The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The Board is however now confident the combination of this £6.5m Placing, the £2m Open Offer and the £13m local authority loan is sufficient for working capital and capital expenditure needs over the next few years.
Surface Transforms already has a secured and prospective customer pipeline for approximately £700 million1 of sales, of which approximately £390 million2 is contracted.
Surface Transforms expect to be able to sell as many discs as it can manufacture.
The Company expects to post a Circular to Shareholders tomorrow, 3 May 2024, containing a Notice of General Meeting, proxy form and full details of the Open Offer including the Application Form.
The Company will provide a live presentation to investors and any other interested parties on via Hardman & Co's platform at 12.00 noon on 9 May 2024. Interested parties can register for the presentation at https://us06web.zoom.us/webinar/register/WN_mUnp-l2KTomKBRFgUhFEow
The General Meeting will be held at the offices of Gateley Plc, Ship Canal House, 98 King Street, Manchester, M2 4WU at 11.00 a.m. on 23 May 2024.
I was tempted a few days ago, luckily I was distracted by a household issue. Bought in today, for once I was on the right side. Too many times I’ve been hit going the other way. For what it’s worth I believe once the dust has settled (there’s a lot of dust) it’ll climb steadily to 2-2.5p before too long.
Question is do you trust these jokers with that.They should have brought someone in with technical ecpertise.
Its a sahme they felt the need to telegraph a fund raise for months rather than just doing it. Of-course the share price was going to drop. Now it looks stupidly cheap. They have more orders than they can fill, the capx has been paid for, production is about to start to ramp up and working capital is sorted. May take a while for the dust to settle but this should return to the old 25p level which is now around 9p fairly quickly.
Only on this market could a BOD or NOMAD consider a 66% discounted placing as fair and reasonable, in some countries such behaviour would result in very long prison sentances.
And no doubt the same spivs will drive this 20% below placing price as they clean up on their shorts :-)
I would say a big chunk of these shares have been sold today by existing shareholders unless placing shares have been forward sold.
Maybe.... some averaging down now , rather than buying in the Open Offer ( save on further dilution from that) and also then having to wait to get the new shares
02-May-24 09:33:46 0.984 1,421,175 Buy* 0.90 1.00 13.98k O
02-May-24 09:37:17 0.989 1,414,565 Buy* 0.90 1.00 13.99k O
02-May-24 09:44:45 0.985 1,000,000 Buy* 0.90 1.00 9,850 O
02-May-24 09:45:46 0.985 1,014,823 Buy* 0.90 1.00 9,996 O
02-May-24 09:50:19 0.982 1,000,000 Buy* 0.90 1.00 9,820 O
02-May-24 09:53:55 0.979 950,000 Buy* 0.90 1.00 9,301 O
Did not know I needed your permission to post here.But did try to warn you about "placing"
Sounds to me they need to INVEST in a proper production management team who know what the fook they are doing
Should have listened to me around 4p when I said placing is on the way.But.........
You seem to have made your mind up shamI89 so the question remains. why are you still here?
Thats the concern. SCE is holed below the waterline.
thats why they had to offer us their WIVE and DAUGHTER in this placing
This share is only going one way I bailed at 10p and look at where the price is now it will all be over in about 18 months and someone else will come in to pick up the peices. They may have a huge order book but they are unable to deliver either on time or profitably and the clients will just have to go elsewhere.
Are chalk and cheese!!
Surface could easily hip 5p within weeks!!
£30 millions on a contract which is worth about £100 millions over 6 years.
They tried to run before they could walk.
Kept on expanding and spending money when production processes hadn't been sorted, resulting in a high scrap, high cost operation. The last fund raise is the final roll of the dice. If operations don't improve the company will be bankrupt in 6 mths. Very poor management indeed.
Fine. Thank you. I've too many RNSs to read today...
Anyway, they can't win in my view. What they gain in honesty they lose in shamelessness.
@unhooked
in the RNS
" The Issue Price represents a discount of approximately 66 per cent. to the closing mid-market price of 2.9 pence per Ordinary Share on 30 April 2024, being the last Business Day prior to the date of this Announcement.2
They were forced to move up too fast or may be they were too clueless about expansion as it has proven to be a disaster.
Where?
One thing SCE cannot be accused of is moving too fast! :-)
They did.
They normally state the discount of the placing to the prevailing settled price over the previous few days... but they haven't done that this time. Wonder why? Could it be that a discount of 65% is so astonishingly large they'd rather not mention it? Maybe they should've gone bust, a la Saietta, rather than fleece investors for more cash.
Not about speculative punt. £13m loan for capx. Placing proceeds. Almost completed installation of furnaces to ramp up production to £50m+ revenue. They just moved to far too fast and were forced into the raise at a silly price.
They seldom move uniformly. Expect a bounce and then a fall and then a surge!!