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Started: ian67, 17 May 2024 10:26
Last post: ian67, 17 May 2024 10:26
Maybe looking for shares for orders ?
Started: vigneron53, 20 Mar 2024 21:17
Last post: Dartron, 14 May 2024 22:25
Reading the other board, it sounds like Wan (long term holder) went to the AGM. He posted a few juicy bits, April sounded like it went very well.
Agree with most on here; reading between the lines I think they are ahead of where they wanted to be, but given recent history they don't want to upgrade yet. They should have good visibility of Q2 now given we're halfway through May ie H1 is in the bag. Beta-hydroxy sales strong which I think is high margin so good news also.
I think the news on cash tax refund and that they've been getting cash out of Russian subsidiary is positive also, and probably unexpected. Hopefully means they'll beat on all three of revenue, profit and cash which market will love. And potentially means we could see divis return sooner rather than later...
Getting the new fermentation capacity utilised the remaining hurdle for the company, probably a story for 2025 numbers rather than this year, although some positive noises on this at interims would be welcome.
Think this is suitably encouraging, PoC driving headline sales growth. Fermentation validating more product lines for high end Pharma customers, which should underpin further solid growth into year-end and beyond. Return to decent positive cashflow generation, so we could well see a return of the dividend by EOY (for payment next), well let's see.
Net net, it looks like they're back on track and with a much tighter managed business model.
Dare we think the lows are now well and truly behind us?
Its funny that they had to title the RNS as positive update. But I guess its a novelty here.
Sales for fermentation services in Q1 2024 are up 156% year-on-year - not very helpful without the baseline number, since they were starting from 0 last year. However I think the overall strategy is working, and I wouldn't be surprised if they beat earnings this year. Chart looking ok.
Ok so its billed as an inline update, but reassuring enough for someone to be block buying 50k trades not to push the SP up too fast. Will be a shortage of shares soon. I think most have taken their position on this. Certainly `Mills has.
Last post: unhooked, 20 Mar 2024 18:29
Re: corporate governance. It was exactly this, james188, which caused one of Ashworth-Lord's funds to sell out of EKF a few months ago. They cited corporate governance issues and 'something of a revolving door' at management level.
Re: divi suspension. It's now clear that they intend to use the cash saved to build up a kitty to fund future sexy investments & acquisitions. After their previous wasteful splurge, which has precisely gotten us into this mess, that is v worrying.
I don't know what to do here. Nothing hasty. Give it a few days/weeks for the penny to fully drop... but when management are such poor allocators of capital and they don't know it, it's a good reason for selling out.
This may be the most frustrating company that I have ever invested in. The core business looks decent, but there have been multiple management missteps/knee-jerk strategy changes over the last few years which have damaged the company hugely. Add to that the complete lack of stability at board level and sub-optimal corporate governance. Only one year ago, Mike Salter was stated to be a key part of management (having been sacked as CEO for good reason) and the company did not even bother to issue an RNS when he left, using the excuse that he had announced first on LinkedIn. Not nearly good enough.
The IMC presentation this afternoon as upbeat, but the credibility of management is on the line and we need to see results, rather than empty promises (of which there have been far too many). Shareholders are now being asked to back management to deliver growth and to accept a dividend pause. It had better deliver. I asked the final question on IMC as to whether the board had discussed strengthening the board by splitting the chair and CEO roles. I believe that it should. The response that this issue had not even come up in recent discussions really concerned me. As things stand, the company is uninvestable for me. I have reduced my exposure at a painful loss, but still hold. That is under review.
Started: vigneron53, 20 Mar 2024 13:44
Last post: Silverblade, 20 Mar 2024 17:14
Disappointing...that's an understatement. Todays lacklustre, late issue RNS is completely symptomatic of why the shares have tanked to their lowest level in years. The life sciences business is meant to be an exciting, dynamic and innovative space where companies develop new products alongside market and end consumer demand with a skilled management team driving shareholder value and navigating the companies place in the bio-tech sector. EKF appears to be limping in completely the opposite direction of where it needs to be in just about every category where I would measure success, pushing out growth into another meaningless time period where it now looks there is yet another failed investment - if this is what the business is aspiring to, they really should just put the business up far sale. SB
Results ‘as expected.’ Market hates a dividend cut. Business streamlined and new facilities in Cardiff. Missed the meeting but will watch replay. Looks ok to me, was not expecting miracles. Looking forward looks pretty exciting . Will another US company pounce on this derisory price . I know I have. Gl
I agree with comments so far that results are disappointing and I had also seen this coming given the previous briefings.
