A director at Allied Minds bought 377,900 shares at 10.571USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
Edison Investment Research is terminating coverage on Photon Control (PHO), Allied Minds (ALM) and Bioasis Technologies (BTI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Allied Minds’ FY20 results confirmed parent cash of US$22.3m, with revenues of US$0.5m (FY19: US$2.7m), mainly from one-off engineering and service contracts. There has been no further material news on portfolio developments, with FY21 funding rounds anticipated for Federated Wireless, BridgeComm, Spin Memory and Spark Insights. Given their short-term need for cash, we have elected to reduce the value of Spin Memory and Spark Insights to zero in our estimated NAV, so any funding news should be a...
Allied Minds’ FY20 results confirmed parent cash of US$22.3m, with revenues of US$0.5m (FY19: US$2.7m), mainly from one-off engineering and service contracts. There has been no further material news on portfolio developments, with FY21 funding rounds anticipated for Federated Wireless, BridgeComm, Spin Memory and Spark Insights. Given their short-term need for cash, we have elected to reduce the value of Spin Memory and Spark Insights to zero in our estimated NAV, so any funding news should be a...
Allied Minds has announced that Joe Pignato has decided to step down as CEO and from the board with immediate effect. However, he will continue to support the company as CFO for an interim period as the board continues its search for a permanent CFO. As part of a streamlining process, Allied Minds will now become a board-led company with no immediate intention to appoint a new CEO. The chairman and NEDs (experienced VCs and private company investors) will represent Allied Minds on portfolio comp...
In its strategic update, management highlighted robust commercial progress across the majority of Allied Minds’ portfolio in FY20 (notably at Federated Wireless, BridgeComm and Orbital Sidekick), expected to be reflected by multiple funding rounds in FY21. Spin Memory was the exception, where, although technical progress has been made, six to nine months of commercial progress was lost with the closure of its foundry due to COVID-19. Together with the unexpected loss of a government bid, managem...
Allied Minds’ interim results showed progress at four of its seven portfolio companies – BridgeComm, Orbital Sidekick, Federated Wireless and Spin Memory – together c 95% of portfolio fair value. Despite progress, there was no uplift in fair value as top-up funding was committed at valuations established in 2018/19 funding rounds. This leaves latent value as, in order for deeptech companies progressing to plan, we would expect a doubling in valuation between funding rounds 12 to 18 months apart....
BridgeComm, Allied Minds’ third largest holding in which it holds a 63% fully diluted stake (81% pre-dilution), has announced a high-speed optical communications partnership with Nokia. The partnership will leverage BridgeComm's expertise in free-space optical technology and Nokia's portfolio of network equipment and services backed by Nokia Bell Labs, the industrial research arm of Nokia, to facilitate faster deployment of 5G networks. BridgeComm is held by Allied Minds at a fully diluted book ...
Allied Minds made significant progress in FY19, focusing on its slimmed down portfolio of seven investee companies, with strategic funding rounds for Federated Wireless (FW) and HawkEye 360, before the sale of HawkEye 360. Recurring central costs have been cut to $6m in FY20, with a headcount of seven. Post the period-end, FW announced partnerships with AWS and Microsoft Azure with initial revenues expected in FY20. Parent cash at 31 December 2019 was $84.1m. The company no longer discloses NAV,...
Federated Wireless has completed a $13.7m Series C extension round to accelerate expansion of its connectivity-as-a-service partnership with Microsoft Azure and Amazon Web Services, first announced in February 2020. Pennant Investors, an existing investor, and Allied Minds each invested $6.85m to accelerate the roll-out of the leading private 4G/5G wireless cloud solution as well as to enable expansion of the spectrum controller for private wireless networks into the 6GHz band for 5G services. T...
Federated Wireless has completed a $13.7m Series C extension round to accelerate expansion of its connectivity-as-a-service partnership with Microsoft Azure and Amazon Web Services, first announced in February 2020. Pennant Investors, an existing investor, and Allied Minds each invested $6.85m to accelerate the roll-out of the leading private 4G/5G wireless cloud solution as well as to enable expansion of the spectrum controller for private wireless networks into the 6GHz band for 5G services. T...
Allied Minds’ portfolio company Federated Wireless has announced new connectivity-as-a-service (CaaS) offerings with Microsoft Azure and Amazon Web Services. This brings to market the first private 4G/5G wireless cloud solution, offered as an end-to-end managed service. These parallel announcements herald a trial period, with initial commercialisation expected towards the end of FY20, but with meaningful revenues expected to build in subsequent years. Having only received FCC approval for init...
Following a dialogue with shareholders, Allied Minds has announced a number of restructuring initiatives, including board changes, to cut costs and better align employee and shareholder interests. Mike Turner will step down as co-CEO, leaving Joe Pignato as CEO and CFO. The company has made amendments to the executive director compensation plan, including a reduction of the maximum bonus, elimination of the Management Incentive Plan and forfeiture of certain long-term incentive plan (LTIP) grant...
H119 has been a period of real progress for Allied Minds, with strategic funding rounds for Federated Wireless and HawkEye 360 and the $65.6m sale of Allied Minds’ stake in HawkEye 360 to Advance. With the transaction subject to shareholder approval, 50% of the sale proceeds ($32.8m, c 11p/share) are expected to be returned to shareholders in Q419. Management expects HQ operational costs to reduce to c $7.5m for FY20. It has also taken the opportunity to rationalise the investment portfolio, ...
Allied Minds has announced the sale of its stake in HawkEye 360 for $65.6m to Advance Publications, a US family office. The transaction is expected to complete in Q419, subject to shareholder approval (shareholders representing 58% of shares have indicated they will vote in favour). HawkEye 360 announced its $70m Series B funding round in August 2019, backed by Airbus and Esri, at a pre-money valuation of $200m. The Advance offer has been struck at a c 13% discount to the fully diluted valuation...
The Federated Wireless funding round comes hot on the heels of the Hawkeye360 fund-raise in August 2019. We estimate that the Federated Wireless round provides a further NAV uplift of $22m, equating to 4p per share (net of the $10m cash invested). Allied Minds has now delivered additional validation for two of its three principal portfolio companies, with 2019 funding rounds closed with strategic investors (in line with its June AGM statement), each offering material NAV uplifts. We calculate th...
HawkEye 360, one of Allied Minds’ principal portfolio companies, has announced a Series B funding round with new investors, Airbus and Esri, investing alongside Allied Minds and existing investors. The round was struck at a pre-money valuation of $200m (c 122% uplift in headline value), raising $70m of capital in two equal tranches, the second with certain conditions precedent. After Allied Minds’ recent portfolio downgrades, this highlights the material embedded value in its remaining inve...
Allied Minds has announced that Jill Smith is stepping down as president and CEO, with Mike Turner (general counsel) and Joe Pignato (CFO) stepping up to become co-CEOs in addition to their existing roles. This further reduces costs in line with the company’s narrower strategic scope. Otherwise, previously announced cost-reduction measures are proceeding as planned and the only portfolio update was to confirm that Allied Minds is hopeful of successful funding rounds at HawkEye 360 and Federate...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.