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Shareholders know Shishir's position within TGR, do we know his exact role within Panagraph??
Panagraph isn’t a public company. All results are audited, every year. I don’t know the board of all our other customers either. I can’t understand this obsession with Panagraph, the relationship is clearly more beneficial to TGR.
Am I missing something? It can’t just be tomorrowtoday’s word (and his other accounts) making this into a story.
Just watched the presentation.
1. New guy is like a young robot
2. No mention that they mislead investors laughing at the concept of equity raise being needed.
3. Complete lack of explaining all these red flags until the shareholder letter hit
Basically a scared board now opening up, because they were called out. Not trustworthy.
The ceo makes it out that the cash constraint was just a thing. Seriously if you are spending 20m gbp think about having a reserve.
Ceo let slip the only issue was needing a prospectus to go over 20pct of capital. He did not anticipate it and could not face it. Any sensible ceo would have started to do this and bite the bullet when you see capital issue coming.
Sashir sounds like a story teller, fighting heroically for shareholders. Nope you did not manage cashflow, you did not raise the capital with a prospectus when you could. You repeatidly did not honestly communicate working capital constraints while saying you are going to be 8pct of world capaicty.
Nobody, nobody will take them seriously for a big investment.
Btw, good news still on track for 8pct of global market
Is he nuts, i mean you cannot get 2m USD and you are telling people about expansion.
This is the real reason. Can you imagine an institutional firm meeting him and listenign to this crap. You invest in people.
He needs to accept he is part of the problem. He acts like all issues come from nowhere and he is the good fighter.
Yup , you do fight for us - but you create the issues, so realise you need advice and help.
Questions. Why buy a frigging mining fleet. On now we raise financing against it. Don't do it in first place!
Saluc you agree Panagraph is a Private company. You state the accounts are audited. How do you know? Have you seen those accounts? If so please advise where we can view.
It is simple if an individual has a foot in 2 company's who trade with one another and 1 company has Public Shareholders whereas the other is not accountable to shareholders, Human nature being what it is, leads the Indivual to ensure the Private Company has better deals with the PLC.
So you agree there is absolutely no evidence supporting this. Just human nature speculating?
The move to hire a non-exec chair is noteworthy to ensure the company can get new guidance
Let’s for a second compare who’s on the other side
Raised $27M, wrote is off, pocketed cash, left shareholders to suffer
You want that here? I dont!
Saluc it is also human nature to enquire., in and in your case avoid the questions.
Please provide answers to the questions I have asked. It should not be difficult if everything is honest and above board.
Saluc earlier you posted this statement{-
""Panagraph isn’t a public company. All results are audited, every year. I don’t know the board of all our other customers either. I can’t understand this obsession with Panagraph, the relationship is clearly more beneficial to TGR"".
As you seem to know Pranagraph can you direct us to where the audited results can be seen?
The claim that Pranagraph's relationship is beneficial to TGR, shareholders in TGR have right to see those results?
I don't really get the obsession with Pranagraph either.
There is a legal requirement in India that TGR ( or any company) cannot sell direct to a consumer, so a 3rd party arrangement is required.
It only applies in India and the % sold to India is known. TGR have detailed this many times as well as the 3rd party arrangement.
The obsession seems to stand with those who wish to spread doubt and suggest the arrangement covers ALL that is sold, which is not the case.
Be unhappy with much that has happened here by all means, but this relationship is not one of the factors, imo.
DYOR
It may be obsession to some but others it is transparency. India may have commercial rules which require 3rd parties. It is how those 3rd Parties function and what commercial agreements operate. Anyone who beleives it is OK for Directors to share duel roles between connected companys, need to think again. One wonders what commercial eperience supporters of such activities really have.
If there is nothing to hide lets see the comparable Profit and Loss accounts for Panagraph.
The dual roles plus his involvement in other companies in the graphite space have been known from the start. What you are saying seems to be stemming from incomplete information which was made available to us at all times! :o
Fairdealer, DYOR.
As stated many times, this arrangement is transparent and has been discussed many times.
You are just agitating and nit-picking for the sake of it.
Why do we need to see the Pranagraph accounts when the price arrangements between TGR and them are well documented?
If you are invested, or looking to invest, DYOR rather than listen to posters on here.
If you are just here to sow doubt and spread fear, then carry on with your loaded questions aimed to discredit the company and promote the alternative.
