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At the end of the day not so great but on low volume trades 1p is better than nothing. Today may see upside if FCRM get any positive media coverage.
I've been comparing SMS to FCRM similar companies in parts with SMS a larger player but look at SMS SP, over 800p. Difference seems to be transparency which FCRM lacks. Add the cash position of SMS and a divi, both strengths. FCRM was in a good cash position and paid a divi. Now both in the negative. If this can change then FCRM SP may, big may, could improve significantly in the next 12 months.
All theory but time will tell.
HC
Well put Harry.
I agree totally.
If Bayford come up with a low offer, nothing to stop others joining in the fun.
All very positive IMO.
Patience will be rewarded.
Todays RNS is really good given Ofgem announced on the same day half a billion to be invested in EV which links directly to smart metering.
Bayford and FCRM are now clearly expanding their footprint in this field as first movers. Expect more deals with major retailers, forcourts, councils, etc, etc.
Much depends on the Annual Results that as noted before can be at anytime up to 1st October. The latest RNS on contract wins with increased revenue streams looks to re-rate FCRM. Lets see if brokers up the SP guidance.
Reading tealeaves ain't accurate but I guess AR will be early June. Hope so.
Take out price will be above 50p given vested options start at 52p so the in place management will not support any offer lower than this. Lets hope we see other interestsd investors or VC join the party.
All theory of course but for a change a good day.
HC
Got to be a take over planned. Bayford have a significant share and now a large associated contract.
Harry
what price do you expect now?
Todays RNS is called Nepotism.
Anyone that still thinks Bayford is not the predator, with a likely reverse takeout now likely, needs to reconsider.
HC
Thanks for posting this Pip
That will hopefully get them to get their finger out .
Explains why the share has fallen recently
Pip
Thanks . Thar'll work.
HC
That's it. I held for a further 10 days so that I was clear of the 8th May through to the following Thursday when I expected a result would most likely to be published. I sold the FCRM position on 17th because it ain't my money that's invested... it's my 7yr old grandsons ISA ... and I am not prepared to carry further risk as previously explained.
the reply was received on 4th May at 10:40hrs...
Hello Mr xxx,
I had a good bank holiday thank you and hope you did too.
The new Board are actively discussing the timing and content of our future RnS announcements and we will advise on this in due course.
Best regards, Craig.
On 3rd May at 12:17 I followed my earlier message up:
Good Morning Craig,
I trust you had a pleasant bank holiday weekend?
Might you be in a position to advise shareholders when the trading update and final results will be released for the last financial year?
The results have now been delayed for 4 weeks and no explanation has been offered to the market as to why this course of action has been taken. I note members of the Board of Directors were trading shares up to 8 March which suggests no results will be forthcoming until 8 May. This seems at odds with your suggestion they might be released toward the end of April. I also note the website financial calendar remains blank.
The actions of Fulcrum Utility with regard to keeping shareholders informed is at odds with what is written in the annual report and on the website. I am left to surmise whether this is an oversight or intentional. I prefer to assume the former but I am beginning to become concerned it is the latter and that the company is choosing to not inform shareholders for reasons yet to be disclosed.
This will be the second year when FCRM has delayed reporting. The first occasion precipitated the loss of the Finance Director and brought in a suspension of dividends. What should I make of this new delay and the declaration that it is to align with other businesses? In the absence of a more meaningful and public explanation it looks like a holding answer and that is even more suspicious.
Kind Regards
The reply was received on 7 April at 11:19hrs. With the benefit of hindsight I believe it is absolutely misleading. I held on to my shares in the belief the results would be published as described at the end of the April. They were not, the SP moved down slightly, and then I sold.
Hello Mr xxx,
Thank you for your email and I hope you’re well.
We’re expecting to announce our pre-close trading update towards the end of April this year. This is a change, to move it more into alignment with how many other businesses report their trading updates, but we appreciate that it is later than our historical reporting.
