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Thanks Gazala for these posts. Very interesting. I was dreading looking in on the bb today in case anyone had unearthed something more dubious or sinister even.
The fact remains however that someone has just bought 20% of the company for £500k. At a massive discount yes, but who in their right mind buys a large chunk of a company that’s about to go under? Why not wait for it to go under and if you really want it then buy it for peanuts once it’s been wound up and you end up owning all of it.
So, something is stirring I feel, and my inclination odd that it’s good. What I don’t like though is the fact it looks as if this agreement was done back in June, followed by sustained selling on no news for best part of three months. Hey presto sp fallen already by 50% from 1.75 - 1.85 and then this deal lands at a further discount of 40% to the sp of .75p!
Bit rum and pretty shabby treatment of existing share holders but, again. I keep coming back to the fact that no one would buy 20% of a company if it was about to fold.
Anyone else see the shoots of something good happening here? Or am I just desperately clutching at straws?
The dream would be for SerendipEquity to get one of their team on VDTK's board. To whip the current board in to shape because they are too slow at achieving success for the company. The world is going green. VDK have great solar products so there should be no excuse for not getting multiple deals done. Might be easier with a 1GW factory though. Promote what you've got BOD.
I'll be a VDTK shareholder on Monday.
Correction. VDTK not VDK.
And yes. I am fully aware that NZV are a fully owned subsidiary of SerendipEquity.
Correction. VDK will concentrate on the distribution through their networks jointly.
"Mario Bonaccorso, Managing Partner, SerendipEquity said. "We are delighted to have signed an MOU to work together with Verditek in harnessing this exciting technology and providing the funds that enable this product to become competitive in the mainstream PV market. Scaling production up, NZV and Verditek will transform the social, environmental, and economic outlook for the region in Southern Italy."
Worth a punt. If nothing else, VDK could be bought out in the future.
The MOU with NZV. Not binding yet. I don't think that it was / is a ruse. NZV provide the land / building etc for the 1GW factory. 50/50 JV.
SerendipEquity provide the offtake through their vast distribution network. SerendipEquity are going all out 'green'. https://www.serendipequity.com/renewable-energy
VDTK have history with SerendipEquity https://www.serendipequity.com/news-blog/2019/8/15/junior-loan-on-verditek-stock
Are SerendipEquity the £500,000 subscribers?
This is interesting.
Vdtk is meant to be an exclusive supplier of solar panels to Lindab so I’m also now scratching my head as to why there’s nothing on their website at all.
Thing is, in spite of things looking really awful, someone or some organisation has just thrown £500k at the company. If this raise was done knowing the ‘strategic’ investor could forward sell then it doesn’t really serve any purpose because the sp will plummet anyway and the company risks going into administration. So why has someone put £500k into this? Also there has been over £80k worth of buys today. Seems totally crazy . Unless someone somewhere knows something I don’t.
What a miserable weekend ahead. Just praying this recovers a little next week. I need to be out of this stock even if at a huge loss. Trying to invest in companies like vdtk isn’t good my mental health.
Could this new strategic investor have been forward selling? I know the shares are only released on Sept 8th but these pros always find a way to make easy money.
I thought SolarRoof uses Verditek panels. I may be wrong ( I was about the placing ). Could anyone confirm?
I'd love to be a fly on the wall of where ever it is Gavin Mayhew works. He bought £300k at a price of 1.5p and is obviously now down by £200k!
Just need one more spike and I think the world and his oyster will be out of this. Rob Richards needs imho to be given the umpire's finger...
I just don’t know Roger. I was last in here only a few weeks ago at just under 1p. I saw the rise to around 1.3 ish and even got a dummy sell for 1.26 that I stupidly (in hindsight of course) didn’t take. I then watched it fall over the next few days and couldn’t get a sell price until eventually at break even (well, about £8 up after fees tbh!!!) I knew something must have been up then but to think it’s now only 2 1/2 weeks since that spike and the SP practically needs a 150% rise to get back to that figure!!….. and releasing on a Friday is just not good cricket by anyone’s standards. Shocker
OHS
Oh, thanks for that OHS but of course that makes me feel even worse if this agreement has gone belly up too.
How on earth could the CEO have got anyone to contribute £500k for shares in a company that looks as if it's in such dire straits? It just doesn't add up.
Hi Roger, once again, sorry to hear your predicament here. With reference to your Lindab and Metrotile comment - a news update would obviously be very welcome at this point for any investor here. I was looking at both these companies this week and noted that Lindab are launching their ‘SolarRoof’ very soon, but I’m not convinced the product in their video and picture looks like the Verditek solar panel?
https://www.lindab.com/product/in-focus/solarroof/
Verditek are also not listed in their trusted suppliers page which I found odd if they’re about to launch a solar roof tile with Verditek product?
https://www.lindab.co.uk/about-us/our-partners/suppliers/
OHS
And worst of all....The proceeds of the raise will be used for general working capital
think we all know what that means by now. Well done BODs you've got yourselves another six months of salary cheques. Nice work if you can get it.
Clearly the company is desperate for cash. Such a huge discount and dilution for existing share holders if scan reward for remaining loyal and not jumping ship when the first signs of trouble were there over two years ago. I decided to hold and lower my average further. And further and further. Just when I think things have to be about to improve this BODs manage to screw something else up and kick me whilst I'm down.
things to note....
