Took a position here seems cheap and those chunky trades yesterday might be something. |
@Wexboy_Value on why he added more to his portfolio: |
Certainly the highest volume day I can remember.
Dam thing has got to have a bottom somewhere, lol. |
A few chunky 600k trades reported. Bottom in maybe here. |
I'm certainly not saying it isn't cheap at this price I was trying to provide potential reasons why the share price had dropped. Certainly RAM was touted as the driver behind Leslie's fantasy forecasts.
I do think gifting 59% of RAM to management in April and not informing shareholders until 30th October is pretty underhand.
Agree the core business is solid with a growing AUM and the mandate switch from high margin to passive which has depressed this years profitability isn't structural. |
Surely nobody was attaching a huge valuation by the end of October to RAM ? The core business ought to make ~10m a year and still grow from here . Add in the cash pile and it's just too cheap already without factoring in anything from Leslie Ventures Inc. One of their higher margin products involves hedging against a strong dollar , hopefully they've been making some performance fees / seeing new interest there . AUM in dollars / costs in pounds here so perhaps recent currency moves will also be a boost to margins .... |
Yes, I'm pretty sure the first mention was in the Interims on 30th October when the share price was 64p. After that it began to slide.
The interims also led to PBT downgrades which were obscured at the EPS level because RAM is currently loss making so their management is having to stump up 59% of the losses. |
I don't hold but this just hit my value list.
Why the sell off? Did someone forget a stoploss or something? (just kidding).
I suspect a big fund is selling - if so, they don't care a jot about the fundamentals.
Anyway it's a falling knife at the moment - prefer it to land and wobble a bit before making a move.
On my watch list though. GL all. |
Not sure I am correct, however check the September interims.
The point I was making was it is a known, known! |
I must have missed that, I first noticed on 30th October. Do you have a link to the September reference? |
That came into the public domain in September 2024.
Nope, no new information. |
'No new information'Isn't the fact shareholders now only own 41% rather than 100% of the asset management business - which was the driver for Leslie's bold but unfulfilled earnings claim material? |
Thanks for your thoughts, konradpuss. I have also been pondering whether a takeout might be in the works. Something in the share price action. Not an attempt to pump by me. Just having seen, and been in a few names, where this sort of thing has happened.
It was never, nor is today, part of my investment thesis here though and could be entirely mistaken of course.
Just a question of patience and waiting for the next update I guess. GLA. |
Lovewins, I believe I read somewhere that the CEO and FD had been on a bit of a road show to institutions recently.
I think there is no new information in the public domain that would lead to a big decline, however a big decline we have.
The drop is down to more sellers than buyers - I know that sounds very obvious.
I have quite a chuck of these bought way back. I have wanted to add and I have now a very itchy trigger finger.The low forties would be a very good entry point.
Again, I know it is obvious however returns are made up of share price appreciation - only went you sell and the dividend. I feel I have been paid quite O.K. while I have been waiting.
The big shareholders will sell out. It is just a matter of time and price.
Has Neil and Lesley been selling? No. If they starting selling in the market I would be very worried. |
If you could also ask them if they have any plans to improve the marketing for attracting new investors to this name, that would be good.
I have been a holder here for a couple of years. I have added to my position along the way down, but a 25% decline in roughly three months is giving me pause for thought.
On fundamentals, the cash position, the dividend, 'known knowns', I remain confident in the business. But the speed of this drop is somewhat disconcerting.
And from a chart perspective, if the current price does not hold, we look on track for low 40's IMO.
This is one that I have in mind for the long term basket. Subject to the obvious caveats.
Am I missing something here, in the opinion of any LTH's here? |
Cerrito, I have been to the last five AGM's. There is usually only two or three private investors.
I like the new CEO. I also like the fact that he put a stop to Leslie's Crypto fund.
The fund management investment in time and capital is something I am unsure of as the CEO said it's the 'core' business he wants to focus on.
I will be asking some questions at the AGM about the folk in Germany running the fund management side.
I believe the week share price is down to the lack of growth on the bottom line this last year and the general negativity to micro cap stocks oh! and the up tick in the ten year gilt yield. Good old 'Rachel from accounts'. |
 Seeing that we are flirting with the 40's I organized myself finally to listen to the Q&A of the interim IMC meeting to see if I should buy more.
They came on pretty strong that no buybacks-of course the current share price may not have been on their radar, but I do not see any happening.
Good that they are not going ahead with crypto and he repeated what Leslie said that uncertainty in the markets good for business.
I have decided I have enough for now as I want to see how their new initiatives go. As I have said before, no evidence that Senior Management or the Board have asset management experience-interesting in June last year they had a NED changeover and the new NED Dr Boukrami seems v good for the traditional business but not clear if he is versed in asset management.
They kept on talking about new guidance at an unspecified future date.
It would be great if I could organize myself to go to the next AGM.
Recognize I may have got this all wrong and if so shout.
I thought the newish CFO came over well.
Have no desire to sell. |
Especially seeing as they now own 59% of RAM! |
I think we need to know much more about these 'fund management' folk based in Germany.
Where did they come from, what is their background etc. etc. |
Good afternoon Cerrito and all.I share your view on the new products. For sure, offering new products is good to see. It's the successful execution of them that is essential. I assume, but don't really know, that they've brought in the right people and that they, and the board I should add, know what they're doing. We'll soon find out won't we? It seems reasonable to assume they all do know what they're doing. I take that view. So, a fall below 50p and I'll top up. Good luck to all. ALgent. |
I have been going through my notes on this.
I continue to feel it would be good if the NED’s had more direct experience of all these new areas
they are going into ie infrastructure equity ie private credit and not clear who on the management team has the relevant experience. I did not make the last IMC..hopefully I can make the best.
I note that in the 2023 IMC calls, Leslie Hill said they did better with high volatility, interest rate differentials and a week sterling. Sterling is of course stronger against the US$ and Euro than in 2023, but we could have higher volatility in the FX markets over the next 6 months and increased interest rate differentials which will hopefully lift H1 25 performance. |
I have not paid my holding here very much attention over the last 9 months but the recent continuing share price fall has made me focus if I should buy more. I was misguided enough to top up in January this year. I have held for 15 years approx.
I note we have had no change of holdings RNS since at least March 31 this year and as far as I can determine Neil Record has not sold down since end Mach.
Trading volume so far this month is in line with that of previous months.
I note that based on the annualized basic H1 eps we are trading at a pe of 10x.
I reminded myself that book NW is £28m and current marcap is £108m.
More work to do. |
It did go XD at the end of Novemeber and the DOW had one of its biggest recent falls yesterday, so not hugely surprising that there's a bit of weakness |
Why is dropping like a stone? |
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