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Started: Openheimer, 7 Jun 2024 07:19
Last post: Hardboy, 12 Jun 2024 18:18
Congratulations everyone who got in at 16p. I wasn't brave enough. Bought at 22+ on Tuesday, sold at just over 26 today. Made 16.5% in a day. Nice (If anyone is interested that's equivalent to around 100 trillion trillion % per annum. That is a nice return!)
This is great - the more green boxes that appear - the higher we go. Google Finance currently showing over 17 per cent up today.
"Just as well your anonymous or your 'untoward shenanigans' comment could be actionable". Pmsl. For heavens sake, stop embarrassing yourself .
Tucker sucker 😂😂. Have you not heard he's being investigated? I know you won't bin me.lol
Good Lord. Have I touched a nerve or what!! The truth hurts. Just as well your anonymous or your 'untoward shenanigans' comment could be actionable.
Anyway your rant is over for me as your being green boxed
Started: ericmca, 6 Jun 2024 10:23
Last post: goodapple, 6 Jun 2024 17:36
Srt-marine.com > investors> corporate governance
Can anyone point me to where I can find a list of shareholders?
Hi Monty,
Just querying your "one mini disaster after another." Apart from the Philippines, what other min disaster have we had? And we're not sure that is a disaster - indications were that it was still on schedule and still going to profitable.
Hi TT, well let’s see if Simon redeems himself by posting some net profits in the next results. I have a much higher level of cynicism that you regarding smooth talking Simon. I think a lot of investors that supported the cash raising just ahead of one mini disaster after another are probably on same page. I am invested and hope your optimism comes through in the SP in a few months time.
Hi Monty, I've been to a couple of AGM's at which Simon is the main spokesperson and I've viewed countless webcasts he presents - all available on the website.
I don't know your experience of him but he's definitely in the top draw for me. If he has a fault, he has admitted to being little too positive at times. However he is an excellent communicator as evidenced by the said webcasts.
I thought the upselling of prospects was quite sharp to get the 35p cash injection away. No we have this Philippines issue with CEO trying to clear his name. If we assume he will and SRT are totally innocent of any tendering malpractices then they should issue a much more comprehensive RNS that answers the following: If Philippines don’t pay after alleging illegal tendering what would be the effect on revenue and bottom line? Is SRT smart enough to set up their contracts ideally with advanced stage payments to minimize payment risks. The fact that these 2 simple easy to update shareholders data is missing is very concerning and I think understandably until much greater P&L clarification is forthcoming it make SRT almost non-investable. Whilst there is a most explanation, changing their Y/E strategically right now stinks as well. I don’t think Tucker is the great CEO some believe him to be. Anyway time will out as always. (I’m watching might invest but need data on liabilities from current events).
Monty, not to sure about your "the whole company tricked up from top to bottom" means but that is not what the latest RNS reported. It's only Simon and others outside the company who appear to be involved.
Simon is one of the best CEO's I've come across on the AIM and I've held some 60 odd companies in my time (some of them very odd!) Can't see him deliberately being corrupt but his loss would be a big loss to the company. For what it's worth I would support him.
Read extraders posts some three weeks ago for background. I think they explain the situation very well
PS. Thanks extrader for your efforts..
Started: extrader, 26 Apr 2024 22:00
Last post: Monty888, 10 May 2024 13:26
What’s all this BS got to do with SRT?
Apols for the somewhat O/T , but it IS the weekend.
It may be cold comfort for SRT investors, but we're not alone in being caught up in domestic Philippine politics, where this time it seems ideology, rather than financial gain, is frustrating a public good that would benefit the poor.
It concerns the recent prohibition on Golden Rice, a genetically-engineered rice that can materially reduce blindness in children caused by Vitamin A deficiency.
The case FOR is here :
hxxps://www.nnc.gov.ph/regional-offices/mindanao/region-ix-zamboanga-peninsula/5767-golden-rice-a-staple-food-with-precious-benefits
The background is here :
hxxps://geneticliteracyproject.org/2019/11/08/golden-rice-the-gmo-crop-loved-by-humanitarians-opposed-by-greenpeace/
"Note that because the two academic scientists who developed the original Golden Rice stipulated that it be made available to poor farmers for free Syngenta, or any other corporation, does not own the intellectual property in developing countries and therefore cannot charge royalties. According to IRRI (the International Rice Research Institute) the terms of the licenses in place in the Philippines and elsewhere ensure that Golden Rice varieties will cost no more than their conventional equivalents. This means that farmers will be able to save and replant Golden Rice seeds."
