Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Dont they have the £13m loan for capx?
RAZZAB ''just waiting for the bottom''
0p!
The Nov 2023 fund raise had a supposed £3m of contingency money , beyond the working capital need .... plus... they said then (lol) that they saw no need to raise more funding and if so would look at other means other than Equity
Now, the confidence and trust has been shattered .....and no doubt the Chairman, who lured in the City investors has been told it is time to go ..... all the BOD bought @10p ... so... did they probably envisage having to burn that £3m or part of it, to get the problems solved
what is the cash level now ( £6.1m at Dec 31st 2023) and are they still on target to be able to invest £9m in CAPEX as guided, during this year?
Lol, looks like you have taken position way too early,should have waited for placing!
ShamI89 is back for his second post of the day.
boom tiss
Who is dumping these shares you reckon?What other options do these lot have apart from placing?
Im buying.
Just waiting for the bottom.
Get out while you can as long as Kevin Johnston is in charge this share is going only one way and will either be bought for a song by the chinese or will go belly up .imo
ShamI89 with his first ever post on the boards with 'placing on the way'
LOL who are you fooling? ya gran?
Following an event organised by Hardman in conjunction with Surface Transforms around 20th April 2023 participants were asked for Feedback which I readily supplied by email after being asked to highlight in ‘bold type’ questions I particularly wanted answered. I highlighted Q2 to Q6.
See below
I don’t recall getting any comprehensive response!
------ Original Message ------
From: "Events"
To “Poole”
Sent: Friday, 21 Apr, 23 At 12:18
Subject: RE: FEEDBACK ON THE SURFACE TRANSFORMS EVENT?
Dear “Poole”
My apologies on the feedback form. Please find the questions below. If you would like to respond I will collate the feedback with the rest of the responses.
Regarding the questions, please highlight any below you want further details on and I pass this on to the team.
Many thanks
Alona
My questions
Q1 Re: Operational Management. You say intending to recruit a person for the new position of Chief Operating Officer reporting directly to the CEO . Any update on making a permanent appointment? Meantime you have made an interim appointment. What are the professional qualifications of the interim appointee?
Q2 How many professionally qualified Chemical Engineers do we employ?
Q3 You have separately been advertising for a ‘Six Sigma Project Manager’. Who will they be reporting to?
Q4 It is not clear what adding each ‘new cell’ consists of? Is it principally an extra furnace or is it a complete suite of Stages 1 through to Stage 10 as shown on your web site?
Q5 (a)As an attendee last year at one of your shareholder events at Knowsley I understood that the new furnaces (Stage 3) represented a major change in the manufacturing process. In the light of recent events even before the introduction of additional cells (now due Q2 2023) there needs to be clarification as to what changes that involved.
At that Knowsley event last year, I had anticipating possible issues with making a major process change asked whether pre-testing off site was to take place. From recollection I got a short non-answer reply. Perhaps I should have been more insistent as it now appears that ought to have been undertaken. Why wasn’t it? (b)Surely if done properly it would before going live have revealed the flue lining failure rate as unacceptable.
Q6 I have also recently questioned without as yet a response whether the process diagram of Stage 3 on your website as shown would provide for stable resilient production. Does it adequately convey the processes to be undertaken at the heart of the new cells furnaces?
Remember the previous right's issue gave no time to qualify for the shares. Just as well ! The Royal Mail Post, hardly call it Royal, more like Lousy Mail Post, even using 1st class signed for. But thankfully I was done a favour as my form and cheque arrived too late. Lol.
Way it is going it looks like it will run out of money soon.Placing on the way.
Apparently so......
Johnson exhibits the worst traits of the over-promoted CEO: blind faith in his own infallibility ; inability to accept when he’s wrong ; failure to consult/ share thinking ; distrust of outsiders esp advisers & investors;
Fevertreeman. But the level of women in Liverpool is better than the rest of the country!!
"We are maintaining sales guidance of £23m for the year ending 31 December 2024. However the scrap problems in particular have absorbed a sizeable amount of working capital and cash. The Board are assessing options to address this short term issue."
How do people read the above? Is the short term issue that they are going to address the scrap problems or the working capital/cash? i.e does this indicate yet more monies are required?
Totally agree - I know that the general level of literacy in Liverpool is lower than the rest of the country , but this was yet another dreadful RNS that, given the general antipathy displayed by Holly Johnson towards the City, might sugggest advisers couldn’t give a toss
Firstly,apologies for typo.Should read new bunch.
The RNS was clearly written by an effing illiterate and presumably was approved by a whole set of moronic advisers.It only talked in the negative and gave no solutions to the latest problems.
Surely even in the grim depths of the North West there is still someone with half a brain that knows how to produce a professional RNS release…
This company is imploding .
See a whole no bunch of misery chasers have arrived.FFS.
It is quite clear that ST has to be sold to an entity with financial clout.
The fact that Bundred is bailing out now,without doing this shows a totally useless tw*t he is or that ST is beyond help.Could be both,of course.And Johnson is probably looking for his contract to be paid out.Greedy,narcissists,the both.
Surely some institutional shareholders can get a grip here .
Surely there won’t be another raise!?
There's a reason you're No.2
I'm reading all the negativity around the company and understand the s hit show that's clearly happened in the last few months.....it's clear there should be a lot more information around what the level of scrappage is so investors can assess it's significance. Not disclosing this does suggest a CEO with his head in the sand and with these unknowns I should likely avoid these shares..but I've just taken a small punt as I can see some upside:
There's clearly a demand for the product - customers are still paying for discs and buying more than can be produced.
Most of the technical issues have been resolved, so it feels like there's some technical competence in the company.
Expansion is on the books with facilities nearly completed and management still expects to triple sales this year.
So I'm unclear how bad the scrappage issue is and it's also not clear why the accounts are delayed which is also very bad and there seems to be a cashflow problem about to hit which again there wasn't much detail on.
I'm now wondering what I was thinking buying in but what are the chances
Any thoughts on these 3 risks would be helpful. I'm also hoping though that in 3 months we have had the accounts published and significantly improved the scrappage which along with increased sales and increased capacity sounds like good news....although I'm still worried the cashflow issue leads roca rights issue or something else just as bad news. Sounds like I'm daft buying in at this point, anyone agree there's a very small chance of light at the end of the tunnel? #feelimaskingfortrouble
That is some performance by Bundred and Johnson isn't it....move along nothing to worry about in November has the sp stable c25p followed a few weeks later by panic stations and 10p raise, followed by today's omnishambles...
Johnson lacks honesty , detail and clarity.....he has never set out the scale-up problems clearly, he pretends all is well when it isnt, he feigns surprise when things dont go to plan, he missies his own forecasts, then refuses to budge on what appear olympian forecasts based on current performane, and views s/holders with barely disguised contempt.
You are so right about the process change! They develop a great much-needed product that has OEMs
queuing up and giving orders, and then Johnson can't manage the scale up. The lack of planning appears breathtaking: COO appointed far too late; no articulation of HR talent programme, a lack of proper QC.etc