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Started: LedZepper, 24 May 2024 21:06
Last post: LedZepper, 2 Jul 2024 14:54
Read the Half Year Report in full, and this should give you a clear understanding of the company and its objectives, and how much it has already achieved with its recent acquisitions.
It’s early days, if you ignore the time wasted on an ill advised pursuit of Saatchi, and of course there are likely to be further acquisitions in due course.
Can you explain why you think there is good value here at these SP levels? Not being facetious, just interested in your take.
Just having a quick look at the financials, it has a market cap of 190m, but there is nothing really happening, little cashflow or profit etc. They have almost half of the market cap in cash which is a good buffer and perfect for acquisitions, but no forecasts to set expectations on which to value the share. Seems like a play purely on track record here, but as for value I'm struggling to see how anyone could call this good value at the moment? What are you basing this on? Genuinely interested.
Agreed. Great to see Barbara Firth buying here. Maybe further director buying to follow, who knows. As you say, a chunky purchase so a clear vote of confidence for the value in the shares at the current level.
Looking good from a technical standpoint as well with a breakout to new highs on good volume after a sideways consolidation. Onwards and upwards.
She’s a NED and a Senior Independent Director - a title I haven’t heard before. She wants in before the SP really starts to motor: it’s hard to interpret this £98700 investment in any other way.
A nice chunky £100k share purchase from one of ADVT’s Senior (?) directors. This can only be a very strong indication of confidence. We’re outside of a Closed Period, but this doesn’t mean that there can’t be a positive update or news of a new acquisition. Meanwhile, the value of our holding in SAA is holding up well.
Started: LedZepper, 28 Mar 2024 10:42
Last post: LedZepper, 28 Mar 2024 10:42
It’s good to read statements like “a number of substantial contracts and renewals” and “operational performance has improved markedly” in the context of the Capita businesses that have only been under the ADVT wing for 5 months. Furthermore, results for 12 months to February 2025 are expected to be well ahead of expectations.
Having largely skimmed these results, there doesn’t seem to be a lot not to like - of course the wage bill has increased substantially in view of the new businesses on board, and it will be interesting to monitor how the number of staff changes over time.
Meanwhile, cash balance of £78.7m and SAA ‘investment’ now worth £19.2m represents £98m of today’s MCAP of £170m. Plenty of cash to pursue further investment opportunities. It’s perfectly fine to be deferring dividends in favour of capital growth - I’d be worried if VM was talking about imminent dividends tbh
Certainly glad that I decided to hold tight here. It’s one for the long term hold imo
Started: x54v, 13 Mar 2024 15:37
Last post: x54v, 13 Mar 2024 15:37
Recent interview with Vin Murria well worth watching.
https://www.youtube.com/watch?v=G257dlrOBXg
Started: x54v, 13 Feb 2024 18:32
Last post: x54v, 13 Mar 2024 15:34
Excellent potential with Vin Murria and team at the helm for sure.
80%+ held by instis since IPO, many of whom will have made significant profits on VM’s previous vehicles.
Spotted this tip elsewhere. Thanks x54v!
It does have potential, though I see they are now competing against big fish for acquisitions at a reasonable price. It's also encouraging that Baillie Gifford are on the shareholder list though their performance is dire these days!
The share price is quiet for now and holding firm, but there are plenty possible future catalysts which might drive it higher.
Further acquisitions are highly likely. VM is well known for these and her prior successes with Kewill, CSG and ASW were in part down to a focussed acquisition strategy. According to the trading update on Jan 8th:
“M&A is a core part of AdvT's strategy and there has been a notable increase in inbound opportunities. The Board will continue to evaluate these against its acquisition criteria.”
so it’s only a matter of time before a further acquisition is announced imo.
The existing businesses are bedding in as planned:
“AdvT's performance for the six months ended 31 December 2023 aligned with the Board's expectations.”
but VM will be looking to improve performance in each of them:
“Avenues for deploying financial and operational resources and investments to enhance the organic growth of AdvT have been identified.”
so there is scope here for future news releases pertaining to improved performance.