The benefits are clear :
.."Vitamin A deficiency (VAD) is one of the most important issues in terms of global public health, according to the World Health Organization. It is a leading cause of childhood blindness in the developing world, and weakens the immune system, increasing vulnerability to illnesses such as measles, respiratory infections and diarrhea, often leading to death.
The condition affects more than 140 million pre-school children in 118 nations, and more than seven million pregnant women. UNICEF estimates that 1.15 million child deaths are precipitated by vitamin A deficiency each year..."
The recent judgment by the Court of Appeals - to put a moratorium on the use of Golden Rice- is applauded by Greenpeace in these terms
ttps://www.greenpeace.org/philippines/press/63501/greenpeace-statement-on-peoples-win-against-genetically-modified-rice/
.."We reiterate our stance: the involved companies and agencies have yet to show concrete evidence that these crops would be in the best interest of Filipinos, our environment, and our agricultural sector..."
It's not quite clear who benefits from this verdict - apart from being a 'win' for Greenpeace's worldview, which seems to be that 'the environment' matters more than the people (witness its IMO equally irrational stance against nuclear energy, even more bizarre considering its potential as a transition contributor to 'net zero').
This is all sadly redolent of the apocryphal comment after the My Lai massacre in VietNam in 1968
'In order to save them [Ed.: from Communism] we had to kill them'.
Shame on you, Greenpeace!
Rant over.
Hi Ecologist - that was the point of my earlier post about my discussion with the FD - your experiences echo mine; I was concerned that SRT would be getting into that to win contracts, but he was adamant that all there has been a culture shift and most emerging nations try to be squeaky clean. (Not sure about Nigeria!)
"If the EU flexes its muscles, this mess may get sorted out, AFAICS."
Shame we're not still a member.
Extrader, thank you for passing that on, it is very helpful.
Simply my take:
Having worked in Africa and Asia for a combined 35 years, doing business is never simple and too frequently there is someone attempting to be 'on the take'. Some people / companies are ready to grease palms (= graft or bribes or dash or bakhsheesh) in order to win contracts with the cost of bribes being factored into the contract costs.
All that said, I am in no way suggesting that our company is in anyway involved in corruption. Indeed the RNS, tells us that SRT, the company, has been exonerated. But the sword is hanging over Simon's head and I cross fingers that he is soon exonerated too. (And I have a problem understanding how Simon alone can be under suspicion).
Meanwhile, the sp will continue to suffer until the situation is cleared up.
See also part 2
https://www.rappler.com/newsbreak/investigative/big-fishers-close-in-small-filipino-fisherfolk-battle-municipal-waters/
If the EU flexes its muscles, this mess may get sorted out, AFAICS.
NAI, DYOR etc
Started: bertieblade, 23 Apr 2024 18:27
Last post: sam4224, 24 Apr 2024 10:57
With the slow release of the rns coupled with the earlier change in reporting date I decided to fully get out . Very disappointed if honest but as others have said there seems to be a history here not withstanding this mess of talking big but not delivering. Good luck to all who remain, I hope it comes good for you.
The fact that this all started two years ago and this is the first we are hearing of it is not on , so I've sold most of my shares , I'll keep a few in case it all comes good .
I had a chat to the FD at one of the AGMs some time ago. I had done a lot of business in the Middle east, and was interested in what doing business was like in smaller, growing countries these days. He reassured me that most countries were desperate to show they were ethical places to do business that there was no back handers or late payments these days.
P/ E of 500 and a spread of 10%. Shame but I think SRT is uninvestable. They were very naughty over spinning prospects when they did a 40p p/s capital raise. No they have consigned themselves to the serious investors rubbish bin.
Silence, especially in that region , implies guilt. You need a response that your supporters can get behind. At the minimum you need to stabilise the share price. No rns, further falls
Started: bertieblade, 24 Apr 2024 10:13
Last post: bertieblade, 24 Apr 2024 10:13
So business is “in line with market expectations”. Market expectations as declared by SRT were that, when y/e was March 31, H2 would shoot the lights out.