The only positive spin I can put on this is that Baines is being ultra conservative and has instructed his CFO to build a reserve that can be released at a time of their choosing.
I think Baines took a blow to his ego due to the company's poor management and the insistence by major shareholders that he should assume an exec role to restore the company to health.
That would explain the ultra cautious forecasts, as his reputation is on the line.
Let's hope that behind the scenes things are better than they appear.
Last post: unhooked, 20 Mar 2024 13:05
Thanks SB. I didn't appreciate the divi suspension was likely. Damn... not even being paid to wait... like holding a biotech then...?
I shall tune into the presentation this afternoon as suggested by Dartron. Presume man-of-the-moment Baines will be there to trot out the excuses. Hope people ask him about cash (levels and flow).
Can't say I was expecting much and the company didn't disappoint - market clearly know hence the share price performance of late. Fed up with the ongoing pre-covid stories - its 2024 and yet they are still harking on with 2019 comparisons to compare growth - none of which are particularly impressive anyway. Life sciences in decline - with limited income from a significant investment which has blown all cash to the point they have to cancel the dividend - although I think we saw this coming with Baines back at the helm. Even POC growth is grinding to a halt. Overheads reduced - but still way too high. Wonder what share options packages will be forthcoming at these depressed valuation levels. Painful yet again....and the thought there is any consideration for acquisitions sends a shiver....SB
Investor meet later.. lets watch that and see.
I'm struggling to get excited with these. I'm particularly disappointed with the divi suspension as I thought EKF was, above all else, a cash-generative business... at least that's what Mills & Co habitually emphasise. I'd imagined the dividend savings would be used to repair the balance sheet, but they say it's being done to "enhance shareholder value mainly through growth". What does that mean? It suggests to me the building up of a kitty to fund future acquisitions. I hope not.
Cheer me up. What am I missing?
Results look ok, some sensible measures in there, like pausing the dividend and discontinuing low margin products. They have a US tax rebate due this year of $2.7m USD.
Now they need to make further progress this year and get back to strength.
Started: busicat, 20 Mar 2024 07:41
Last post: busicat, 20 Mar 2024 07:41
Results due out today, but no sign yet.
Investor presentation at 3:00
Started: Silverblade, 29 Jan 2024 10:54
Last post: Silverblade, 12 Mar 2024 18:06
If RENX was to go into administration - it would be a pre-pack deal and my money would be on Sinai and Harwood taking it private. They have sunk a lot of cash into the business and would not just walk away and let someone buy all their investment for a fraction of what they would value it. They both pumped further cash in today. So if there is a purchaser - they need to pay what Sinai and Harwood value the business imo. I took up some VRCI retail placing at 9p; and bought some more at 11p; hold a decent slug of EFK; and still hold some NIOX although have been selling at 60p+. Don't have any trellus. Not unsurprisingly I would like the bio tech sector to come back onto the radar for II's......SB
Just waited for confirmation on small cap report on renx from Paul Scott. He makes a very good point about the cash burn and possible further raise . On the takeover he asks why would anyone buy Renx when in all liklihood they can buy it out of administration? I saw someone arguing not to wait to see if it drops below placing price and why you should buy at todays price. I cant see that argument stacks up at all. Be interesting to see what Harwood does. So that leaves me with the choice of Vrci or more EKF… or more of the sllightly better Harwood case Niox! think I have overdone that already
Yes interesting to see the recent weakness, though it's on very light volumes, so frankly any seller or buyer (above say 200k shares) is going to move the shares close to 10% without any effort, this is AIM after all!
