One Media Ip Share Discussion Threads

[microscope] 02/6/2022 11:02

Good spot, Spin! It's actually creepy, in all the years I've held shares, and I have very few just now, I can't recall this happening to any of my holdings, so twice in the same day is unreal.

The other is car dealer Pendragon. Hedin have 27pc and vowed to vote against the Board's remuneration. Yesterday the chair of the remuneration committee resigned with immediate effect, 'to pursue other interests' :).

So I looked for similarities. Hedin have already had a bid rejected, and someone suggested they're now cutting the head of the snake and preparing to go hostile.

It made me muse if a bid could be possible here, maybe Canaccord, over 20pc, or whoever is the holder through them, is looking at TCAT in particular?

But I suspect it's rather more mundane, that they see it as a lifestyle business with management overpaying themselves. They may think that a business with so much potential should be growing faster.

Nevertheless an interesting boot to the posterior, and there just could be more to it.

[harrogate] 02/6/2022 05:56

Thanks for pointing that out. It is very unusual to say the least. Shame it was not an AGM that you could attend. Must be worth a question to MI

[spin doctor] 01/6/2022 22:38

Hmmm
Also looks like BGF voted against directors remuneration (resolution 2).

[spin doctor] 01/6/2022 22:24

See AGM voting outcomes at


Resolutions 3 and 6 stand out - for the reappointment of CEO and Chair respectively. In each case, 57,491,539 votes were cast against - 25.8% of the entire voting stock..

Significant shareholdings are stated at


One could be forgiven for coming to the conclusion that Cannacord (21.4% holding) and BGF (4.5%) had voted against reappointment.

[qs99] 01/6/2022 07:45

AGM today no? Will we get a TU?

[spin doctor] 26/5/2022 13:23

Well Mello/whatever has prompted some to bail out at 8p or so. Maybe Zak's lot ;.) Seems like decent quants on offer again.

[spin doctor] 25/5/2022 16:31

Maybe Mello. Stock has been tight and liftoff wasn't going to take much.
Stealth mode - deactivated.

[tiltonboy] 25/5/2022 16:00

Mello event must have been good

[qs99] 25/5/2022 15:28

Interesting end of day spike

[yump] 23/5/2022 15:59

“Groundbreaking” is an all too common description of stuff now, but that band actually was - in particular Days of Future Passed.

Having pushed me in the direction of learning the piano and classical music, I can remember my Mum surprisingly saying she thought that album was “rather pleasant” or words to that effect. Zep did not get the same reception a few years later !

[microscope] 23/5/2022 06:34

I don't want to be 'that person' but then again, for anyone out there who isn't a veteran cosmic rocker and might not know, Threshold of a Dream is the title of a Moody Blues album.

And with a 3.5 million possible spend incoming, another deal might not be imminent.

[spin doctor] 22/5/2022 21:18

Yes PICNIC, that's unlikely to have been a purely social lunch.... I'm not holding my breath for an RNS, but I'm sure the conversation was a productive one.

[picnic] 20/5/2022 21:32

I see that Michael I has tweeted that he had lunch with a Moody Blue or two
at the ivy today.On the threshold of a dream.RNS monday?

[spin doctor] 16/5/2022 21:29

FWIW (a bit) I have just looked more precisely at the Forex numbers.

The 20/21 vs 19/20 GBP/USD move was adverse 7%.

More positively, the simple average GBP/USD through the last FY (Nov20-Oct21) was ~1.375, and clearly the rate has been materially to the better for the majority of the current year so far.

[spin doctor] 16/5/2022 09:59

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] 14/5/2022 16:46

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] 14/5/2022 12:05

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] 13/5/2022 20:37

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?

[microscope] 13/5/2022 12:57

Thanks, Spin. Must admit I checked news on my watchlist early this morning and had missed this.It's quite a bolt from the blue, I've generally associated this company with a cautious acquisition strategy.Probably long odds against being accepted but good to see and even the publicity for TCAT should be beneficial.I think happy to spend 3.5 million is a sign of increasing confidence and the business at the very least feels to me like is now in a good place.Encouraging.

[spin doctor] 13/5/2022 12:01

A bit more background to today's RNS. 'Added TCAT value'.

[spin doctor] 09/5/2022 20:03

RHM hits a little bump in the road (see link below) - an interesting 'C' share downwards NAV revision.

Clearly OMIP does not pay the same 'generous' multiples as RHM, and has a huge breadth of largely mature catalogues rather than the more lumpy RHMC portfolio.



,

[harrogate] 27/4/2022 17:47

I have watched the IMC presentation with the Q&A and it was a good introduction to the business. We now have the independent valuation which shows the discount to asset value here and the imminent fundraising into TCAT which should show the value of that and just as importantly what sort of future it has. If these things don't move the share price into double figures I don't know what will

[microscope] 26/4/2022 12:27

Zak Mir's 9p is a bit strange. Thought he considered himself a chartist! 8.5p would be a multi-year breakout, and that's usually a bullish signal for another 25pc+ fairly quickly.And I think a little bit more number crunching merits a decent rise. As I said TCAT is in for a pittance and if the current fundraising is remotely successful, that should add a fair chunk to the current 17p nav.

[spin doctor] 26/4/2022 11:02

OK, who joined the IMC presentation and Q+A? Overall nicely done I thought.

[melloteam] 25/4/2022 11:05

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Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies

Just to let shareholders and prospective investors know that ONE MEDIA will be among the 60+ LSE Small Cap and AIM listed companies attending. There will also be keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams.

Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50.

For more information, please visit the event webpage: