Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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According to Daily Mail article this week this now seems dead in the water and administration will follow.
Something is definitely happening RNS:
Further to the Company's announcement on 2 July 2018, the Company announces that Boris Belotserkovsky will be investing £100,000 in the Company through a subscription for 5,000,000 new ordinary shares of 2 pence each ("Shares") at 2 pence per Share. This investment is expected to complete on or before 31 July 2018. Furthermore, Boris Belotserkovsky has confirmed to the Company that he would be willing the provide additional funding on the same terms, if required
RNS has no substance - clearly something is in the pipeline - watch this space
Anyone else have any idea what this is all about?......
RNS: The Company is currently in the early stages of evaluating the reverse acquisition of a business controlled by Boris Belotserkovsky. The business, which operates in the technology sector is recently-established but the Independent Directors believe there are significant growth opportunities if appropriate funding can be secured. There can, however, be no certainty that the acquisition will proceed, nor the terms on which it may do so.
https://www.consultancy.uk/news/17367/kpmg-finds-buyer-for-uvenco-to-save-170-jobs Almost 170 jobs across the UK have been safeguarded, after KPMG administrators successfully found a buyer for Uvenco UK. The ailing vending machine company had been unable to pay off debts of over �1 million, despite an annual turnover of around �15 million. Trading subsidiaries of collapsed vending machine company Uvenco UK � which holds offices in London, Newport, Blackburn, Coventry and Liskeard � have been purchased by Irish snack company Montagu Group. The group is an affiliate company of Tayto, the foods group which runs the Golden Wonder brand, as well as being a specialist vending solutions provider in its own right. The purchase is the latest in a succession of purchases by Montagu, which recently acquired coffee and vending machine supplier, Cambridge Vending as well as acquiring Leeds-based Freedom Vending in April last year. The latest deal notably broadens Montagu�s geographical reach, thanks to Unevco�s offices and franchisees across the UK, as well as adding a further �15 million in turnover � placing the group as the largest British-owned vending company. Montagu Director Paul Allen said, "When we recently announced the acquisition of Cambridge Vending, we were already working on this deal as we see vending and �consumption on the go� as a key area of expansion for us. This purchase brings us another 12,000 points of sale, giving us a total of more than 25,000 across the group.� All employees at Uvenco UK's trading subsidiaries have been transferred across, meaning 169 jobs have been saved by the acquisition, which was overseen by administrators from Big Four professional services firm KPMG. Unevco had appointed Howard Smith and David Costley-Wood of KPMG as joint-administrators just a day earlier, with Unevco�s subsidiaries and their assets (excluding book debts of �1.6 million) sold to Montagu Group for a total consideration of �1.8 million. Howard Smith, who is an Associate Partner at KPMG, said, �The companies had experienced declining revenues over a prolonged period, significantly impacting cash flows. Following an accelerated sales process, we are delighted to have been able to safeguard all 169 jobs with this sale of the business and assets. We wish the new owners well in the future.�
Empty promises broken dreams..
Shortly has passed so I guess end game announcement very soon!
With KPMG involved it seems administration just round the corner.
Sitting and waiting for the coup de gras. The company has had a scattergun approach to the business for some considerable time.
I dumped my holding for a pittance after the RNS. They have run out of cash! Didn't they try to sell Drinkmaster a while back - and failed. The a/cs to June 17 show Drinkmaster sates down from �1.7 m to �1.2. The only hope was the tech clever vending machines. How on earth were we all sucked into the AIM float by Blair Jenkins at ca 50P??
Jimbo they are buying the old VMI estate, SITB but not drink master, Im afraid the Russians have failed and no wonder. They should have put a UK MD in place overheads are far too big for a company in trouble biggest mistake ever was having Stone come in and upset the apple cart Mr Hamer has got to be answerable for the decisions he made I know from good sources prior to Stone the management team had the business on track to deliver profit but made it clear it wouldn't be until year 5 Ironic that Stone is CEO of the company that is allegedly doing the purchase!!! I think we have all lost between us a considerable amount of money
I'm not sure it's clear if they are selling everything. What about DrinksMaster? Are they just seeking off the loss making elements to concentrate on a profitable part of the business? If so then all is not lost.
It is unlikely that there will be any value for equity shareholders- after the disposal (If it happens) Yet there are buyers- why?
Sadly bad news, Another AIM coy down the pan.
I certainly hope you're right. A long term holder here with a large loss on paper at the moment. Considered averaging down but need to see some long term promise before throwing more money at the problem.
Todays 34,000 share buy suggests results are not far from release. Why buy unless you know something. I have been here since early Snak days - averaged down - waiting for the Russian to deliver.
There must be some rumblings in the background. Perhaps a disclosure next week? As always someone knows something - good to know what the something is?
Statement last year c 13 Feb but no indication of update info. BOD please give your grieving shareholders some current info.
If invested we have to hope that the clever tech machines will deliver. 18 months will be the proof in the theory and if it works we will have lift off and a real plus. CEO will be grabbing his 12p options.
Well better reading in the results not so sure when you look at revenue contributed from operating I would expect it to be higher. Word on the street still not paying suppliers and in pockets of areas poor service the comment on new sales professionals in London I would suggest is way over rated and doubtful will make changes. Jimbo love your reference to the Vendies and great that a Uvenco operator won but just look at how many enter and how many vote !!! when you add up how many vending companies across the UK there are. As I always say I really hope this company turns round but my faith has gone Maybe a new chairman would make the difference and a UK based MD or CEO reporting to Sergei Shares are still low and my investment worthless!!!!
It seems the share price is 3.p the announcements no hope
https://www.vendingtimes.com/Main/Articles/UKs_Vending_Industry_Honors_Innovation_With_Vendie_11046 Extracts from the above article: The Vendies are presented by the UK's Vending International magazine and the European Drinking Water Cooler Association. The 2017 presentation took place in June at London's Millennim Gloucester Hotel. The awards recognize the success and innovation of the companies and individuals in the UK's vending industry, and the winners are decided solely by the vote of trade members. The Vendies were presented in 17 categories, with a winner and "highly commended" runner up in each. Westomatic Vending Services is the runner up in the Best Machine Innovation category for its Coffee to Go with Milkshakes. UVenco UK's 24U earned the honor in the Best Online Initiative of the Year category. Service Engineer of the Year is Dave Grist of Express Vending; Mark McCluskey of Uvenco UK is the highly commended honoree. Joanna Cunliffe, Uvenco UK, is Route Operator of the Year; the highly commended recognition goes to Sabrina Davis, Express Vending.
I quite agree. I've been invested for 2 years and have been watching us bump along the bottom for the last year or so but, now we are regularly seeing 6p, I hope we have started to lift off the bottom. As you say, hopefully the half year results will give us some more bouyancy and we can start saying a final goodbye to these lows. Good to hear another voice on this board other than the sound of my own echo.
Light at the end of the tunnel after dark periods wondering if this was finished. Help from VCT has been very useful and I hope will bear fruits with the new digital / telematic ?? approach. We all look for quick rewards - I invested 5 years ago and still have faith. Hope my comment will provoke a few other comments. Look forward to half year results - should be interesting and indicativeof future prospects.
Sounds promising doesn't it! :)