I assume the same applies to the H2 + 3 period….?
Started: Laura2022, 24 Apr 2024 10:07
Last post: Laura2022, 24 Apr 2024 10:07
Be interesting to see if he clears his name, in the shirt time I've seen SRT mentioned he seems to over promise and under deliver
After series allegations that in my opinion will affect other opportunities I am surprised given the share price fall that there has been no response from a company that is normally so good at talking itself up . Concerning
Started: bertieblade, 23 Apr 2024 18:17
Last post: bertieblade, 23 Apr 2024 18:17
Something weird here. The contract was announced over 2 years ago and we have been led to believe that installation has been in progress since then. If, as seems to be the case, the issue is that various individuals have conspired to get the contract awarded to a UK company by creating a dummy French company to qualify for French government funding it doesn’t seem credible that the contract would have lasted 2 days never mind 2 years before someone was asking questions.
Tucker needs to explain before the markets open tomorrow.
Started: gvs368, 23 Apr 2024 16:59
Last post: gvs368, 23 Apr 2024 16:59
I think Simon has to provide an explanation to shareholders as soon as he is able
Started: goodapple, 4 Apr 2024 09:34
Last post: goodapple, 4 Apr 2024 09:34
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.
Started: levantic, 11 Mar 2024 23:26
Last post: extrader, 12 Mar 2024 15:15
.."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.
Started: levantic, 9 Mar 2024 08:45
Last post: Hardboy, 11 Mar 2024 18:48
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.
Is SRT Israel owned?I wonder if the sad troubles in the area are making a difference regarding the delays.Any thoughts on this?
Started: Hardboy, 8 Mar 2024 07:41
Last post: extrader, 9 Mar 2024 12:33
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
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?)
Started: TruroTrader, 6 Mar 2024 11:26
Last post: TruroTrader, 6 Mar 2024 11:26
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!!
Started: Bullwinkle38, 26 Jan 2024 14:01
Last post: bertieblade, 15 Feb 2024 12:23
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
I really do not wish to sound like I am bashing this stock, I have held it for several years and nothing would please me more than to see it thrive. I believe in the MDA concept and the AIS boxes are excellent.
That said, SRT clearly do not yet have the funding in place to proceed on the current large contract, and having guided much of that revenue into this year, I am fearful that the end of year results will be a massive under-performance. I recall reading that the company has also commenced the purchase of much of the hardware for it, which means cash tied up, cash which the recent investment by Ocean Infinity and the small public offer has plugged for now.
The recent Investor Presentation was more notable for what Simon Tucker did not say as opposed to what he did say. If we are on track for the previously stated year end guidance, I am sure it would have been re-stated during the presentation and it wasn't.
I shall be continuing to hold SRT in my portfolio, and trust that the current down trend reverses pretty soon. Currently it looks like an easy acquisition target.
Happy to hear other peoples views
Started: Hardboy, 22 Jan 2024 16:48
Last post: Crashcat200, 26 Jan 2024 10:45
This is a reply to email I sent to SRT a few days ago
I’m pleased to say that everyone is super busy. Hope all is well and happy new year.
We are not directly part of the inter-gov loan process, so I can’t say anything for certain. However the UK inks billions of pounds of these every year and in fact we are one of three in process. This is normal stuff. We are also told that the process is right at its end with final reviews of the agreement being undertaken prior to signing - exactly as I hopefully indicated in my web cast last week. Therefore I think the chances of it not being concluded as extremely slim - it’s just a time thing.
If I’m the seemingly very unlikely event the loan agreement didn’t proceed they would not have the cash to pay us and so we would not start the project. It would leave us and the customer in a funny situation of having a contract with no cash to pay for it - on this case I expect the customer would apply for budget from internal sources which would likely take at least a year for such a budget cycle. But I reiterate that UKEF is extremely positive and it’s very unlikely.
Regards
Simon
Hi Truro,
with the current workload of projects, management have had to go through a shift in focus. We've basically gone from a sales business to an operational business, so focus & priorities have to be different. I wonder how they are all coping.
And almost every Day! Not to sure what's happening , You'd think Infinity Ocean and other major shareholders would have had some sort of update. Although ST's Webcast gave us a run down there was no real heads up on the big contract, he didn't say how the delivery of it was actually going.
