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Uhlf
It not about enforcement but good practice and transparency particularly as we are talking about just 7 major shareholders with close to 50% of the total shares in issue.
I ask myself why would 5G sell now having declared its stake and the company set for major growth.
It has a free carry and if it sells surely that would be a vote of no confidence in the company's prospects.
Unless I am missing something.
5G is now out in the open and no longer opaque.
Imho
Thanks all for the egm feedback.
Does appear ENET will still be very conservative in their IR going forward, rather this than some of the super confident CEOs on aim who promise the earth and deliver zero.
Did appear that 23 is set for the exponential growth, as opposed to the 2-4x next year. When the market understands the scalability of profit on revenue past breakeven this will fly, especially if we can understand renewal rates on high margin support / royalty revenues.
Hope this takes sometime as I haven't got my warrant money lined up!
No problems dallo.
Let’s see what happens, although to be fair to 5G IF there is no obligation to disclose unless it’s a notifiable event.
I’m afraid a lot of companies web sites are out of date wrt holdings, if ENET wish to keep the public major holdings bit up to date, that is commendable but difficult to enforce in practice. Let’s see if the latest 5G sales get reflected on the web site. All assuming they are indeed 5G.
Uhlf
I understand all the background and the reasons for 5G funding and the staggered nature of the its funds/ shares release primarily to prevent massive dilution of
Directors/existing shareholders % stakes.
My only point is that now that 5G has declared its 6.5% I expect it to behave honestly and honourably and disclose reductions ( if any) in its shareholdings to the company to allow for amendments to the very important and public Investor Information section on the company's website to ensure vital transparency.
If 5G sells and doesn't disclose like the other 6 major shareholders do I would be surprised and disappointed.
Let's see what transpires.
All entitled to their own opinions.
ATB
Dallo
Re your question
‘Why do a few posters feel that 5G will never do the right thing as most (all) other major shareholders do?’.
I will try to answer that. And to be clear nothing I say impugns the integrity of MR and ENET snd I’m sure that 5G have at all time abided by the rules.
The answer is that 5G IF do not deserve and should not be treated the same as other major shareholders because the crucial difference between them and other long term holders such as yourself, myself and others is that 5G IF are short term holders and very short term at that. That is their absolute right. It’s clear they were set up for a purpose, they’ve done that job and now it should be no surprise that they are exiting.
Dealing in facts, 5G IF have received a total of 6,382,669 shares in October and November.
Come their declaration 2nd December they hold 4,898,637 shares. Ie they’ve sold down by 1,484,082 in the last 6 weeks. That’s an average of c 250,000 a week.
So they’re motive, aspirations, mode is different from other major shareholders. They’ve made their money from the discounted price they’ve paid for the shares by selling in the open market. That is their absolute right. But I suspect their 6.5% holding is also for the short term and they will go under 5% soon enough.
I wish it wasn’t so and that they would be lo g term holders, but actions speak louder than words and the facts are undeniable.
atb
uhlf
Icepick
I’m sorry you feel that way and that is not my intention.
This is a BB for discussion and I put points of view across. Ive been wrong, as well as right, plenty of times before.
I value the contributors here as esp the likes of dallo, who is one of the best.
atb
uhlf
dallo, my comments weren’t so much to do with 5G, but the suggestion that Mark could change the holding of a large shareholder and make that public via a web site without confirmation from said holder. Imo, that is incorrect. That is the thrust of my post.
Regarding 5G itself, clearly there were set up to fund ENET and it’s obvious that the plan was to sell the shares they acquired. Whether they hang onto the rump remains to be seen, I don’t think they will, as evidenced by recent selling, imo. 5G got ENET out of a hole, it’s worked for both parties, as ever with due respect to their help etc. But I’m sure I won’t be alone in breathing a sigh of relief when they are out. Their actions to date are not one of a long term holder, such as yourself.
All imv
atb
Uhlf
Icepick
Thank you
Mark is by the book in every way and while a major shareholder does not have to disclose until limits reached/breached he expects to be informed of changes in holdings as the Company's website information on Investors would otherwise be inaccurate ,wrong and misleading and would reflect on the integrity of the company .
Of course certain posters think 5G is dishonest in its dealings with the company and don't care about doing the right thing.
I and, I suspect Mark, totally refute this opinion.
im with you on that dallo.
I'm finding more and more that uhlf is very confrontational/argumentative and likes to have the last word on what is right or wrong (eve if its all in his opinion)
ps thanks for the EGM update
Uhlf
I am just quoting Mark who said it can track the large shareholdings changes.
Why do a few posters feel that 5G will never do the right thing as most (all) other major shareholders do?
5G is deemed a valued and supportive funder/ shareholder by the company but some here think it a secret
society and dishonourable.
Maybe I am too trusting.
Thanks for the report dallo, appreciated.
