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This is looks struggling to move towards £15
?
Now moving started,
"hoping to persuade some mug to takeover this dog."
You don't appear to have read the RNS or the thread you are replying to. There is no shortage of UNSOLICITED suitors.
Why does a short-term economic downturn make it a "dog"? It has been trading, growing and diversifying very successfully for years, the main problem is a lack of foresight by previous management over the court case and the resulting financial problems. These are now being aggressively addressed. It is not unreasonable to hope that previous success can be resumed and built upon. A limping greyhound, perhaps?
Are you okay ShearClass?
I'm just asking, because someone with real Shear Class wouldn't start criticising or calling other forums members names.
Please change your username to NoClass.
Someone
I expect the teenage scribblers bought most of the 20% on offer hoping to persuade some mug to takeover this dog.
GeordieShores, you are thick as mince. Raising at a premium is never, ever going to be a negative...
You can buy on the open market at 1036p with a low 1.17 spread yet the Primary Bid offer is 1150p which is a 6.1% premium.
So they need a rise of 11% tomorrow otherwise it will still be cheaper to buy on the open market.
They say there are some interested parties who are interested in buying the company.
That said, they were 2000p in September this year and 5280 in September 2021.
Stockopedia gives them an overall score of 61 with 86 for quality.
Will be interesting to see what happens tomorrow and during the next few weeks...
I'm glad I took my loss last week , I may buy back in when things become clearer next year but I don't like the look of it at the moment
Indeed seems a strange Retail Offer given where the SP sits currently, but then maybe the price suggested by the un-named suitors provided a marker?
" Since the trading update of 2 October 2023, a small number of parties have expressed indicative, non binding interest in acquiring the Company at prices which the Board considers fundamentally undervalue the Company and its long-term prospects. Having considered each of these unsolicited expressions of interest, with its advisers, the Board does not believe that any of them are at a value which merits further engagement with any of those parties and has had no hesitation in unequivocally rejecting them."
Seems not to be a good business plan. Buy from the retailer at £10.30 or buy direct for £11.50.
Cheaper not to bother.
So raising funds at an 11% premium to closing price. Not for me. Anyone interested?
Blah,
Yes, agree with you 100%, they certainly don't deserve a bonus so it will be interesting to see whether they do.
I would like to think its a given but the greed of a board never ceases to amaze and surprise me.
Maybe if you have time you could email the chairman and ask him :)
Rather than the knee-jerk dividend cuts, they could save money by axing management bonuses and reducing the salaries of these failed decision makers. Wonder why they didn't think of this obvious measure?
I agree with you both, the RNS makes the right noises, but its a gamble and with the dividend suspended for how long ?
The company worded it "will recommence paying dividends as soon as appropriate" - doesn't sound like a short suspension to me. "Appropriate" is surely when the debt mountain has been paid down, and cash flow / banking covenants are sorted and the company is making money and the building work in Malaysia recommences. Could be a long time.
My take on it is minimum of 1 year, probably more.
So the only upside left for shareholders is if the share price rises and that is debatable with all this going on. All Imo of course.
Im happy to wait and see what unfolds.
"other near-term actions to strengthen the balance sheet" almost certainly means fund raising. this company is in my **** pile and i will not be throwing any more money at it.
RNS news is as good as it could be regarding current situation. Still concerened about lack of cash so have resisted buying back in as can see a fund raise coming soon. The lack of big funds buying more at these levels tells Me they are also waiting for bank agreement terms. Good luck if still holding but would take some profits if You are lucky enough to do so.
Without any news, You could be right regarding fund raise so have sold out. Decent profit taken but nerves started to twinge. Hope I`m wrong for holders but can see S.P. going lower again without any updates.
They have warned they are likely to break their banking covenants - a company doesn't send this warning out unless they are 99% certain it is going to happen...
Their order book is behind and current orders haven't been called off by customers yet due to a slowing in demand.
This means reduced orders , reduced profit, reduced cash flow and Comet 40Mil fine to pay + 17mil costs to the other side for their legal fees.
Where is the money going to come from ?
When their banking covenants have been breached the only way out of this hole will be a rights issue and diluting everyone's holdings. And it will have to be a large dilution....
A few months down the line once the "Potential" bad news is reality, todays price will be a distant dream and it will be half todays price imo.
They always say "Follow the money" and the money just left. .
The days of when this company was run by shrewdies like LT are now in the distant past. There are new cowboys at the helm and they appear gung ho and not up to the job....
Why the ramptatastic talk about "cheap shares being going to be sold into a large buyer". Where do you get this information from ? Your sixth sense ? Lets try to keep it factual.
There are not any large buyers, just large sellers and in case anyone hasn't noticed, they all just sold up and moved out.
Share price consolidated, looks like the harvested cheap shares and going to be sold into a large buyer
Horis,
The company has just warned shareholders that it is likely to break its banking covenants...
What will happen then ???
Big debt mountain + Big court fine to pay 40Mil + Comets Court costs to pay 16Mil + Reduced orders = Share price drop surely ?
Where is the money going to come from ? No Divi here for couple of years methinks.
BeardedDragon, the price dropped from 2300.
So from that to 1500 is still down 40%.
It is clear that all the "cheap" shares are being bought up, and there will be massive averaging down happening over the course of the next few days.
The company has until this week delivered a very healthy dividend, as such the big funds will want to eat all the shares up to hold for that time.
HorisM, after you said at 1250p it would rise to 1500p, it actually fell to 725p, when I took the plunge myself and bought. We are now seeing the 20% rise from there. I will be selling my holding at 1125p as there is no chance of it getting anywhere near 1500p.