focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I think Simon has to provide an explanation to shareholders as soon as he is able
Ah. Oh dear.
HTTps://malaya.com.ph/news_news/ex-bfar-officials-face-multiple-corruption-raps/
The only thing I can think of is the $180 Mill contract that was signed last May is now not progressing or at least in serious doubt. We've changed our year end to accommodate this so perhaps it a make or break deal that looks like breaking?
What the hell is going on with this, come on Mr Tucker, time for you to keep the small investors informed, not just the big boys so they can dump share ahead of bad news being announced.
Not good enough.
I've been invested here for some years now and the jam is still tomorrow !!
As you say no news as far as we know , but some chunky sells there . It's tempting to buy a few more at this price but too much experience of falling knives lately so I'll just continue to hold for now.
So this is just lack of news, right? Right?
While the sp languishes awaiting news of UKEF or other positive contract developments, I offer a little shaft of sunlight from across the Pond.
I mentioned a while back that SRT's new main distributor in the USA has a website which provides daily updates of best selling brands and products.
SRT transceivers have featured fleetingly (yes, yes..) a couple of times over the last couple of months, but this week is the first time they have held on to top spot for a couple of days.
If you check it now you will see Em-trak A200 Class A in pole position.
And next on the grid is a SI-TEX model which is clearly SRT rebranded.
It's just nice to see something dynamic reported in the otherwise silent SRT world. ( Yes it's time for another Gallery photo at least )
So for those still interested - and awake, I offer:
CWRdistribution.com
>Marine Navigation & Instruments > AIS Systems
Enjoy the moment - I did.
.."My mistake.They aren't Israeli owned-i was getting mixed up with MTI Wireless Edge,another of ST's shares..."
Mebbe worth clarifying that this ST = Simon Thompson of the Chronic Investor and not Simon Tucker of SRT !
I nearly had a heart attack, on first read ;-<
ATB
My mistake.They aren't Israeli owned-i was getting mixed up with MTI Wireless Edge,another of ST's shares.
Thanks for that. I looked on the website but could not find it. I try to keep track of shareholders, and some of the %s I quoted may be quite old - the last time I'd seen an RNS about the shareholder's holding.
A lot of Private Investors - ith HL & II up there.
Hi Hardboy,
SRT's website shows shareholdings as :
Significant Shareholders
Mr and Mrs Persey Ordinary Share: 30,726,184 Holding: 13.56%
Hargreaves Lansdown, stockbrokers (EO) Ordinary Share: 24,796,425 Holding: 11.14%
Ocean Infinity Group Limited Ordinary Share: 19,800,000 Holding: 8.89%
Mr & Mrs Brierwood Ordinary Share: 20,558,567 Holding: 9.23%
Directors Ordinary Share: 18,366,999 Holding: 8.25%
Interactive Investor Ordinary Share: 15,603,468 Holding: 7.01%
Mr Ian Michael & Mrs Caroline Elizabeth Laing Ordinary Share: 7,867,570 Holding: 3.53%
Mr J M Horne Ordinary Share: 7,740,100 Holding: 3.52%
The first named (as opposed to nominee) II appears to be Toscafund, on about 1%
Chair is Kevin Finn, Rogers is a (founder) NED.
AFAICS
Ownership is mainly British individuals and funds. Ocean Infinity who recently bought nearly 9% is American. 2 Black Rock Funds each have over 6% of the company. I believe Simon Rogers the chairman is the largest shareholder with 11.7%.
So no obvious links with Israel. The Houthi Rebels could benefit from SRT's technology so they could identify what vessels they were firing at.
But any sort of major naval disruption like this (or the Sudanese Pirates) should help SRT. The more authorities can identify and track vessels the more secure their vessels and waters can be.
Thanks to LaValmy for this :
hTTps://globalnation.inquirer.net/226476/ph-looks-to-3-key-allies-for-external-defense
Two trillion PHP is about £28 billion.
.."UK ventures
Earlier last week, Teodoro [Defence Minister] met with Richard Graham, the UK Prime Minister’s trade envoy, and their discussions included “the South China Sea, and potential avenues for collaboration in defense and investment,” under a memorandum of understanding on defense cooperation signed in January by Manila and London.
Teodoro and Graham “expressed interest in exploring joint ventures with British investors and other forms of cooperation to support” the revised AFP modernization program..." etc.
Let's hope, meanwhile, that the UKEF paperwork for Indonesia is indeed all very close to being completed – hopefully this month or just the other side.
GLA and ATB
Is SRT Israel owned?I wonder if the sad troubles in the area are making a difference regarding the delays.Any thoughts on this?
