One Media Ip Share Discussion Threads

[tiltonboy] 10/12/2024 13:22

Two years after exiting, decided to re-enter the trade. Devoid of TCAT the investment case appears to add-up once more

[yump] 29/11/2024 23:26

“Greater opportunities”. Fantastic. Super.

[the shuffle man] 29/11/2024 18:51

? Exciting Times for TCAT and Round Group! ?This week marks a significant milestone as TCAT settles into its new home within the Round Group. We're proud to have finalised our investment in both TCAT and Round, ensuring a strong foundation for the future.With no further financial obligations tied to this partnership, our focus now shifts to leveraging the incredible expertise and services of our new partners. Together, we're committed to enhancing and protecting our content while unlocking even greater opportunities across the creative and tech ecosystems.Here's to a dynamic collaboration and the promising road ahead! ?? #Innovation #Partnership #Growth #tcat.media #thisisround

[the shuffle man] 28/11/2024 10:07

I think we all agree it appears that TCAT has been an absolute waste of money but if this has now gone and with a market cap of only £8.5m (core business generating £1.1m of ebitda for last 6 mths) and a NAV much higher the shares do look cheap.

[yump] 27/11/2024 21:45

Companies are always pleased with whatever.

Especially floating at say 100p and then delighted to be raising at 20p a few years later.

[the shuffle man] 27/11/2024 21:05

Don't know why they are so delighted. Will they ever recoup the £5m spent on TCAThttp://omip.co.uk/news/one-media-ip-group-plc-takes-positive-step-in-strategic-simplification-with-successful-disposal-of-tcat/

[yump] 27/11/2024 15:19

Hopefully OMIP isn’t big enough for VC parasites. They would love the idea of buying a floated business on the cheap that has assets paid for by shareholders money. Then realise the true value of the assets by selling them off on the open market. Kerching!

I notice SONG was down at 60p before it closed shop and shareholders got 100p.

Same sort of result here rather than being taken out, would at least not rip-off shareholders.

[harrogate] 27/11/2024 15:16

Of course now this is done if they reduce costs including board costs and stick to the knitting and slowly invest into content they could have FCF of well over 15%. It might be investable on that basis but management need to change. FD is on £120k for what can't be more than a part time role.

[microscope] 27/11/2024 15:06

Looks to me like an embarrassing failure for management here. Not held for a while but had looked recently. I can only think the shares are up because a millstone has been removed, but whilst the concept was a good one, the company has proved completely out of its depth trying to get it in mainstream psychey or usage.

As you say harrogate and yump, the cost has been substantial for a business of this size.

Probably the company will doze off again and the next results will be bleak, but maybe management will decide they've had enough and take it private, or sell what's left.

[harrogate] 27/11/2024 12:36

At FY23 we had a value if TCAT in the balance sheet ( intangibles ) of £2.7m. Given we have given it away surely this will all be written off and so the FY24 accounts will look pretty terrible. If you add in the losses through the P&L to the amount capitalised they have wasted over £5m on TCAT. Given market cap this is one if the worst use of shareholder capital you can see in such a small business

[yump] 27/11/2024 09:36

It is pretty close to being that.

Hopefully the main shareholders would not be interested in it being private but I don’t trust in that, although I can’t see the benefit.

[harrogate] 27/11/2024 09:28

Self deception is not illegal. Shareholder deception is

[yump] 27/11/2024 09:13

@harrogate

Yes TCAT has been grossly exaggerated. Mind you self-deception with your own pet project isn’t a rare thing !

[yump] 27/11/2024 09:04

Being listed gives the lifestyle.

We’d be shafted if it were taken private.

[harrogate] 27/11/2024 08:54

If they did a tender offer first for us who would be stuck on a take private that would work but I wouldn't want to be in with this lot off market.

[harrogate] 27/11/2024 08:52

It is not a sudden reversal. NI signaled strongly in his jolly Proactive interview a while back that they were looking for a home for TCAT. What has become clear is that it is not what they said it was. Today we hear it is still in beta testing with minimal revenues. Compare that with what was said at the time of the app launch. Hardly seems the same product. MI needs to be told to sell the catalogues and give us the money

[niggle] 27/11/2024 08:50

Yump - then take it private? What exactly is the benefit of them being listed?

[niggle] 27/11/2024 08:47

That was a sensible move given the drag on profits.

[horndean eagle] 27/11/2024 08:41

18p was what they stated. ifrs nav is 7p. So plenty of upside but only if major holders push for it. its quite a concentrated register so you would hope they could muster some activism pretty quickly. Id happily take 8p

[yump] 27/11/2024 08:39

Given the mid-year announcements about TCAT’s progress, which all sounded positive, perhaps a revolt is already underway - just clearing the decks. Its seems a sudden reversal of strategy.

I look forwsrd to my 7p ++. (Last NAV 7p)

[yump] 27/11/2024 08:35

Absolutely. No more hobbies or experiments. Just get the value out and be done with it.

Perhaps thats the intention.

Anyone remember roughly what the valuation was ?

[harrogate] 27/11/2024 08:31

The dividend is meaningless surely. Let's get the value realised here and move on. If the board don't push for that then they are not doing their job. Allowing MI to have a lifestyle business

[yump] 27/11/2024 08:28

At least the dividend is derisked a fair bit.

Perhaps now its ‘clean’, winding up would give a substantially better return than sitting around getting dividends.

[yump] 27/11/2024 08:22

This appears to be them:



If its the ltd company I found they went from 9 to 14 employees between 2022 and 2023. Paid £72000 in divs from around 230,000 profit

[harrogate] 27/11/2024 08:16

Round filed small company accounts so clearly not large. If we get our £175k back that will be enough. Unless they float a 5% stake is worthlessThe shareholders should be forcing MI to sell the rights and move on or sack him