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Hi, if you look at the annual reports over the years you will see the rise and fall of "high performance workware" (they bought marken based in las vegas in 2017.. coyly referred to as "nevada") the rise and fall of leather, and the rise and fall of commercial laundry. The quickest and easiest reference re overstated commercial machine numbers is to follow the claims made over the years and then in the accounts for 31/12/17 the CFO reports on pp13 that the number of machines installed but not yet commissioned is minus 104. Thinking logically how can the number of machines installed in the year but not yet commissioned be a negative number?? it's obviously a correction to previous overstatements..
Hello MrCynic,
Thanks for the detailed overview - genuine question, when did they report overstated numbers in the US and did that have a consequence on revenue?
Mrcynic, sounds like you have detailed knowledge of this company and what they have been up to. Have you any idea of whether they have actually ever had any income as some on this chat claim or is that more PR BS? How many millions of pounds of shareholders investment have they had over the years to end up with a value of £12M? Many original investors must have seen their investment drop to less than 1% of its original value. The only winners here appear to be the CEO and Finance director. Like pigs with their noses in the trough, sickening. Its just not worth selling the shares now, they are worthless
resigned to my fate - watching this share diminish by the day. Useless to sell now. Just keep it on the back burner and hope for something in the distant future!
You want the details? Ok this is a business spun out of a university with an innovative technology (bead cleaning). Went into commercial laundry in the us and having claimed great progress had to admit to overstating the number of machines installed. Bought a company in Las Vegas (later sold at a loss) with frequent and expensive "due diligence" trips by Mark and his wife. Incidentally this followed the "strategy meeting" the previous year in southern california. (bet mrs Nicholls enjoyed that one too) Many claims of discussions with major players in commercial and domestic laundry. Many claims of entering the leather market (later sold off at a loss) now its clothing, jeans whatever. Where is bead cleaning? It's just a company with a filter that has no unique IP (at a results presentation their chief engineer claimed to have developed it in 6 weeks....) All the manufacturers are developing their own to fit their machines and manufacturing systems. Ftse100 packages for serial losers. Main investors written off their money. sell while you can. Massive discount to the share price coming on a refi or it's out of business
I agree Nemis and one has to also now agree with the omnipresent Mrcynic. He has been correct in his assessment of this business for some time. I hope the management can dredge up some good news from somewhere soon to halt the S.P. decline.
This is like watching a slow motion car crash! Given the consumer and manufacturer appetite for environmental improvement, these guys are either not being honest about what their technology can actually do, or they are just spectacularly incompetent. I suspect it's both. If they were paid by results rather than just trousering eye-watering salaries we might be in a different place. Whoever is in charge of their commercialisation strategy must be a complete clown. Does anyone know if they have actually earned any revenue at all, other than selling off the disastrous US business? Please share the details!
shareholders are fools..... they said back in September that they were burning through a MASSIVE £500,000a month ...and most private investors just read that and said " yeah, OK..carry on" ....chance to sell came ...and went....
I have many more options than the 2 you suggest.
and I am the least emotional investor with whom you will you have ever had contact. the BoD are utterly hopeless and they take us for fools... keep the share price low to prevent more fundraising for mark and his wife to visit las vegas... again.. .I will do my bit as and when I choose.. and force them to change direction.. it's all the power we have.. so use it.. sell. sell sell sell..
cheers
Cynic, I don’t think anyone is happy with the BoDs performance, hence the general positivity about the departure. So yes collectively we’re disappointed but I’m not fuming because I don’t get emotional about investments and understand there’s a risk they will not be successful.
At the end of the day, you have 2 options if you’re ‘fuming’. You can either sell up and put your money where you think you’ll get a better return or you can look to gain sufficient support for a motion to change either the personnel or the remuneration of those at the top. It appears to me that the other iis have pushed for that option already
Personally I have seen no evidence of a single euro payment. However I am happy to accept your word and correction and therefore retract that comment and apologise for my error. As I said I would.
I'm sorry but I must missed the "I know as a fact" payments they received from development partners. any news on that? no of course not because it ain't true.
the point here is to press the BoD to deliver some shareholder value and stop them treating us like the mugs we obviously are for believing this rubbish..
As I said in a previous post we are a year away from a new team. Even then, given the personal liability issues in an insolvent company who, of any quality, will take it on? Also picking up on Gracetrad's point re India, look through the history. Mark bought a commercial laundry in Las Vegas (give me a break..) later sold it at a loss. Bet those all expenses paid "due diligence" trips for him and his wife were worth the shareholders investment. The BoD are obviously hopeless. We need to exert what little pressure we can to avoid more money down the plughole and force a change in direction. I'm fuming but no one else seems to be..
