Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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I will call Tuesday to demand the emails of every board member. I will provide these and post my email.
No idea how we reach enough shareholders or how we make them listen but I am in. I have around 150,000 shares.
Looking forward to the ST write up.
Mike. Unfortunately a long list in a line of shareholders, including myself at a higher price than mike, who have bought in.
Firstly we clearly have insiders (not necessarily kmk) dealing. This needs urgent investigation.
Shareholders need to revolt against Basu, the chair and all the buffoons on the board. Whose with me ?
By any yardstick, this is a massive dilution at a jaw dropping discount. The inability to raise any further debt finance suggests the company has reached a point of desperation. Not to forget the loan notes raised in Aug 22 [£2.74m] need to be repaid early next year.
I am sure that whoever is providing the capital will be extremely keen to dump the shares on the market at anything over 5p to make a quick return [perhaps after the next tipster spouts more hyperbole]
The slow drip of tuppenny ha'penny contracts just doesn't cut the mustard. With such dire margins each is barely enough to fund the staff Xmas knees up.
If Basu doesn't deliver this time it must surely be curtains.
Lamentable.
Full order book,8mill raised,same price as new investors.whats not to like here.thankyou MMS.onwards and upwards.if lower on Tues i.ll buy some more
For those who don't read the other shares forum. Post from "Quepassa" who has been calling this correctly for some time.
"1.
In my opinion this is a seriously worrying development.
No prospectus being issued due to time and cost considerations.
2.
A DEEPLY DISCOUNTED SHARE ISSUE (DISCOUNT OF 25.4%)
IT IS CLEAR WHEN AND WHY A COMPANY NORMALLY NEEDS TO ISSUE SHARES ON A DEEPLY DISCOUNTED BASIS.
3.
The conditionality of the Placing ON A REASONABLE ENDEAVOURS basis and the warranties and indemnities from The Company to the placing agent are to be noted.
Given the massive percentage of shares held by Private Investors through share-dealing platforms, there is clearly a concern whether enough shareholders will vote in favour to pass the required resolutions.
4.
Post 6719 refers. (As referenced above by Ark)
5.
"...and to strengthen the balance sheet to facilitate the restructuring of the Group's debt".
RESTRUCTURING OF GROUP DEBT.
"50-60% to strengthen the balance sheet to facilitate the restructuring of the Group's debt".
Sounds to me like they have fire under their feet on their debt pile and debt maturity profile.
yet more substantial dilution for long-suffering shareholders.
6.
One notes that the CEO has agreed to subscribe for £5,000 (five thousand pounds) of shares or 100,000 shares.
However, after resultant dilution the CEO's holding in the Company will further reduce from 0.69% to 0.52%.
One notes that The Chief Operating Officer is not participating.
7.
The announcement does not mention the current or future status of the Company's HSBC banking arrangements.
-----
One can but wonder to oneself how long another £6.5 - £7.5million (after expenses)will last given their high cash burn rate and massive salary payroll.
The gulf between the very upbeat tone of so many recent RNS's against today's RNS detailing an urgent need to raise yet more cash on a deeply-discounted basis is in my view absolutely staggering. And disgraceful.
ALL IMO. DYOR.
QP"
Always a bit naughty announcing a placing end of play on a Friday! Usual story, the market knew before everyone else! Been in and out of this over the years, but finally they seem to be getting traction with orders, they’ll need the capital to push it forward so I can only hope this time we’ll see some solid results! The products are good I just hope the money goes to good use and us investors see some results! GLA
Or Joules - Tom Joules, major shareholder remains involved in the company while retail shareholders are all wiped out. Shameful
A more shameful company? Try Kape
Smoke and Mirrors PLC with a top class Snake Oil Salesman as CEO..Surely nobody knowing what we now know will invest anything into this outfit run by cowboys..
Is this the most dodgy share listed on the Aim Market ? If not please name who is. I would love to know. Anyone out there to name another more shameful company ?
Why do they only release "good news" before they need a placing? Why does the "good news" never amount to anything and they end up needing anonther placing? This company is about as dodgy as it gets.
Meant to post extract from today for comparison.
'While the Directors believe that current cash levels, supported by cash flow forecasts, could see the business trade successfully through FY24, they consider that there is limited capacity to capture short-term growth opportunities and that the proceeds from the Transaction will help the business accelerate revenue growth and win market share, as outlined below. The proceeds of the Transaction would also strengthen the balance sheet to facilitate the Group's restructuring of its bank debt.'
Do they really think we are that naive?
Extract from RNS of 12.2.21 with placing at 15p to raise £13m
'While the Directors believe that current cash levels could see the business trade successfully into FY22, they consider that there is limited capacity to exploit new opportunities and that the proceeds from the Transaction will help the business scale up and accelerate new commercial opportunities across all markets, as outlined below, as well as providing strength to the balance sheet.'
Really poor form putting this out before close on a Friday afternoon and very disappointing to see that Basu isn't even subscribing for enough shares to avoid dilution.
'The Placing has been undertaken with new and existing institutional investors in the Company. Kromek Directors are participating in the Placing and Directors' Subscription.'
I read this statement as the main placement is done subject to existing shareholder approval, the open offer to all shareholders is optional.
I feel like such a mug for believing in this company. Lesson well learned in my early 30s. Don’t put hard-earned money in a single company that you have zero control over.
Would have to be a complete mug to subscribe at 5p per share. Next placing in 18 months time will be for 2p.
Remembering that the last raise involved loan notes repayable next january and carrying 8% interest payments or conversion to shares at 15p! I’d say they are having a larf on the large side. Be interesting to see if they can actually get this raise away this time. You can take the mick so often but this something else.
The new deal was a red flag for me.
If it is really good news, they might need capital etc.
Always same pattern.
News
Simon thompson. Spike
Placing.
Only way to is to trade this baby as above.
If ST throws in towel, strategy is over.
If not wait for dip to 4p and buy the dip
160m shares at 5p! What a shambles. Desperation to raise capital at this price. Huge value destroyed for all current holders. Our CEO should fall on his sword for this. He certainly doesn't deserve a salary or payoff.
My god. Managed to get through 8 months without needing a placing. The only guarentee with this company is needing regular cash injections
Seriously?
Placing and open offer 5pence