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Well you'd imagine correctly (and less of the supercilious tone). I'd venture that Sneller like most of us was keen to average down, and been so heavily exposed it won't have been pleasant. Whilst he will be updated by management as a top 10 shareholder and was no doubt taken over the wall ahead of the placing, dont assume he is any better placed than the rest of us about the day to day management of the company.
I would imagine that lines of communication between the board and Richard Sneller are very much open if you look at (a) how much he was invested before the placing, and (b) how much he invested during the placing.
Clearly he was sufficiently satisfied to not only retain his holding but to increase it. He has a long-term view, likes what he sees, and doesn't need his hand held like a nervous PI on the Internet.
I'm just saying were actual sales to match (or indeed get anywhere near) projected capacity we'd all be quids in and very happy very quickly! Sure unlikely but I'm looking forward to details of these new contracts and hopefully rapid scale up from here. I didn't suggest the £50m/£75m are sales projections, you've misread that.
Reading the news today I reckon some selling has been done in error. For those investors who were unsuccessful with their last placing, owing to poor Royal Mail post probably, now is just as good a cause, if not better to invest in SCE. Could become a multi-bagger for patient investors. I liked some positivity in their news post.
Bundred is not the man to chair this company as what is needed is some honest conversations and self-examination, and that is clearly not going to happen while he is chair supposedly overseeing strategy, holding KJ and Maddicks to account and properly representing owners' (i.e. shareholders ) interests.
Too bloody right! If I were Richard sneller, I'd be on the phone to our useless chairman demanding an explanation.
Hi fevertreeman, as you know I'm not in the same place that you are in terms of calling for heads to roll but I do think it's interesting that sales were £1m average in Nov and Dec. People might say 'oh well it's the holidays so Dec wasn't a full month' but if I was Johnson, Maddock and Easton I'd have done pretty much whatever it took to hit £8.6m even if it meant incentivising staff to work over the holidays. This suggests to me that they couldn't produce at more than £1m per month rather than that they chose not to, and that is a concern.
OK flundra, glad you know that. It's just very different to what your post said, that's all.
Damay obviously it's capacity we all know that. It's encouraging to see this projected expansion particularly in view of the anticipated new contract awards. Looks to be going in the right direction and I'd hope for rapid scale up from here.
STL, that's my thinking too, and I'm taking it to mean that SCE is still optimising the outstanding issues.
As frustrating as these repeated speedbumps have been as an investor, it sounds like SCE are much more forthcoming with their actual clients, who are okay with the timescales.
The investment case is so compelling, and the risk/reward profile at these prices is fantastic, imo.
Another lousy display of leadership from Bundred & Johnson, who continue to prove (a) their complete lack of understanding about how the public markets operate and their complete disregard for their own investors. This Tau was hugely important in setting the right tone and restoring some faith in the management and board. It did neither! Bundred has to Look, once again operationally one can’t believe a word they say!
In the teeth of an existential crisis that entailed investors bailing out the company, Bundred & Johnson went on record repeatedly stating they were on target to hit £8.3m YE, blustering about Oct being best month ever at £1m.
Come today’s TU, they miss that target & give no apology or explanation, leaving us all wondering whether any forecasts they make can be trusted. Whilst 300k in lost production is small vs potential, it is the principal that is at stake here with 2 individuals who clearly just make stuff up!
If they can’t get these forecasting right god help us when we get to £75m potential capacity So they basically flat lined into year end, blithely missing their own target, waved 2 fingers at s/holders in the process .
As of that’s not enough, then there’s the weasly PR spinners wording around “No new technical problems have arisen in recent months ”, effectively signalling that existing technical problems persist as do “ potential points of failure” Johnson and new FD need to be hauled over the coals for this ….not good enough!!!!
Bottom line - despite all the s*** Bundred &Johnon have put s/holders thro in last 18 mnths they still cant to be trusted and that is why in the absence of any evidence eto the contrary, the share price will continue to languish.
Flundra, you misunderstand. The references to £50m and £75m are about sales CAPACITY, not sales (albeit the contracts won take us to those levels but in later years). Guidance for this year is £23m sales and that looks bullish to me.
If they achieve £50m sales by summer and £75m by end 2025 it's massive. This kind of scaling up makes the business case so compelling.
It seems like an encouraging RNS. My only reservation is that there are 'no new technical issues' but it the RNS is silent on whether the existing technical issues have been resolved,
Agree with you rivaldo. Things look to have turned now. Great start to a new year, and outlook looks really good. May add a few today. ATB
I'm above all extremely pleased to hear that "No new technical problems have arisen in recent months".
Last year's sales were £8.3m, only just short of expectations. Q4 sales alone were £3m, up from £2m in Q3, and the installation of capacity to meet the huge order books is on track for £23m sales this year.
It's also good to hear that:
"The Company expects to announce further new contract awards in H1 2024"
And that SCE's customers "have agreed their schedules for 2024 which match our assessments of production capability and capacity".
Https://masterinvestor.co.uk/equities/small-cap-catch-up-steel-myths-and-brakes/?mc_cid=54dfd4d609&mc_eid=340be254f4
And finally. Lightweight tip article.
Didn't MI also tip this recently at 23p ish just before the rns from hell?
Praise for SCE's brakes on this Porsche discussion forum:
Https://rennlist.com/forums/992-gt3-and-gt2rs-forum/1385862-surface-transforms-brakes.html#post19189641
And here:
Https://rennlist.com/forums/992-gt3-and-gt2rs-forum/1378379-pccb-or-steel-for-rs-track-use.html
LOL check the shareprice. It was a sell OBVIOUSLY!
I think that's the point fevertreeman, somebody in his position arguably does have a number of choices, unlike your average PI. He certainly didn't need to increase his % holding.
What choice did he have, given Bundred and Johnson took a sledge hammer to the share price. Extraordinarily neither has seen fit to apologise, and Bundred should just leave before he does any more damage as his credibility is shot to pieces and he is a laughing stock
So...as of today ...there are now 352,072,638 shares ...this site hasn't updated that yet
Encouraging that somebody of Richard Sneller's conviction and track record has increased his holding from 14.1% to 15.3%. There are worse people to follow, that's for sure.
An Off market negotiated trade of Placing shares by the looks of it ..only a "sell" because of the time reported , and the price out of line with the reported time
385.68k wow!