1) they found someone to throw £500k into this. Unless that person has been allowed to forward sell a huge chunk of their shares - the big sell off started very suddenly back in early June on no news - presumably they intend to hold until the sp has recovered well above .45p.
2) no current or former Directors have sold a single share.
3) they have existing agreements in place with Lindab AB and Metrotile and ARE selling solar panels. In what kind of numbers we just don't know as the BOD fail to update the market on any progress with commercial contracts.
4) when did discussions with NZV begin? Are they the new investor?
5) If shares are being forward sold then I think they have 6 weeks to declare a Tr1 if they still hold above 3%. Surely if over 100 million shares are going to be shifted in 6 weeks then the sp would be well below even .5p by now.
6) I find the CEO's comment nauseating in the extreme and lacks any kind of empathy with existing share holders. It's as if he thinks wow, it's tough out there and look how well I've done to get this deal without for a second giving a thought to ordinary folk like myself. And therein lies my biggest frustration with this company, the appalling lack of comms. They come out of the blue with no warning. Rarely have a professional amount of detail or clarity and thus this all leads to the main reason so many are jumping ship now: no trust. No belief in management's ability to play with a straight bat. Smoke and mirrors as is usually the case with AIM outfits like this.
I almost couldn't bring myself to look at the Solivus website because I knew it would be better than VDTK's. Our Directors seem to do almost nothing for their money, are placed all over the globe so presumably never have face to face meeting between themselves, never mind prospective partners.
No idea what lies ahead now but for me it's been a terrible lesson in why not to believe everything you read. Positive spin and wishful thinking have brought to the brink of financial ruin here. My only hope now is for some of my other stocks to do well and I start all over again. Good luck to all genuine investors here. Please be careful with a company like this where the Directors rarely put their heads above the parapet to communicate with share holders. Clearly there's a good reason they don't. My bad.
Good afternoon.
I'm not invested but have read today's posts due to curiosity.
Looked at Freeks link to Solivus and just wow. Their drive is amazing compared to Verditek. Someone in Verditek needs a kick up the a.rse.
Sorry for your angst Roger.
'Strategic investor chose to invest £500,000 and share our vision on where we think this Company will be in the future'
Doesn't sound like the shares will be sold onto the market, although a lock-in period hasn't been mentioned.
I take it that the "pleased to announce" is because the board will continue to be paid for the medium term?
Roger - it is not just Bradclad - just look at the history of failed announcements. VDTK has had all this time to do some meaningful deals.... for all the world it still looks as though the most panels they have ever shifted was the result of a theft from the Italian factory ! Solvius came onto the scene later but with similar tech and yet does not seem to be experiencing such problems:
https://www.solivus.com/news
OHS, forgive me if this is a naive question - you mention that 'once the 111m shares are sold back to the market'. But the RNS indicates that all 111m shares were bough by one strategic investor - so you would imagine the shares are now in sticky hands and for the long term?
Are we in a closed period now?
Director Gavin Mayhew bought £300k worth at a price of 1.5p.
Wouldn’t one expect to see another Director or two throw some money into the pot?
I totally agree. Sp was sitting comfortably around 1p and the there was some ‘good’ news in the MOU. Since then - from that very day in fact - it’s only dropped and now we have this placing. Surely it would have been better to do that placing before the MOU was announced and get it at a higher price and therefore less dilution for lths.
Hey Ho either the single investor knows this is going to come and all will be well or… I will be bankrupt. Over invested in this when things looked good with Bradclad at around 2p! Was in before then but honestly believed they were on a good trajectory. Since then however it’s just gone from bad to worse.
Hi Roger, this stock seems like its certainly not for the faint hearted so I absolutely commend you for continuing on your journey and hope you eventually achieve the gains you hoped for. As for the placement, although its a kick in the proverbials and a big hit for anyone currently invested, I sometimes try to put a positive spin on things...... so, here goes:
They only went for £500,000
They likely only went to one investor, or an investor went to them (average down opportunity for someone?
They have some ventures in the pipeline that may bare fruit
The flip side:
The Going Concern stated they had adequate resources to continue in operational existence for the foreseeable future but may have needed to raise additional funding in the next 18 months to fund ongoing operations......... this was clearly UNTRUE
"As described in note 2.4, the Directors have considered base case and worst-case scenarios, the Group has secured additional funding by the issue of £500,000 Secured Convertible Loan Notes as announced on 3 May 2023. The Board has used the proceeds of the bond issue principally to repay the Crowd for Angels Bonds which were due for repayment on 18 May (of £221,605) and 3 August 2023 (of £103,253) and to provide additional working capital for the business. As such, the Directors believe that the Company and the Group as a whole have adequate resources to continue in operational existence for the foreseeable future. There is a risk that the Group may need to raise additional funding in the next 18 months to fund ongoing operations, and therefore acknowledge that there is material uncertainty around going concern in this respect. On balance, they continue to adopt the going concern basis in preparing the financial statements"
OHS
This smells fishy to me. It is as if the share price has been kept low to accommodate an investment at a bargain price. At least it is out of the way and we can move forward with what we have.
I don’t really want to remind people here of the fiasco with Bradclad last year but that was heralded as great news and then collapsed almost before it began. I just have to cling on to hope now that this whole MOU wasn’t just a ruse to try and lift the sp momentarily so they cd raise cash only to keep the lights on.
If this goes belly up then so do I. My biggest investment by far and it’s been a disaster. I wanted to invest in something good for the planet and environmentally sound. Should have stuck with oil stocks