One Media Ip Dividends - OMIP

One Media Ip Dividends - OMIP

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Stock Name Stock Symbol Market Stock Type
One Media Ip Group Plc OMIP London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 6.85 08:00:00
Open Price Low Price High Price Close Price Previous Close
6.85 6.85 6.85 6.85
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One Media Ip OMIP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

spin doctor: A powerful tweet from CEO Michael Infante: "IMHO our value is in our knowledge of the market and not bowing to institutional pressure. This is a very young market. Careful navigation is of the most importance as there are minefields out there with sirens calling firms onto the rocks." Clearly this is a reference to recent AGM voting. Credit to the OMIP team for resisting what they clearly felt was pressure to move in an unhelpful direction. IMV they are highly capable in the monetisation of digital music rights, highly principled, and resolute in their approach to delivering decent returns whilst moderating risk. Whatever the issue that drove some institutions to dissent, the OMIP team get great respect from me for having strength of conviction and character. The voting against remuneration was bizarre. Total remuneration package for AIM CEOs averages close to £1M, compared to MI on 180k or so. The packages for the remainder of the Board are proportionate to that, with no bonuses paid. In summary, unremarkable, and fully justified in my opinion. BGF's vote (10M shares) against the remuneration report therefore strikes me as a petulant and tangential aside to a more fundamental source of dissent. Unhelpful. Interesting also that the 'dissenters' were not supported by the other significant institutional shareholders (Gresham/Baronsmead and Amati AIM), or by any other material holders. Presumably Cannacord/BGF knew of that lack of support in advance but nevertheless progressed to a disruptive contrary vote. Difficult to see how that is in their investors' interests. I remain a happy holder and will add on weakness or positive news.
yump: Microscope I reckon you might be right about a potential bid. Perhaps there have been informal approaches that have been rejected because MI wants to complete his plans for OMIP, having been there for such a long time and that is just too long a process for some investors. Perhaps there have been offers for TCAT that would take it completely out of his control and he’d like to still be part of it in some form.
spin doctor: As SaaS that remains early in its evolution, TCAT earnings are surely modest. If anything meaningful, we would have seen them specified in financial reports and forecasts. We haven't. There is a gap between the rhetoric (fantastic software etc) and tangible earnings; why? My view is that the worldwide 'software-mediated rights protection' industry is opaque, immature and fragmented. Streaming growth has been consistent and rapid; as that moderates (as it surely will), more focus will be placed on protections, and TCAT stands to secure a decent chunk of that market. It's early days. OMIP's sale/spinout of >50% of TCAT needs to be closed soon, not least because it's development costs - close to £1M a year - are devouring a large chunk of OMIP's cash flow. I'd rather that was invested in robust revenue-generating catalogues, or distributed as a more generous dividend. The spinout will give TCAT the independence and devt cash/runway it needs; and moderate OMIP's exposure to a non-core, higher risk/reward distraction.
microscope: Definitely, Spin. I'm guessing that a small business like OMIP needs to get the word about TCAT out there and that early deals will have been somewhat promotional rather than meaningfully profitable.The real value probably lies in floating or selling it, and that should be extremely lucrative. Preferably sooner than later from our point of view, as long as it doesn't go for a song of course, but I don't know of many companies with a hidden jewel such as TCAT.Doesn't seem to be much competition yet, but that can change all too quickly.'Putting it out there' with an iconic brand, such as Floyd undoubtedly are, can only help.
yump: I’m still a bit stuck with the question: if tcat is saving millions, what’s it earning for OMIP ? Time for data not words.
spin doctor: It is interesting. Confident opportunism ;.) The price is described as 'about right', which implies that it may be rather less than the ~20 multiple that others have been asking/paying; but I can't see it being within the 'deep value' 8-12 multiple that OMIP paid historically. In practice, confidentiality clauses mean we are unlikely to ever find out... Acceptance odds may be rather good. The proposition is that the vendors will get 100% TCAT protection from just 1% of the sale. Even if TCAT offers only marginal benefit, '100-fold leverage' sure sweetens the deal. Maybe some media coverage on the back of this offer, successful or not. Talking of TCAT, a sale can't now be far off, can it?
spin doctor: There is clearly a question of 'Strategic Review'. On the more straightforward issue of catalogue multiples, a decision to sell rights will be made on multiple grounds alongside price. For example OMIP have many longstanding business/personal/professional relationships that prospective sellers may wish to extend; TCAT 'protection' may attract some, as may the Harmony IP 'part sale' approach. And as a seller with often strong emotional attachment to 'your work', do you favour sale to a one billion cap such as RHM/Hipg, or to a boutique (OMIP) based in Pinewood where you will get the red carpet (sofa) treatment and a very clear commitment to nurture and protect the IP? Having said all that, the pace of buying has been slow - asking prices have moved up, and OMIP refuse to chase. Not a bad thing IMV.
harrogate: Of course you wouldn't apply a multiple of 18x to OMIP NPS given it is much lower grade and we are buying it at around 10x currently. But the point is spot on - using 10x would give us a net asset value if a multiple of the current share price. The key is how do OMIP get that point across. Maybe include such a valuation with the upcoming results and even revalue the content in the balance sheet to reflect this. We live in hope
spin doctor: Microscope - but can she be bought at a sensible multiple ;.) Just reviewing briefly the recent RoundHill NAV statement and 'valuation matrix': A discount rate of 8.5% and growth rates averaging 4-5% are applied to the 'last twelve months net publishers share' (LTM NPS), ~ gross profit, equating to a multiple of 18: Valuation Date 31/12/2021 Valuation ($m) $408.2 Discount Rate 8.5% % Increase From Prior Valuation 9.3% LTM NPS ($m)1 $22.5 Multiple of LTM NPS 18.1x Applying that to a conservative estimate of 2021 OMIP gross profit of £2.7M (announcement imminent) yields an OMIP intangible asset value of £48M.
spin doctor: H - OMIP will not raise more equity funds at a discount; neither the CEO or the recent insti investors (or us) would be happy with that. Further equity raise would have to see the share price shift first. I think '22 has the ingredients for that shift. I don't think any of us would be here if we thought the market was pricing OMIP rationally. (Arguably) it has drifted way below fair value due substantially to its nanocap status and at times appearing to be in stealth mode. 2022 could/should see - TCAT fundraise ...(a) substantially reducing/eliminating OMIP's ongoing TCAT spend and therefore substantially enhancing free cashflow ...(b) external validation of TCAT's value as post-revenue media SaaS, with OMIP retaining a substantial minority stake. - further selective asset purchases at PE of say 10-12 - full year effect of last year's asset purchases - perhaps even a minor boost from weakening of UKP:USD I suspect one or two little surprises too.
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