Hi Truro
The 160m was stated in £, whilst the 'aggregated value of 220m' stated in todays RNS is in $,
Todays exchange rate does not quite compute the difference, but is pretty close, there may have been some amendments or an additional $15m ish additional contract come in.
Either way the forward order book value remains strong.
Thanks Bull. However at the September AGM Simon said they were dealing with 160 Mill of contracts. Todays update stated projects worth an aggregate of 220 Mill! Any body know what I missed?
At least we now know the real reason for the so called 'strategic investment' from Ocean Infinity, with the delays know about by the BOD and clear visibility of running out of cash, more capital was needed, resultant from the lack of invoicing on the large projects.
Whinge over.
I have just been sent a research note from Cavendish which show the now 15 month revenue holding as previous forecast, though with a marginally reduced EBITDA of 11.4m (was 12.4m) new PBT of 5.7m (was 7.2m) and negative FCF of 20.4m and net debt of 10.6m, which I guess is inevitable given that to achieve the top line the required invoicing is going to be close to the new YE date. -
2025 YE (12 months now July 24 to June 25) forecasts of Revenue 104.8m, EBITDA of 17.5, PBT of 11.9, with FCF close to 30m and net cash close to 19m.
Please do your own research, the above is only one financial institutions view, other may think differently.
If we are to believe the companies communications, everything is now in place for SRT to finally achieve the undoubted potential it has.
Over to you Mr Tucker, all I ask is that you now deliver on your statements and forecast numbers.
The problem of dealing with governments, Hardboy. I note that SRT now anticipates 15 months revenue expectations corresponding to previously anticipated 12-month figures (so 3 months lost?)
I hate it when strategic decisions have to be made because of bean counters' arbitrary rules and regulations rather than sound business reasons. Unless you're about to run out of money whether a payment comes in in March or April does not really matter.
I don't think ST has over cooked anything - after all the Letter of Intent was signed a year ago so I think it was justifiable to assume the first milestone would have been in by now and for all we know it might have been? Please!!
Been in close to 10 years now and I have usually bought on the dips as I trusted the process and ST.
However I’m beginning to just get a little bit jaded.
The strategic investor added confidence and I took up my entitlement but if ST has overcooked the H2 expectations we’re looking at mid 20’s at best.
I see the vision and get it but the market is getting tired of waiting for the jam….
Again! We're where we were well over a year ago and without £160 Mill of contracts! Some 7 weeks to go to the year end. As the song says 'I'm hoping and praying'.
I do appreciate that at some point we should hit milestone payments but if the £140 Mill contact doesn't start in this financial year then not only will the markets possibly react badly but we may need another cash call!
Only 7 weeks to go folks!!
Hi to Truro Trader and thanks for your thoughts.
Contracts of this nature are lumpy by nature, I have spent many years in manufacturing, building 'custom' power equipment, which can be subject to all sorts of delays, resulting in invoicing rolling from this to next month and making a mockery of revenue forecasting, particularly when the role over is to the next financial year.
So long as the funding actually comes through, then the revenue will be generated at some point in the future, however the markets do not react well to such peaks and troughs and we are seeing this all the more right now.
Right now, I would appreciate Simon Tucker either confirming the previously published guidance, or providing a more realistic end of year outlook.
I am also concerned that as SRT transitions from developing the MDA solution to actually delivering in the field, that the company is in need of new skill sets that are more operational focussed. I see many AIM companies who struggle to make a smooth transition to the delivery stage and I suspect SRT are suffering also. With such a large contract on the opposite side of the world as the first really big one, I hope we have an experienced Project Manager / Operations Manager in place to focus on it, and one who has the authority to make decisions in relation to its delivery.
Looking forward to this current down trend reversing !!
Hi Bullwinkle, Crashcat and Hardboy.
Thanks for the excellent posts. I did think that the UKEF arrangement was ready to rock but I didn't allow for further admin but I suppose they do seem to make certain things are as the original agreement stated.
I guess the size of the contract is in fact a problem. If it had come after say 2 or 3 smaller ones then the lumpiness of the milestone payments would have been smoothed out. I've been here some 8 years now and have always had confidence in the way things have been progressed and improved.
My only puzzlement is Ocean Infinity. It seems dynamic and has a feel not unlike SRT. I know undersee cable and pipelines are of course extremely vulnerable and protection is important. I can see our growing customer base being useful to Ocean Infinity but the only advantage to SRT as far as I can see is is if we act as an introducer or indeed as a sales arm?
Oh well, time will tell all I expect. Onwards and upwards!
I did think thst thr EKEF
Hi Crashcat and Bullwinkle,
Thanks for the posts