I'm looking forward to the update next week and expect to hear that the company is comfortably back to generating healthy monthly free-cash, and that the Fermentation/Enzyme business is starting to contribute progressively and then materially heading into 2025...
I see EKF being in the ludicrously cheap category and could therefore be bid for (at some point), like a growing amount of cash-generative AIM stocks. Think Wincanton, Hotel Chocolat, Mattioli Woods...
In the meantime, EKF has an excellent PoC business and they're likely to create a similarly strong market position in Enzymes, suggesting we're now in for a decent period of FCF growth, leading to higher dividends, share buybacks and a likely eventual take-out.
What's not to like here?
Just been relistening to Chris Mills discussing all three companies with Paul Hill recently. Ekf looks the strongest currently, with Mills on the board and he recently bought 100k shares@30p. He also flagged up that Rnex was running out of cash and needed a dramatic cash injection which unfolded today conveniently after the alleged approach which drove the sp conveniently up to 60p , nice timing . Tempted at this price, but maybe not that desperate to honest in this market! As chris says life science is not the easiest thing to raise cash for at the moment. Vrci on the other hand managed that quite successfully and I did mean to buy into that, but bought more ekf at 27p recently. Results expected to be conservatively in line with growth in the diagnostics side but nothing priced in for the enzyme business which is probably a year away from orders still.
Morning oogle - I think there may be some contagion here with another of Harwoods stable - RENX - fund raising this morning at a steep discount. VRCI down as well. I don't think EKF needs to raise money.........but some clarity in next weeks results would be good. Its burned through its £20m cash pile at an alarming rate and there is no confirmation on any commercial fermentation deals of scale to date post investment. SB
Started: dustyie, 25 Jan 2024 12:39
Last post: Dartron, 25 Jan 2024 15:29
100,000 Euros was stated in the last presentation (thats about £85k).
https://youtu.be/a50MXSRBi44?t=3245
Just wondering is EKF still getting payments from its russian division ? .... i believe it was 70 k a month ,
Started: Silverblade, 4 Jan 2024 10:47
Last post: Ohforthesea, 15 Jan 2024 10:20
Trading update expected end of January or first week of February. should include update on new facility.
It cut my message off.
Less than 3% (dont write that with a less than symbol).
Dowgate wealth are also buyers here. I really enjoyed this video where he talks about EKF (and many other interesting stocks). His comments re a buy out here too. I linked to the EKF chapter but worth a listen to it all. He also mentioned PMI which is yielding around 9% per anum, so you are paid to wait for a recovery there, where as we have had the booty here.
https://youtu.be/DXfrakc20cs?t=2641
Might add to EKF in SIPP if it falls below 30. Im sure it will re rate soon, but on news. I think EKF is probably fair price currently.
SB, the securities lending is for them. Their voting rights are 518374 extra due to them borrowing stock.
Usually in this situation they are going to sell (some of their 12%) and hedge the drop by a CFD or similar.
It is probably lion trust selling I would say. They are 'doing a Dartron' (LOL) and taking needed gains to deploy elsewhere.
Just like Dartron they still have exposure here. Mine is in my SIPP. I sold my income holding to buy PMI as you probably know from Twitter, that goes ex dividend next week.
I think the rise could be another buyer, who has not had to report (
Just as we start to make some positive progress Liontrust appear to have lent 500K shares to shorters who have sold them into the market in last 48 hours reducing share price by 10%. Whilst Liontrusts 500K shares get repaid at the strike price the rest of their significant 12% holding gets hammered. Unless its a play to lower the price to allow them or others to purchase more shares below the recently increasing price. It remains a difficult market for PI's when this type of institutional behaviour exists. Dartron - appears your +19% exit was very well timed. SB
Started: Dartron, 22 Dec 2023 10:47
Last post: Silverblade, 2 Jan 2024 13:24
HNY all. I increased my position here pre-Xmas - good timing for once. I’m still under water but have lowered my overall average and as noted previously I’m hopeful ekf will have a decent 2024 - core business is still growing at 10% and if they can secure some decent enzyme custom then we should see a gradual increase in overall positive sentiment - noting we have already started that in the last few weeks. SB
Last post: Dartron, 29 Nov 2023 18:56
Liontrust up to 12% (+1%) in case you missed it.
