Turftrax Share Discussion Threads

[reckless_rat] 18/7/2008 15:22

jdhurry- your numbers say it all. At float, based on recent historic burn rates, they had enough cash for about 6 months trading and 6 months are now up. Note that £ 1.3m of the £ 2.7m net from the suckers who paid 40p per share in Jan went to pay off the o/d guaranteed by the chairman. What story were Newlands spinning that supported a £ 19m market cap?
The skid marks now look terminal; only hope is if they can re-market the Goingstick for measuring the moisture content of something four letters beginning with 'c' not 't'.

[jonwig] 18/7/2008 14:56

ursamajorra - Chariot, that's the one, thanks. CRT it was.

[jdhurry] 18/7/2008 14:45

abadan2... only saddays thought that but he seems to be out or he would have posted by now.

Market cap now £143k.

[safman] 18/7/2008 14:43

if you thought they raised 17 mill on float then u are either bonkers or should not be trading let alone investing in the stock market..

saffy!..

[abadan2] 18/7/2008 14:40

Who on earth thinks they raised £17m on the float in Jan. They raised £3.2m before cots, to give a market cap of £17m.

[jonwig] 18/7/2008 14:21

What was that lottery company called? That was pretty quick, too.

[jdhurry] 18/7/2008 14:05

Amazing now 0.38p. Market cap 167k. Got to be all-time record for an AIM listed share it's lost more than 99% in value in less than six months trading!!!

[jdhurry] 18/7/2008 13:59

Are the Dubai government still holding? They were set to take 5 mill shares in the IPO but had to do it through the back door as it was gambling-related. I'm wondering if Arlington Special Situations Fund was used for this purpose as they took 5 mill. They sold half when parent Arlington was liquidated but are still listed as holding 2.5 mill or 5.64%.

[jdhurry] 18/7/2008 13:52

Anyway jonwig I wouldn't touch this with a bargepole even at this level looks set for the knackers yard!

Yup that was the not so thin one :-)

[jonwig] 18/7/2008 13:52

JDH - the one I downloaded has 88 pages, the official one I assumed. (I didn't mean just physically 'thin'.)

The Newlands pre-IPO research note last October suggested a fair MCap of £31m ...

[jdhurry] 18/7/2008 13:39

jonwig there are two versions of the admission doc out there one is thin and one not so thin

[jdhurry] 18/7/2008 13:34

The Ground Management (TGMS) division turnover for the six months to 30/9/07 was £316k with a net profit of £16k. So for the rest of the business turnover was £328k with a net loss of £908k. No one can say how TGMS has performed since then but seems they've sold the only profitable part of the business! On the other hand TGMS had net liabilities of £1.17 million. Pity there's no figures for the rest of it.

[jonwig] 18/7/2008 13:27

JDH....

The market isn't impressed, these days, by a cash pile exceeding MCap, especially when that's microscopic.
We have listing costs, unknown director salaries, etc., etc.
The remaining business isn't going to set the world alight, and one has to ask whether central admin costs can be checked enough to make a profit, ever.

There were plenty of early clues - an Admission Document which was as thin as they come, and no buying on the way down from anyone in the know re the tracking tech.

[jdhurry] 18/7/2008 13:05

I have to admit although I think TTX are a load of tosh 280k mkt cap seems ridiculous as it stands. Including the £310k they got this week I cannot see how they could have less than 1.5p cash per share.

[jdhurry] 18/7/2008 12:53

Adam Mills, Chairman, is listed on their website as holding 10.36%. He was a founding director of Platinum Investment Trust which began in Aug 02 and went into voluntary liquidation last year after losing a High Court battle with its former managers. Mills and the other two managers (who made a packet out of the Trust) tried to set up an open-ended successor Platinum Fund Managers but the credit crunch etc bit and they had to shut it down early this year due to lack of investment.

[jdhurry] 18/7/2008 12:43

One thing I don't understand is why Arlington Special Situations Fund only dumped 2.5 million of their 5 million holding. The timing of their sale (21 or 22 May) corresponds with the delisting of their parent Arlington Group Limited from AIM on 15 May and subsequent voluntary liquidation by its members the following week. So how can they still be holding 2.5 million if they were liquidated???

[jdhurry] 18/7/2008 12:37

saddays they only raised £2.73m net from the IPO and floated on 30 Jan with a mkt cap of £17.59 million. They used up £1.3m immediately to pay off the bank and the balance of £1.43m was to be used for working capital etc and would last "at least" 12 months.

The last interims to 30 Sep 07 booked total assets of £2.65m, most of it intangible (my estimate £1.75m). Presuming this figure hadn't changed at float they had approx. £900k tangible assets and £1.43m new cash, giving an overall NAV of around £4m including intangibles.

I posted these FY figures last week here they are again:

31/3/05 £625,000 turnover (£2,637,000 loss after tax)
31/5/06 £855,000 turnover (£3,074,000 loss after tax)
31/3/07 £1,162,000 turnover (£3,021,000 loss after tax)

And the last interims:

30/9/07 £644,000 turnover (£924,000 loss after tax)

According to the admission document these losses were "in part" due to development costs of the various technologies which were now being commercialised. I presume these costs were capitalized.

[encarter] 18/7/2008 11:39

Racing data has gone into admin, it includes UK Tracking and Betting Services. They got £245K cash for Ground Managment. They only get more cash if it's sold for a profit. If it becomes a success they won't sell it. £245K won't go far.

[saddays] 18/7/2008 11:19

17.5 mill in jan and then 4.2 mill from newlands and now 300k from tracking system sale of which if its sold in the next 5 years they get a proportion of the profits.the tracking system was on trial with ladbrokes but no contract medium term.5 years is not medium.cash in the bank and other revenues and contracts from goingstick from abroad.mkt cap 280k with cash in the bank no brainer.medium term 5p+

[safman] 18/7/2008 11:17

saddays - 18 Jul'08 - 09:24 - 132 of 140


company restructuring not going bust and they raised 17 mill in jan from float + 300k yesterday.wake up mm,s are taking the p-ss.mkt cap 280k.300k yesterday alone.5p+ is the real asset value

why is that incorrect..

saffy..

[safman] 18/7/2008 11:11

how much monies did they raise..

saffy..