One Media Ip Share Discussion Threads

[harrogate] 01/10/2021 10:56

Surely we don't want to sell TCAT ? We want to own it - either through OMIP or as shareholders with it transferring to us so it can be floated separately at some point.

[spin doctor] 01/10/2021 10:48

Yep, the key issue, the risk vs the opportunity.

FWIW I don't believe key shareholders - not least the EIS/VCT group who are committed for three years from 2020 - would tolerate such dilution.

Cash generation + TCAT sale + a fair bit still in the bank will IMV keep things going for a while.

[harrogate] 01/10/2021 10:27

Yes of course it is you - you fooled us by missing out your middle name ! I agree with your points overall but what is the trigger for the rerating? The worry is that we are valued at less than 50% of the amount we buy content for. That is value destruction. When we have spent the current cash what do we do ? Raise more at 7p valuing our content at 5 x NPS and go off and buy content at 12 x ?

[spin doctor] 01/10/2021 10:19

C'est moi. Sorry to disappoint you ;.) The opportunity to buy at 7p or so was too good for me to resist.

The story remains intact IMV:
- Selective acquisition of resilient income-producing assets.
- Boutiqus style alongside TCAT/Harmony giving some measure of competitive advantage against Hip/RoundHill and smaller players.
- TCAT 'spice' in the mix. High dispersion of outcomes for that, and certainly not a long-term focus
- small experienced senior team who IMV have highly disciplined (rigid?) approach and high integrity

Of course
- it is a nanocap, off the radar of the vast majority
- I wish it would distribute more of the cash being generated
- 'Marketing' of the PI opportunity is arguably not the best
- there are a bunch of risks not least 'key person'
- current share price constrains expansion strategy
- more could be done to illustrate the value within the portfolio. I think that will come.

I understand why long-term holders may see OMIP as perpetual jam tomorrow; I hope that a testy Autumn in the markets generally alongside positive news flow from OMIP will restore that confidence as it rerates.

I note RoundHill results out. Have yet to digest those.

[harrogate] 01/10/2021 09:30

Who is he ? Do we know ?

[someuwin] 01/10/2021 09:29

James Price increases holding from 4.01% to 5.06%

[spin doctor] 30/9/2021 22:30

Two successive intra day share price reversals and a small signalling MI buy.

[the shuffle man] 17/9/2021 09:29

Added a few more this morning, Hopefully MI is correct.

[harrogate] 16/9/2021 12:59

I would have more sympathy with his plea if the directors put their hands in their pockets to buy some these cheap shares. MI has a substantial holding of course but the rest of the board have pitiful holdings that they have used their own money to buy. That would help and also MI getting out there on Mello or investor meeting company to spread the word more broadly. I am a long term holder and agree with him it moaning doesn't help !

[tiltonboy] 16/9/2021 12:36

Infante tweeting how cheap the shares are...

[spin doctor] 12/9/2021 22:31

Well according to Daily Mail comment, following the recent modest new investment "One Media IP shares stomped and twirled higher". What rubbish. If only!

Anyway, the RNS demonstrates that OMIP have been progressing deals this Summer, at decent multiples. Fingers crossed more material ones inked shortly.

[clocktower] 03/9/2021 15:44

Cheers for the feedback but if there is to be a special situation purchase, how much funding will be required and at what discount - which I guess will once again keep the share price trading in its tracks.

Will put this on my watch list again to see what arises in the short term.

It's been a while since I was invested here and although I came out with a profit, it was nothing exciting but it may well go to 16p as suggested if everything swings its way, including exchange rates.

[spin doctor] 03/9/2021 11:26

H - Twitter and LinkedIn. I've messaged you.

[yump] 03/9/2021 11:16

It may not be that exciting at the moment but the attraction for me is:
- Cumulative revenues because of long lasting catalogues
- relatively fixed overheads, so profits quite geared
- not just treating catalogues as an income stream for dividends but as something that can be optimised (bit different to SONG imo) - so potential for “excess” profits

Kind of double gearing ?

[harrogate] 03/9/2021 11:00

Hi. Thanks for that info. On what platform is that info? He usually tweets but I can't see anything there. ? On TCAT the key will be the initial value for the fundraise and if that protects value for us shareholders at OMIP who have funded it so far as opposed to the new investors brought in by Cenkos. Also how we are allowed to participatePatience is not in short supply here - 10 years and counting!

[spin doctor] 03/9/2021 10:45

Hipgnosis share price strong I see. UKP/USD steady.

On social media, OMIP CEO hinting at a particular 'special situation' acquisition. And "looking to complete more deals in to the 'fall'".

TCAT EIS deal will take a little while to close, but seems highly likely to complete.

I'm happy to wait, and either the market will recognise the intrinsic value and rerate the sp, or value will out in other ways.

[harrogate] 03/9/2021 09:59

They said in the interims that they've spent £4m - mostly post period end. The attraction as I see it is as follows : Their content at the current share price is being valued at around 5 x NPS while they are currently paying 11.7 x so I can't see why they shouldn't be valued at least 10 x which would be 16p a share. They also have TCAT which they intend to spin out in some way. If this really is what they say it could be worth the current share price on its ownHaving said all that this has been true for a while and the price remains stuck

[clocktower] 03/9/2021 09:13

I just started to take a look at the business once again having read the last accounts and last RNS.

How much cash was used investing as they have announced on 18.08.2021 Harrogate as it was not mentioned in the RNS.

Was it best use of cash, as it could limit their options when it comes to other opportunities or would they just try raising more funds?

Not the best set of accounts but solid. However, however it seems the share price has little scope to move much out of its range at present.

So what is the attraction?

[harrogate] 18/8/2021 07:15

That looks like a sensible way to invest the cash. No more work involved like a new catalogue. Wording suggests that price a a fair bit below 12x multiple. TCAT funding news could be coming soon I guess

[spin doctor] 21/7/2021 22:00

Yes yump. What is the default protection arrangement if any, what does TCAT add, and what are the alternatives - how effective and what is their current market penetration?, but I've seen no useful overview. EIS investment houses will I assume be determining all this...

Review of aong rights provides another potential major boost for OMIP, SONG and RHM, but don't hold your breath.....:

[yump] 20/7/2021 20:38

I’d quite like to know what difference TCAT makes (perhaps in % terms) to the royalties collected.

Presumably, its not likely to have been used previously on the catalogues acquired and therefore not built in to the rights selling price.

So can we expect an additional % revenue from the full application of TCAT ?

In fact if TCAT is saleable as a service then at some point the uplift will surely be published or available to buyers.

[spin doctor] 20/7/2021 14:41

Yes to the cash < £4M

A bit of buying support at these levels ;.)

[harrogate] 20/7/2021 12:04

That can't be right. Surely a lot of the £4m has been spent post H1 end and so cash position you quote would be less than that now by a fair chunk

[microscope] 20/7/2021 11:52

Yes the 8 NPS is encouraging as is the cash position but these results are, I agree with you Harrogate, all a bit flat.The business has still to prove Michael's confidence that it is properly scalable.TCAT' is the unknown as you say, however with only seven staff and still in the development stage, I wonder how much that would sell for at this point. Might need a bit more building up meantime