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Added a straw in #Board Clear Out for Vortiv Limited
17 hours ago
#Board Clear Out

The board clearout at Vortiv is complete with the Simon Vertullo and Jason Titman from the Trojan Fund succeeding in today's shareholders meeting to be appointed as directors.  

Howard Digby resigned as a Director.

Nicholas Smedley was recently appointed chairman.

The equal access capital return was approved today, so this company will be a shell with a 25% investment still remaining in the Indian ATM business.

Added a straw in #Broker Report for EROAD Limited
2 days ago
#Broker Report

Bell Potter released an updated broker research report on ERD on 14 April 2021 and increased their 12 month price target from $4.87 to $5.62.  

If you read the report though, the new Australian contract resulted "in very minor revisions to our EPS estimate (<0.1%).  We roll forward our DCF, reflecting the end of FY21e (March YE), increasing our Price Target to A$5.62ps".

The change in target price from $5.62 to $4.87 is $0.75, a +15.4% increase.

I highly doubt the value derived from these estimated DCF calculations in a company that is still cash flow negative and with the Bell Potter analyst estimates of -$9.1m free cash flow (FCF) in FY22 to +$49.4m FCF in FY31. That is a huge assumption.

 [Disclosure: I hold but purchased around $3.70]

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Added a straw in #Substantial Holding Change for Jupiter Mines Limited
3 days ago
#Substantial Holding Change

Today a substantial holder notice was lodged Ntsimbintle Holdings taking their substantial holding from 5.46% to 19.90%, the maxium limit before a takeover must be lodged.

JMS has 49.9% ownership of the Tshipi manganese mine in South Africa which is the main asset of JMS.  Ntsimbintle holds the other 50.1%.  

Curious as to what Ntsimbintle's intentions are.


16 Apr 21: 7 Oct 20: Ntsimbintle Holdings / Safika Resources 19.90% from  5.46%

7 Oct 20: Ntsimbintle Holdings / Safika Resources 5.46% Initial


Added a straw in #Substantial Holder Selling for Redbubble Limited
3 days ago
#Substantial Holder Selling

Osmium Partners, a substantial holder has continued to sell down it's holding to the point where they have ceased to substantial (>5%).  It will be a while yet until they have fully sold out (the remaining 5% if they want to totally exit).  The selling pressure increases when it gets towards $6.00 but there is resistance at $5.00. 


16 Apr 21: Osmium Partners Ceasing from 5.4%

12 Apr 21: Virtus Group 6.01% from 5.07%

6 Apr 21: Osmium Partners 5.4% from 6.7%

29 Mar 21: Virtus Group 5.07% Initial

26 Oct 20: Martin Hosking 9.76% from 12.52%


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Voted on a straw in #2021 Q3 Trading Update for Dusk Group Limited by Rapstar
4 days ago
#2021 Q3 Trading Update
  • Q3 sales of $27.7M up 50% on PCP.
  • EBIT margin up -17.6% for Q3. 
  • Gross margins up 4% for Q3. 
  • Guidance for FY 2021 upgraded to $147-151 M revenue, and $38-40 M normalised EBIT.   

Will this strong growth hold in a post-COVID world?