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No cash level given and that means only one thing!
9th April 2024 - " unchanged sales guidance of £23m"
17th April 2024 - " FY 2024 sales range of £17.5m to £22m"
they are such amateurs
Great update. Good to see BoD are keeping pi's in the loop.
GLA
Yes but in the past the mcap wasn’t £13m. Dilution will be much more pronounced this time
Nm
Lets see where this takes us.
Im not scared of a placing this stock has eaten them up in the past without much SP effect.
He still has more than 4.5% to dump.
Bridgedogg 1🤫
For for KWR. Luton by any chance? Me too (dont tell anyone)
If its Sneller then all hope is lost
Spot on, at least that would put a floor.At this rate shareprice will keep on sliding.There is a background seller and buying pressure is not existent.
I am waiting to buy in, but that RNS was incompetent to say the very least. No news about a placement as yet but as soon as funds are secured I think current holders will average their positions down and new investors will jump on board?
This is annoying, its cheap but at whatever level you buy at its going to get cheaper. huh
It is his typical style to dangle carront in front of investors before moving ahead with placing.
"...the scrap problems in particular have absorbed a sizeable amount of working capital and cash"... but ....."considerable success has been achieved in recent weeks in reducing scrap..."
is that an oxymoron ?
When there is a placing, let it settle down before buying. If placing at 2p, buy when it falls to about 1.75 ish.
Management seems to be out of depth, they raised 10 millions not so long ago and have burnt through that.Product is there,demand is there but incompetent management has ruined it.Right now you would want to hold these to get shafted by management when they announce placement.
We know there is value here because of the product , the order book & the queue of OEMS that want it. At issue is the competency of the Board and management and cash burn -both interlinked! Cunningham jumped ship last year, Bundred has been pushed out by popular demand, leaving just Holly Johnson. If I were the Board, forget engaging h/hunters for new chair, what's needed is a new CEO who can restore confidence and grip this business. Holly best off taking a sideways move to head up customer relations etc....
Hit send by accident...you get the drift!
Johnson's statements on operations since June last year bsolutely damning - he seems incapable of giving a realistic assessment of the state of the business, and is not a credible CEO.
27 June 2023 AGM RNS: .. Kevin Johnson will advise that manufacturing output continues to improve BUT HAS NOT YET REACHED TARGET LEVELS".............
- The PRODUCTION DIFFICULTIES described in the first quarter trading update HAVE NOT RECURRED but the Company has CONTINUED TO EXPERIENCE INDIVIDUALLY SMALL PRODUCTION DISRUPTIONS THAT HAVE SLOWED THE RAMP UP IN OUTPUT
- REITERATES PREVIOUS GUIDANCE FOR 2023 & 2024
31 July 2023, Pre-Close Trading Statement/Ops Update
Outlook: THE REVENUE EXPECTATIONS FOR 2023 &2024 ARE UNCHANGED. The PROUDCTION PROBLEMS OF LAST 6 MONTHS have inevitably had COST & CASH IMPLICATIONS. . Reflecting the Board's expectation of continuing operational performance, GROSS CASH at 31 December 2023 is now expected to be NO WORSE THAN £1M LOWER than previous estimates. The Board still expects the Company TO BE PROFITABLE IN THE SECOND HALF OF 2023
He should have stated cash position and that would have clarified the situation to certain extent.Witholding that information only means one thing and that is "placing".Market adjusted placing price to 5p but there is a seller in background.Even if they were to place new shares today it has to be carried out at a discount to current price.
What is extraordinary (and reprehensible) is Johnson's refusal to give proper explanations about what is going wrong/on. Whilst I get the commercial sensitivity issues, the vague nonsense in that dreadfully worded RNS that appears to caveat everything except the £23m revs forecast (ffs) doesn't cut it.
I'm guessing that the scrappage problem is around 40% of saleable product. This means that we are loss-making for every sale and probably would still be loss-making even with scrappage at 5-10% as the volumes are too low.
I would guess that we are burning through a £1m mth so cash is now around £3m FFS.
I can't believe that we need more money already after a raise in Nov. Clearly, there has been no significant operational improvement otherwise we would not need a raise. I imagine that pressure from customers to deliver has led to a willingness to continue to run at high scrappage levels.
Dont they have the £13m loan for capx?
RAZZAB ''just waiting for the bottom''
0p!