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Well, at least it was not an after hours RNS. Still (another) shabby effort though. Another failure to meet a self-imposed deadline, albeit one of the more minor failures, comparatively.
Still do not trust them to deliver shareholder value.
Significant CEO and CFO purchases on Monday would at least start the process of rebuilding some fragment of trust that they have destroyed over the years. Anything less is cheap talk, IMO.
Ignore that… just got excited - eyes saw something else…. Must be the drugs I’m on…. didn’t read it… although it’s probably as meaningful to STX as their own RNS.
There’s this.. although not much tbf
https://www.londonstockexchange.com/news-article/SOHO/director-declaration/16465178
STX will probably release the RNS at 16:30 when the market closes!!! ::(
Indeed. There is absolutely no excuse for this. None whatsoever.
At the bare minimum, they should have released an RNS yesterday to update the market that there was going to be a delay to the before 10th May date, which they initially announced.
Sure, it might have negatively impacted the SP, but it is not like the BOD have done anything to protect, let alone maximise, shareholder value to date, so it would hardly have been out of the ordinary.
Amateur management at best. A stench that rises up to the heavens at worst.
The delay in the annual accounts being due to exchange rate translation seemed a little strange to me. I would have thought the 'going concern' wording will be the area causing delays.
In terms of the delay surely leave it a little vague e.g. accounts are expected to be finalised by the middle of May. By having a specific date means you must hit that date.
I am surprised at how few comments we have seen here, since the latest failure to meet expectations that the company imposed on themselves and stipulated to the market.
Neither cheerleader apologists or disappointed bulls.
Truly dreadful outfit.
Looks like it!
Surely not another broken promise/market misleading statement? Lol.
How late do they print RNS's, HarChris? Is it 6pm? Need to head out shortly, but will have a look later.
Quite the teasers, are they not? Building the tension like a skilled maestro....
We should get a bit more detail and reasoning in the audited full year results...
'The Company now expects to issue its fully audited results for FY23 before 10 May 2024'
In the next hour?
Smyths I haven't needed to be here that long even to see what's going on. I had followed STX off and on since early 2022 and finally bought in in 2023 around, I think, the Q2 business update which seemed like they were back on track after years of failure to live up to potential.
There it was at 7p looking like a true turnaround stock available at a great price only to learn the hard way how much more disappointment and failure this board has in them.
I got out seconds after the market opened after that dreadful February update with an average selling price of 4.1p so could have been much worse. As I'm not so long in the tooth as others on here re STX I've followed since to see if, (Yes i'm mad!), there might once again be a potential opportunity down at these ridiculous lows but Greg so far appears more and more out of his depth and more and more deceptive and untrustworthy.
I'm interested to see how this all plays out but all I do know is it won't be the way Greg is currently signalling.
Jessiredd, "some posts here are just silly"
Your not long enough invested in Sheild to understand, if your invested at all.
They tried to go it alone in USA 2-3 years ago & failed so not "just entering" as you state.
Millions in revenue but more millions in losses, it ain't hard understand.
Cash flow positive also means we only bring in a little more than we spend, so at best 2025 we will gave a little profit but not enough to pay the bills. However thd "cashflow positive" goalposts are on wheels as they move, but you ain't here 4 years & wouldn't understand. But the market understands that, the market also understands when their taken for a ride.
Why has no director or institution filled their boots at 1.5 pence if this is such a great buisness?
The product maybe good but the management has been shocking .
HarChris, LWHL & I have been telling the idiot rampers the truth but you choose to keep the blindfold on.
Why do a few of us post facts? Ill tell you, we are here so long to have seen the management fundraise after fundraise, missed targets, economical with the truth.
DYOR & Goodluck all as we need it & more.
Some posts here are just silly.
You have an amazing product, millions in revs, just entering in to the US, and cash flow positive next year. What’s wrong with people?
We do know about the lump sum payment - it is in the H1 2023 RNS from Sept 2023 - see below.
