Maybe they’ve spent the recent £1.2 million received from their drect investers and need to tap a new resource
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Does anyone have experience with rights issues done on crowdfunding platforms? One company on Seedrs has now announced a rights issue to address a cash crunch. Communication is ambiguous for now where they say they create N new shares with price X to raise N*X cash. X is 1% of the prior share round, meaning a 99% down round with massive dilution.
From public stock markets, I understand “rights issue” as the company issuing rights to existing shareholders to purchase new shares and setting a price R for these rights. Each right entitles to purchase a new share (with variants of multiples n old shares for p new shares) for price P minus the price of the rights. On top, shareholders can choose not to take up new shares and sell their rights for the price R avoiding the obligation to pay P-R (times the number of shares).
Does this work the same way for private companies? Likely a platform like Seedrs will want to simplify this as nominee and run this as a regular pre-emption campaign. Wonder if they’re really allowed to do so.
I have enjoyed watching Robert since scrapheap challenge days and watch FCS regularly. Got a ticket for FCS live last year (but couldn’t make it on the day). Emotion says invest (usually poor outcome lol).
Other than stating they are hoping for a 2025H2 acquisition (giving investors an exit) they seem rather unbothered about articulating their play. Turnover is provided but no indication of costs (that I could see). Edit: not in the deck but on the web page “2022 saw a recovery to £3.9M turnover & £464K operating profit”. Can’t see last year’s number.
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Moneybox are absolutely smashing it! I am very fortunate to have 1000 shares in them!
Q2 shareholder update
Growth
We saw £2.25 billion in net deposits (up 353% YoY) across the quarter, and our AUA reached £9.45 billion.* We also acquired over 83,000 net new customers.
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Valuation of just under a billion for Moneybox?
Based on half the current valuation of A J Bell. Half of their revenue but double their AUM.
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Can u give a further breakdown of what u are saying pls?
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AJ Bell revenue: £218 million
Moneybox revenue: £102 million
AJ Bell AUM: £4.7 billion
Moneybox AUM: £9.45 billion
AJ Bell customers: 528,000
Moneybox customers: 1,427,000
A J Bell Market Cap: £1.88 billion
Moneybox Market Cap: £1 billion?
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Ok,thanks a lot for explaining further.
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Btw AJ Bell AUA is £80b not £4.7b. 4.7b is just the AUM of AJB’s in-house funds which is much smaller than their total AUA.
Otherwise good analysis. Interesting Moneybox’s q2 update had a new line about expecting revenue to moderate at the £100m level in the next few quarters. I guess they expect the savings market to get tougher as interest rates go down
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I did think £4.7b was on the low side. Thanks for the correct figure.
Very happy with the progress Moneybox are making. Maybe an IPO in the next few years.
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Bit late to this but i’m also seriously impressed with the progress moneybox are making!
Nutmeg got acquired for £700mn with 3.5Bn AUM, £21mn revenue (166% YoY growth) by JP Morgan in 2021 .
With Moneybox having ~£9.5bn AUA, £102mn (annualised) revenue (~70% YoY growth) - positive cash flow however unlike nutmeg, I’d say moneybox is quite comfortably a unicorn right now.
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Anyone got the deck of Watford FC
Agreed. It’s often a theme seen on this side of the Atlantic. It doesn’t necessarily seem to be funding either, but a cultural issue. Startups in the UK really struggle to expand and compete the way companies in the USA do. I do not like American foreign policy (putting it politely), but I cant deny that the USA is the place to be if you want to start a company and aim big- global expansion. Access to crazy venture capital, talent, and a 300 mill plus population within one set of borders and regulations is a huge advantage.
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Cornish Lithium’s Trelavour Hard Rock Project designated as a development of national significance
Cornish Lithium Plc (the “Company”), the pioneering mineral exploration and development company, is pleased to announce that it has received confirmation that the Secretary of State for Housing Communities and Local Government, The Rt Hon Angela Rayner MP (“Secretary of State”), has exercised her powers under Section 35(1) of the Planning Act 2008 (as amended) (the “Planning Act") to direct that the Company’s Trelavour Hard Rock Project in the St Austell area of Cornwall (the “Project”) should be treated as a Nationally Significant Infrastructure Project (“NSIP”).
Having considered the details of the Trelavour Hard Rock Project against the criteria of the NSIP planning regime, the Secretary of State was of the view that the Trelavour Hard Rock Project, in and of itself, is nationally significant for the following reasons:
- the Project is likely to have significant economic impact and will be important in driving growth, nationally and regionally;
- its influence will impact on a region that is wider than a single local authority area; and
- it focuses on the extraction of a strategically important industrial mineral.
In addition, the Secretary of State also considered that the Project would benefit from the application being determined through a single, unified consenting process provided by the Planning Act, thereby removing the need to apply, and the uncertainty of needing to apply, for separate powers and consents.
Jeremy Wrathall, Founder, Chairman and CEO of Cornish Lithium said: “We are delighted that the Secretary of State has directed that the Trelavour Hard Rock Project should be designated as a development of national significance. Developing the Trelavour Hard Rock Project is an important step in securing the domestic supply of lithium that the UK desperately needs to grow the country’s battery sector, maintain British automotive manufacturing’s competitiveness and accelerate our transition to renewable energy.
“This marks another stage in the UK’s journey from relying on imported lithium to maximising the potential of the industrial scale of lithium that already lies beneath our feet at existing brownfield sites in Cornwall. Qualifying for the Nationally Significant Infrastructure Planning regime is a vote of confidence for the positive impact that the Trelavour Hard Rock Project will have on the UK as a whole, as well as on Cornwall. It will also provide clarity in terms of the planning process for Trelavour and certainty in the context of our development timelines while we continue to pro-actively consult and engage with stakeholders, including, local communities, businesses and authorities.”
Onwards and Upwards 
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Excellent news! According to Crowdcube the current share price is £0.20
And I invested back in 14 Oct 2020
Shares 1,107
Purchase share price £0.09
I’m relying on this to make up for my current paper losses with Freetrade!
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Is your company trying to compete vs the mining giants?
I remember you all speaking about the cornish a while ago
I first read about Heat Wayv in 2021. They make electric boilers which heat water with microwaves and not a traditional element.
At that point, a gas boiler ban was mooted beginning in 2025. That is no longer going to happen.
3 years later, Heat Wayv are still pre-revenue, and is a year away from completing trial units. They are currently trying to raise £750k on crowdcube at a pre-money valuation of £35M, which would last them a year.
https://www.crowdcube.com/companies/heat-wayv-ltd/pitches/bMNPoq
I like the idea! A better electric boiler, a drop in replacement for existing boilers, far more realistic than a hydrogen revolution.
But that valuation is just ridiculous, I just can’t understand it.
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You are not the only one that thinks £35 million is a crazy valuation. They have only reached £50,000 of their £750,000 target with 8 days to go.
Notpla continuing to do great things. The progress has seemed slow on an investment/valuation level but hopefully this will speed up the process
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