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...slightly.
The earnings release for the half year coming up on the 27th, so we should get confirmation of the good August update. The director resignations are a bit unnerving, but the data in that update was good, and the SP is very low.
Brennan was only a part time appointment made in May 2022 and given what he was appointed for can we really say his appointment was a roaring success?
Agree Troy. The contrast with the 4th July RNS is quite marked and it’s worth noting that Shaun Robinson when leaving said encouraging things about the company (he is a big holder) and referred to allowing the company to make fresh appointments (plural) to guide the company in the next stage of its evolution, or words to that effect.
*non
We’ll never know what the real motivations behind the departures are but it’s very rare that an rns states that the Board pushed directors out for being useless. I have some sympathy with the view that more likely these two were ‘encouraged’ to move on.
The future of SYM is in essence Saudi Arabia And the Arabian peninsula region, India and Grupo Bimbo (accepting that many iron are in the fire). But if they really open up the full opportunity across these big 3 then annual revenues will be in the 10s of millions with a 3 to 4 x revenue multiple on that for company valuation. Strikes me that SYM need to get a couple of new mom exec directors that are much better connected to these key market opportunities and can accelerate SYMs progress. Hopefully it won’t take too long to find suitable candidates who will likely be based in Saudi and India. Just a hunch - we’ll find out soon.
Just getting rid of dead wood i guess.
good to have a clear out at top level. and make room for more positive people .
Three out two in - not one in - I meant to say
Agree there is very likely turbulence at board level here.. but these two might have been pushed out instead of walking away of their own volition.... (the previous board resignation was accompanied by a positive good bye message from that chap in the RNS.. not so this time.. )
The company has downsized its cost base recently previously .. and so a slightly smaller board might be apt alongside that too.. so maybe three out and one in might be the right for the future for eg ..
PS the share price was already on it's knees and the company says its turning itself towards profitability.. and is expecting to announce good bottom line news soon enough too ..so the background buying doesn't surprise me at all.. but your view on the s/p potentially 'collapsing' from here with these two board departures does surprise me Hounddog.... (material to s/p Info. would have to be notified by RNS, don't forget)
Something very strange is going on here. There seems to be a major board bust up over something (remember also that non-exec & investor Shaun Robinson also resigned about a month ago and that the recent trading update was slightly late which might indicate there was dispute over something). However, the shares have been active and rising quite sharply over the last few days in a quiet time of the year. There seems to be a consistent buyer in the background which is presumably why on this bad news the share price has not collapsed.
Baffling.
Chart and volume say someone buying this one up.
Fair enough Stargate and thanks for making the effort to analyse and post....
(I'm a fundamentalist and particularly so for AIM stocks.. but each to their own... and I'm all for a clearly/meaningfully bottom line lifting RNS by end August.... and this blows thru 10p off the back... and another similar one in September... and it blows thru 15p off the back ! :-))
Further to my earlier message , there is overhead supply,from previous trading at 10, and also 15, so when sp, approaches, those price levels, resistance to upward progress, may be expected.
Sp, has broken through price congestion of 2.5 months from 15/5/23. A very rough point and figure price projection is 14.5, calculated from the 2.5 months in accumulation . Bollinger bands are both separating, which indicates a fast price movement. A future retracement, will be signalled, when the lower Bollinger band just begins to turn up. Either take profit, or hold the equity through the retracement. Reinvestment can be considered when the RSI(relative strength index), crosses above 50, or when the close, is above preceding high.
Thank you NicetoMichu. Kind of you to say so. Something is up today - so maybe we will be getting some news.
Should start to gain a bit more interest now.
Cheers
Your ongoing good posting here is much appreciated Hounddog..
I agree that they were probably holding off this update in the hope of dropping some good new business news alongside too.. and they've said they expect to have a healthy amount of such news in second half of 2023.. so I have pretty high hopes of a few good to the bottom line RNS's here in the coming months.. and some buying in anticipation of these ...and some buying off the back of them too.. not least as this s/p is on its knees now.
IMHO & DYOR
The problem is that their communication is consistently bad. In the last two years pre close full year trading updates have had to be downgraded on audit - one time was twice and it was significant. Bristow does not appear on top of the numbers and cannot seem to forecast the business. We are meant to be on a £14m annual revenue run rate by now.
We did not learn much more than that the revenue was £3.6m. That still puts them on course for a £1m annual loss so they will need to up sales significantly to get into profit.
I agree that they were probably holding out in order to announce a commercial deal which has either failed or been delayed.
They were probably waiting to the end of July hoping to close on one of the “several key projects” that they say are near to commercialisation and somebody was off sick or something and hence they missed their own deadline by one day.
One day late is surely not a hanging offence. No surprises good or bad.
They are hopeless. Absolutely hopeless. They cannot even get a basic communication out to the market by a time they themselves determined - or issue a RNS that there is going to be a delay. Bristow should go.
What happened to results due in july. have i missed something ?
The 50% reduction is just on distribution costs - about £400k last year. It was artificially high because post covid shipping was very expensive as everyone was chasing scarce shipping and the ports had not got back to normal to efficiently unload meaning slow turnaround times. These kinks in the system have now gone. Also for their Middle East business they used to manufacture in the Far East and ship but now have a local factory. So trucking costs only.
Would be nice to know how they reduced 50% of related cost. Waiting for next update in July.
Very positive indeed
Many thanks for the comments and insights Hounddog. Appreciate it.
This is going on in the background. They are trying to get a global treaty by 2024. Huge amount of disagreement. There is the usual eco mob trying to ban plastic and those thinking that recycling is the answer.
Note the countries in the article that don’t want global rules imposed on them. It includes Saudi Arabia and India. There must be some hope that they will defend their position by saying we require a d2w type additive in our plastic. I just cannot see the oil rich countries or poor countries adopting anything other than the cheapest, most expedient measures. It will take decades to build meaningful recycling capacity in these countries and engender a culture of recycling (even if you think recycling is the answer). However, the chances of anything much sensible coming out of such a treaty are quite low.
https://www.politico.eu/article/un-global-plastic-treaty-talks-limp-despite-blockade-oil-rich-countries/