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The absense of update tells you what you need to know.
If they had good news they would have put in rns, instead the put out 3 fluff RNS.
They are going to miss target i suspect
DReal agree has navigated us through a difficult year . Just needs to get us through this one and I believe the share price will fly . Also the VAT refund would put us back on a positive road back to growth and a profitable company .
You look at the Syrah results from 2023 and compare them against TGR m. It certainly puts things into perspective and i have been critical of Poddar but he has transition his way through a tough year.
It can only get better for the graphite market… hopefully 2024/25 is the year for #TGR
The lack of comms from this company is a disgrace.
It's been five months since the last production update and almost a month since an investor meetup was promised in the "very near future".
A company in the early stages of production should be putting out quarterly updates at a bare minimum especially when previous figures fell so far below expectations. An explanation of how supposed graphite experts overestimated the head grade by 50% would be useful too, surely accurate figures would have been essential in informing the decision of whether or not to mine in the first place.
All in all it's hardly surprising that some people fear foul play.
I have emailed the Poddars expressing my concerns and will report back if I get a reply.
So graphite prices are reportedly rising it seems. If TGR can ramp it’s production would its margins go over 50% if the level of production was at their target?
In the last interview when asked about 1500 the lady just deflected. Even if you breakeven you are stuck.because you need concentration units to get higher output.
Bite the bullet and try and find a strategic offtaker, which is the approach every other company has taken
The next set of results are really very important now. TGR should be able to reach 1500Tpm without additional funding, the £m they are looking for isn’t specifically for ramp up, it’s more for working capital (cash put aside to pay CLN coupon, to be able to attract a reputable CFO etc) so these next results need to show either (i) they are now at 1500tpm or (ii) they have at least ramped up to break even level (~1100tpm).
If they show no improvement on H1 production whatsoever then it’s hard to imagine future funding will be anything other than painful.
Because shard were hired to do the convertible. It was in the results
Probably they put effort into it, company would not adjust the pricing so they walked.
This is same thing. Trying to find new shareholders.
Problem is ceo has never hit a target so people dont want to give cash!.
Shard Capital appointed broker 16th November 2023
Placing 17 January 2024 AM
Shard Capital resign 17th January 2024 PM
I recall seeing some analysis on AIM company announcements as to the average number of days between the appointment of a broker and a placing. Is the share price rise last week an indication that it could be sooner rather than later?
His family drained business paid too much 4 failure, uninvestable
Bought a little more today, does anyone have a link to graphite prices? Saw a suggestion they were rising but not sure where to check. Thanks.
The only thing more unfathomable than the incompetent/destructive behaviours of the founding family here is the willingness of some on here to look past it and see positives.
The lesson of the last couple of years is that no assurances from the Bod an be trusted (incl, imho, the "imminent" VAT refund) until backed by evidence. None is ever forthcoming. Perhaps the long trailed VAT refund will arrive next week, the co will turn cash +ve, and the SP will rise eventually back over 1. Perhaps.
Otoh, perhaps a thinly denied raise will give enough cash to struggle on for a few more months, perhaps the VAT refund will turn ou to be less than promised, . Perhaps our new NED wasn't privy to everything, and/or failed to do enough DD b4 purchasing.
i can't fathom it ; the +ve side simply doesn't match the history. the -ve side accords perfectly with the pasty, but seems almost too surreal to be true. Whatever the truth is, the uncertainty means no new investor in his right mind is going to take a punt here without a LOT of DD, far more than is publicly available to investors.
Review it
1. Vague rns on market
2. Detail of high grade product but small volume
3. New ned makes tiny purchase
The we appoint broker when short of cash. Last time we did this it was to attempt convertable.
Signs are there. Just remember, review past videos and watch ceo almost laugh he would not do dilutive equity placing and then do it.
Do you know the history.
Sashir did around 4 interviews saying no equity dilution.
1. Appointed broker
2. Released in results in back pages details of huge potential convertible issue ( by mistake). Then played off that is not equity dilution it is convertible
3. Then broker quit
4. Then did equity raise.
The ceo said no equity raise until blue in face and did one, while trying to line up a broker to do convertible at better rate
They don't need another broker just to do a basic small placing like they did in Jan, that happened with Optiva alone. Shishir is also pretty nimble when it comes to equity raises, never has it ever been signposted, they always come out of the blue. There's just no way that the time they are in the most danger of sky high dilution (£1m would be 15% dilution around this level) they would signal to the market their intention. No way.
What the purpose of this broker is I can't say though. They have been accused (fairly) of poor corporate governance with only those falling in line with Shishir still standing and even Optiva, their broker, having close connections to Shishir seeing as their ceo founded Tirupati with the Poddars. So perhaps this is the start of getting their house in order and targeting institutional investment?
Now why would a cash strapped company use scarce resources on appointing a second broker, I wonder?
I find it hard to see a +ve side to that. The NED share purchase looked to be a good sign, but with this following on its heels, I cannot fathom what's going on. And still no news on the "imminent" VAT refund from 7 March.
Is the NED as far out of the loop as we are? Given the history of governance here nothing can surprise me any more.
Feels like some people seeing what a gold mine this could be! Are graphite prices rising?
If the new broker attracts investors i would be very happy. It just allows them to move on.
But normally they place at a discount so might as well wait and see.
Gallimat, agree. Brokers are there as a conduit to acquire investors, Corporate and Private.
The thing that matters here is real traction for the SP not dilution.
I read rns correctly.
It is similar to last appointment. For broker who tried to issue and converible and then resigned in a matter of months when it was not executed.
Each to their own. Wishing everyone luck.
I will monitor and happily enter if they do raise the money.
I am only interested once they prove they can get cash
The company is certainly, publicly, trying to do things - and be seen to do them - more professionally.
The only thing TGR needs is cash. It has everything else it needs in order to be very successful and have a MUCH higher mcap. I remember thinking it was a good buy at 80p. We are only way down here at 6p because of a lack of cash.
I do not doubt that TGR will raise the cash they need to expand further and ramp up production one way or another. It's just a question of when and how, and as others have said, I would be surprised if they raised down at this low level of SP - especially as there is an expectation of a significant VAT refund coming in shortly to tide them over in the shorter term.
It is very admirable that Poddar has sought to avoid dilution as much as he has. In this company's case though, funding really is going to be a necessary step to unlock the potential and accelerate its growth. It would help to unlock its clearly massive potential, given it is sitting on - and starting to produce from - a huge resource of something the world really needs and which is only going to become more valuable.
CMC are no small fish and would not go near Tirupati if they saw any problems and they would have done the necessary checks . Also Pobar has said many many times no dilution .
We want investors CMC fits the picture IMO )
Shishir makes no bones about raising, they can’t pretend to aim to reach 400000tpa organically self funded! They will however look to show significant operational improvement and hence rerate before going back down the dilutive funding route.
If they can get the share price back into the teens I’d expect a raise but not something to be too concerned about at 6p imo.
Anyway, one more step towards professionalisation.
Interesting the Australian connection is highlighted they value graphite companies much differently over there perhaps the valuation disconnect will become more apparent through the new broker.