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Somehow I don't think this was needed as in extra funding. 2 negotiations as far down the road as MOU, and probably signed as far as we know, that will probably generate about the same amount in the nearish future and SEE decides on a placement. Which fits its strategy ie US investors. If 1 or both of the two deals at MOU stage had been signed, and L3, looks like it has, what would the SP be then? Certainly not at 4.10p. So, this looks like a strategic and massive get on the bus ploy for our new US friend who we should know the identity of next week. That will be very interesting.
With all the great research that we have seen on this board we know there are many avenues that our tech can go down, not just cars,buses,vans, but interactive with computers, VR, it can be put in so many places. So perhaps we were in a position where we didn’t need a fund raise but new funds can be for many new ways to use the tech, a US based investor has to be good.
I can see the revenues ramping up over the next few years but once the SP starts to reflect this why not have a US listing it’s only going to benefit us in the long term.
If this reduces pressure on licensing negotiations that could be a positive and reduce the need for heavily discounted up front licensing fees. It suggests to me though that the business is still some way off being cash flow positive. The fact debt not available suggests contracts not landing quickly enough.
Positive that a US tech investor and that its expected to generate “on market” interest. This could be Stifel’s recommendation that the best way to generate interest amongst US tech investors is to get one on board. There may be some precedent for that.
I don’t understand the basis for not naming the investor.
HAGD - yes I’ve been thru the fundraises too, and made money from the last one to here. The last one was a complete fck up in every respect, especially timing.
Sadly, SEE will only make serious money when the products they are in start to sell. To do that, they need to be built, and before that there needed to be a reason for them to be built with our product in them (legislation). I can’t argue that we were too early with our investments but it doesn’t mean investing now is wrong.
In fact, the next week or so might Prove to be the most optimum entry point ever.
I would happily sell my shareS for 270p instead of 300p in 5 years time, if that’s the impact of this 10% dilution.
Rossc all valid points but ubers share price has gone up. Yep I know so has ours the last six months, anyway as I said 2nd nov isn't far off, back in my box for now Gla we deserve it.
In for a penny steve I don't mind when your posts are like today and you were right...alas.
Re RossC , Fundraising is a necessity when revenue takes a long time to appear on the books !!! , there are a vast number who have been waiting for a good few years and went through a few fundraising events to find this amusing , as always , have A GOOD day
Hopefully/expected....given the history of the business, these 2 words are not good.
With every fundraise like this and the issue of more bonus and free shares its reducing your chances of a 2 or 3 bagger...if your happy to go along with this then fair enough but i would be raging because they are just playing you!
Fundraising is a necessity when your are in a space where revenue takes a long time to appear on the books... or you are expanding into new territories/verticals. I expect more as the company gets bigger.
Look at Uber for an example... started with an initial $17m fundraise (from memory), has many more and the last one was for $8bn I think on a Valuation of $80+Bn.
Could have been a lot worse - don’t agree with the At a premium statement (depends on the timeline) but even a 10% discount isn’t bad and puts a floor on the sp for a while...
Happy to get US exposure and helps ward off any low bids.
Adding
I think this is great news, we where told a Year ago a small top up may be needed, and then Covid happened, hopefully the funding issue can now be put to bed.
there were a few shareholders who had a suspicion that the begging bowl was overdue and they were ridiculed by the normal rampers , what spin will they put on this news , we await their reaction , as always , stay safe and have A GOOD day
********** is instant.
So it is $20mil cash in a week eventually, ha..
Well thats sorted then.
Prepare for Nasdaq listing?
TIDMSEE
RNS Number : 0306D
Seeing Machines Limited
23 October 2020
Seeing Machines Limited
23 October 2020
Issue of shares and total voting rights
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, annouces that it has issued 372,000,000 new ordinary shares of no par value each (the "New Ordinary Shares") to a well known US institutional investor, at a price of 4.10 pence per New Ordinary Share, raising gross proceeds of approximately US$20 million (the "Placing"). The Placing was introduced and arranged by Stifel, and was conducted at a modest premium.
The net proceeds of the Placing will be used to strengthen the Company's balance sheet and for general working capital and corporate purposes.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur and dealings will commence in the New Ordinary Shares at 8.00 a.m. on 28 October 2020.
Total Voting Rights
Following Admission, the Company's issued and fully paid share capital will consist of 3,737,214,374 ordinary shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 3,737,214,374. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Paul McGlone, CEO of Seeing Machines, comment: "This strategic placement is the first success in our strategy to attract new US-based support for the company and I believe this transaction will generate additional significant on market interest from more US-based growth-focused technology investors.
"This support represents fresh validation of our strategy and that the business is truly at an inflection point underpinned by Seeing Machines' world-leading technology and people. We are delighted that this placement, together with our other initiatives and business opportunies is expected to fully fund our current business plan."
Advfn
Explains the flurry of announcements. Not the worst result. I had always felt funds would be needed. It was the last fund raise that really hurt us.
Where are you getting your prompt alerts? I am registered with LSE and Investegate but nothing at the moment.
Today I will buy...
Its how you write them, yes a small premium to yesterdays price but a big discount to a week ago when the news probably started to get out with the market makers. At least they did a decent pump over the last few weeks to get the price up from 3p.
US$20m
Fat fingers
Explains the sp fall at least and maybe puts to bed the cash issue
€20m, at a small premium. Not bad I guess.
What was that about being funded to profitability?