Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Yeah watch out for companies like NSB that pay you a million quid for previous work as agreed over the past 12 years.
But hey what’s reality when confirmation bias is involved.
The goverment need to tell China pay up or we block all trading , I am sure the powers in China could shake this to smiths satisfaction
We certainly need to be wary of the Chinese no matter what anyone on here suggests. I am sure the BOD will know and have managed the risks of IP theft
Full story:
China’s Future Aerospace ‘stole trade secrets’, says Smiths (Harlow)
Buyer who reneged on £8m deal left us on the brink, claims British manufacturer
Liam Kelly
January 26 2020, 12:01am, The Sunday Times
Smiths makes turbine cases and engine rings for aircraft such as the Airbus A320
A precision-engineering company in Essex has accused a Chinese investor of flirting with a takeover — then stealing its intellectual property and withholding the cash it had promised, leaving it on the brink of collapse.
Bosses of Smiths (Harlow), which makes parts for Bombardier and Rolls-Royce, and backer Agathos, a private equity firm, struck an £8m deal with China’s Future Aerospace in October 2017. More than two years on, Future has failed to pay the full amount, citing trouble obtaining approval from its government. Smiths fears it has abandoned the deal and says it is owed £2.5m.
The issues began in May 2018, when Beijing had not yet approved Future’s application to go ahead with the deal. Over the next six months, Smiths signed three technology-transfer agreements with Future. It agreed to train Future engineers in China and the UK, as well as reveal its quality-control processes, in exchange for the first £3m of the £8m price. “We think they came to us for the technology we had. They’ve taken what they wanted and now they’ve got it, they didn’t need the shell of Smiths,” said Paul Herbert, the engineer’s chairman.
Smiths makes turbine cases and engine rings for aircraft including the Boeing 737 and Airbus A320. It employs 70 people in Harlow.
FRP Advisory is scrambling to find a buyer, with administrators on standby. Smiths could collapse by the end of the week if a rescuer is not found.
Since the 2017 deal was struck, Smiths has been forced to give up its licence to make military equipment for western powers, because of its links to China.
Beijing has been criticised by Donald Trump for state-backed theft of intellectual property and forced tech transfers.
Herbert, 60, alleged that Future Aerospace had “manipulated” Beijing’s regulatory processes by raiding his firm’s intellectual property before withdrawing its application for the deal. Smiths has appealed to the Chinese embassy in London and the British government for help.
Robert Halfon, the Conservative MP for Harlow, has urged business secretary Andrea Leadsom to intervene and called for greater scrutiny of foreign investors buying British companies. “There needs to be oversight with big deals like this to make sure the agreements are kept to.”
The cash squeeze has been exacerbated by the grounding of the Boeing 737 Max aircraft. About 30% of Smiths products are for the airliner, which has not flown for 10 months following two fatal crashes that killed 346 people.
“Time is very short,” Herbert said. “We have run out
Nfx should learn a lesson from this.The Chinese do not like money or control leaving the country.Thay are all over Africa at the moment snaping up projects at bargain prices under the ir. own terms and conditiond s.I have stated this in an ear lier post'if the compounds we have are so good,why can't we get funding from european or Usa based pharma's
There’s significant past history between ourselves and the Chinese , thing then being , whom in there right mind would trust them again .
Which is hardly likely to be the situation here.
Infor1p
There is a story in today's paper, Sunday Times I think, about a British company being taken over by a Chinese company.
It seems what happened was that the Chinese didn't pay, but they did manage to first get their hands on the intellectual property.
Apologies auto spell like group instead of goupplease :)
Group no worries. I’m invested in NFX for all the promise it shows on multiple fronts. My point about the CNY was simply that a lot of posters keep on about it like it’s the be and end of all and everything good about NFX. When the deals for 001,002 and 004 are sealed and delivered all holders will be rewarded handsomely. I can wait and not bothered about the penny up and down like most on here come and shout about. GLA
If the Chinese are bidding for 002 I would insist on the money up front! Imagine how long we would be waiting fir that size payment!! :)
...I imagine the Chinese are looking to bid (and could be negotiating) for 002.
Perhaps this is the reason for the delayed payment...??? The negotiations continue...is kissei the preferred bidder or is it Newsummit? We will find out in the fullness of time!
Imagine that RNS!!!
Sorry mi spelt your name mohsin, apologies
Moshing. You have two separate deals , one for 001 which we are partners with
Newsummit Biopharma of china and waiting payment which Dan hoped would be by cny ,
You then have 002 which it was said kissei was bidding for but nfx have several options , this should come good in Q1 according to Dan .
It's just a case of wait for rns it's the only way any thing will be settled
Whats all this fascination with Chinese New Year on here? NFX is a British biotech and Last I checked Kissei Pharma was Japanese. Licensing deal which was leaked and subsequently confirmed by Dan....This was the big news I was waiting for personally.
What was your previous ID craigey?
Another large sell at 15:14:21 today,
Lots of shares trading hands this past week,auger well for the coming weeks!
Mars cheers
Goup I can only do it from memory do not have access to history i looked at it at the time but not to worry if it was a sell price is up therefore buying has it, and less to be sold in the near future. Plenty of buyers today, and another closer to the forthcoming news.
Would that not explain the pain yesterday if they was working that ?
I am not that up on the real finer points but I think it's a sell .
Any advice welcome
Mars there's a buy either side , I think that a sell have a look . It's yesterday 23rd
Trade Time Price Quantity Bid Offer Buy / Sell* Deal Value Trade Type
Jan 23 2020, 16:13 8.46 1,150 8.30 8.50 Buy £97.32 O
Jan 23 2020, 16:05 8.30 875,000 8.50 9.00 Sell £72,625.00 O
Jan 23 2020, 15:59 8.48 25,812 8.40 8.50 Buy £2,187.57 O
Jan 23 2020, 15:58 8.45 300,000 0.00 0.00 ? £25,350.00 O
Jan 23 2020, 15:58 8.42 91,084 8.40 8.50 Sell £7,664.72 O
I'll check it cheers mars
Goup, funny I thought that was a buy. Spread at close was 8 to 8.30 and price went up this am
875 k delayed trade from yesterday , reckon somebody thought it would drop today ,
Cost themselves a fair few bob selling 16.05 yesterday at 8 .30 p