Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Dreamy
If you were to ask safety if I have always been tactful I have little doubt that he would laugh mate, and then mention the numerous occasions that I told senior managers and directors exactly what I thought of them and exactly what they could do, whilst pointing out in great detail the relevant statutory provisions that they were in breach of and how I would take pleasure in standing in court and proving it. I would to be fair do that in a proportionate way depending upon the attitude and degree of arrogance that I faced, so maybe I can be tactful - I will leave others to judge ;-)
To paraphrase Churchill, Tact is the ability to tell someone to go to hell and have them look forward to the trip.
GIT, you have certainly mastered the art of tact.
The devil is in the detail but these are Symantec's. It was clear what was meant when the question was asked, it would be disingenuous if they knew they planned to do this at the time. Yes, no one invested wants this to go under but their behavior simply does not help.
It gives the impression that either they can't count or they are liars or that we have ended up with problems that were unexpected. Whichever way, it does not help our sp.
No surprise that the Zoom call recording hasn't been put in the public domain is it
What is unknown is how much was owed to the "Creditor" I suspect the option was "If we pay you with shares we pay an x% uplift" otherwise, why would anyone accept them. It's like accepting Venezuelan bolívar
Dreamy
As I said, I am both surprised and disappointed.
I still believe we will get there and I understand the need to hold onto cash whilst we are still in the early days of ramping up to full production, I would far sooner have a smaller slice of something than a larger slice of nothing, (Which is what all shareholders would get if the company went under) but I am disappointed.
The question that was asked was, are you now hoping that you will not have to raise any more cash, and the answer was that they were not expecting to need to raise more cash for T2 - technically of course they haven’t raised more cash (the placing to Michael was already known) they have however issued shares to Atlas in lieu of interest and to a contractor in lieu of payment for their services, but the act of doing this of course still causes further dilution, which after almost 10 years does grate a little.
"running rings around you is becoming rather boring."
Then why bother ? you have nothing to gain or lose
Likewise for the other party , please don't keep giving each other Air
GIT, the problem is two fold, first is the pattern of behaviour from senior management that makes it hard to trust and have faith in any of their answers and second a nagging feeling that either they can’t add or something unexpected arose which meant they are short of cash. It just doesn’t instill confidence in them. I sense, unlike before, you are getting fed up with their behaviour and actions.
Tounguesten
“ Debating with you Kev is like being a schoolyard bully to be honest, you seem to want to spin words you yourself wrote only a couple of days ago, running rings around you is becoming rather boring.”
I presume you mean that dealing with me is like dealing with a bully? That makes more sense than what you posted.”
“As GIT has now totally disagreed with what you said about "No more dilution for T2", will you now apologize for misleading the board?”
I agree that GIT disagrees with what I posted. That doesn’t make my perception incorrect, especially since I perceived it, not you. I made it clear that was how I remembered it.
“I am beginning to wonder who's credibility is worse, yours or the company's, you can't believe what either say or write.”
I think you have to decide that for yourself. I would advise you to take a very long time over that. Give it some real thought. I realise it might be very important to you. Let me know what you decide. I’ll be waiting patiently.
:-)
Tounguesten
“ I do like your blind support of the company Kev, yet again trying to defend the indefensible”.
In what way have I done that?
“ then following it up with yet another outrageous ebita guess.”
I’m not guessing anything. I state that I will be happy with $40m ebitda.
That is a FACT.
“Let's face it, you have been no where near accurate in the past”
Correct.
“and will be no where near accurate in the future, imho, it is very debatable whether this company is still trading by this time next year.”
You are as entitled to your opinion as much as I am. Lucky for you, I have invested my money, not your money. I don’t know what motivation you have to post here, but my view is that you help to keep the sp down, so I get to benefit from your efforts, without doing the dirty work.
“Oh well, only a couple of weeks longer to wait until the next placing then now that this one is out of the way.”
Oh well, you know a lot more than I do. I might believe GUG of having inside information, but not you. I wouldn’t accuse you of knowing anything.
I have to confess. If there is another placing, I will be asking to take part, like all the other placings.
Tounguesten
“ defending the dilution”
Are you sure that I’m defending the dilution? How so? Is this like the “logic” discussion, which was surreal, in that your point had nothing to do with logic?
Are you attributing some words to me, that I have not posted, and”running rings” around me again?
Dreamy
They did say no further placings / issue of shares would be needed for T2, so I am both surprised and disappointed.
I won’t give a damn if I get back to my break even level before the end of the year, but every time they issue more shares that becomes less likely :-(
Tounguesten
“ a couple of days ago he was saying he didn't want Masterman to buy shares and dilute his holding”
Well, you can go back and check. Find out exactly what I said, if you want. I don’t actually care!
:-))
Tounguesten
“ indesissive”? Moi?
No one has ever accused me of that before!
dreamingof, afaik Paul Hailes said they saw no need to have another placing. I think it was GIT who asked if there would be further dilution, outside of MMs pending contribution. I seem to remember the “nuanced” reply to his question. I very much doubt that PH would have been unaware of the suppliers fees at that time. I will be generous and believe that the fees were outstanding, but there was not yet an agreement to settle them in shares.
Maybe someone else can verify the exact wording of his reply?
I’ll still be happy with $40m ebitda, even with the existing number of shares in issue.
:-))
Yes I have but how many weeks ago did they have the video session where I gather they said they had no intention of further dilution at T2 stage, where you on the call? Is that what they said. I know they need cash but then why make that statement ?
As we only get half truths out of them it's fair to challenge them.
Dreamingof
“ Still issuing shares to creditors”
Yes. W is short of cash. Have you been paying attention recently?
Still issuing shares to creditors….this is one of the things I detest about this lot, they gave the impression that there would be no further dilution at this stage and they promptly turn around and dilute, safety, GIT, please feel free to explain and justify this behaviour….