Lastly, the shares are very much under the radar at the moment. Increased coverage will come in time I’m sure as investors pick up on the growth and acquisition story. However there is also the possibility that a well-known tipster / tipsheet will cover ADVT. The editor of SCSW for example states that he “has known Vin Murria for many years”, and the tipsheet covered CSG and ASW historically fairly frequently.
https://www.scsw.co.uk/search/?query=vin%20murria&page=1
The share price is still only just above where VM bought in 3 years ago, so it continues to present a great long term buying opportunity imo. I have confidence that in the months and years ahead that ADVT will be a different beast entirely with a much larger market cap and share price. Watch this space!
Started: LedZepper, 18 Jan 2024 14:04
Last post: x54v, 19 Jan 2024 14:38
Yes, you’d think they’d pick up that the shares are no longer suspended from the fact that they’ve been trading again since the 10th.
Thanks! It’s incredible that they should have got something as basic as this wrong - and then effectively ignore the fact that there has been trading ongoing since 10th January (plus my enquiry)
Yes, just a Barclays error. The shares have been available to trade again on AIM since the 10th on both Hargreaves Lansdown and IG platforms.
Cancellation of the shares on the main market and re-admission of them simultaneously on AIM took place as was suggested in the RNS on Dec 5th.
“‘Proposed cancellation of the Company's Ordinary Shares from the Official List and proposed admission to trading on AIM
AdvancedAdvT Limited (LSE: ADVT, the "Company") intends to request the Financial Conduct Authority ("FCA") to cancel the standard listing of the ordinary shares of the Company (the "Shares") on the Official List and to request the London Stock Exchange to cancel the admission to trading of the Shares on the main market (the "Cancellation").
The Company will apply for the admission of the Shares to trading on the AIM market ("AIM") of the London Stock Exchange ("Admission"), such that Cancellation and Admission will take place simultaneously.”
I use Barclays’ investor platform, and they are still showing ADVT as Suspended. Having spoken to them this morning, they point to the 2nd RNS issued on 10th January which states that certain share types have been cancelled - hence their suspension. I pointed out that shares have indeed been traded since that date, and even today, but to no avail.
I phoned ADVT’s Investor Relations firm and left a message this morning, but no response yet.
Can anyone shed any light? Is it simply a Barclays admin error?
Started: x54v, 30 May 2023 17:05
Last post: x54v, 30 May 2023 17:05
Continued overall market weakness dragging valuations down a good thing for ADVT. As Crux recently put it:
"Paradoxically, the more difficult the economy, the better the odds of finding the bargain needed to kick off “the investment story”."
https://moneyweek.com/buy-uk-small-and-mid-caps
The strong position ADVT is in was also highlighed in the Interims in March:
"With a strong cash position which exceeds GBP100m, we have a clear advantage in against a backdrop of market uncertainty. Whilst the cost of servicing debt and its availability have become major challenges for other investment vehicles, our cash reserves offer a unique, attractive alternative and positions us well to execute on our strategy. This financial strength provides flexibility and the resources to capitalise on opportunities, navigate the challenges that may arise, as well as being an attractive proposition to potential target businesses."
Vin Murria continues to wait patiently with a hefty cash balance ready to pounce when the right opportunity presents itself.
No probs Fishcakes47.
Yes, if VM can replicate her previous success then there is a lot of potential upside here. All her prior listed vehicles were multibaggers.
Some interesting backgound here:
https://archivesit.org.uk/vin-murria-2/
Thanks, x54v. A really great summary and I appreciate you taking the time to reply.
Give it is a speculative shot, it is only a ~3% holding for me, however I am tempted to up this slightly give the current SP.
This could be an exciting share once a purchase is announced.
This is covered here from 1:17:00
https://youtu.be/FexUObmgv8Q
So usually 2 years, but the company can approach major shareholders requesting extra time if it thinks there is still a good opportunity of a target company being found. 2 years has recently passed so presumably VM has spoken to the main instis and they are happy for her to continue her search.
With regards cash outflow, there is an estimate of a max of £500k per annum. The interest on the £103.4 million cash currently held will easily cover this and more, so the cash balance should increase over time.