"In addition, the Group reports $4.3 million (H1 2022: nil) of other operating income, representing the previous deferred portion of the upfront payment from Viatris Inc., Shield's co-promote partner in the US, received at the end of 2022 and now recognized in H1 2023."
So this payment was deferred from late 2022 and so probably paid in early 2023. Even if we spread it over both Q1 and Q2 it is no longer in the annual Q2 2024 figures as this will cover the 4 quarters from Q3 2023 onwards . No doubt this is why they have only a small increase in revenues from Q1 to Q2 2024 as they need to offset the 'loss' of this payment.
As has been mentioned the Q3 revenue target is the big one as that's a big step up from Q2.
HarChris is spot on - listen to the guy. They haven't breached the new convenant (yet) but who knows what will happen in the future. Last year they told us breakeven in 2024, this was missed, there 2023 targets were revised down in Sept 2023 and still missed and now they won't even provide an estimate of prescription growth.
CEO tells a good story and loves talking up the positives, yet won't even buy shares as these silly prices.
We all hope STX can become a profitable company but it would be stupid to ignore past issues
Also they are working hard to get the full audited results out this week.
I got confirmation to say that they do not breach the KWS covenant due to amendments they have made.
Thanks, Smugger. Yes my figures didn't include Viatris as it was a one-off payment.
And, as you rightly point out, impossible to say how it will be accounted for in each of the FY23 quarters other than it has certainly been accounted in the 23year. If $0.7M was in '22 then that leaves $3.7M to be spread over '23. It may have been all recognised in the 1Q'23 in which case there's no contribution going forward, it may be spread equally which would mean a contribution of c$0.9M each quarter benefitting the FY24 trailing quarters only upto Q3'24, or it could be anywhere between in the figures, whichever way the benefit is only to Q3'24.
As you rightly say the big concerns are Q3, and even more so Q4 where the target revenue amount to be generated is $22.5M and $31.5M - huge increases that STX must meet and far from where it is currently.
@ JAllis. I have been following this discussion thread and would like you to note that the actual covenant in the SWK facility is ‘Minimum Group Revenue’ as stipulated in the 28th September 2023 RNS. This means that you need to include Europe (USD1.5m for the whole of 2023, divided into quarters) and the Viatris milestone payment. If you look at the RNS issued on 27th April 2023 you will note that this amount is USD5m but only £0.7m was recognised in the 2022 accounts leaving around USD4.2m (at a 1.19 exchange rate, which seemed to be their chosen reference rate) as income for 2023. This will be released as income through 2023 matching the timing of costs are incurred. This means that your numbers are light by these amounts. It is not possible to know the exact quarterly timing for the release of the Viatris income but dividing it by four does give a reasonable proxy. My numbers show they almost bag on USD15m for Q1 2024 and suspect that the small increase to USD16.5m in Q2 is achievable. The problem is Q3 and if there is any cause for concern it will definitely be during this quarter. They need to grow scripts quicky, sort out Texas and show positive momentum with other territories. At this price these issues are already factored in (in my view) BUT this is not a share for widows, orphans or those with a nervous disposition. The management can find a single banana skin in a sports stadium seating 50,000 and slip on it and so nothing can be taken for granted. However, I did want to correct this SWK Facility default as I believe it is a non-issue at the moment as that can has been kicked firmly down the road to Q3.
JAllis - yes looks like revised figures are breached, yet they kept saying they don’t need to raise . So I am waiting to see what they say to my e-mail…
This PPS should be x10 as is.. and once positive next year, 100x
Riz -dont understand why its so difficult to understand what is meant by 'revised covenant' - the originals were those in the Sep RNS, the revised are those in the April RNS. They are behind on both targets
HarChris, what would you suggest Shield Therapeutics is worth to AZN or similar if put up for sale ?
I’d like to see what happens
I can't say 100% that Shield will fail to reach a cash flow positive position without additional resources but Greg has far from explained how that can be achieved. For it to happen they need to be on a completely different trajectory and so it can only happen if he has an ace up his sleeve which he hasn't yet shared with the market (what's the logic to that?') or fortunes change dramatically for some other reason.
Again, technically possibly but highly, highly unlikely.