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Are chalk and cheese!!
Surface could easily hip 5p within weeks!!
£30 millions on a contract which is worth about £100 millions over 6 years.
They tried to run before they could walk.
Kept on expanding and spending money when production processes hadn't been sorted, resulting in a high scrap, high cost operation. The last fund raise is the final roll of the dice. If operations don't improve the company will be bankrupt in 6 mths. Very poor management indeed.
Fine. Thank you. I've too many RNSs to read today...
Anyway, they can't win in my view. What they gain in honesty they lose in shamelessness.
@unhooked
in the RNS
" The Issue Price represents a discount of approximately 66 per cent. to the closing mid-market price of 2.9 pence per Ordinary Share on 30 April 2024, being the last Business Day prior to the date of this Announcement.2
They were forced to move up too fast or may be they were too clueless about expansion as it has proven to be a disaster.
Where?
One thing SCE cannot be accused of is moving too fast! :-)
They did.
They normally state the discount of the placing to the prevailing settled price over the previous few days... but they haven't done that this time. Wonder why? Could it be that a discount of 65% is so astonishingly large they'd rather not mention it? Maybe they should've gone bust, a la Saietta, rather than fleece investors for more cash.
Not about speculative punt. £13m loan for capx. Placing proceeds. Almost completed installation of furnaces to ramp up production to £50m+ revenue. They just moved to far too fast and were forced into the raise at a silly price.
They seldom move uniformly. Expect a bounce and then a fall and then a surge!!
A placing was imminent after last update but discount is huge.Participants in last placing have lost 90%!
Not sure if placing shares have hit the market or have been forward sold.But this is a very illquid stock and existing shareholders have effectively been wiped out.A speculative punt at best.
Stunning, scandalous, incredible. This is the sort of information that any properly managed manufacturing plc, with a functioning board, half-competent CEO, and properly managed operations and data collection should have shared with s/holders.
At least the NEDs are sticking more cash in, but seriously JOHSON HAS TO BE REMOVED AS CEO.... he has burnt through 10s of millions of £, destroyed value on an almost unimagineable scale since November, and seems utterly incapable of recognising that he isn't up to the job.
How long are those orders going to remain in place? Pretty soon we will hear that they've been cancelled and a few months later the company will be in administration.
NO AT 0.75P!!!!
That is my buy price. 4p in no ntime.
A punt on the basis that they still have orders but these jokers are clueess when it comes to operational side of things.
Maddock´s £3.5k token punt suggests she does not think they know what they are doing !! ..and she has all the forward cash flow projections
If it wasnt for the Placing, the details about the current extra costs and the schedules of production yield and savings per disc etc would not be have been released
They clearly had absolutely no idea that these problems would occur to the extent they have
" Placing 650m shares"
That is just the Firm Placing Shares and Subscription Shares, that figure excludes what may be raised in the Open Offer which could be up to £2m ( 200m shares)
Unbelievable, there will add 2 times the company's shares in this placing !! How long will it takes to offload at least 1/4th of that to the market !!
Company's current shares: 352.07m
Placing 650m
I’m buying now, glad I waited!
This is probably a buy..
It was crystal clear from last update that they needed money but discount is astonishing.