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hi if you get a minute could you please put a link up? thank-you
According to De Tijd, Punch Motive, a Strasbourg based firm turning over 500m euros making gearboxes for BMW, has bought Flybrid for an undisclosed sum.
Looking at the balance as of the end september and if the Intelluctual property and any other division can be sold it is possible that there is a risidual value, however us shareholders will be last at the trough....should be some news soon. GLA
Quite an interest in shell co.s at the moment, so I haven't completely written this off yet.
life its self is a risk if you dont take risks chance is you do nothing....the past has gone go forward with out regrets
Well you support innovation for 15 years and it was in my opinion a leading technology but it had no vision or marketing which is indicative of other past developments within UK manufacturing sector. You cannot in any business spend 15 or more years in R&D making something the best always awaiting the best optimisation while your potential customer base starts to look at other technologies due to frustration. I think the bod will sell the intellectual property rights and we will see an overseas buyer reap the rewards of our lost investments. Why would anyone want to support UK innovation when it you see the outcome like this today. I don’t bet on horses but may do now to get a better return .
Is this going into administration or not?
Its pretty obvious that the money they said they had 2 months ago is no longer.......would like to know whats happened to that, but we are not going to see a penny out of this either way, feel sorry for the long term holders....I was fortunate not to have too much here but its still a loss....
and da other wan-kors Hilton & Cross got to get Flybrid back for free, hopefully they pass away before they see it ever succeeds. Now lights is officially off...
Further to the announcement on 5 December 2017, it is with regret that the Company confirms that the Board of the Company has resolved that Daniel Smith and Clare Boardman of Deloitte LLP will be appointed as joint administrators of Torotrak plc as soon as practicable Now time to get all financial dirt out, and the administrators will make sure to get paid first from whatever cash is left, after solving the mystery about where the £2m cash has gone. The wan-kers running it should get executed in public.
Flybrid cost Torotrak �11m in 2014 + a further possible �15m if performance targets were met. Unsecured loan notes of �1.8m, were given as part of the deal , and were repayable subject to certain commercial targets being met (these are part of the dispute at the moment). This electrical regeneration technology is most probably still valuable, but as I suggested before, in these situations the shareholders often see nothing.
The price of the co. now seems to be at about the same level as the CEO's annual remuneration (�275000).
Management will consider all options.. including turning it into a main market shell.
This could be put into administration so it's a big risk. Or it could be saved and boom!
Flybrid also have over �2m nav at latest results
Decent post mate
Playing with fire, all out of hatred. They have no case in calling the loan notes as it is stated in the agreement date 30/6/15 "the entering into of a new loan agreement for a £1.8 million fixed term loan from the Flybrid Vendors to the Company which will be used by the Company to redeem the balance of the loan notes. The loan is repayable at the end of a 5 year term (or earlier at the Company's option) and secured against the assets of Flybrid under a new debenture and carries a fixed annual interest rate of seven per cent. payable in cash monthly in arrears (the existing loan notes do not attract any interest);" Clearly they don't like Torotrak selling Flybrid to anyone as it is in their sole interest to take it back for free given it is the only security for the loan. So they come out of the blow demanding loan repayment before the 5 year term whilst it is clear they can't do that. Then they force Flybrid into administration in an alternative to force the loan repayment of taking it back in their control. Douglas Cross seems to be kicked out of Flybrid in September 2017 (as per his linkedin) maybe to cut down costs, so this explains his anger so he decides to call Jonathan Hilton (non-exec chairman?) to try and force Torotrak hands and bring it into halt with no refinancing. Surely the incompetent directors taking this as excuse to not publish the financial position (not clear why) whilst threatening to put the company into administration too. It is beyond believe that the directors hasn't suspended the trading while all this going, clearly in favour for some party. 30/9 cash was £3.7m - loan notes £1.7 = leaves £2m cash which there is no way that this has disappeared just in less than 2 month!!!! mcap at 0.05p is ~= 250k vs £2m net cash, let alone other assets, land, factory, equipments etc... https://www.investegate.co.uk/torotrak-plc/rns/proposed-placing--open-offer--subscription--etc/201506300700305842R/
I supose it was expected its a good job I only had speculative money in this, doubt we shareholders will see anything now.......
Now Shows as 0.11 - 0.12 (GBX) at 10:06:40 But then quotes 0.073 to sell
The MM's
"Like i said in a previous post I feel this company has been just very unlucky certainly in timing etc" You're kidding right? I was in this from about 2002 and finally bailed at 7p around 3 years ago. The technology is great, the series of useless CEO's one after another has been wretched. Over 15 years and they never got it into anything for sale. Not even a fleet of demonstrators. Always tinkering, looking for another application, more computer modeling, instead of getting it in some vehicles. Feel so sorry for the long term holders who were seduced by the technology but let down by overpaid managers, who didn't give a stuff if it was ever going to be utilised
Like i said in a previous post I feel this company has been just very unlucky certainly in timing etc.....we have to face up to the facts that in situations like this the shareholder usually ends up with nothing, but the RNS does suggest they are at least talking to others that maybe interested and with the M/C as it is now I will see it out till the end and hope for them two greedy idiots to back off or get a complete buy out....with all them patents it was to be worth more than the M/C.....good luck all
Took a few earlier, lse trade page is down
Buys going through at 0.132p reported on nex and still 0.05p on lse lists of trades.