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Yeah, and with the level of dilution coming there’s going to be a number of TR-1s coming through, all of them looking at first glance like there’s a massive sell-off happening when their % of the total is the only thing that’s changed.
We need to be sure we’re not talking about holders selling out if it’s not actually the case 👍
I expect the Odd Investments 22M is a part of the 1p placing, not a market purchase. The 5% is also a fiction if it is 22M since there will be over 1Bn shares out there after it all settles. That will take Mr Odd back under 3%.
Oh yes that’s right, the Canaccord and director shares were issued yesterday.
The RNS states that it is due to “An event changing the breakdown of voting rights”.
They hold the same amount as they did back in 2022.
I think you are right. Looks like a disposal to fund the purchase of Open Offer shares.
After all if they had lost confidence and wanted out they could have emulated our friend the Livermore lookalike and dumped the lot.
Yes they sold 0.9%. Could be to fund the open offer shares which are 15% cheaper.
So this 5pm RNS is a dump?
Correct?
TY.
Yes, they're clearly confident in SCE
The key part is section 7:
Resulting situation on the date on which threshold was crossed or reached 5.13% (The new holding)
Position of previous notification (if applicable): (Blank mean 0% held before the declaration date)
Bridgedogg1 can you explain how to read that TR-1 to know that its a buy please? i cant never read these
So we now know who's been gobbling up at least some of this volume - ODD Asset Management, now at over 5%. Anyone have any idea who this lot are? Seems that the ODD bit comes from the family name, which is a little unfortunate if you ask me. Alexander (Alex) Odd is also CEO at Tyndall Asset Management - now sure if they're a long time holder here? He's ex M&G and Jupiter, so should be no mug.
Interesting buy for a small investment company. They currently have around £200k, must have been building over a few days because they certainly didnt pick it all up yesterday. Expect to see more of these in the coming weeks. A great vote of confidence.
Profile
Mr. Edward R.
Allen, CFA, is an Investment Director at Odd Asset Management Ltd.
He began his career at Thurleigh Investment Managers in 2003, where he was the Partner responsible for the client team and business development.
Thurleigh was acquired by Ingenious Asset Management, which was subsequently bought by Tilney Bestinvest.
In 2017 he co-founded Tyndall’s private client investment management business.
He became a CFA Charter holder in 2008 and completed his MBA with the Open University in 2015.
There will be a number of sells so that holders can fund the open offer. The large buyer that has been operating since the placing seemed to disappear yesterday morning, hopefully will be back soon. Looking forward to tomorrows presentation which should shed some light on the operational progress which is now key.
It’s done it again. Directors talk no space
the *s are in the place of ************* not sure why it seemed to be filtered out. if you remove from https, to .net and put the rest in google you will see the article pop up.
Bridgedogg1 I can't see your link? why is that?
https://*************.net/how-carbon-ceramic-brakes-work-in-high-performance-vehicles#:~:text=this%20composite%20material%20offers%20exceptional,than%20conventional%20cast%20iron%20brakes.
That’s true.
There’s a lot of (justified) shareholder anger about the performance of the Board and Management team. I hear you.
But surely those that have sold out huge holdings in disgust will no longer have a say in the future running of the business? And those who have bitten the bullet, and averaged down, or will take up the Open Offer will have every incentive to support whoever is running the company going forward?
The reason SCE is priced for bankruptcy, and the reason that all shareholders from last raise and before have seen their s/holdings pretty much wiped out, is down to Bundred, Johnson & Maddocks.
The Board has a serious problem on its hands. how does it reboot the business with Johson in charge as CEO? The credibility of the Board rests on getting a management team that has wiped out its s/holder base in 6 short months to convince s/holders that they can be trusted.
From the placing RNS:
(Revenue) "Based on the Directors' expectations and their understanding of the relevant OEM's production plan and estimated demand for discs and it takes into account the expected lifetime revenue from the Company's contract with OEM which is anticipated to be entered into following the Company's recent nomination as OEM 10's tier one supplier of a carbon ceramic brake discs."
So hopefully we can expect a huge OEM contract announced fairly soon to bridge the gap between £700 million of non contracted sales, and £390 million contracted sales. That will really make this fly.
The management briefing on Thursday will be key.
We are pretty much priced for bankruptcy and yet have millions in the bank and a strong order book.
If they announce a credible plan to deal with the production issues and a route to profitability this will fly.
I can see this being on the rise for throughout the week.
I noticed Sneller also took a fairly large hit on Deltic so hasnt been a great year for him so far.
Hopefully the block buying continues here with one or multiple parties clearly building positions while the share price is so low, expect to see some more holding RNS in the near future. If Sneller hadn't sold 15% I expect we would be at 2/3p by now.Looking at the chart, if we can break through 1.2p its a clear run back up to 3p. We've got the presentation on Thursday and news regarding the loan, financial reporting and operational progress all to come this month.
The take up of the open offer should be maxed out at the current share price providing plenty of cash working capital headroom until we hit net positive cash flow.
Richard Sneller may have had his position hedged I suppose, but a priori it looks like he didn’t call it right, but make an UTTERLY catastrophic, schoolboy trader, error.
By taking out such a large position in the first place, then selling at the absolute bottom. Even if the company eventually goes bust (a big if) he would have had an opportunity to sell at a higher price than he did, between now and then. He could have sold on Friday for pretty much20% more even, if he had drip fed it. It was an emotional, panicked sale. Perhaps caused by some bust up in the boardroom. A flounce out.
Calling it right? Are you having a laugh?
If you want your investment manager to buy high and sell low, he’s your man!