If you are so concerned about the arrangements with Pranagraph which you consider to be so important to the future of TGR, what are the plans for the new mob with regard to selling/distribution in India? Who will they use and what deal have they struck for sales and utilisation of equipment?
Last post for me on this.
I will be voting to stay as is, no change. I see this as a 50 50 as posted previously i loose everything or I multi bag, a good bet in my mind.
Those who want you to vote for change all of them have an agenda , not a good one for us share holders I am very sure of that.
When the action was RNS the share price was on the rise , fell very quickly , looks to me the markets are believing that nothing will change with the running and see this as positive and share price is on the up again, and should go a little higher on confirmation of the vote.
Chrisharis I have thanked you in the passed for all the positives you have given on this board , and maybe you are regretting selling up now i do not know, however not just your self but others should not try now and post negative views
with an agenda please. As you were once a share holder
Crocman, have done research. Suggest interested shareholders view the latest unaudited accounts where under Corporate Developments, it is clear the Indian Authorities are not pepared to approve the Commercial agreements that currently exist. There have been changes within Pranagraph businesses since 2018.
The Corporate statement goes on to state negotiations since 2022, between the 2 companys have failed to agree a commercial contract. Further negotiations are ongoing.
Can it be assumed Shishir is talking to himself.
It seems the Indian Authorities are also "nit-picking"
Plaza - most people with a negative view don't have any agenda's.
For me, I simply believe that the company needs new management given the dire state it's currently in - which is a direct result of the decisions made by Shishir over the last 12-18 months. There's nothing controversial about that and it happens in most companies which are struggling.
Fundamentally, the business desperately needs cash and no one is going to invest in/lend to the company while the current board remains. If they can't raise cash then the business will be in administration within the year. It really is as simple as that.
Croqman that part is completely understandable - that in isolation represents a fine agreement between TGR and Prana because there does appear to be a synergy between the two (not least that most of the TGR workforce are now listed as Pranagraf employees)
The issue comes with the downstream applications - at IPO and in subsequent months the downstream was highlighted as the key potential for the business, vertically integrated TGR would mine the graphite, sell the graphite and then turn it into a range of applications that would be "gamechanging". Shishir actually did a video interview a few years back where he stated the company would make "loads of cash" from the downstream
Whether or not Pranagraf is at that level yet is irrespective, the potential is there and I firmly believe resolving it would double/treble the current share price. Does Pranagraf make a high level of profit? Don't know - but what we can see is that is can afford to run a large workforce with TGR doesn't currently have the money to employ themselves full time
Cigam so what you’re saying is Shishir’s strategy for building the company has worked up until this very moment?
No one will invest in the company? More speculation.. he seemed pretty confident if you ask me. Looking forward to the rest of the questions from QnA being posted
Trust me I’m doing my best to avoid commenting on here because I know it’s not nice to have sold out and still be posting but most of my posts are in response to direct messages to me.
As for regretting selling out… no definitely not. Without a change in management I am as near as certain TGR ends up in administration within twelve months.
Mhow,
That's a fair point in respect of the downstream applications and one that does need clarification
Fairdealer I didn’t realise you weren’t up to date my bad, a lot of people are hung up on pranagraf because it should have been part of the company by now. I believe it fell through because of an out of date valuation of pranagraf. A poor excuse if you ask me but I do fully believe claims of wrongdoing just to be noise.
I imagine integration to be out of TGR’s reach now, I also believe there were certain NED’s that put a stop to negotiations or didn’t approve Shishir’s plans anyway, all the info is out there it just takes some digging.
Saluc - I think he did a good job in building the mine but he's done a terrible job at actually running it.
Why would a lender provide funding to a business which is run by a management team with a poor operational track record? Financiers don't take punts and they need evidence that a borrower can repay a loan.
So the only option is a dilutive equity raise, which again isn't a sure thing given the struggles they're having in the capital markets. Plus they now don't have Optiva who were largely successful for them in the past.
Cigam - I agree and disagree. Would you rather finance a company that is up and running and virtually debt free while pulling in £4.9mil revenue , or finance a company that is in a lot earlier stage because they wouldn’t dilute shares and potentially years away from being profitable.
If a raise is the price to pay for staying afloat for the mean time so be it, providing they can off course.