The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I'm pretty green when it comes to trading, looking at the recent transactions you are probably right. As someone who worked in the industry for years, my gut tells me that we will hear a variant of the same story next quarter. Any software sales, who would try to get away with this, wouldn't last longer than 2 quarters. JM2C. I hope the next few months will proof me wrong.
I think the simple reality is that it is very hard to take a more definitive view of the recent price drop when you look at the trading turnover on a daily basis. If there's under 100,000 shares traded per day yet it falls by several pence, then one has to ask how real these prices are. I suspect that if I was to approach the market on Tuesday morning and try to buy a large amount of shares - say 5m - then the price would rocket to 50p+ pretty quickly.
Marketmakers are over dropping the stock because of the automated trading in this share. You will note now for several days running there have been spates of AT trades [automatic trades between marketmakers] - these have destabilised the price and have not been matched by Ordinary type buys.
I don't think there's actually any proper reason then for the drop, it is market led, so the price can rise back up pretty fast as well. It appears to all be orchestrated......or should I say manipulated......
Who thought this sort of thing was not allowed?
The recent results show that things are not good here.
Kelly needs to rethink his plan. First main one would be to reduce the number of CROs to one and reduce the number in management. Time to get real.
I just wonder whether R Griffiths still has all his shares?
No news, still. I am afaid our leader sounds more like Ten Haag these days by saying that things can only get better. Well they certainly can't get worse.
Clearly someone knows something and it isn't good...or possibly they are purposefully not releasing news, waiting for the sp to drop and will then start buying at bargain basement rates, knowing that there is positive contract news. But surely they wouldn;t e that cynical?
You’re right about it drifting but I only have to sell 500 shares to make the price drop by a penny. This is clearly ridiculous.
The shares are currently dropping in very light turnover. In the meantime, Richard Griffiths is nowhere to be seen despite regularly topping up when the price was 70p+ recently. Why?
With no real news from the company and no deals being announced I can see 35p is in sight.
They will need to start cutting costs further. Raising more money will also mean dilution of the stock.
I've seen that, in that press release they just mentioned the former CEO and CFO, nothing about other bonuses. Maybe I'm just bitter because I invested during the Wandisco days, but at least they should have the courtesy to pay the bonuses back. No matter what kind of irregularities, a proper company shpuld have safeguards to prevent something like that from happening.
From the Chief Executives Report in the Annual Report:
" The persistence of legacy issues continued to
be a distraction for management, taking the
focus away from ongoing business priorities.
As an example, and partly in response to
shareholder concerns, the new management
requested that former executives return the
bonuses that were paid on the misplaced
assumption of FY22 performance. The
FY22 bonuses were approved and paid in
January 2023 ahead of the annual FY22
audit completion. To date no monies have
been returned. "
Understood, but putting out a press release before coming to an agreement leaves me, especially at times like these, a bit confused. Let's hope for the best!
She’s not coming back. She’s just working her notice which is until July . This was obviously an agreement, hence the RNS
Nothing substantial outside the bonuses for the CFO/CEO.
That's odd.
The annual accounts show bonuses paid.
https://cirata.com/storage/app/media/investors/Cirata_plc_Annual_Report_and_Accounts_2023.pdf
Does anyone know if the former CEO and CFO paid their bonuses back? And whoever was responsible for the irregularities, what bonus did he or she get? Nobody ever mentioned that, or have I missed something. I also think it's a bit strange that Xenia Walters is coming back now for a short stint after having resigned a few days ago. Any thoughts on this? Dropped an email to investor relations, no response yet. I just hope they get it all fixed.
Meister, and others feel strongly enough to raise concerns on here should contact the company..email address provided below..please post responses here if you ever do.
@Hastings74 - you raise a great question. Why does Cirata need 3 CROs and several VPs? Raises a big question mark on Kelly.
Trading statement (9th April) was clear about the situation:
“Bookings in Q1 FY24 were $0.7m (Q1 FY23: $2.1m, which benefitted from a large renewal), with DevOps/Application Lifecycle management ("DevOps") software accounting for 51% of bookings and Data Integration ("DI") software accounting for 49% of bookings.”
Bookings ( not revenue) of $0.7m is at a rate of £2.24m a year!!
Anyone concerned should contact the company:
Investor.relations@cirata.com
Let me know how you get on..
Careful Pearls.Your not allowed to question the powers that be.You’ll be added to the ‘Trolls’ list!!!
I think an email to investor relations is called for - surely the company is looking at its share price and getting concerned? We are now at new record lows. What is going on?
Silence from the company is going down like the share price. Investor Relations Dept - what do you have to say?
🤞🤞mind you we had a rise of just over 4 % on Monday and almost 1% Tuesday,so this could just be normal adjustment..not too concerned yet,guess we will know by Tuesday 🧐
So that’s a wrap for today - a 7.51% drop. We need good news but the sp movement seems to show otherwise - let’s hope the slide is not indicative of adverse incoming news.
Anyhooooo - enjoy the long weekend everyone. Mine starts now so I’m signing out until next week
Stephen Kelly is on record last year as stating Cirata will attain world leader status within 4 years. He stuck his head above the parapet by doing so and he will be judged as having failed should he miss - wise not to promise to deliver such a mammoth undertaking unless you are very sure of success. The market is very unforgiving and it doesn’t reward ‘ steady as she goes’ or ‘growth/ revenue is on target’ , let alone failing to deliver. He also admitted in the last update that new business was much slower to secure than anticipated and their new ‘go to market’ strategy has not delivered the uptick in sales and revenue that was expected.
Trust needs to be rebuilt but in the meantime, other companies are coming along, without the baggage or stigma and are attracting customers that Cirata relies on to grow.
It’s very much a hold and re- appraise on a quarterly basis share in my portfolio. I hope he can do it -
Yes i agree, but those of us who bought after the suspension, knew exactly what we were getting into ,so i wouldn’t quite describe it as alarming.. I’m taking more interest in this share as similarly it is weighing me down. I agree there needs to be a cull and it needs to happen sharpish for the outgoings to balance out, but nothing else comes as much of a surprise. I believe that the mammoth task taken on was underestimated, mainly due to wider issues aswell, but certainly not out of reach! so as long as we are continually informed of the progress I do not have a problem with that and it will be interesting to see how they continue to claw out of this hole.
I do think there is a demand, at least there seemed to be one. Not sure if they can really deliver what they promise. The story about moving data everywhere without boundaries was very intriguing. That GM deal gave me hope: Look at the amount of data in automotive, I thought this might be the beginning of something real big, but I'm gradually losing my faith. Nobody in the market mentions them anymore, I'm not talking about the stock market. According to the posts on Linkedin Oracle seems to be a focus right now. Suprised that there so many VP's at Cirata and so little revenue. Just hope Stephen Kelly can turn it around.
Turn over is in millions? At least Mr Kelly thinks so 🤞