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Thoughts on that news?
£3m cash & profitable
To net current liabilities (or, worse current assets - all liabilities) puzzles me
I'll wait and watch....if the turnaround happens as mapped out, I'll take my chances of paying more for greater clarity
I wish I had spare funds. Nice chunky buy yesterday, I believe of 150k.
Share price today was 1.925p below the last placing price 9th January 2024 at 2p
Totally agree.
Absolute nonsense.
Fully get the sentiment.
A lot of trading activity this morning. Everything being marked as a sell but I believe there’s also a couple of big buys in there too.
Should get the HY report by the end of the month. Generally we know what to expect but it will still be interesting to get the report and have a look in detail.
Losing the will with this one
NB, that equivalent number was 432,000 in the 2019 report, and jumped most from 2020 to 21, which is consistent with what they say about it being associated with BorgWerner cutting ties.
For the PAYE liability, I am assuming that it is actually I cluded on the balance sheet on the 2023 annual report. In note 15 (current liabilities), there is 2,188,000 for under trade and other payables, for other taxation and social security. Anyone have a view on this. I'm not clear.
As long as we were net equity -9000, as stated, and not -1.7M as of that report, I guess it's not really that troublesome a revelation.
You are right.
The PAYE liability has been buried in the last few final year results, about halfway down the report. It’s only mentioned once in each report.
To me, that’s not good enough at all. Owing £1.5m to HMRC is a massive deal and one that shouldn’t be buried deep within a report. It should be a lot more prominent than that! Poor form by the company IMO
It was kind of announced...
Look in the going concern part of the last couple of FY results, it is mentioned. Though its not made obvious in the liabilities section. Best way is to Ctrl-F for HMRC. That is how i found it.
I’ve also posted on here that I wasn’t aware of the PAYE liability either. I haven’t trawled every document released over the past couple of years to look for it. However, I don’t believe it was announced previously. It’s disappointing to say the least!
That is still annoying me is that £1.7m PAYE arrears that suddenly appeared. I can find no mention of this beforehand and it seems like just as they are reducing the liabilities and putting some cash in the bank, there is suddenly a huge new liability to clear and we are back to square one again. Surely there can't be any more of these?
Good point re dilution.
Hopefully this is the floor in terms of SP and we can start moving up. If we start consistently recording profits, then we can’t stay down here forever!
I was thinking that it might have been them selling at 2p on the day of the placing. However Chelverton have not sold any shares, I just checked after the previous placing they still had 9,000,000 shares. So the position is just reducing due to dilution. The position is worth £180k at 2p. Seems an odd use of their funds when the trust is a dividend trust. Perhaps the old adage of 'its only a loss if you sell' is in play here. I suspect they bought in the old days of 80p+ per share.
So of the 30,000,000 placing shares:
Miton 3.75M
Raglan 7.5M
First Equity 11M
----
22.25M out of 31,350,000
---
So there is 9.1M knocking about... (and possibly First equity bought another 1M).
---
That isnt that many really. £182,000 worst case that could be flipped. Lets hope they all find homes. We may have even bought some unwittingly already. Ideally if there are no sellers down at this price then we might get back to 3p over the next few weeks.
Should be issued within the next 6 weeks. We pretty much know what to expect but should still make for interesting reading
So Dartron was right about Chelverton
Looks like Miton took 3,750,000 shares in the placing. Their holding slightly increased (due to dilution).
Interesting reading that website, quite a few AIM names that I recognise.
Perhaps one day they can help facilitate a take over or trade sale.
https://www.raglancapital.ie/selected-transactions
Who ever sold that 350,000 at 2.03 (if they did acquire the stock in the placing) made £105 gross profit. That tells me there is possibly a seller who may need to be cleared. I notice Chelverton dividend income trust are still holding. I wonder if they have been selling, this would not fit with the funds strategy now. When the new shares are admitted hopefully we get TR1's from the other holders and we can see whats what. You never know, Chamberlin might even update the website.
Can't be much free float
Google raglan capital. Headed up by the same person, a Mr. Cathal Friel
Can’t find much about the II, other than they’re based in Dublin
Raglan Securities Ltd 4.18% of the enlarged share count. 7,500,000 shares (£150k)
I can't let myself put anymore into this either.... I just don't get how they can be singing from the rooftops of all is going well then hit us with a placing (again).
If private investors feel like this I wonder what investment companies that are stakeholders here are thinking
No more investment for me to this share..as shareholders are diluted and again unvalued.. and it repeats again and again . It's very bad trend.