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Dream on if you think ME or NP are going to step down. What would they do?
Nano were screwed by Samsung. That much is pretty obvious. Hence the litigation.
Apple were attracted by QDot tech.
There is value in nano for sure.
But it goes to prove how difficult disruptive technology is hard to commercialise.
Only saw the RNS at 8PM last night but managed to set up PrimaryBid account and request 5000 shares before 9. Had an email from them this morning confirming I will get them, so hopefully most small retail investors will get any extra shares they wanted. The discount is small but for those thinking of topping up, it seemed a good oppo (ignoring today's price action!).
GLA
I agree. Looks to be a very minor dilution but now with the additional funds raised over what they initially expected they have the reassurance of 'cash runway' to 2022, rather than the previous 2021, which was concerning some posters. I suppose the other plus is that if Samsung were hoping NANO would weaken with diminishing cash and delay as long as they can, that's going to be harder for them to do now(?).
It feels like a good number on the Board are concerned the amount raised is not enough. Common sense does suggest a need for more. However, if more were raised and a lucrative contract with Merck announced shortly thereafter, shareholders might be correctly upset. Quite possibly I am being over optimistic but had more money been needed I suspect LOAM would have been very happy to oblige on less preferential terms.
In my view, that LOAM is parting with £2.14m on such a narrow discount, suggests expectation of an upside in the near term.
Cheers JB for the info, on RG I wouldn’t like to say;-)
JBongo: Lombard Odier Asset Management was clearly in the frame from early on as they have agreed to underwrite a good proportion of the PrimaryBid offer. LOAM and Griffiths are joined at the hip as far as Nano is concerned. RG has been an investor in Nano for many years (pre-2012), initially using his ORA and Blake Holdings accounts. LOAM first invested on April 1st, 2017, basically buying up Henderson Global's shares. At that entry point, LOAM declared possession of 21.07% of the Company, together with a declared CFD of 2.14%. LOAM and RG are in cahoots in other AIM shareholdings, too.
I think anyone investing or extending their investment into Nanoco need to bear in mind that we are now over a year past the cancellation of the Apple contract, and in that time , only one additional commercialisation agreement has been inked, and any revenue from that is still over a year away if it materialises at all. Products can get cancelled at a late stage as we discovered all too well with the Apple iphone camera, so no guarantees.
If the case doesn't get settled out of court before about this time next year, and there isn't significant deals inked for revenue of around £6-7m per annum then the company will either have to restructure or seek further funds. So from an investment point of view, still significant risk short to medium term I think.
@morbox is he good or was he informed beforehand???
Re primarybid, apparently you use a 'bed and isa', which you'll have to ask HL you do once the investment is in your regular HL account. This bed and isa sells the shares in the regular account and buys them in the isa account at the same time so prices don't change.
I asked PB about fidelity and apparently they are working with fidelity to have them listed on their website soon
Agree with all of that Nanonano. In my view, Samsung stitched NANO up like a kipper and was not counting on Apple releasing NANO funding its share of the Runcorn development or Covid 19, which has provided more breathing space.
I suspect Samsung may have already made a derisory offer to settle but NANO wants a sensible settlement. Like you, I don't see it being gifted and most likely it will go to Court. Our TP funders now have substantial influence and will want to derive maximum value, so expect the long haul and if an acceptable settlement is made earlier that's a bonus.
RG did a timely reduction. He’s good. I’m a bit regretting putting in 1k this evening, but it’s this first time I’ve used PrimaryBid (been registered for 6 weeks) so it’s a good test on a share that I know. I’ll see if/how HL will bed into my ISA. PrimaryBid can’t put into an ISA as they would not know what allowance you have left and the amount would depend on number of shares and price, so I do understand the limitations of using them.
Had it not been for the Apple contract, which although didn't make it through to production did provide the company with some reasonably substantial income, we'd have been out of cash probably 12 months ago.
The Covid 19 crisis, whilst perhaps interfering with a potential sale of the company did permit a reduction of staff costs.
A potential ban on Samsung QLED sales in the US would almost certainly broker an agreeable deal, but my feeling is that is unlikely to happen.
SL. Unfortunately August is not the trial.... so if there was a deal even being takes about internally by Samsung they wouldn’t do anything....and we got to August and the judge says trial date early 2021... then discussions will then start to happen... maybe...
Thanks for letting us know botbot :) good recovery plays.
You are not alone Maninpink. I first bought in here around £1.70 many years ago around 90% down :( It may take a while but I think your investment will come good in the end.
Sorry I forgot to mention that I suspect this is also a way of putting Samsung under pressure. Two birds with one stone so to speak! ME recently said settlements are usually reached BEFOREgoing to trial, a wording that suggests he might have expectations (even if misplaced) that a deal with Samsung may be possible or even likely before the end of August maybe. Or am I reading too much into what he was saying?
Screenlearner and ddubya... I can’t buy anymore. I don’t have any money. I bought 25,000 Carnival shares and 100,000 IAG shares... so today my portfolio went up quite a bit.! All in my ISA as well.
Nanonano , I agree this is about ensuring they can meet the "going concern" criteria at their end of financial year, but it does give them much needed breathing space, the dilution is tiny, the discount to the current SP is faily small. All told a good move on their part I think. I have already stated (in other words below) that I think the trading update is a big nothing burger dressed up to look like progress is being made. But now all is to play for, and I suspect the SP (maybe after a few wobbles at first) will now break th 20p barrier in short order. So I am not unhappy even if still a bit skeptical until I see payments for products come rolling in.
Seems to need it for present activity - afford deal arrangements, maintain high level staff for research and development - not for extending next year's cash.
"The Fundraise will enable the Company to address further new commercial opportunities, while also maintaining our balance sheet during the lawsuit against Samsung. The Fundraise will also add stability to the business and allow us to retain many members of our highly skilled team.
My timing is awful again. I only top up 2 days ago...One day I get this right. Taylor wimpey did same thing few months ago. Sp went down at first ...
I think you are spot on that Auditors wanted to include a 'going concern' qualification Nanonano, something this raise will negate. However, for me, the miniscule discount, more exec money and low size of the raise strongly suggests they have confidence of securing orders and income and possibly even being cash positive end of Q421. Otherwise, a much larger raise would have been the right thing to do and at larger discount. Guess we shall not know for certain until the passing of yet more time but to me, it feels like everything is now falling into place.
If you believe that, you'd believe anything.
I think the fund raise is there chiefly to satisfy the auditors- they lack sufficient cash to be signed off for the next financial year, and with no sales of significance in the next 12-16 months, assuming they materialise at all, it would have meant significant change to continue as a going concern.
I think there will be another more substantial fund raise unless they can drum up some significant business in the next year, or Samsung offer a satisfactory deal.
It appears that Richard Griffiths sold 3,377,242 shares on July 14. Is this coincidental?
Ddubya, there is never anything "modest" about botbot's top-ups. He is probably writing to Nanoco right now asking them why they didn't contact him earlier if they only needed a couple of million quid!
They haven't given much time for people to get involved have they? You would think a couple of days would be more sensible than 3 or 4 hours
Tried registering with Primarybid but they want me to contact them and provide a copy passport so they can do ID on me. Only been at the same address for 23 years and I can't see them clearing me by 9.00pm or earlier fill, so I 'm out of this one I am afraid. I would not have put much more in anyway. Good luck everyone and hope this gives the SP a good lift tomorrow.
NB Tempted with a modest top up botbot?