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What the hell is going on with this share down 13%plus today this share is mind-boggling, any news is cloaked in secrets the shareholders are like mushrooms fed a load of s t and kept in the dark.
What investor in their right mind would look at this company and think it is worth investing in given the behaviour of the board since it's switch to HKEX. They make zero contact with the shareholders, make no effort with PR, do the bare minimum to comply with HKEX regulations and release no worthwhile news on company progress. Nobody has seen any return from their investment and whilst the current board remain in place, the share price will continue to leak into pittance.
I agree. I could not imagine investing today. If i understand correctly we have so much cash sloshing around we invested £5m for a 40% stake in another supplier. Last 3 years they kept on talking about preserving cash and no dividend or share purchase but they just invested more cash than the whole company is worth in a loss making company about which we know nothing. In fact i do not think anyone knew about in the company including RB. We just live in hope that the company turns around but even if they do if they never plan to do a buy back or dividend there is nothing for investors as its majority owned by the duo at the top.
So turns out i was not exactly correct. this is a debt for equity. basically Zhongke Green owed us £5m and i guess CNEL understood they were not going to ever be paid. so they took a minority stake. obviously in current day £5m cash would be better than a stake in a loss making company. does not even appear they got a bargain either. what is most galling is they thought this could be done behind closed doors and never mention it to anyone. they got caught and needed to apologise. to me this is classic board approach to do as they please. we have no idea why we decided to write this debt off? seems very kind of us. if they instead talked about Zhongke Green in positive light we might have worked out it was a good deal but they have provided no information. the best spin on this is that we had no hope of getting paid from this company who might have gone bust so we hope this company wins some business and presumably CNEL will be supplier. we need to wait for final year results to see the numbers but we are almost at an alltime low so the market has rightly taken a dim view of the deal and the way CNEL handled this. I am slightly sick of waiting every 6 months for a sliver of information and have no idea what is currently going on as they simply provide no information. Great tech but terrible management. they could have been a global leader but instead squander the opportunity to line their own pockets with dubious deals behind closed doors.