Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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That is a good sign, mean lots of people have their eyes on this share.
Strange share; seems to burst into life every now and again for no reason.
It won't take much to move this, as shown by the trades today
Been trying to stock up a few on HL today, not a sausage to be had.
PS. I'm a long term growth investor not a ramper/dumper and won't be selling until I get at least a 3x return on this!
Definitely well undervalued now that's for sure ( I'm loaded up already just a tad north of the current price otherwise I would be buying more if I had spare cash!). Just awaiting the commercial deals and revenue updates coming soon then investor interest will be back IMO. This is currently under the radar until then, but I agree totally with the 3.0p prediction since this is where ITX is going in the short term as a high growth entity with its quality "blue chip" customer portfolio. Its a dead cert. for doubling your money at today's share price so my advice is get aboard and just relax and wait for the Covid related outperformance RNS revenue newsflow that is certainly coming soon!
The EBITDA was for y/e 31st Dec-19 and as far as I am aware is the latest released by the company.
You might also want to check your numbers, cash at 31st Dec-19 was £0.6m, then 17th Mar-19 it was £0.3m, at this point it was estimated to last until end of May-20, that works out at a cash-burn of approx. £120k per month, double what you have estimated in your post.
Wololol, whilst I agree that the businesses are different, the forecasted EBITDA loss for the full year at ITX is circa £2m, split evenly between the 2 halves and I do not believe that the new contracts will have provided enough revenue to significantly reduce this run rate, especially as the recent ones were outside of this stated period. I don't believe that the discount will be as high, however I would not bet against a placing, the timing at TRX caught everyone by surprise, I believe the cash runway was mid July, so very similar to ITX, however the raise was completed about 6 weeks after this statement was made and about 8 weeks prior to this end of cash runway............ Watch this space
I hope that you are both correct as I have a small holding bought around the 2.5p mark, however I do believe that a placing is a certainty, the only questions are how much and at what price. Whilst they are different businesses, I see similarities between ITX and TRX, both have demand for their product, however are not yet profitable and require further funding to achieve profitability. The TRX fundraise was completed at a 70% plus discount to the SP, I hope it isn't as big a discount for ITX, however raising money in these markets is tough. Only time will tell......................
Yes, certainly agree - there is no need for big capital raise at the moment - the business is nicely set up with room for expansion of capacity in one location. The only need may be for more working capital - this can easily be found from borrowing.
The only need for new equity could be if one of the main big name customers wants an equity stake - that could be very good news!
@nomlunga, I also expect a placing soon. In fact, immediately prior to the RNS dated 17 March the company were about to close the book on further financing; so this is not really news.
It was unfortunate timing, but Covid-19 put a stop to that hence the RNS dated 17 March. The company were therefore obliged to provide a RNS with a factual account of the current financing but were unable to expand on remedial action.
However, the following day (18 March) John Shaw appeared on ‘proactive investor’ to state; ‘plan to make it through to August’. Furthermore the company are already authorisation to issue a further 26 million shares (£365,000 at today’s price). These shares a mark to market so to say that any fund raising will be ‘heavily discounted’ is pure conjecture and not in any way supported by facts.
I believe the company will go back to investors for additional funds in 2021 (as was planned prior to Covid-19) but this can be done in an ordered fashion given the existing facility in place.
In fact share price has now recovered to pre Covid-19 levels reflecting the confidence the market has in an ordered fund raise when needed.
'Now we need the share price to reflect that change.'
The RNS dated 17 March stated 'The Board believes that, with these actions and without any further funding, the Company has sufficient working capital to operate to at least the end of May 2020.'
With the $200k Paycheck Protection Program loan announced on the 19th of May the cash runway will have been extended into July. The share price is likely to reflect this reality soon - either new funding is received or action will have to be taken to protect Creditors, not shareholders.
I expect a discounted placing soon, possibly deeply discounted. Time will tell...
Revenue for last year was £1.1 million, that's 59.6% growth over previous year. In fact, revenue has grown year on year for every year for the past five years.
I'm not one for shouting down people with an opposite opinion but let's be fair; this is a well run business with consistent growth. OK you can argue that growth was slow up until year end 2018 but 2019 was a fantastic year for revenue and this year may be even better.
I've said it before, I'll say it again, we are seeing transformational growth right before our eyes. If you're not happy with the performance of this company over the past year then I wish I had the other shares in your portfolio. Now it's true that we still have to make a profit. Well all the indicators are that this is the year we break even.
As I say, transformational change right before our eyes. Now we need the share price to reflect that change.
Are we being misled, they say they have a strong order book, and a new product to be released, yet they keep on about leaving Aim, or going private, if they have a new product and a strong order book, why is there no cash coming in, what we need is more Information.
Just focus on the market cap of £4m - the company is clearly worth much more than that.
I have to agree with you New_Dawn. Unfortunately delisting from AIM is inevitable given the past comments from the company. However, I'm not sure when that will happen. Could be several years away. So I am happy to stick with ITX until then as there is plenty of time for significant share price rise between now and whenever.
The intention is to take the company private, the share price is telling the story. They were late in the day attempting to raise finance "apparently" and whilst many other companies have had placings for some reason ITX are struggling... "apparently".
They flagged delisting from AIM as an option in a prior RNS..... once again all the clues are there.
My 3p prediction by the end of May was a bit off. Looking forward to see what happens when we brand dishwasher powder is released.