Excellent Mayo, so long and good luck then. Best of luck with...

Excellent Mayo, so long and good luck then. Best of luck with your position - I sincerely hope you do well. No hard feelings.

And for others (just to set the record straight): my circa 6k posts are NOT on FLT as some would have you believe. I have been a HC member for many, many years and used to post a lot on oil exploration stocks (geo analysis stuff mainly). My background is that I used to be a trader (working in London), but now just trade PA for sh*ts and giggles. I also used to post prolifically on insurance stocks as I am "quite familiar" with insurance company valuations (long story).

With regards to FLT - I have held stock (long) and have had shorts as well and have openly disclosed this. Unlike others who are stuck long-and-wrong (and I am genuinely sorry about that: COVID is not your fault), I hold positions depending on my short- to medium-term view. At the moment I strongly believe that FLT is over-valued, based on various probabilities (such as extension of no-fly rules, cash burn, and the liklihood of further capital dilution - all of which do not bode well for FLT in my opinion). As for writing a plethora of comments: Yes, guilty, I am verbose. But I am also very thorough. This habit comes as the result of my many years - previously - of writing market commentary (on Reuters) when I was a screen jockey (and a founding member of the Association of Reuters Screen Editors - which had its own quirky acronym).

So I apologise if my writings offend anyone: that is certainly not the intention. Yes, I have a negative view on this stock, and yes, I post about it. But a fair and balanced argument is what is needed on HC, not a one-sided pom-pom waving festival which may mislead some into thinking that all roads are paved with gold. FLT was a great company, but has been decimated by COVID. The equity has been severely diluted, the net debt has risen, and the liquidity has fallen. Add to that the TTV has been absolutely smashed, resulting in a net monthly cash burn that continues to erode the available cash. Yes, they still have cash in bank, but for how long they can hold out is the real question. And Turner, for all his bravado, would rather protect the brand (his Top Deck baby) than see it sink; and for this reason I think the smart play will be for them to issue additional script or, at the very least, some form of subordinated debt. This will prop-up the coffers and perhaps see them through to the other side of COVID, but will also dilute equity further: and as a result will negatively impact the share price.

Bottom line: the wheels that turn FLT are -

* TTV (and the TTV runway)
* Cash burn (op costs versus net profit)
* Cash reserves (i.e. quick ratio, once taking current liabilities into account)
* Capital (and possible dilution).

Make your own mind up, but be informed. Don't take my word for it, and indeed anyone else's. Definitely Do Your Own Research (DYOR).

Hope holders are right in the long-term. Scroo Turner has worked hard for this company, and I sincerely hope it weathers the storm.

Regards
Kit.