Grace - my view is that Mark has been forced out, probably by iis who are not happy with progress..........so the chairman has made the push. I expect they're already some way to recruiting a replacement (maybe even the iis have recommended someone). If that person is in a role already, they'll need to give min 3 months notice period, which would allow a 3 month handover/onboarding. They may need to give 6 months notice though. A lot of uncertainty here atm, which is reflected in the SP. Hopefully becomes clearer soon
All I will say is compare the upbeat announcement of Mark leaving (18/3/22) with this week's trading statement. Do I detect any motivation to cut this failure's package? waiving performance criteria for share options? A company without enough money to survive paying this level of benefits? Paul will no doubt follow on the same yellow brick road. And who will take on the CEO job in a self admitted insolvent company?
keep sucking your thumb
thanks nemis.
I am very new to this chat stuff and was hoping for a lively and maybe humorous exchange of views. I have been sadly disappointed. I am happy to apologize publicly for any factual error and would certainly enjoy any difference of opinion about facts. But the vitriol to which I have been subjected for being accurate and the idea that I'll filter you out because you have a different take on undisputed facts.....well...grappa
and dd77 can sit in their playpen sucking their thumbs.. but I did not write the trading update that I predicted they would issue..an insolvent company , overpaid executives, overblown pr statements..is there really no one out there sharing my outrage? new team on equally outrageous packages? "partners" waiting for the inevitable and pick up the technology for free?
An apology haha? What for?
As I kept telling you, you should have followed your own advice and sold...................you'd have been a lot better off
I have to say that I think you have it nailed mrcycnic, might not be what people want to hear but I agree. This company is a shining example of mismanagement, incompetence and greed. The management team don't appear have a clue what they are doing, all we ever hear is jam tomorrow. The technology is nothing special, a brief internet search shows there are many other options out there for saving water and catching microfibres. I don't believe the greenwash, it gives everyone a warm feeling but the technology these guys are peddling seems average. How many tens of millions of pounds of investors money have they squandered? Not even worth baling out, shares are virtually worthless.
I'm not new to this stock. I have more experience, shares and understanding of this company than all of you put together. I'm saving you..
point me to any post i have made which I cannot back up with publicly available info .my immediate retraction and apology will follow. Force the BoD to do something.. stop paying FTSE100 salaries to a loss making cash negative bunch of losers.. I've written off all my investment .. as have the major shareholders..see their investor reports..
they have never had a single euro payment from their " partners" for their "technology". prove me wrong and i will immediately retract and apologize... over to you.
Every post I make is a fact you can check .If you care to do your research..as I have done ..
you have no comment about the endless promises every year of agreements in the offing? no comment about FTSE 100 salaries for blatant losers? no comment about trashing the share price? no comment about there being no management team? No comment about Sea Lion filing patents using Xeros own documentation?
time for your blanket... everyone should sell as you have no other choice than to get out now whilst you can. The point being not just to save yourselves but to force this BoD to look at what is in the interests of all shareholders.
Well let's be honest, this is not the news we wanted to read on the RNS this morning ! However, there are still a lot of unknown's, they still be able to turn it all around?! It wouldn't be the first time. Innovative technology, poor management and now a potential acquisition target, if nothing else.
We now live in hope, as we all may loose our shirts and looks like 'Punts' for investing in them, but then on the other hand, a 'change in the wind' is still possible.
Clearly we could all do without the relentless, hourly and daily negative posts from our recent newcomer to the fold, so hopefully these posts will now significantly subside given that He / She / They feel their high speed 'validation train' has now arrived in the station!
Hi Grappa
you feeling good about your posts??
maybe an apology would be nice and an adult thing to do.
I take no pleasure in seeing you squirm but "I'm right , you're wrong"
(A quote from the film Matilda)
Coming out from under your blanket?
I told you weeks ago this company was insolvent and to raise money they would have to trash the share price. True or not true?
Development agreements involve reciprocal obligations which these losers cannot afford. Look back at least 10 years about how many times we've been told they are "in discussions" and never produced a single euro of money.. and why would these "partners" invest time/effort to develop a technology they can have for free pretty soon? Look again at the packages these losers are getting..no one will want to take this on .. so no management. After all how many would take control of the Titanic as the crew row away..
Get in the lifeboat whilst you can..
should have sold a year ago for a good profit. Stuck now with this lot. Resigned to my fate!