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In case you missed it FSA
The technology is good but there has been failure by management to successfully commercialise it.
They have little or no funds available. Shareholders will not support any further capital raise given the catastrophic SP collapse. Those shareholders closest to the company, such as Sunup and IP Group, have consistently refused to support recent fundraises – if they do not then who will? The company has raised £ms over the years but has little to show for it. Banks will not provide debt funding for a company that is clearly nearly insolvent, has no security and have already wound up a couple of subsidiaries leaving creditors high and dry.
The only obvious route for emergency funding is a sale of the Monitoring Division. Discussions were announced about a sale with one party over 3 months ago but no update since then. The prospective purchaser will be aware of the financial crisis and will be in no hurry to come to an agreement. The purchaser will have been trying to push the price down and might well decide that the lowest price will be achieved by buying the division from the administrator.
A month or two ago I would have said that the chances of a sale at a good price (£3-4m+) were high – say 70% plus. Over time it is an increasingly possibility that they will either not sell at all or the price will be disappointing. The success or otherwise of the sale is, to a large part, down to the strength of the management team. Management have consistently failed to deliver – few membrane sales, wobbly monitoring sales, a complete inability to commercialise the technology, failure to deliver Gibraltar and the forced winding up of two of the main subsidiaries. The departure of the previous Chairman who had a ‘mixed’ record was welcome although his replacement looks scarcely better. The CEO has presided over years of failure and a catastrophic fall in the SP.
If the sale does not happen then they will need to call in the administrators. Sunup will acquire the pick of the membrane assets, and the current potential purchaser of monitoring will pick up these assets for a song. Shareholders will get little or nothing and SP will collapse as a result.
If there is a sale of Monitoring at a decent price then there is likely to be, in % terms, a significant increase in SP. If they complete the sale of monitoring and a significant sale by the membrane division then the SP will rise sharply and probably generate interest from a potential acquirer – the market is substantial. The chances of this happening are remote with current management.
I am concerned that there will not be a sale at a sensible price and, given the delays and lack of news, these concerns are increasing. Given the uncertainties, the high level of risks and concerns about the BoD the SP is full and, in the absence of further news, I expect that there will be an ongoing SP decline as the market takes a view about the increasing risk of no sale of Monitoring
You really should do your homework FSA. I have previously made it very clear that I am a shareholder. I have also given a very balanced view of the company and made a number of positive comments.
To be honest they have not deramped or been negative just stated the bl...in obvious ie the sp will stay the same no matter what ?...do your homework ...job done.
Muggings and gettingpoorer ...to me it doesn't seem like either of you are invested here. If anything, possibly shorting. Fair enough them lot ramp but you guys clearly deramp. NEVER have anything positive to say to you know 'balance the debate'.
Time will tell here, one way or the other.
As to Suhail's 'If we rise from here as we should - double bottom formation at 1.20p complete' nonsense. More like a back double flip, with a reverse pike followed by the normal SP slide ie a load of bull.
The only person spouting rubbish here is you.
Suhail - you are treading a lonely furrow here, and spouting this kind of rubbish will not help.
Good to see that the level of contribution from Ant has not risen above the gutter
Emailed CEO etc 2 weeks ago. Not even an acknowledgement.
Anyone else tried emailing or calling??
Why? Just checking...
Pen15.
Riddler & Ant ...nowhere to be seen since 26th November.?
Hope you hant sold up and left gentlemen.
All the initial positive talk and now Suhail left on his own to hold fort!