We will update our financial calendar once we have a specific announcement date confirmed, but please feel free to contact me directly if you have any questions before then.
Best regards, Craig.
Harry - My original e-mail. As a shareholder I addressed it to the CEO. Sent on 6 April at 14:15hrs.
For the attention of the Fulcrum Utility (FCRM) Chief Operating Officer
Dear Mr Dugdale,
I am a shareholder of Fulcrum Utility and have been invested since 2017. It has been a rather turbulent couple of years with delayed reporting, loss of dividends and more recently an extraordinary merry-go-round of moves within the Board of Directors. All this against the backdrop of a pandemic and, in the case of FCRM, little meaningful news to encourage investors.
As the end of March approached I was anticipating a buoyant End of Year Trading update. I am aware the FCRM trading year ends on 31 March and in past years this has resulted in an RNS providing shareholders with a progress report and date of the Annual Results Publication. So far nothing has appeared, including an RNS to explain why or when such a report might be released. This is disconcerting!
I note that the FCRM website states:
The Group communicates with shareholders through the Annual Report and Accounts, full year and half year announcements, the Annual General Meeting, regulatory news and one-to-one meetings with existing or potential new shareholders throughout the year.
Can you please advise me when the End of Year Trading announcement will be made, or if it is not being released when an announcement will be made explaining the change of situation that has caused it to be delayed.
Thank you for your assistance
Pip.
Apologies. I looked back on your earlier posts and you confirmed the email was from Craig Baugh. Can you copy/paste the whole thing as I'm gonna go to the LSE with the issue of FCRM giving investors misleading information that could, or could not, affect their own judgement in investing in FCRM. Subsequently that investor could have suffered significant losses.
Example. At the time of the email the SP was say 37p to 38p. Its today sitting at 34p. If it now transpires that FCRM issue bad Annual Results, say before the deadline of 1st October, this delayed information will/may give rise to the Investor suffering further losses. This is not a 'buyer beware' scenario. This is an Investor using sound judgement based upon provided information.
The question in respect of Graig Baugh saying 'we expect' is mute. If the information was wrong, albeit a bit vague, it should not have been issued; full stop. My guess is the LSE would view such incorrect and misleading information as an issue.
All theory of course. Ain't life interesting.
HC
Ji
Kinda agree on some of your points but I still see Bayford taking FCRM private as it is. Turner knows about retail. He knows platforms like EV, Smart Metering, Hydrogen supply, all link together, and will be rolled out on forecourts, supermarkets across the country. Look at Costa Coffee, investing in EV across the UK. Turner see's the advantage of being a 'first mover' with FCRM a cheap way into this market. The fact FCRM has the 'spine' capability is a really big plus.
Below is what they said in December.
"The Group has entered the second half of the financial year in a strong position and expects full year revenue to be stable year on year, despite the COVID affected first quarter, and to be profitable on an adjusted EBITDA(1) basis for the full year."
Again, I'm not a reader of tealeaves but unless something major has happened I don't foresee the Annual Results being bad. If they go profitable and stop the losses then that will please me and other investors. FCRM is hardly exciting but the potential is there for solid profitable growth. Segments like EV, Smart Meters, Hydrogen, are all growth generating
That said, the appointment of Mr Lavelle concerns me. What has he to offer other than his expertise in restructuring companies in distress.
Pip. no answer on who sent you the email which I guess was Craig Baugh.
Ji. SP in the toilet - have stop at 30p -could soon be tested with low volumes on the sell side.
All theory of course.
HC
Harry
There are several ways forward.
Mills and Harwood are not in it LT. Just profit. Bought in c 14..15p.
Turner only wants his bit.
So phps there comes a time - shortly - when Mills/harwood dispose of their holding.
SP drops through the floor - Turner mops up.