Started: Hawker, 1 Nov 2023 19:06
Last post: Hawker, 1 Nov 2023 19:06
Good to see higher volumes this week with 2mln on Monday and 1.3mln yesterday, are we finally seeing the insto fund managers returning to EKF? With any luck the lows are now behind us and with the new Fermentation facility open for business, we could finally be getting back on the front foot with regard to positive news flow, albeit still early days.
Last post: Hawker, 26 Oct 2023 15:19
...well said SB, I very much agree the company needs to steadily rebuild their credibility with the market and in time demonstrate that investment in the "state of the art" fermentation facility offers a better return than say returning the cash windfall from Covid to shareholders by way of a special dividend. Having spent some time researching the LS/Fermentation opportunity out there, I'm optimistic they'll have a high-quality pipeline of premium OEMs to help grow the business with, but execution and management are key, as ever. Regarding FCF, the PoC business will be steadily growing its contribution on that front. Now that the investment in the facility is complete, the company should be able to breathe easy and maintain its debt-free operations. I also hear (indirectly) that the post-update meetings with insto fund managers have largely gone well and that some new and old funds are returning to the cap table, albeit in relatively small sizes looking at the recent daily volumes.
Stability, discipline and growth are all keywords going forward, here's hoping they deliver on all three.
Nb, the current valuation of 2xFY24 EV/Sales vs peer group 4.4x gives plenty of room for upside.
I’m trying to look forward here as the rear view mirror is too painful. The 25th site opening in October may be accompanied with some details on the commercial sales being signed up. I think baines will be very conservative for the foreseeable future - his credibility is now on the line as well as his legacy for his previous work at ekf. I suspect if it was up to him the dividend (£5.4m) would have been cancelled or reduced for 2023 - but the commitment was already there. Next year may be different - the company needs to rebuild its cash position and avoid any debt imo. Good news some cash is trickling out of Russia. Hopefully 2024 sees growth and stability return with a disciplined board. SB
Hi Vigneron, I agree that they need to meet the deadlines to restore credibility.
I have linked to 2 snippets from the presentation, which are their answers to your points.
I am hoping that the announcement of the facility, and the revenues expected from it this year might serve as a catalyst for the share price - even if it gains enough to cover the ex dividend drop, ill be happy. I think we should start to see upgrades here, there was a lot of talk of margin improvement in the presentation, which I would hope is fairly easy to implement. I think the bottom is in on EKF (as long as they deliver their stated intentions). Chart shows a cup and handle, cup-18th July to 5th Oct. Handle now playing out with volume drying up, so tea leaves also agree there might be a modest re-rate.
Chart with mark up.
https://www.tradingview.com/x/kgeT7mt7/
They have the money to pay the dividend and expect EOY cash balance to be 2.4M
https://youtu.be/a50MXSRBi44?t=1231
Fermentation facility to open Oct 25th, looking forward to announcing at the end of October..
https://youtu.be/a50MXSRBi44?t=1734
We can but hope.
The update on the enzyme fermentation capacity is expected circa mid November. That was the commitment on the last shareholder presentation.
They need to hit this target to restore credibility.
They need 6.7 million to pay the dividend, so they need to be confident that cash inflows is strong.
This goes ExD in 3 weeks for 1.2p. If you can buy now for around 28.5 you are getting over a 4% yield in 3 weeks. Judging from the results call, things should start to improve here, once the Fermentators are online. Hopefully there is some SP growth as well over the next few months, so currently a good proposition I feel.
Looking forward our core business is in a very strong position, with continued growth momentum seen in our Point-of-Care division and in sales of β-HB. With the capacity expansion at our South Bend facility nearing completion, and already having received our first purchase order and we look forward to delivering strong growth in enzyme fermentation revenues in 2024.