I'm wondering if the size of it has contributed to a delay. We need the first Milestone to come in before March end if we are going to hit our revenue forecasts. I'm not exactly in full panic mode but in spite of my confidence in SRT (both the man and the company) I am beginning to get a little concerned. Hopefully there's nothing serious - just a bit of market nerves showing. Onwards and upwards?
I assume this is mainly due to people selling of their new 35 shares for a small profit.
Started: TruroTrader, 12 Jan 2024 15:04
Last post: Hardboy, 18 Jan 2024 17:34
Interesting webcast. We learned a bit more bout Ocean Infinity. It doesn't sound as if they want to buy SRT (if Simon has read them correctly.) But it sounds as if it is opening up a new area for SRT products: sub sea surveillance. No idea what the potential is for that.
Excellent RNS and a favourable SP reaction. I must admit the slow SP decline was a bit of a concern. ST's webcasts often result in a positive boost - here's hoping for a repeat!
Started: TruroTrader, 28 Dec 2023 13:29
Last post: TerryM1, 29 Dec 2023 19:49
Hardboy
Thanks for the info, as I explained to IWEB it is an action by a company so therefore by it's nature a corporate action and a retail offer is an offer open to retail investors which they do as a matter of course, will wait and see how they respond to the complaint and may take to the Ombudsman. I have also taken this up with SRT in the hope this may be averted in the future.
I am also with II for my SIPP and use IWEB, HL and Fineco (now withdrawing from the UK). IWEB are owned by Lloyds and are a cheap option and in the past have been fine but now I am less than happy with them. The reason I would like this to be handled by Primary Bid is that it is open to all with preference for existing shareholders so someone like me does not miss out. Also now applications to Primary Bid can be made from an ISA or SIPP for participating brokers which include HL and II but at present you can only apply with II and HL if you already have shares in the company, not sure about other participating brokers.
Hi Terry, not sure who IWEB are, but interactive investor classed this as a corporate action. Everything went through very well.
As for Primary Bid. Please No! Not unless they do it in conjunction with brokers. I hold my SRT in my ISA, and I do not want my holding in 2 different accounts.
It seems to have gone through in full, and the share price has recovered quickly. Just waiting for the new shares to land in my account now.
I must say that A J Bell were very efficient and put out an email very promptly allowing an order to be placed immediately following the announcement. Might be worth changing brokers.
Tried to buy some more in the Fund Rase, I have these shares with IWEB and they said they could not do this as this is not a Corporate Action and they do not get involved in Retail offers.
Have raised a complaint as this is clearly rubbish and not happy as I will miss out with my holding diluted. Company should have put this offer on Primary Bid.
Positive result. £10 Mill should see us to a milestone payment. Looking forward to Simon's next webcast say mid/late Jan or so.
Started: Bullwinkle38, 21 Dec 2023 09:40
Last post: Davand, 29 Dec 2023 08:13
Isn't Nexus a while away yet?
Hi Bull38, I think your view re Simon not having a clue in delivering on the order book re-writes history. He has previously delivered 4 Marine Domain contracts. All have been on time and all have come back for repeat business.
When this £140 Mill contract was announced I did think it was a massive step. The initial milestone payment is dependant on the control room kit delivered and to be up and running and in this case there's an awful lot of it! I thought it might be a close run thing and so it is proved. Yes more could have been raised earlier but it might not have been needed.
You say that to get £70 Mill from from next to nothing is a major task. But I don't think £30 Mill last year is next to nothing! I see it this way. We've 3 months to get the first milestone payment on the new contract which will be around half of that £70 Mill. Add in a smaller milestone from another contract. Add in transceiver revenue which last year was £12.5 Mill and is expected to increase and your country mile is shortening. Our new product Nexus is about to launch and the ordering of this may well have contributed to the need for funds.
The timing of the big contract was unfortunate and a couple of smaller ones would have been more manageable. In addition the timing of launch of Nexus was unfortunate. This was caused by the inevitable project setbacks that you mentioned.
All in all I'm a pretty happy bunny!!
PS HI sam4224 - perhaps my view is different from yours but it is factual.
I don’t usually post on these forums, however this move by SRT has driven me to comment. For me this is far from a strategic investment , if it where then it should have been at a price that Is not dilutive to the existing shareholders, many like myself who have held shares since the beginning of this journey.