“Ongoing costs and expenses incurred in connection with seeking to identify acquisition opportunities (excluding any project specific costs incurred in pursuit of an acquisition opportunity) are estimated to be no more than GBP500,000 per annum.” - from Final Results Oct 22
The current SP of ADVT is 77p. Against that it has 77.6p cash in the bank and SAA shares worth a further 15.3p. There is the upside potential from an acquisition and also the possibility of bids for SAA.
So:
- Solid upside (to NAV) should a target not be found and
- Very significant potential upside should VM repeat what she has successfully done with Kewill, Computer Software Group and Advanced Computer Software.
Is there a timeframe in which a company has to be found, failing which the “fund” would be evenly split?
Assuming the SAA investment doesn’t bomb or cash held isn’t burned, this would suggest a return regardless of a company being found or not, at current SP.
“A proven software strategy
AdvancedADVT (LSE: ADVT) raised money at 100p to allow seasoned software investor Vin Murria to acquire software businesses and improve them. Murria has had three successful iterations of this strategy at Kewill Systems, Computer Software Group and Advanced Computer Software Group. She raised money and invested £16m herself at 100p per share.
Today the shares languish at 71p and the firm has around 95p per share in cash and shares. Paradoxically, the more difficult the economy, the better the odds of finding the bargain needed to kick off “the investment story”. The shares could bounce by 50% or more on a deal, and would return 95p-plus in the unlikely event that no deal is found. It’s a small company, but one widows and orphans could readily invest in.”
https://moneyweek.com/buy-uk-small-and-mid-caps
Started: x54v, 14 Mar 2023 08:30
Last post: x54v, 14 Mar 2023 08:30
Results confirming 103.4m in cash vs 100.6m mcap.
NAV of 95.6p vs 77p share price.
So more cash in the bank than the market cap and 12 million shares in SAA thrown in for free.
A strong position to be in, waiting with a tonne of cash for the right opportunity to present itself as markets continue to decline.
https://investegate.co.uk/advancedadvt-limited--advt-/rns/interim-results/202303140700058169S/
Started: x54v, 17 Feb 2023 16:19
Last post: x54v, 17 Feb 2023 16:19
Very strong recent momentum at SAA. Another bid on the way?
ADVT yet to move to reflect the strength in SAA. NAV now around 96p vs the 81.5p current share price.
If there is a premium bid at SAA there could be a decent move ahead. And of course there is the chance of an acquisition as well. Surely Vin Murria has something lined up by now.
Started: Hindy86, 29 Nov 2022 19:13
Last post: Hindy86, 29 Nov 2022 19:13
I noticed todays volume to be unusually high normally it’s between 20-100k it’s 21million
Even when the take over talk started volume only reached 8m
Maybe somethings about to go down
Started: x54v, 25 Oct 2022 13:33
Last post: x54v, 8 Nov 2022 10:11
The share price seems to have found a base around the 70p mark. Perhaps there has been some institutional buying in the background.
The company is in an excellent position with a hefty cash balance and opportunities much cheaper than they were several months ago.
"We are now seeing acquisition valuations falling against the macro-economic backdrop and are in a strong position with a pipeline of opportunities and GBP104m of cash to support our strategy."
Very much under the radar at the moment and a good opportunity to buy at the lows.
ADVT is in a strong position here, with over £100m in cash ready to deploy as markets fall and valuations reduce.
In fact the further markets fall, the better a position the company is in with the ability to pick up companies much cheaper than it could several months ago.
"We believe that our strong cash position, the current economic downturn combined with our disciplined and patient approach, will put us in a prime position to execute on our strategy."
https://uk.advfn.com/stock-market/london/advancedadvt-ADVT/share-news/Advancedadvt-Limited-Final-Results/89296533
A decent safety net too with a cash balance (£104m) greater than the market cap (£93m) and the knowledge that Vin Murria committed £17.5 million of her own money here at 100p on IPO.
Indeed a move back up to the IPO price from the current 70p mid would be 43%. And Vin Murria will be looking for a multiple return from her buy in price.
