Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I remember this like it was yesterday, no I mean today, actually I mean this time last year! Wow what an embarrassment. Amazing AIM allows these types of people to still reside over companies. Rotten to the core, we will see it all unfold again.
Hopefully all temporary and once this has been resolved, it's a matter of moving forward and no more audit issues (fingers crossed 🤞)
Looking at the previous rns, we can at least see the non audit depts. are working hard to push development in a positive way and once this has been finalised, we should see a positive rns and hopefully new business coming in. All imo.
"We are delighted to have reached agreement with Aptamer Group plc to manufacture new Optimers® and co-operate on the final development of our multi-Pathogen Detector which was a project initially developed by the Company"
Given the legacy issues (i.e. the cr...p! ) Bob found, and his focus on building revenues, it's quite possible that the Auditors are finding it difficult to get to the bottom of the barrel; that's the rosy explanation IMO
I think the auditors need to find another job. 1+1=3? Lol
I'm not totally surprised by this rns this morning and think this is already built into the sp.
Development will go on as usual, but they seriously need someone new to deal with the books.
As LT said; given the skeleton staff of the Co.
Given that the MMaker has not "cut down" the SP (as yet!), it might mean that indeed 1 month will be the max suspension period; in the meantime, the business should go on without hiccups we hope.
Well, well, well….missing the accounts deadline again, suspension again, what are these useless dogs hiding now which will shaft shareholders again??💩
Or, for a company with a small amount of book keeping which should be regularly and easily administered there can be no real excuse, other than the auditors have kicked them in to touch……USELESS!!
I DISAGREE considering the problems of the last 12 months and the time taken to resolve the previous years accounts it was to be expected. What does it matter if the share is suspended for a couple of months let alone one...business will continue a pace and we will have a better understanding of how sales and production are being managed ..both for the good I tend to believe. I for one will be buying if the price drops which I do not expect to happen.
On the one hand, very disappointing given the recent turmoil we have all gone through; on the other hand, given the skeleton staff of the Co, the focus (I hope) on keeping costs to the bare minimum, it might not be unreasonable for the Auditors to not be bale to get their hands on the required data/documentation.
We will only know at end of July (in the best scenario).
Spot on Bob. Big failure for BOD, should have done better. Shareholders made a leap of faith on here yet no explanation given re delay. Would Messrs Burton and Moore do the decent thing and provide some detail I wonder, if not directly via RNS then at least through a broker note? Reputations at stake here!
Exactly that.
Given where this company came from and the money investors have lost this is not a good look.
There have been a few companies recently who for genuine audit reasons have been late but not a great look
'The FY23 Accounts will not be ready to be published by the close of business on 28 June 2024, being the effective deadline for publication under the AIM Rules for Companies. Consequently, the Company's shares are expected to be suspended from trading on AIM with effect from 07.30 a.m. on 1 July 2024, pending publication of the FY23 Accounts. The Company is working diligently to support the completion of its audit and expects to publish its FY23 Accounts by the end of July 2024. A further announcement will be made in due course -
Not sure why the delay bit it is ovioulsy pretty crap to not sort it out. Well, they say it will be published end of July so that is that for now.
Its a "razor blade model" the growth opportunities are potentially spectacular. DYOR but I personally believe we will see a massive turnaround here.
Https://www.lse.co.uk/rns/MSYS/holdings-in-company-k8bmh4wlrrh387x.html
This is a Cayman listed Hedge fund,, apparently it was one of the best performing funds after COVID;
https://www.alternativesoft.com/top-10-european-hedge-funds-between-april-2020-and-March-2021.html
So, maybe these guys have NOT done their due diligence about our new "crooked" Management? Either that, or maybe they have seen something they like?
DYOR
I agree đź‘Ť I think I'll wait until we see further development and the audit results come through successfully without any delays before I decide to average down. Here's hoping all good things going forwards
Sol, plenty of time to average down IMO, but something to consider seriously IF and when MSYS can show it's slowly getting out of the woods; first it needs to show that cash flow is steady (and +ve) and secondly that its various tests are coming to fruition and serious players will get on board (and fund expansion); we will be monitoring.
Good to see signs of moving forward from the company. I'm in the same situation as you LT. I didn't sell up and with shares where they are after the consolidation, I won't see my money back until they reach 40.00. I'm nervous as well of averaging down as you mentioned, after everything that happened.
If they continue as they are doing though, perhaps in a couple of years I might be back to where I was, but I won't hold my breath (trying to be positive there lol)
Speaker as a holder of Modern Water/ DeepVerge I was sucked in and spat out. Still hold here and believe in the technology but there will be placings along the line in order to commercialise the tech. Gan canny people!!
Although many people have been "burned" (some more than others), this is now a Recovery situation; assuming things are not fraudulent (caveat emptor), there are many projects ongoing with serious partners and the potential is big; but it will take time and there are capital constraints too; people need to ask themselves whether Averaging down at these levels is worth the various risks; if they get it right, they could be highly rewarded; if they get it wrong....more losses.
Personally (as a holder and biased), I believe 2025 will be the turnaround year - and 2024 is the year of accumulation. IMO
Schlum Over the last 20 years there have been very few "razor blade models" come onto the market! This is a perfect example BUY the kit but the consumables ( that are patented ) have to purchased from the same source. If the company can expand the growth of their water purification units in Saudi Arabia where there is clearly strong demand they have an enormous potential sale base for regular income on good margins. Today's announcement brings yet another opportunity to investors as disease control of water borne agents is another example of a potentially enormous growth market that is so far unmet. Do your own research but this is one to be followed closely as the turn around could be very swift and profitable.
I just look at the prospective market for the water testing products and more fool me but I am once again looking to invest.
I think people make the mistake of thinking that because they were shafted before, that it won’t happen again. When in lots of cases it’s more likely.
Farntl, it'll be old news of course, but we could still get clues on Cash burn, o/s Debtors and an update on technological progress on the various fronts, potential Sales etc.
I guess the only way is up?
Well done LT, you’re certainly on top of this one.
If we go by previous years (bar 2022!), we'd be due to get the AFS 2023 and hopefully a decent Outlook/update for the rest of the year.