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Thanks for pointing that out. There is hope yet they announce a dividend as they have about £25m of equity that could be used for dividends so not short of shareholder equity at least. a share buy back is also a great option to improve EPS.
“Subject to the completion of the Investigation, the Company will issue further announcement(s) in relation to (i) the audited consolidated annual results for the Reporting Period agreed by the Auditor and the material differences (if any) as compared with the unaudited consolidated annual results contained herein; (ii) the proposed date on which the forthcoming annual general meeting of the shareholders of the Company will be held; and (iii) the period during which the register of members of the Company will be closed in order to ascertain shareholders’ eligibility to attend and vote at the forthcoming annual general meeting and determine shareholders’ entitlement to the final dividend, if any. In addition, the Company will issue further announcement(s) when necessary if there are other material developments in the completion of the audit process.”
The results were un-audited and didn’t have the company statements attached and I don’t think they said either way about a dividend. We should expect a fully approved set of results and full statement on accounts to come.
While we await an outcome noticed today China/US cosying up on only thing they can, climate. Expect bigger commitments to Ethanol i am sure. We can only hope pressure from all sides will make BOD change or have it forced upon them. Real shame divi has not been announced as that alone would have fixed most things in terms of fair value of company. I am confident CNE was already so lowly valued before suspension that shareprice can only move higher after suspension as BOD will be watched closely. Can cne be worth a forward PE of 2 on pretty clear signs of future growth?
https://www.theguardian.com/environment/2021/apr/18/us-and-china-commit-to-cooperating-on-climate-crisis
Share holders shouldn’t have anything to worry as the company figures and progress is in a very good state, they are making substantial profits and orders are very strong. At the end of the day the suspension was due to the auditors doing their job which is asking why millions were spent for no value to share holders and have asked for a detailed explanation from the BOD. If anything it clarifies to the senior management (and major shareholders) they are accountable to every shareholder not just themselves. Concerns are raised because the IPO share price tanked and they want to know why after they paid consultants to deliver the opposite. I see several major issues.
Massive sell of on the first day of HK trading
Lack of any communication through the year
Genuine share price not achieved based on performance
Millions spent on consultants
The auditors want answers from the company as they are accountable to the exchange and share holders. So they have been asked to explain and fix the problem as the company management does not deliver value to its holders. If the major shareholders (BOD) want to run it for themselves they should buy back all the shares and take it private, if not they are accountable to everyone.
Several outcomes could arise.
Company goes private, they’d have to buy up all remaining shares, they’d have to make an offer above the IPO as they valued the company at that value only a year ago.
The investigation fines the BOD and consultants for miss conduct in spending share holders money. Starts trading again and they learn a valuable lesson about being accountable.
Third party looks to do a takeover and makes an offer which again would need to be fair and realistic. Would be at the IPO price range as a minimum.
Bottom line is for all the above is that in open trading as soon as a few buys come in the price leaps in value very very quickly so no one can get many shares with out the price jumping up very quickly. The problem is trust at the moment in the BOD updating shareholders to sustain a long term investment base from PIs or institutions. I think this will be picked up by the audit and the BOD will be told to act correctly moving forward. I can only see the SP moving upwards as profits and revenue are so strong.