Started: vigneron53, 26 Sep 2023 22:45
Last post: Dartron, 27 Sep 2023 15:33
I liked the strategy going forward, of focussing on their core businesses, concentrating on getting right what they currently have. However, it is astounding that things have been allowed to get so bad, they mention running loss making businesses etc, previously considering low margin work outside of their competence. Facilities run down. Sounds like the board room was empty last year. I shall continue to hold, and wait and see how the next TU looks, as to whether I increase my position here.
Its on youtube now:
https://youtu.be/a50MXSRBi44?t=38
"Baines looked very uncomfortable in the call."
You have talked me in to watching it!
My thoughts on the call.
Baines looked very uncomfortable in the call. It seems pressure has been put on him to assume the CEO position, until the company has executed it's strategy. That could be 2- 3 years.
There was admission that the enzyme expansion program did not go well. It has cost the company extra capex and project costs. I think it is over budget by circa 7m on a 9m forecast.
Baines didn't agree with the observation that this was not a highly complex project. On reflection I can understand why, as for a small company like EKF, this is probably complex relative to what they have done before.
A strange comment was made "perhaps we should have had another PM". Well not really imo, a PM with experience would have been better.
It seems the delay is down to planning to commission the new equipment and bring on stream each independently.
It is now discovered that all new equipment has to be commissioned and brought on stream together. That's a project planning error.
Also it seems the target market is now pharma focus and not pharma plus food etc. Again in a program like this, you would expect all this to be in the project charter and signed off. Not sure whether this was a recent change or not clearly defined up front.
I hope to hey got the message over the concerns over project execution. It appears we will know in about 6 weeks.
They have gone extremely pessimistic on the forecasts, clearly because of the delays they had to declare. That's just about acceptable for 2023, but 2024 is far to cautious.
Cash looks ok, but really depends on them hitting targets, cutting costs and what planned dividends they award.
The FD is a former colleague of Baines from a previous company, both live in the Cardiff area, where EKF have their HQ.
Started: DouglasBlevins, 11 Sep 2023 04:13
Last post: Dartron, 12 Sep 2023 18:01
Just read the CFO RNS, I see he has worked with Baines previously at BBI. Before my time, cant find any charts etc. Does make me wonder under what circumstances he got the job. He already has 85,000 EKF shares, so no need to dish out any Freebies.
Good to see the usual suspects in the discussion and the newcomers with the identical consensus, almost as if they had cribbed the post.
Only just read the announcements today.
On the CFO, I am glad we finally have someone on board, but less than enthusiastic about the appointee. I could say more but I wont.
As for the progress on the enzyme business, the current situation, with another delay was entirely predictable based on the previous updates. It spells out a company that don't have any capability to manage programs.
To quote from the update:
"The process of validation and verification had not been sufficiently factored into current timescales for installed equipment to become fully operational"
That indicates a clear failure in managing this program of work, to commission new equipment and develop processes that underpin the winning of new enzyme sales.
Whilst Baines stays on as exec Chair, he is not going to solve this.
Managing change is not easy, although this expansion of the enzyme business is low on the complexity scale. It just appears that they just don't have the capability.
Unless they fix this, they will continue to incur time and costs penalties.
I am still invested, but hanging on by a thread.
It is a poor update, but after the initial nasty drop this morning, the sharp recovery in the share price already underway is interesting. Is it telling us that the less committed holders have been flushed out, and we're finally at the bottom? I hope so.
Oh well, I guess it can go lower. Another poor update, Baines is staying. Fortunately, my holding is v small here, so scope to buy more when this turns. Im sure they are running it in to the ground on purpose. Could still see an offer with HY results?
Sorry Darton i should have said where I saw your purchase - X!. I reckon it would need to be 40/45p+ for any serious talks here - and even then I'm not sure Mills would go for that. As for SRC - I'm there as well - lots of potential but they need to look at bringing debt down and a dividend as opposed to ongoing acquisition trail imo. SB
Started: BillBreaux, 11 Sep 2023 00:59
Last post: BillBreaux, 11 Sep 2023 00:59
I am disappointed to see that this update seems to validate a very unfavorable situation. There is a lack of competent management, no apparent plan in place, and no new contracts secured. The financial situation is also being reduced. It is unfortunate, and I hope that the situation can be turned around. However, it will require a strong CEO and CFO duo to address the remaining board members and focus on what is crucial for future success. If the stock price drops further, it might present a good long-term investment opportunity, although this is just my opinion and I hope I am mistaken.
