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With a trading update like this, it is far from clear to me why the management is considering accepting a takeover offer that is thought to be only marginally above the current share price.
JamesAB spoton 100%
& Agreed
Off you go XPD, we wont miss you.
This is all to do with the CEO owner fall out earlier in the year. Pay back time! Get your own (company) back time!
Very quite BB this one my posts from April on same page .
Maybe a good thing as no rampers /derampers .
Maybe an indication of not much interest.
Shame I had no funds in September posted below in today's hindsight better then anything I did buy around time maybe.
Looks like might break even on April purchase .
Not sure I like idea of company's being taken back to private after listing .
Does it make mugs of private investors ?
Xpediator surges on takeover offer
Tue, 20th Dec 2022 09:11
(Sharecast News) - Freight management services group Xpediator surged on Tuesday after a consortium including largest shareholder Cogels - the investment vehicle of former chief executive Stephen Blyth - made an indicative proposal of 42p a share in cash to take the business private.
The consortium also includes funds managed by Baltcap, one of the largest private equity investors in the Baltic states, and Justas Versnickas, the managing director of, and 20% shareholder in, Delamode Baltics, a subsidiary of Xpediator.
"The board of Xpediator remains confident in the company's prospects as a standalone listed business. It is, however, evaluating the proposal together with its financial adviser, Zeus Capital Limited, to establish the attractiveness of the proposal to all of its stakeholders," it said.
Xpediator said that as matters stand, the board is minded to recommend the cash element of the proposal to shareholders, should a firm intention to make an offer be announced.
"The Xpediator board is continuing its discussions with the consortium and its advisers to progress the proposal," it added.
At 0925 GMT, the shares were up 26% at 38.04p.
Russ Mould, investment director at AJ Bell, said: "There is a growing risk that if the market isn't prepared to put a fair valuation on a company, then someone will come along and buy it. Increasingly, this someone is either the founder or a former director and that's exactly what is happening with transport group Xpediator.
"Since its IPO, Xpediator has made a few acquisitions and seen its pre-tax profit nearly double from £2.4m to £4.3m.
"The company would probably argue its operations have survived a pandemic and it is continuing to go places, yet the market seems to have been put off by its status as a very low margin business in an inflationary environment - qualities which many investors do not like at present."
Agreed, this is a derisory opportunistic offer which undervalues the company and should be rejected.
My sentiments exactly. I assume well get a vote on this, if it ever happens of course.
This is a derisory offer. This company had grown year on year and its share price a few years ago topped 70p.
The fact that 2 of the major shareholders are trying to buy all the shares and own the company at 42p stinks
unusually large buys going through this morning.
Dartron,
I fully agree the results were not what was hoped for too many legacy issues still draining the profit pot.
''Nothing here for investors, its not run to make shareholders money.''
I think the majority of top shareholders incl Steven would disagree with the above statement they are the ones who are able to pull the ropes behind the sails (without their support/approvals) they would not have been able to stir the ship and make the headway changes already in place and without the new and old management teams returning to the board in place.
I'm afraid I agree Dartron - it has market benefits but looks like poor management in a company again....to my mind it just smells like my dog after a roll on the ground in something dubious!
The share price has been dropping since the June 2021. So in the entire year you have followed this, things have got worse. The price has declined as the business has failed to perform, or generate decent earnings.
The FY results in April was what did for me. Revenue of 296M. Profit after tax for the year 1.8M. Poor.
Now out of the 1.8M, 1.4M of that profit was not attributable to shareholders. In other words the company is set up that shareholders actually only have a small slice of the profits, £400k in April. What a joke.
Lets see how its gone this HY...
Revenue 189M, Profit -1.3M. That loss is entirely attributable to the share holders. (there is a larger one mentioned for the non controlling interests, of -2.4M).
Accounts are hard to read here, due to coorporate structure and sub division of business units. Cant be bothered to see what has gone wrong in the business, but I do think the issues are purely financial and not due to the war.
Just looked at the investors chronicle write up, which says basically uk warehouse division loss making, lots of one off costs, impairment charges (Write downs of valuations), Net debt risen sharply. Recommendation is SELL as it could fall further. Its not worth buying as it performs so poor. The accounts are complicated, and I wouldn't put it past the clever money men to stitch shareholders up somehow soon.
Its a dog.
One wonders if the directors and the markets, though optimistic about the business progress and expansion, are concerned about any nasty developments in Eastern Europe caused by Putin, and the market senses this, hence the steady sp decline since the Ukraine issue began. I have been following this company for over a year now and personally do not see it as a dog.
Now we can see why those Directors designed those months ago. The writing was on the wall.
I cant be bothered to fully read the RNS or work out what has gone wrong here, but what a dog.
Was a dog last set of results. Cost me dear then and I sold. What a dog.
Nothing here for investors, its not run to make shareholders money.
No spare funds now , 23% fall today to 22.5p
Crazy SP drop IMO.
Dartron like your chart hope your hand is ok ;-) > I expect a 'bounce' here soon if 28/32p holds as resistance the 'gaps' have been filled. The interim CEO hinted the start of the new year was ahead with new business especially in Polen 2 years ahead of their plans. The overall markets are lousy the worst April close since 2020 as the headwinds play out (Rising inflation/interest rates and the war) hope for SP support soon and some sideways Price Action building a base soon going into the 2nd half of the year which is their peak earnings season.
There seems to be a knife stuck in my hand. While I was invested here, and did top up after results, it would have been an ideal short set up. Looking at the chart, a head and shoulders formed through out 2022, with 40p being the end of the neck line. Worse still, the 40p neck line corresponded to 2 previous 'gap ups' - one in Feb 2021 and one in Aug 2019. Anyone who spotted this set up, could have gone short from 40p with relative peace of mind after the disappointing results, reduced dividend and war.
Possible support around 33p, but if not then 26p should do it.
I dumped mine, rather put in in O&G stocks. My biggest loser this year. Easier places to make it up though.
https://www.tradingview.com/x/SWHjS4QO/
At 40p on month retrace .Spare funds main reason.
The Warehouse division also could have performed better, I reckon it was down about 1M before tax.
I have no worries about the exceptional items, as they are a one off. The Southampton warehouse is now 100% occupied, so will add to revenue next year. Would have liked to hear more about what can be done about 'Beckton' warehouse. If it is not performing well due to high street fashion, can they change the operations?
Either way, with a 1 year outlook, great time to be buying.
Gohanito - I agree the bottom line SP has suffered due to the exceptional charge of £ 2.6 m resulting from the delay moving into their prime warehouse in Southampton. The adjusted EPS was 3.68 (compared with 3.84 in 2020) plus the Dividend got a (temporarily) haircut to 1.1 (1.5 in 2020) with the potential for a special Dividend in the 2nd half of the year.
I went through the financials and although they are not bad i don't understand how cash generated from operations was so low this year compared to last year on what was a pretty good year it appears. This is the big puzzle and i think this is why the SP is tanking.
Thanks Dartron for the informed analysis. Helpful.