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Agree. Shareholders have been stitched up royally. Rox wants all. Wouldn't surprise me if they were scooping up all the existing outstanding shares they can grab at 3p with the share price deliberately sabotaged by the announcement to delist in conjunction with the fundraising.
Absolutely astounding.
09:55
If two large shareholders hang onto their holding leaving a small number for us plebs, then the SP will rocket upwards.
P
“The company has entered into an exclusivity agreement with ROX on 5 March 2024 granting ROX the right to participate, ALONGSIDE EXISTING SHAREHOLDERS, in the Fundraise.”
“Under the terms of the agreement, ROX has confirmed, depending on the level of existing shareholders' participation in the Fundraise, ITS WILLINGNESS TO SUBSCRIBE FOR ALL THE NEW SHARES IN THE FUNDRAISE.”
Or put simply, assuming zero participation from the current cohort of institutional investors, ROX Equity Partners are ready to subscribe for all the new shares in the fundraise.
Longfell, your rationale assumes zero participation from the current cohort of institutional investors in the forthcoming share subscription. This is highly unlikely as they would want to protect their positions.
My speculative prediction is that, ROX end-up with 25%, Curren with 30%, and the existing cohort of II increase their holdings accordingly.
Either way, there’s nothing to stop a hostile approach from an opportunistic player.
AIMHO.
.
Great posts SM. However what bothers me here is a stench of corruption. Between Curran and roxi they seem to have a stranglehold on the company. I don't believe they have the best interests in the company at all and with the % of shares they own can lock out any potential bidders. Am I wrong?
Jamrock, further to my post, here are some of the company’s current fundamentals:
• City heavyweight David Mitchard has been appointed CEO of the company. Mr Mitchard, currently a Director at BAE Systems Integrated System Technologies Ltd, comes with a deep understanding of complex technological environments like Sondrel’s, and an impressive track record of business-building, stakeholder engagement, and hard-nosed leadership.
• The company’s ultra-complex chips offer significant scale improvement when it comes to latency, privacy, security, and increased efficiency; making it one of only a tiny handful of companies out there that are able to do this.
• The company notched-up a Compound Annual Growth Rate of circa 20% per year for 22 years with no external funding!
• The company’s medium-term target of annual revenues of £100m remains intact.
• Current production pipeline sits at £165m of prototype and design opportunities, of which £90m is booked in the US with 18 potential customers.
• The company has landed a significant order worth £18m to design and supply a next-generation video processing chip for high-performance video streaming solutions.
• The company has landed a further four new orders with two existing customers and two new customers. These contracts will generate a combined revenue of £0.75m in the current financial year.
• The company is currently in advanced negotiations for significant new business. European and US market demand for the company’s services remains strong.
• The worldwide semiconductor market forecast to reach $1 trillion by 2030. ASIC market alone is expected to make up 40% of that market.
• The company’s focus is on AI, Automotive, and High-Performance Computing.
• The company’s unrivalled expertise has allowed it to sign-up some of the most admired blue-chip brands in the world as it customers – Apple, Google, Sony, Samsung, Tesla, ARM, Siemens, etc.
• The company has a strong institutional investor backing in Otus Capital Management (7.28%), Joh. Berenberg, Gossier (4.66%), Herald Investment Management (4.16%), and Lansdowne Partners (4%), whilst an estimated 17% of the stock is currently held by private investors.
• House Broker Cavendish has a Target Price for the company’s shares of 20p per share based on Sondrel’s UK peer group’s EV/Sales of 2.2x.
• Financing is currently secured with private equity firm Rox Equity Partners at 10p per share – a 180% premium to yesterday’s closing price of 3.60p per share.
AIMHO
.