Re
‘However Mark said it can track large buys/ sells as with the recent Miton increased holding following the placing.
So ( my words) if 5G SELL LARGE AMOUNTS OF SHARES THE COMPANY CAN TRACK AND ADJUST HOLDINGS ON ITS WEBSITE.’
Re your words, with the greatest of respect I believe you are wrong and MR is not at liberty to alter large shareholders amounts on the web site unless he has been informed of a change by the large shareholder. Large shareholders only have a duty to inform if they move through a notifiable anount. I don’t expect 5G to declare until they move below 5%. Of course, there is nothing to stop a large holder voluntarily declaring a buy or sale to the company, even if it does not require a TR1.
The crucial, imo, thing here is that a company cannot adjust a leading shareholders amount unless they have been informed by that leading shareholder. Ok, they can privately but not on a public web site.
So if , for example, 5G sell, as it looks almost 100% they have been doing, that will not be reflected on ENET’s web site unless 5G inform the company and/or it is a notifiable event.
I am sure the above is correct.
Let’s see if the 5G quantity changes on the ENET web site.
If it doesn’t, it suggests the above is correct. If it does change, without being notifiable, then I will be totally gobsmacked and surprised that 5G are informing ENET of their every move.
That’s my take fwiw.
Bottom line is we still have c 5m 5G shares to shift
Atb
uhlf
Bid
Yes indeed ...the word "multiples" was used by David in reference to 2023.
Also the comment about the recent $3m contract with the Chinese OEM who will undertake the
manufacturing itself using Ethernity's components was interesting if i understood it correctly.
Overall good vibes given they had to be extremely careful with making any forward-looking statements.
Good to see you in person
Good post dallo, nothing misinterpreted. Interesting stuff about their plans for production, anything that has the word 'multiples' or 'exponential' used tends to grab my attention and they seem to have used both terms recently..! Looking forward to seeing what Tarana come up with as well, interesting times.
Gotcha Dallo atb
01234
As I have said repeatedly watch the company's website for confirmation of any changes in the holdings of major shareholders.
We will soon find out if 5G or any other large shareholder has offloaded.
I for one do not expect this to happen but I have been wrong many times.
Dyor
Sorry sent that before reading your summary Dallo. All sounds extremely positive to me , really pleased with your and Bids report. Atb
Yeah I guess at least we will have direct 5G double tap confirmation if they sell too many .
The EGM meeting today was very informative and positive imho
Obviously as a major shareholder I am cautious about making comments or observations which management did not infer at the meeting.
Topics discussed included its strong relationship with Xilinx on the chip supply side, the outsourcing of certain manufacturing directly with contracted OEMS in China ,India and other markets.
Considerable work being done to ready the company for 2022 and in particular 2023 when revenues are anticipated to expand "in multiples ".
The company will inform investors of significant developments as they occur and not engage in trivial announcements to the market but will review idea of investor forum/ broker reports in the New Year.
The company will obviously not intervene in shareholders buying / selling activities unless there is a possible disorderly market risk and is not aware of the intentions of its large shareholders.
However Mark said it can track large buys/ sells as with the recent Miton increased holding following the placing.
So ( my words) if 5G SELL LARGE AMOUNTS OF SHARES THE COMPANY CAN TRACK AND ADJUST HOLDINGS ON ITS WEBSITE.
I am very confident about the company's future and the calibre of it excellent management and this has been reinforced after the meeting.
Please do your own research and Bid might correct me if I misinterpreted anything in above comments.
ATB
Yes it does appear that 5g might still be dropping a few, although will need to be confirmed by a TR-1. Some volume figures -
5 Day Average 370,469.00
30 Day Average 642,071.00
90 Day Average 514,730.00
5d Vs 30d % Change -42.30
If they are going to be say 10% of volume they can continue to sell 40-50k shares a day, we might get a <5% TR-1 around mid Jan? Then as uhlf has predicted a Q1 full exit, which seems as good a bet as any.
Shame we’ve still got our 5m overhang, albeit 5G are clearly still playing by the rules re orderly market etc.
Just need some heavyweight news flow to flush them away.
You’re welcome martyn
uhlf, actually that makes better sense now.
It saves all the RNS’s for example, an employee exercises a share option scheme, 72,000 new shares are issued, slightly diluting everyone’s holding, so lots of holding RNS’s would need to be issued.
Nice to learn, better understand, the way something works, thanks again.
All these years I’ve had the wrong thinking, just thought it was the holding not when the holding crossed through a threshold, cheers
Thanks bid
Sounds like sarnies indoors and work through the lunch break then!
Martyn
Here’s the relevant bit from the FCA rule book
https://www.handbook.fca.org.uk/handbook/DTR/5/1.html
(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R; or
Uhlf no they didn't mention a new office. Looking on Google maps it doesn't look like there are many decent places for lunch though!