Whilst the attempt to buy SAA wasn't successful, Vin Murria has a long history of success and her last two listed companies returned shareholders 10x.
NAV 96.3p here currently on today's move up at SAA on strong results.
A bit of a recovery in the price following the Crux buying.
Still below cash here and way below NAV.
If the deal fell through and the SAA shares were sold at a discount, say at 150p, then ADVT would hold a cash balance of 92.4p per share. A decent amount of upside from the current 78p were Vin Murria to call it a day with ADVT.
Certainly in the dark for a good long time with no hints whatsoever. It’s all just a guessing game really. Hopefully all will be revealed soon.
SAA also moved up late in the day today.
I think there will have to be a fundraise unless there is a takeover involving only paper. And even then we will see dilution. I assumed Crux had been adding because they believed there will be an issue of shares to existing holders. That was an additional reason I took the ADVT position. Let's face it, we are in the dark and can still only guess! I don't think we will be too disappointed though.
Interesting to see that Crux has been adding.
If there was to be a placing, you wouldn't imagine an insti would be adding at the current market price.
Yes, trading below cash and well below NAV at the moment. The market appears to be waiting for clarity as to what is going to happen next.
The short term risk here is that there is dilution to ensure a successful bid, but if you believe in Vin Murria's capability to drive shareholder value over the long term then that shouldn't be a big issue.
Thanks x54v. Taken an opening position here. The cash now stands at around 79p per share, and you can buy at 74.8. In addition there is the 9% holding in SAA. You can by a pound for 75p, so it would be rude not to. There is no actual business here yet, as it was created as a takeover vehicle. But the cash burn is minimal at £0.2m a year, and if the SAA deal goes through, there will be a valuable business here, even if there is mass dilution. I hold SAA too, but taking a holding here seems prudent to me. If the takeover does not go through, which I think it probably will, there should be another target on the horizon.
Opportunity at ADVT?
Vin Murria has invested £17.5 million of her own cash here at 100p yet the shares are currently quoted at just 79.5p mid.
ADVT has 78.9p per share in cash and a holding in SAA worth a further 15.2p at the market price.
So you can currently buy 94.1p of value for 79p (a steep discount to the 100p Vin Murria paid).
Vin Murria has had great success previously, 10-bagging both Computer Software Group and Advanced Computer Software. Her plan is to do the same again at ADVT using a buy and build approach. And clearly she is confident she can do it and prepared to put her money where her mouth is with £17.5 million of her own cash on the line.
How many times do you see a director purchase quite so large? Very seldom. £175k might be seen as a decent sized director buy. £17.5 million is equivalent to 100 such purchases.
The share price weakness at the moment is due to her proposed merger with SAA and the SAA board not being keen. SAA itself is trading well.
However the proposed merger plays out, surely there is a good opportunity around the current levels at ADVT with as much cash in the bank as the market quote and all the potential upside that alignment with Vin Murria can bring.
Started: Howtofish, 6 Jan 2022 12:30
Last post: x54v, 10 Jan 2022 18:27
Thanks slowlyslowly. I have also spotted, as many others have probably done much earlier, that Vin Murria bought £17.5m worth of ADVT shares on 23 March last year shortly after being made a NED and Deputy Chair of the Board of MC Saatchi on 3 Mar 21. And now ADVT/Saatchi has a substantial link up. I suggest these are the visible signs of some highly ambitious plans.
"where has the cash to buy that stake come from?"
As of the last results, ADVT has cash of just over £129m.
So why is the purchase of nearly 10% of M&C Saatchi a good investment for ADVT? And where has the cash to buy that stake come from?
Started: rivaldo, 29 Oct 2021 11:14
Last post: x54v, 30 Dec 2021 19:30
The most recent results statement certainly sounded promising with regards a potential deal:
“as we head towards 2022, we have a robust and growing pipeline of what we believe are businesses that closely match our target characteristics.”
Interesting to note that the CRUX UK Special Situations Fund has recently been buying at the current level. The fund manager Richard Penny has done well with his fund ranked 4th out of 239 over 12 months. He bought into KIST at IPO at 100p (now 412p) and reckons that ADVT presents a similar opportunity to invest in proven management with a track record of success and skin in the game.
