Recent content by Jackass

Not a happy family at all. https://www.smsrequisition.com/ This is still very much on my avoid list.

Sorry that should say 77% of the funds Equity, not value.

A bit of a red flag for me on this one despite some good results recently. From their latest quarterly. 18 short positions, 77% of the fund by value. Gives an average short position size of 4.28% per each position. Not to mention the leverage involved here - 258% gross exposure. I'll leave...

Agree. I got out of this one a couple of months ago when shipping costs started to go crazy. I figured that excessive shipping costs would destroy their already razor thin margins. A quick scan of the results this morning and I am not keen to jump back in any time soon. Am also a little bit...

Decided to have a quick look at this one as it is within my circle of competence. I have concerns..... Let me just leave it at that as I don't want to defame anyone. My personal opinion only. No position in this one. My concerns may be completely wrong.

Sorry @divs4ever , Mining Services & Mining Projects? Do you mean IT? As far as I can tell CGO don't really do any work for the miners. Their client list is mainly banks, insurance and gov agencies. See below taken from their investor presentation. I understand what you mean about not paying...

Did not see a thread for this company so thought I would start one. Has anyone else looked at these? Got to say there is enough there on first glance to make me dig a bit deeper and try to understand the business a bit better. IT services and consulting so not your standard specy junior mining...

Does anybody else think that this is p*ss poor form from Fortescue in terms of continuous disclosure? This story was all over various media outlets for a full 24 hrs before they informed the ASX. Also have heard speculation that the story was confirmed form sources within Fortescue itself, which...

Yep very good announcement on Friday. Some quick and dirty back of the envelope number crunching suggests that even after the massive run up in the share price, these are not exactly expensive. With the caveat from the latest announcement about the uncertain business environment noted, I make...

Don't have much to add..... Happy with the trading update of course, looks like it is going well. Will be waiting for the half yearly to have a closer look at how things are going. Management have indicated that they prefer to hold cash / pay down debt which I am also happy with. Still a happy...

Yes I understand that they buy the goods using their finance facilities and then sell / distribute for a profit. Without having access to the T & Cs of their finance, I would be surprised if they could use the equipment finance facility to buy inventory. Generally speaking equipment finance can...

Sorry for the late reply on this. Day job got in the way. Yes Klogg you are right, should have used the term cash flow, not profit. The larger point I was trying to make is that I don't think these are a safe buy as a dividend play. Making money should not be the problem - but an awful lot of...

Sorry, I'm an Engineer not an accountant. So I have not treated the debt repayments correctly from a strict accounting viewpoint. My broader point still stands though - I have been slightly more conservative in my assumptions than you. Guess we will have to wait and see who is right. I really...

Hi Klogg, I agree with your figures broadly with one important exception. If you read the announcement regarding how the debt is structured that they used to fund this purchase, you will see that the overdraft facility $5m has to be repaid in the next year. Also the Term loan has a repayment of...

Ah hindsight - the only indicator I know of with a 100% accuracy strike rate. I can only wish that I had been good enough to catch the exact bottom. My entry was closer to 35c and was on the way down. Caused me to spend a bit of time looking at these and was happy with what I saw so held on...