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Yep. Director’s have taken the ****, and SH get screwed over. It’s fairly common in AIM but I thought it would be different in a company thats been around for 50 years.
Hopefully we walk away with some of our money
Only if I had deep pockets as I would possibly sue the directors.....they're probably sitting at home , smug with the fact that they're counting the queen's heads!!!!
Same in many stocks especially ones operated abroad.most go private or bust
They put no efforts to RAMP the share up (like most other AIM dogs), they could of done a placing then, but NO they just kept milking it.
I feel for all the employees and hard working staff.
As for the dollar , I can make it back, but many can't in this C19 crisis.
Thanks for that GW.
It's shocking the directors have milked the cow , it's criminal.
So dumb they milked it so much to nil and I hope they all go down with the ship.
H1 Trading Highlights
? Steady trading period reflected in a 32% increase in revenues to $32.8m (H1 2018 $24.8m) driven by increased sale orders from existing customers and sales to 19 September 2019 were $46.0m with an order backlog of $20.1m
? Improvement in adjusted EBITDA* to $1.0m (H1 2018: loss of $1.7m) and gross margin of 11.9% (2018: H1 6.7%)
? General and administrative expenses decreased to $1.1m in H1 2019 (H1 2018: $1.5m)
? Reduced loss before tax of $1.05m (H1 2018: loss before tax of $3.6m)
? Cash and cash equivalents of $1.6m as at 30 June 2019
? On 19 June 2019, a new unconditional completion date, of 31 March 2020, was announced for Shandong Ruyi to make the remaining cash payment of $13.2m and complete the proposed transaction
? Appointment of Micha Ronen as CEO, well known to the business having previously held the roles of CFO and Deputy CEO of the Group
? Operational focus on providing innovative products to major apparel clients in the US and the UK alongside expanding the Group’s uniform division
1.6 mill in the bank 9 months ago- you would think they must have some in the bank.....
Don't worry, it will all work out once covid-19 is over. This isn't the only company that has shat itself during this time.
All they have to do is shut down all operations incl suspending salaries (I wouldn't even furlough them) to the greedy directors. Resume trading once this blows over.
Lucky you! I invested very heavily here and twice was in 30% profit but thought this had much more potential. I wonder what the bank balance is and the current burn rate.
Generally at this point shareholders get screwed over. Just glad I’ve only got a sensible amount in here!
Yes GW it baffles me also - over 3 million dollar cash injection and they just squandered it - probably in over inflated salaries.
I’ve accepted my investment here is Zero now unless some miracle funding comes through.
Madeiraa5 is a spam bot, for those that don't know. Don't click on his link. Just report it.
Time will tell! Im remaining hopefull that we walk away with something half decent
Been saying all along this was scam. Where are all the rampers. Lost my ****ing money. I was warning ppl not to buy more shares. Now we're all ****ed.
GW, the minute that Ezry was buying I think our directors knew his intentions so my guess that they engineered a plan.....wonder what that could be!!!
Does anyone know if Ethiopia has any rescue deals for businesses or is it survival of fittest ?!
They received $3 odd million from Ruyi as a deposit- where did that go?
Good for you.
I got some back on OEX but way down in my pf...nearly out of the game ):-
I was positive on this share also then had a bad feeling. It's over here got my losses back on mos
Agree- director salaries must be a big cost. Hopefully this will blow over soon and we will walk away with something half decent
The Feb update, and only a month ago, clearly stated good sale growth with an award of a contract etc. Obviously Covid 19 has impacted on that:
"Whilst trading conditions have remained challenging, the Company continued to generate good sales growth for the 12 months to 31 December 2019, up 9% to $59.4m (2018: $54.6m) and expects to deliver a return to positive adjusted EBITDA** (2018: negative adjusted EBITDA** $1.0m). This improvement in adjusted EBITDA** has been assisted by a further reduction of operational costs completed during H2 2019."
Such a decent revenue stream. They must have been raping the company in their salaries ,as I previously alluded to. Likewise, very disappointed that they can actually get away with this.
Deeply disappointing esp since I have invested so heavily in the company. It was made out (from previous RNSs) that the company is in a decent position, especially after their bold move of taking Ruyi to court.
I know Covid 19 has had a big impact on businesses, but there must have been a few underlying issues before.
Hopefully they will be getting some funding of some sort and SH won't get shafted!
Gl all- a long waiting game now....
The directors have bled this company and we the shareholders gave Ronen the green light with a bonus. Bet he's thinking..."it's sad news but I'm alright Jack".
Everyone should just go on furlough, switch off the lights and come back when they can resume business with Ruyi offering a deal which will ultimately give them control for peanuts.....keep it on the open market (for Shareholders sake) but with Ruyi now holding the Ace card for cheap production at a fraction of what they may have intended to invest.
Then one sit down its failed. This hasn't been in a good way for a while since the deal fell through. The pigs will fly. Good quote. Just a real shame. Rns like that. Isn't good no matter how it looks. I for one have lost a fortune. With no way of getting anything back. It's not a lesson learned. If companies lie. that's just not understanding a Con.