Gamesinvestor1
14 Oct 2019
Sold just under 35p Might do alright, but I’ve taken a 10% gain and happy to leave it behind. I read back through the interim report again over the weekend and the finances look pretty ropey. They don’t have agreed back facilities yet into 2220, they have a big negative current ratio and despite still making and operational loss, they have a stretched debt of £30M. I’m trying to derisk my portfolio as best possible – the new management team might be able to sell this company on, but I’m tired of taking risks on dodgy stretched finance companies. Also the one area that showed real growth looked like a big order in the Netherlands for grants – I guess that won’t be so big next time and they could see that part underperform again. Games
Madoff Jnr
29 May 2018
good buying opportunity for the future i thinkmadoff j
gamesinvestor
29 May 2018
update [link] a write down. The ongoing cost base will be significantly lower than forecast, so next year and thereafter should be much more positive.Happy to keep as a long term hold despite the drop back close to my entry price.Games
gamesinvestor
01 Mar 2018
CEO steps down [link]
Specialist101
28 Feb 2018
Re: Results in February - Oh dear! On Idox website under Idox Health, News and Events, are two announcements that were released earlier this afternoon on the Malta stock exchange. This link or if not then as I've said above:[link]
charlie51
28 Feb 2018
Results in February - Oh dear! Despite the RNS put out stating that:'Final ResultsAs a result of the matters above, the Board expects that the Company's final results for the 2017 financial year will be announced in February 2018.'The Idox board have conspicuously failed to meet their commitment. I'm sure the optimists here will give them the benefit of the doubt, but this is very poor execution, or rather a total lack of it, on their part. Maybe they have now all been taken sick.
gamesinvestor
05 Jan 2018
2nd Price Monitoring Extension A further 5 minutes :-Second Price Monitoring ExtensionA second and final Price Monitoring Extension has been activated in this security. The auction call period is extended in this security for a further 5 minutes.Following the first price monitoring extension this security would still have executed more than a pre-determined percentage above or below the price of the most recent automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction execution.The applicable percentage is set by reference to a security's Millennium Exchange sector. This is set out in the Sector Breakdown tab of the Parameters document at www.londonstockexchange.com/tradingservices
gamesinvestor
05 Jan 2018
Price Monitoring Extension [link] trading was halted at the close today.Not sure what's going on but this means that they are working out a price.It's either crashed or rocketed - which?Games
gamesinvestor
02 Jan 2018
Re: Share Soc HB -- It's a good write up.I'd kinda guessed these issues were causing grave concern to many and not properly reporting is always a bad practice, however, for a relatively small wager, I'm looking for much of this to be in the severely depressed price.The CEO, didn't impress me on the presentation he gave (noted in an earlier post) but perhaps the change is going to be a good thing, as the Chairman has previously held all the right positions in the company in the past and knows the organisation very well.At 0.65% of my wad -- it looks a balanced risk with plenty of upside in the next couple of years -- unless of course there is something more sinister.Games
Hardboy
01 Jan 2018
Share Soc They get a mention in the latest Share Soc Bulletin. I've not read it, but having been alerted to the company by Games, I thought I'd share what they say. (Not read it myself yet.) "A company I have held for a long time is AIM listed software company IDOX. This company was very successful under the leadership of former CEO Richard Kellett-Clarke. The company issued a profit warning in December (not the first) saying that results for the year ending October 2017 will be delayed until next February. The announcement cited concerns about revenue recognition, complicated by the “sudden absence” of the CEO, Andrew Riley, on sick leave. This is the kind of announcement that investors hate. No detail, and no information on when or if Andrew Riley might return. All we know is that the EBITDA forecast is reduced again to approximately £20 million. But at least we know that Kellett-Clarke is back as interim CEO.I expressed concerns at the last IDOX AGM about revenue recognition, high debtors and the apparent offering of long payment terms to customers (effectively providingthem credit). I opined at the time that this was no way to run a software company because even if customers are credit worthy, projects can run into unforeseen difficulties causing them to argue about the bills. I reduced my holding in the company substantially at the time, although it’s still one of my bigger holdings. Leon Boros also made negative comments about cash flows at the company and some investors were shorting the stock at the time – they are probably doing so again.Comments on bulletin boards also raise the issue about the restating of accounts at 6PM, an acquisition that IDOX made in December 2016. But this is old news. Referenceto accounting restatements at 6PM was made in the offer document (page 15, where it says that “the Directors expect that the value of the net assets of 6PM under IDOX accounting policies will be reduced materially”
. Indeed 6PM subsequentlyfiled accounts in Malta where they are registered showing substantial losses in 2016 and restating the 2015 and 2014 numbers. But these adjustments were surely known about earlier in the year so the latest announcement suggests some other problems.Needless to say, with all these uncertainties and lack of clarification from the company (which we may not get until February it seems), all the likely share buyers have disappeared because it becomes very difficult to value the business. I will be encouraging the company to clarify the position a.s.a.p., but the change of CEO, even on a temporary basis, might provide some reassurance that the problems will be addressed
Lucky sid
27 Dec 2017
Re: Interesting i believe it will be months, not weeks away, if at all. IMHO the business is in very good hands with Richard Kellet Clarke back at the helm. He managed it very well for a long time and he manages the investor community very well.I believe this share price will be back to the 60p+ mark by Mar and have just added another 100,000 to my portfolio.
gamesinvestor
27 Dec 2017
Re: Interesting seems to be recovering from the lows.I guess there is no further news about the CEO's illness or status about returning to work?Games
Wout
19 Dec 2017
Re: Interesting I havent worked anything out based on numbers. Should look at balance sheet but sadly dont have time. My feeling is based on the large drop of the share price compared to the story that some revenue needs to be deferred. Sadly the market is often right as the people with real money to spend that can move a share price have time to look at the numbers in detail. If the story is just that some revenue needs to me moved then Idox is a bargain at the current price but sadly there is often more to these stories.
Lucky sid
18 Dec 2017
Re: Interesting I have it on good authority that none of the health Division numbers were backed out and this division is in particularly good shape.
gamesinvestor
18 Dec 2017
Re: Interesting "these stories "always" end up with a rights issue as banking covenants are broken. "How do you work that one out in IDOX's case Wout?At the interim report the net cash position was over £5.7M. Finance costs were stated at £1.3M against net cash generated from operations of £10M.These figures are after the 6PM acquisition, the wisdom or otherwise of which has still be played out yet.Can't see a case for a breach of covenant from here can you?Games