Started: JustinMag, 11 Sep 2023 00:39
Last post: JustinMag, 11 Sep 2023 00:39
I am disappointed by the update as it seems to validate an unfavorable situation. The management lacks competence, there is no apparent plan in place, and no new contracts have been secured. The financial situation is deteriorating, which is unfortunate. It is regrettable, and I hope the situation can be reversed. However, it will require a strong CEO and CFO duo to take control over the remaining board members and focus on crucial aspects for future success. If the stock price drops further, potentially below 20p, it may present a promising long-term investment opportunity. This is solely my opinion, and I hope to be proven wrong.
Started: patrickdaniels, 11 Sep 2023 00:23
Last post: patrickdaniels, 11 Sep 2023 00:23
The update is disappointing as it confirms an unfavorable situation. The management lacks competence, there is no clear plan in place, and no new contracts have been secured. The financial situation is also deteriorating. It is truly unfortunate, and I hope for a turnaround. However, it will require a strong CEO and CFO duo to align the remaining board members and focus on crucial factors for future success. Maybe, when the stock price drops further, it could become a good long-term investment, but this is just my opinion and I hope to be proven wrong.
Started: SteveBiggsXZMdxW, 9 Sep 2023 22:12
Last post: SteveBiggsXZMdxW, 9 Sep 2023 22:12
I am disappointed to see that this update seems to validate a very unfavorable situation. There is a lack of competent management, no apparent plan in place, and no new contracts secured. The financial situation is also being reduced. It is truly unfortunate, and I hope that the situation can be turned around. However, it will require a strong CEO and CFO duo to assert control over the remaining board members and focus on what is crucial for future success. If the stock price drops further, potentially below 20p, it may present a good long-term investment opportunity. This is just my opinion, and I hope that I am proven wrong.
Started: AWood0081, 9 Sep 2023 19:53
Last post: AWood0081, 9 Sep 2023 19:53
I am disappointed to see that this update only confirms a very unfavorable situation. The management lacks competence, there seems to be no clear plan in place, and it appears that no new contracts have been secured. The financial situation is also being reduced. It is truly unfortunate, and I hope that the situation can be turned around. However, it will require a strong CEO and CFO duo to bring the remaining board members in line and focus on what is crucial for future success. Perhaps, when the stock price drops further, it could be a good long-term investment, but this is just my opinion and I hope that I am proven wrong.
Started: Hawker, 29 Aug 2023 11:13
Last post: Silverblade, 30 Aug 2023 11:19
Quite a deal Hawker - just shows the appetite for the ever growing Life Sciences market. You would like to think that a forward multiple of 15+ should generally be achievable for this sector. One of the biggest issues here relates to the holding of Harwood - who remain a 29+% shareholder but below the 30% required to make an offer. They are essentially in control of the business who could make or break any deal - should such a day occur. As for a re-rating - perhaps nearly 8 months after removing our former CEO the business might think about a replacement...…probably worth getting someone in who can count as well. Perhaps the business is being touted for sale and we don't need a new team...…maybe we will get a proper update next month - management, fermenter customers, cost controls, strategy to recover lost shareholder value.....SB
So the M&A process that kicked off in June has resulted in Danaher acquiring Abcam, for what looks like 9x prospective '24 EV'Sales and 21x EV/EBITDA. Appreciating that it's a very long shot to think EKF may ever be sought after in quite the same way, I do think it wise to point out that the shares are trading on a very lowly and unloved (to use Unhooked's reference) 1.8x '24 EV/Sales and 7x EV/EBITDA. For good reason you may well argue, given the missteps by the board, however, the multiples must surely be tempting for the PE guys looking to invest, grow and sell the business later. Not my preferred route, but the shares certainly need something to trigger a re-rating, sooner rather than later.
It's a thought at any rate...
