Tungsten Share Discussion Threads

[pkarnezis] 06/6/2016 11:37

Serco (outsourcing) is perhaps one of the recent sign-ups, too:

www.tungsten-network.com/serco_new/

Where the move to einvoicing is mentioned on their website it says "Last Updated 02 Feb 2016":

www.serco.com/about/businesrelationships/procurement/suppliers

[pkarnezis] 03/6/2016 20:07

Nice to see they are starting to hire for Prabhat's team:

hxxp://www.efinancialcareers.co.uk/jobs-UK-London-Senior_Product_Manager_-_Receivables_Finance.id01241292

[bs76] 03/6/2016 13:47

hxxps://my.euroclear.com/apps/en/monthly-stock-loan-data.html#month=eq:5&year=eq:2016&limit=0&search=1&order=asc:abbreviation

may data is not updated yet and data before that

Apr-16 10,045,442
Mar-16 10,820,130
Feb-16 10,811,003
Jan-16 9,132,367
Dec-15 9,739,576
Nov-15 9,630,439
Oct-15 10,489,609
Sep-15 9,685,504
Aug-15 11,129,458
Jul-15 12,026,589
Jun-15 8,104,761
May-15 9,198,262
Apr-15 9,695,587
Mar-15 8,680,110
Feb-15 9,350,366
Jan-15 8,446,668
Dec-14 6,268,143
Nov-14 3,686,883
Oct-14 4,534,569
Sep-14 3,724,597
Aug-14 3,485,299
Jul-14 3,582,700
Jun-14 3,527,632
May-14 4,186,689
Apr-14 4,692,580
Mar-14 3,684,464
Feb-14 3,759,932
Jan-14 3,048,439

It should drastically reduce in May or June

[andrewdbl] 03/6/2016 13:18

professional (smart) money calling the bottom

Does anyone have access to Crest/Euroclear data?

[manics] 03/6/2016 06:33

I see it. Have to take it as a true zero and not a reportable zero.

Without being flippant I guess it's "whatever" since it's not done anything to the price, which remains 20% lower since the Feb CMD (cheers Edi).

[bs76] 03/6/2016 06:05

Yes it does show on historical tab that numeric short had gone down to 0.

[1gw] 02/6/2016 23:25

The fca spreadsheet (see historic tab) appears to show Numeric disclosed reducing to 0.0%
Companies often do seem to disclose what they drop to when they go below the 0.5% and the fca show this in the spreadsheet.
I presumed they just did an off-exchange deal with someone so it didn't show up in the normal exchange trade reporting.

[manics] 02/6/2016 22:55

Numeric dropping from reportable by definition means they've closed to under 0.5% (from 0.49% anywhere to 0.00%). It doesn't guarantee us the whole 1.1% position is closed. Could offer part of the explanation.

[bs76] 02/6/2016 22:24

volume on 31st May was 33,727

How can numeric buy back 1.1% (1.3m shares) and oxford 0.1% (125k shares)? (total - 1.425m shares)

and volume before
30th May - bank holiday
27th May - 38,093
26th may - 253,066
25th may - 70,106
24th may - 1,049,644

still don't add up to 1.425m shares?

[1gw] 02/6/2016 19:33

Big reduction in declared shorts on 31st May according to the FCA spreadsheet, despite no obvious volume on the trade listings and no obvious move in the price.

Numeric down to zero from 1.1% previously.
Oxford down to 0.69% from 0.79%.

It rather begs the question of who was selling to allow them to reduce so easily, but I think it is still encouraging that the then-biggest short apparently chose to close completely and the second biggest chose to reduce.

[manics] 30/5/2016 12:22

...perhaps we should go on Dragons Den?



What one change to legislation or policy would help your business the most?

"Earlier this year it was reported £225billion was owed to SMEs in late payments… this is one of the biggest challenges in the market. Cutting red tape and addressing late payers is imperative".

[1gw] 25/5/2016 18:08

Different things.

The FCA spreadsheet gives you an almost instantaneous view of current disclosed short positions (i.e. companies holding a position more than 0.5% short). Often updated the day after a short position changes and usually within 2 days.

Euroclear public data ("guest" access) shows you average shares on loan data by month, which may well be correlated with short activity, but not necessarily so. So in early June you will see the average shares on loan data for May. You can get more timely data from Euroclear (weekly SOL?) but I'm not sure that's available without some form of subscription is it?

[andrewdbl] 25/5/2016 16:46

EJ,
We need to see updated crest / euroclear data to see if you are right - not due till sometime next month.

[1gw] 25/5/2016 15:58

No change in today's FCA spreadsheet.

[1gw] 24/5/2016 17:36

Short positions.

GSA Capital down to 0.59% (from 0.69%) on 20th May.

[bs76] 24/5/2016 11:08

Tungsten Network
One view
numbers of buyers 173=>175 - not great

Second view
11 new at approx 65% higher price than the last year avg
34 agreed to existing 65% increase
3 left with minimal invoices and must be less revenue
6 merged - will provide double the number of suppliers => big network effect

[andrewdbl] 24/5/2016 11:06

As others have said

Nice and boring, they did not say cash burn dropped below 1m so I take it the extra 1m in cash (9.1m not 8m) is a timing thing.

The cashflow positive by end fy17 words are pleasurable to the ear.

Better yet, the openness and clarity of the statement as a whole mark a nice change in character.

Moreover iirc, in the cmd they did say they thought they could get to +ve ebitda without touching the bank. If they are reasserting this and saying cashflow +ve, then the burn of ~1.1m in April 16 must become ~0.0 in April '17
If the improvement happens in a straight line basis this means a cash burn of ~6m - which is less than 9m.

I think hpcg was referring to the bank being wound up - and there is a reference to this in the RNS - though the MGT put it as 'unlikely'
His overall point that there is no good reason to buy TUNG here remains true - equally there is no good reason to sell.

So winding up the bank is actually plan C.

Building a track record of being boring, setting modest targets, and then sticking to them is v.v. valuable.

FY17 is Hurwitz's first financial year where he has been fully in control from the start and for me, the portents are good.

OTOH, this is an ex-story stock and so I completely understand the general scepticism, but would note the sceptics have moved on from 'Broke Dec 15' to 'Broke Jun 16' to 'Never make real money' to 'There will be highly dilutive raises'

An RNS that says 'We are now cashflow positive' is the only thing that will move the discussion on - probably to 'That is a poor profit' but until then, I do not think the wider market will really focus on TUNG much.

[manics] 24/5/2016 10:45

The opportunity for investors isn't so much dependent on growing the network, which is already huge, as it is monetising what's there today imo.

[hpcg] 24/5/2016 10:17

Erogenous - I agree, not much happening to enthuse either a bull or a bear case in any dramatic way.

Revenues at H1 update £13.1, revenues for full year just estimated "in excess of .." £26. So no revenue growth over the second half of the year. This is as predicted, but that isn't a good thing.

Number of buyers moved in the year from 173, per FY2015 results to 175 per this last update. That is to all intents and purposes no growth.

That they will spend money on a facility in case the bank sale slips means that the end of September completion is at risk. Delay is never a positive.

Unless there is anything about current trading in the finals the next update will be until September, or closure of the bank sale if it happens sooner. I can't see why anyone would buy in before then because the no growth figures speak for themselves.

[dollarzpounds] 24/5/2016 08:46

Steady as she goes.Ditto K3 lots of positive things happening now . Good people make a good business and we now have some good people on board in some important positions , the rest will follow. We haven't quite lit the blue touch paper yet but it seems we may at last know where the matches are ?!$$$$££££