Vin Murria has invested £17.5 million of her own cash at 100p, so she is heavily aligned with shareholders and will be working hard to get the right deal. The downside is limited since the company is awash with cash (97p) at the last results. The potential upside on the other hand is significant with VM having previously driven two 10-baggers in the quoted software space.
I hope I am wrong, but I do have a feeling that this is rather like, "Waiting for Godot"! I just hope that he does arrive, and that he is bearing ripe fruits for us tramps! GLA
Up this morning with the offer price up to 127p. Hopefully Vin has been busy......
Started: x54v, 18 Jun 2021 13:40
Last post: x54v, 25 Oct 2021 16:46
Added 10,000 at 120.
And a further 22,500 @ 116.2 today.
Added 25,000 at 114.35
Certainly true here with Vin Murria having over £20 million of her own cash invested in the company...
---
"There are few better guarantees that a fund manager or director is acting in your best interests than by having a significant personal investment"
https://masterinvestor.co.uk/funds-and-investment-trusts/the-fund-managers-and-boards-with-the-most-skin-in-the-game/
Started: boredinberkshire, 22 Sep 2021 18:01
Last post: boredinberkshire, 22 Sep 2021 18:01
Any reason for the rise today?
Started: x54v, 17 Sep 2021 15:46
Last post: x54v, 17 Sep 2021 15:46
The main shareholders list has recently been updated on the company website to reflect the position as at 31st Aug (was 28th May previously).
Overall holdings have gone up slightly to 82.7% from 82.1%, with the main instis remaining keen holders. Gresham House has added a further 800,000 shares.
Not a lot of free float around with the instis such large holders, so there could be a mad scramble for stock on any significant acquisition.
Backing proven management has worked wonders with KIST (Andrew Austin) and SFOR (Martin Sorrell), so here's hoping the same happens with ADVT and Vin Murria.
Perky today. Nothing for weeks, then buyers all over it. Leak? or just something tipped in an article or something? Hopefully someone knows..
Started: justfacts, 5 Jun 2021 00:02
Last post: Hindy86, 5 Jun 2021 13:36
Thanks for sharing just..
I agree with Miti tho that looks like a small U.K. company, the kinda acquisition swc are looking for
Advt are looking for a bigger company more than likely based overseas in u.s.a
Celaton looks way too small for ADVT but probably the right size for SWC . Company accounts only appear to show revenue of 4mill ?
https://enterprisetalk.com/news/software-company-secures-backing-from-renowned-tech-entrepreneur-vin-murria/
The main investor going in with Vin on this Celaton deal is BGF. BGF are also a 15% holder is ADVT...so it could be a precursor to a deal to clean up the register before the RTO. Would technically mean no need to announce anything just yet.
If true, then I can see the price moving up quickly to 150p+ next week as the market wakes up.
Started: x54v, 4 Jun 2021 11:51
Last post: x54v, 4 Jun 2021 11:51
Nice entry opportunity here as price has drifted back to prior support.
Vin Murria has around £20 million of her own cash invested bought in the placing at 100p so clearly believes in the opportunity. Her significant skin in the game is likely to be a powerful motivator.
There is strong institutional buy in. And no wonder with Vin's amazing track record. This makes for a tight register with 83% of the stock in the hands of sticky holders. So the price can move very quickly when there is demand.
The shares are currently trading at only at a slight premium to cash. And have the safety net of a huge cash balance waiting to be deployed.
As for the potential upside, well worth researching Vin's prior history.
"Both CSG and Advanced had given all the shareholders at least a 10x" - 8:04
https://audioboom.com/posts/7859138-vin-murria-of-advancedadvt-plus-and-christian-taylor-wilkinson-of-altona-rare-earths
If she's done it before, she can do it again...
Started: zebbo, 8 May 2021 20:38
Last post: Discus1, 13 May 2021 16:46
Bought some ADVT today on weakness, HL now dealing...got some at a fair price imho, just a waiting game...GLA
2 Vin shells - Anyone have a view on which is the best shell to back. Think SWC are focused on a UK company up to £100M