Good afternoon!
We're having glorious weather in the mornings here in Greece, but thunderstorms in the afternoons/evenings. Therefore I decided to reverse my schedule today, and sunbathe/swim this morning, then write a report this afternoon.
So apologies for this report being a little later than usual. It should be finished by 3pm UK time, so please refresh this page later.
Exchange rates
I'm intrigued to see that sterling appears to be recovering some of its referendum-related losses. To my mind that makes sense, so I've been long of cable (£ vs $US), once it became clear that economic armageddon was actually not going to happen any time soon (if at all).
It's worth monitoring the key exchange rates for UK companies (i.e. £:$US, and £:Euro), because that will affect earnings for lots of companies. Maybe some of the recent share price movements triggered by weak sterling could reverse somewhat?
Cloudcall (LON:CALL)
Share price: 58p (down 2.5% today)
No. shares: 20.1m (after Placing, and additional EIS/VCT placing)
Market cap: £11.7m
(at the time of writing, I hold a long position in this share)
Result of General Meeting - this is nothing more than a formality really - to approve the issue of placing shares. However, it's always worth reading all RNSs, as sometimes there can be an interesting nugget of information contained within.
So this comment is worth mentioning;
Peter Simmonds, Chairman of CloudCall, commented: "We are delighted with the institutional support we have seen in undertaking this transaction.
We believe we are at an inflection point where the additional funding will enable us to capitalise on the strong pipeline of opportunities that exist by increasing our sales and marketing capacity, particularly in the US where we are seeking to leverage our important relationship with Bullhorn."
I think this is important, because Peter Simmonds has considerable credibility - being a relatively recently appointed, and independent Chairman. He is also credited with having steadied the ship, and helped management focus properly with some important strategic improvements. His track record at dotDigital (LON:DOTD) is of course, excellent. So a credible figure.
Also, I've spoken to a couple of larger institutional shareholders at this company, and have been quite surprised at how bullish they are about the company's prospects. There's a gulf between bullish institutions, and generally exasperated private shareholders.
This company has repeatedly disappointed to date, but…
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