Started: unhooked, 25 Jul 2023 10:32
Last post: Silverblade, 14 Aug 2023 11:11
Interesting info unhooked - thanks - and agreed Vig. To the outside world it appears the EKF is now being run by one individual - Julian Baines - which from a governance perspective for a listed company is completely unacceptable. This is clearly now having a disruptive impact on the company's shareholder base with fund managers not willing to invest given such a regime and even worse pulling holdings. For now Liontrust and Gresham remain large II holders - presumably they are having direct conversations to satisfy themselves there is not more to this than what is evident to the rest of us. The H1 results in Sept provide an opportunity to try and 'reset' the current malaise which surrounds the company - the issue is I am not sure whether our current executive chair has the desire to mend the loss of trust experienced by corporate and private investors here. We shall see. SB
Ash worth Lord each many our sentiments.
They have to face investors on a call in September and it could be a feisty one.
Ashworth-Lord's Free Spirit Fund bailed out of EKF in July. They cited long-standing concerns over the BOD (governance, remuneration and 'something of a revolving door at executive management level'). Source: Free Spirit's August factsheet.
Unloved indeed.
Just saying it as I see it unhooked. I don’t like being so critical especially given I have a reasonable holding here but until I see actual evidence of an improvement I just don’t buy this transitional nonsense. All the company is doing is upscaling part of their historic operations with covid upside cash. And yet somehow this is classed as transitional and misses all the other red flags which are all too apparent to those who post here and elsewhere. Look at core progress in the last five years in the ‘ hot’ diagnostics space - way below average imo. SB
I see the same warning signals. Instead of Q4 revenue from life sciences we are now warmed up for 2024.
The reason being both dependant on contracts and capacity being in place contrary to previous guidance.
And the departure of the key person who going to deliver this didn't warrant an RNS.
As for governance clearly news has leaked (not for the first time) that this was coming.
I like the idea that heads should roll, but ironically we don't have many left on the bod.
Started: Altus1, 26 Jul 2023 14:54
Last post: Altus1, 26 Jul 2023 14:54
I regret that this update appears to confirm a very poor scenario.
No competent management.
No apparent plan in place.
No new contracts in place it appears .
Reducing finance.
What a shame, I hope it is turned around but it is going to take a very strong duo of CEO and CFO to put some of the remaining board in their respective boxes and get on with what is crucial to future success.
When it drops another few pence or even below 20p may be a good long term investment.
Just my opinion I hope I am incorrect.
Started: Altus1, 11 Jul 2023 14:09
Last post: Hawker, 20 Jul 2023 09:40
Thanks SB, yes this is a very fair point, however, the company has said they have a CFO replacement in the pipe and the US business is very well run, with plenty of bench strength. This said I do agree that it would help if they named a successor for Mike, or at least let the market know if they have a different plan.
Agree Hawker - although the wider issue here is we are currently operating without a CEO, a CFO (with no clarity why he is leaving after 18 months) and now no one running our day to day US operations. Not a surprise the market has no confidence in ekf at present - despite the positives you have noted. SB
What a bizarre overreaction, isn’t it simply the case that Mike Salter, having been removed by the board after his brief tenure as CEO, felt that his fortunes lay elsewhere? Would any of you stay in the job after being promoted and then demoted? (I thought not). Think you’re reading too much into this. The shares are now even more discounted and likely to follow NIOX and track much higher in 2024. Patience needed of course but fermentation firmly on track to launch in the autumn and PoC growing nicely. No debt, 5%+ FCF and a divi, let’s focus on what’s important here.
Strong Buy below 30p.
DYOR & GLA!
Many thanks.
Much appreciated and I agree with the points you made to them.
No reply highlights their guilt.
That was a response to my question.
I replied and pointed out that this was price sensitive information, so I disagree with their logic.
I also pointed out the decline in shareholder value over the last year even though the board who have not covered themselves in glory received fat bonuses.
No reply as expected.
Started: Altus1, 10 Jul 2023 18:29
Last post: vigneron53, 11 Jul 2023 13:33
I can see no announcements on this ?
Now Mike Salter has jumped ship!