Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
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Its called risk assessment and most company's disclose this information
But surely those comments have to be read in context.. the CEO says he is working on a new debt facility and if the company is managing the current debt, there really isnt any reason for either of the 2 banks to remove the current facility? Accountant firms have to state the facts to cover themselves, but it should be read in context - as with any business... nothing is risk free... banks could pull debt facilities on any business, but they dont.. IMO...
Sorry, but where does it say “material uncertainty with regards to going concern”? I can’t see that anywhere?
Material uncertainty with regards to going concern is not good at all. I'm being kind with those remarks.
Statement out today... https://www.sharesmagazine.co.uk/news/market/LSE20230929070012_4916144/accounts-update
Accounting update: looks like intangibles write down, requirement for more robust debt facility. Trading was poor last year, but that is not new news... outlook is better. Management still aligned with equity And they expect to announce more positive updates on relisting... next week?
So do I!
It's not out of the question that trading is good, the accounting issue is purely technical and that the shares will jump considerably when the suspension is finally lifted.
HOWEVER, I am less and less inclined to believe this. I fear there is something rotten within the company that will eventually be revealed. I'm not even sure the shares will ever trade again. I hope I'm wrong.
It is a shame that their financial updates are not as efficient as their business updates via LinkedIn - plenty going on., at HeiQ and AeoniQ. Lets hope this translates to good business
This silence had been going on for far too long and they owe the shareholders an update on where they are with the audit at the very least.
"Just spoke with the broker (Stephen), he re-assured me that company is absolutely doing everything to get this audit sorted and accounts published. He also further stated that if there was anything wrong or found to be wrong "they" are duty bound to inform the market - even if they are suspended. "
Stalin,
You're obviously someone who is very easily reassured!
There could be a relatively benign reason for the delay (that the company is keeping secret), but if so, why not say what it is, to reassure investors?
So if nothing else, this saga is indicative of poor investor communications.
I spoke to investors relations which was a waste of time they Know nothing.
Something very wrong with this company ,this is the last time I invest in a foreign company which has a listing in the UK.
A week since I wrote and not even had an acknowledgment yet…
Just spoke to the cleaner (Hans) - he assured me the company was clean but said he couldn’t understand why all the whiteboards in the CEOs office had the same message “Behandle die Aktionare wie Pilze” Moral to the story - for all the best dirt talk to the cleaner.
Just spoke with the broker (Stephen), he re-assured me that company is absolutely doing everything to get this audit sorted and accounts published. He also further stated that if there was anything wrong or found to be wrong "they" are duty bound to inform the market - even if they are suspended. Moral of the story "pick up the phone and enquire".
I also wrote but was a little less subtle than you - I simply asked if they are still solvent and if so when the accounts will be released to prove it. I don’t expect either of us to be afforded the courtesy of a reply.
I wrote to them today - see below. The more of us that express our concern the better.
"I want to add my voice to the many, many shareholders that are unhappy about the much delayed 2022 audit and the seemingly endless share suspension. I increased my shareholding in HEIQ just a few days before the share suspension came into effect as the tone of your announcements suggested that this was a minor and temporary matter. Many months have passed with very little in the way of updates from management. What can we conclude apart from the fact that there is something rotten within the company’s accounts? You have a responsibility to keep shareholders informed which you are neglecting. Please update us without further delay.
It's nice to hear your optimism MMB007 but the longer this audit delay drags on the more it looks like there is something rotten within the company.
And now another 3 months have passed and there is still no sign of the audited accounts. This is starting to look like a very serious problem. Will the company's suspension ever be lifted or are all shareholders - myself included - looking at a total write off?
It's very poor that after almost 4 months they've not given any indication of when the shares may become tradable again. I've written to them today to ask for an update so I guess we'll see if I get a response shortly... Suggest everyone else asks the same!
Another month without updates - total contempt for shareholders. Anyone know if they are still actually operating - have there been any redundancies, are staff still being paid?
Another good article on the MAS investment. Shame no details of the percentage they bought, but whatever it was, the valuation of AeoniQ is still a multiple of the HeiQ market cap.
https://www.forbes.com/sites/brookerobertsislam/2023/07/05/mas-holdings-and-heiq-take-sustainable-plant-polyester-mass-market/?sh=d64ffd812cb8
LP89... you may have missed these, but since the suspension they have made 2 announcements:
https://polaris.brighterir.com/public/heiq/news/rns/story/r74d71r/export
as well as todays which is posted below...
Regrading your comment, the CEO and management own 24% of the shares. Anyone can make a 'offer' for the company at a price to the main shareholders - but it has to be in the interest of the shareholders - Given the potential newsflow, I doubt many shareholders would want to sell their shares at anything other than a multiple of what the stock price was at suspension...
CEO owns 10.3% of the company, this is a long way off any sort of offer to go private, dont they need 40% to force anything like that through?
I wouldn't be surprised if the directors or a competitor try a low ball offer to take this private again .
I don't trust the management they look like cowboys and spivs.
I agree 9 weeks post suspension and no update is poor showing.
I contacted the investor relations and them replied with pretty much a carbon copy of the RNS announcement.
Even an announcement to say we are still working on the audit etc etc we expect to publish in 4-6 weeks. Or something to indicate the timeline we are dealing with.
Kind of frustrating having capital tied up without updates