Cayman co. ...to avoid freezing & sell ...well before any court decision in X months time....

[smithie6] 14/12/2017 16:21

if the 6pm news was already known in 2016 then surely it wouldnt be in recent RNSs & suddenly accounts delayed from 20th Dec to Feb !!??...& mkt shocked

[clocktower] 14/12/2017 16:15

The last acquisition was one step to many, as many were concerned about at the time.

[roger-lawson] 14/12/2017 16:06

The adjustments to the 6PM accounts were disclosed in the acquisition prospectus for 6PM issued in December 2016. Definitely old news, and those adjustments would surely have been taken into account in any forecasts for 2017.

Not that I thought the acquisition was a great deal. I voted against it.

[phillis] 14/12/2017 15:15

as POTUS might say "Old News!"

[sharki9] 14/12/2017 14:42

some art I found from October 2017 on the 6PM revenues being inflated

hxxps://www.timesofmalta.com/articles/view/20171014/business-news/new-6pm-owners-say-2014-2015-revenues-had-been-inflated.660340

[phillis] 14/12/2017 14:27

you never know but it seems unlikely given the current forecast
the write off of the intangibles is a non cash item

[stokiematt] 14/12/2017 14:24

Dividend under threat maybe?

[phillis] 14/12/2017 13:25

well there has been a material overstatement of the assets acquired which will presumably mean a huge warranty claim ( strange the DD did not reveal the accounting revenue recognitio issues !!!!)

Idox's balance sheet will reflect the write off of the intangible

It remains to be seen what ongoing contribution 6PM is making

[rp19] 14/12/2017 13:09

I don't think its another Globo and I think KC sold a number of shares after he left his role which I think is fair enough. That said, I am certainly not in a rush to buy back in yet.

[smithie6] 14/12/2017 12:34

...6pm cost £35M incl debt taken on

and took about £12M cash out of IDOX

Yet restated 6pm nos. show it dont make much/any money. And turnover much lower than was previously claimed.

the responsibles for the due diligence surely will have to leave IDOX

(& the ppl who bought new shares to raise £20M at was it 60p, must be furious)

intentional fraud ??

---

k Clarke sold a solid number of shares before this recent crash. interesting.

[smithie6] 14/12/2017 12:09

good post imo by Boros..2873

especially the part highlighting that sales are not getting paid for & payment delay is increasing

reminds me of Globo, where I got out at 30p on the up trend since their claimed rocketting sales werent getting paid for. The share price then doubled but finally went to zero as shown to be a fraud. I lost zero :-)))

The re-statement nos. reported by 6pm are amazingly bad. looks like IDOX was conned, & it cost millions in IDOX cash I assume. Chance of recovering money must surely be zero.

The IDOX dirs. responsible must surely now have to leave.

[clocktower] 14/12/2017 11:49

Good Luck Phillis but I fear a bit early - 30p on the cards tomorrow with luck, and then a bounce next week. Not one to hold for long though and hopefully be able to take profits and run a wait until the next bit of bad news hits the headlines.

[kendonagasaki] 14/12/2017 11:33

Sinking like a stone!!!!!Wonder if there is any money left??

[kendonagasaki] 14/12/2017 11:32

I bet he's sick alright!!!Sick of scamming his shareholders for years.....Tiring work no doubt!?

[rp19] 13/12/2017 22:20

I think the company provides some very good services and there may be an entry point in the long term. However, at the minute, you have to think what else is there still to come out and is not for me. Seems to be a pattern accounting wise with the recent restatements associated with the 6pm acquisition.

[kemche] 13/12/2017 16:37

Kudos Techinvest and SCSW.

[clocktower] 13/12/2017 12:25

Yes Phillis - So much for being in the best shape it has ever been, just over one year later - it sounds as you say like a major health warning.

"Andrew Riley has also been a key member of the senior management team during this time and takes over a business in the best shape it has ever been. He is the ideal person to continue the Group's development and help us achieve our target of £100 million revenues in the short to medium term."

[phillis] 13/12/2017 12:14

remember this?



so a small number of items reduce the previously downgraded EBITDA forecast by another £3 million and it is going to be another two months before the results are announced
All this despite the fact that we have an FD in situ

Major health warning!

[alphabeta4] 13/12/2017 10:15

I feel like I've dodged a bullet here whilst having sympathy for those who held on given the decent track record of the company until recently. I really don't like the sound of a CEO going off sick at the same time as accounting irregularities emerge.

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Alphabeta46 Jun '17 - 11:56 - 2875 of 2916 Edit
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Sorry, I'm with Boros, I found those accounts very hard to make head or tail of when you would be expecting adjusted profit to rise not fall, if you take the 7.9m vs the 8.9m being generous you could view the 1m investment as a one off expense item and the 0.6m finance charge as not ongoing (on the EBITDA it should clear in around a year) but that's still 9.5m vs 8.9m which is unimpressive given the extra acquisitions. Organic is only mentioned at one point in the financial review which is for a sub part of one area. The cynic in me takes this as a cause for concern (deliberate omission?)

IDOX has a great acquisition track record but also has a new CEO. I'm not sure I'm prepared to invest in something which looks to have a high level of uncertainty and execution risk at the moment.

[clocktower] 13/12/2017 08:56

There was a warning with the previous RNS. So back to its dog status for a while. Worth waiting to see where it settles and see if there is the third RNS spelling out even more bad news, which could send the so towards 30p