My view is that our jam tomorrow CEO does not have a clue in delivering on the fantastic order book we have. It shows that the payment milestones are not being met, that cash is not flowing into the business in line with the projections made and as such the working capital is depleted. Either that or the CFO cannot project working capital and cash accurately, I now expect an RNS in 2024 stating that the previously repeated guidance of £70m sales for 24YE will be missed by a country mile.
Lets remember that the AIS side of SRT is a box shifting exercise, manufacturing of which is sub-contracted. SRT itself now has to deliver the Systems side of the product offer and appears to be failing. Ramping up from next to nothing to £70m is a major task that cannot be under estimated, there will always be project setbacks, they are inevitable, I have a feeling that SRT have totally underestimated the task at hand, and is now floundering around, burning cash and not hitting the milestones.
My confidence in the CEO and CFO is now pretty damn low. A truthful explanation relating to this raise and some honesty in the progress to the previously repeated year end guidance is now required.
Started: sam4224, 21 Dec 2023 07:41
Last post: extrader, 24 Dec 2023 09:18
.."I suspect they did substantial due diligence on SRT including their technology and also speaking to customers.."
That's a first, where it's the hedge-fund manager who asks 'where are the customers yachts'?
I'll get my coat.
GLA
I suspect that Ocean Infinity/Clake's attention is elswehere atm
https://www.msn.com/en-gb/news/world/colombia-will-try-to-raise-objects-from-a-1708-shipwreck-believed-to-have-a-cargo-worth-billions
and that SRT is a relative 'divertissement'.
Season's greetings.
Thanks for the link - well found. It's the first time a related business has taken an active interest in SRT, could a bid follow?
Thanks for the link - well found. It's the first time a related business has taken an active interest in SRT, could a bid follow?
I can understand your emotions, but not your planned course of action. If you think the shares will recover - why not buy more under the retail offer? The share price has not gone down to the offer price which is a good sign. So you'd be buying at a discount.
Started: Hardboy, 21 Dec 2023 08:54
Last post: Hardboy, 21 Dec 2023 08:54
Sorry for the repeat message - pressed the wrong button.
Like you I'm disappointed at the proximity of this raise to the previous, but they are in a (good) situation that is new to them. Having so much work on, with the project payments triggered by milestone achievements. I'm sure this is just a question of needing more ackers in the bank so they can carry on working without worrying about the exact timing of payments or having to take out new loans. They should probably have raised more in the past.
Another possibility is that Ocean Infinity approached them wanting a sizeable stake & they did not want to dilute existing shareholders' holdings too much, hence the Placing and retail offer on top of the subscription offer. (I always have to stop & think which is which.)
Will do more research on Ocean Infinity. The last high profile deep sea investigator died near the Titanic. Let's hope this guy is better prepared.
Started: goodapple, 20 Dec 2023 23:45
Last post: goodapple, 20 Dec 2023 23:45
If this is the future, it looks good.
Started: alamo55, 8 Dec 2023 11:40
Last post: alamo55, 8 Dec 2023 11:40
SRT Marine Systems (LON:SRT) – The Buyers Are Returning
Yesterday I noticed that in a much busier dealing counter the shares of this group topped at 46.55p before closing 2.75p better at 45p.
SRT develops, manufactures and supplies maritime tracking technology and turn-key system solutions to marine stakeholders across the globe with a particular expertise in AIS.
The company’s products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness.
Applications include the tracking of commercial and leisure vessels; sustainable fishery; illegal fishing detection; law enforcement; anti-collision; search and rescue; waterway management, port and coast security; pollution management; and environmental management.
Analysts Kimberley Carstens and Michael Hill at Cavendish Capital rate highly the group’s shares, pitching for 100p a share in due course.
They see the £0.3m loss of last year turning into a massive £7.2m profit in the current year to end March 2024, worth 3.8p in earnings per share.
For the coming year they go for £11.8m profits, worth 6.2p in earnings.
Regular readers will know just how keen I am on these shares, I am convinced that its potential will shine through glaringly in 2024 (mark my words).
Check out my Profile piece on the company on the 13th September https://masterinvestor.co.uk/latest/srt-marine-systems-these-shares-could-double/