Stage 2 - demerge what was dunamis - Turner control - or offer small price to PIs
FCRM - a v promising utility company swallowed up by ano
Take Pvt - PIs lose out
Just scenarios HC - thought i had lost my 6k when Fusionex went Pvt - luckily some one in Malaysia wanted in and i got out with a 10% profit
Pip
Before I start with the LSE I need to be sure of my facts. Was the email to you advising that a trading update would be before the end of April from a Board Member, or Craig Baugh.
Let me know.
Sad to hear you and Sam felt the investment too risky. Hope my own call is correct but feels like I'm playing a hand of Texas Holdem with FCRM.
HC
Aha..7 April.. Text of the e-mail:
"We’re expecting to announce our pre-close trading update towards the end of April this year. This is a change, to move it more into alignment with how many other businesses report their trading updates, but we appreciate that it is later than our historical reporting".
On re reading it the key word is 'expecting' which allows for an escape route.
All incidental now as I have sold all of my holding and moved it elsewhere. I entered FCRM for the dividend and growth. First year went well but since it has been in suspended animation whilst everything else has moved on at pace. After 18 months of no dividend or real growth (since entry) it fails my criteria for investment. The current uncertainty is also a factor - I was burned by Sirius Minerals and do not want a repeat - so I am out.
Good luck to you all and I hope your investment works out as you expect.
Cheers, Pip.
Pip
Just to clarify.
Are you saying you recieved a reply email from a Board member to your question on the date for the Annual Reporting and that person told you in writing that this would happen before the end of April?
HC
Thanks Harry, Do you think the e-mail from FCRM regarding a release of results 'toward the end of April' constitutes a release of misleading information likely to influence an investors decision?
It's source, a 'director' of the company, can be considered to have inside information that is trustworthy. It was given to a person identifying themselves as a shareholder/investor making a reasonable enquiry and who would be expected to act on what they were told. The source intentionally disseminated false information and, in doing so, misled the shareholder to the effect they made poor investment decisions.
Looks like a failure to maintain an orderly market?
Impressed by this board as to respect for all and good insights from all contributors. I have mulled it over the weekend and sold this morning unfortunately at a small loss. Good luck to all and sure it may well come good but in the past I have not listened to my gut feeling and have lived to regret it. Will continue to monitor
Ji, Pip, Sam
I'm not a reader of tealeaves but its clear FCRM are not particularly transparent. AIM companies get a bit of a pass on this but the LSE will jump on them if their behaving in a manner against the 'principles' of QCA Corporate Governance Code that they have to follow. Items 1 to 10 are hard reading but give clarity on what they must, and must not, do.
As it stands the Board are actually not doing anything wrong. Sure we as investors want the Annual Report asap but they have until the 1st October if they want to drag it out that long. Just a guess but I think they will do an RNS by June 6th.
Given the buy's by Board Members in recent months I see upside here, but only for the brave. Business I think will have improved in recent months with builders doing well, and infrastructure investment like EV bolstered by Gov incentives. As Sam and others have said FCRM are well placed to benefit from these areas'. Problem is the set up of the Board. Clearly their are interested parties who see FCRM as a cheap way into this growing market, and are attempting to control the management. Bayford and Turner top the list on the negative side .
Anyway, I'm hanging around for now and will top up on dips until we hear something. Free cash flow and Capex costs being the main issues for me.
Gotta think about the tax benefits on FCRM, as an AIM company. For Bayford/Turner this is a big attraction for their investment.
All theory of course but I maintain my view that further attempts to 'buy out' FCRM will happen sooner rather than later. Price per share 50p upwards.
HC
Harry
I guess he is there to try to sort out that which Turner wants
From what you posted may have to wait til much later in year for data. I dont think the Coy has an obligation to do anything other than submit A/Cs by the required date.
Just read the December interims. Lots of positives but delay in publishing results normally bodes ill. Will mull this over for a few hours
Just read his bio on linked in. Thank you for pointing this out. Gut feeling tells me something not right. This should be doing sooo well in the current environment. Are you sticking ? Thanks once again