Remote Monitored Systems PLC - data collection and surveying firm based in London - Due to situation at English-French boarder, haulier unable to make delivery of mask manufacturing machine to subsidiary Pharm 2 Farm Ltd. Machine expected to be loaded Monday next week at the earliest, the firm having previously announced a delivery delay to Monday this week. Test results for the certification of Remote Monitored's 4 ply mask are now expected to be received in the first half of January, with certification of the 5 ply mask now likely in early February.
Machine delivery and mask approval testing delays mean maximum production volumes of 4 ply masks in Nottingham are likely to be 500,000 and 1.3 million units in January and February respectively instead of the previously expected 1 million in January and 2 million in February. Additionally, 5 ply mask manufacture is not forecast to begin until early February at the earliest with any 5 play mask production expected to reduce the 1.3 million 4 ply February production accordingly. Once certifications are granted, Remote Monitored anticipates wit will place an order with Volz for 500,000 masks incorporating Pharm 2 Farm's antiviral material layer.
Gareth Cave, major shareholder and Pharm 2 Farm founder, says he has had "some very constructive discussions over the past week" with Remote Monitored's board. On Monday last week, Cave announced his intention to vote against issue of warrants to participants of Remote Monitored Systems' December placing and announced plans to lodge a requisition for a general meeting to "consider board changes to improve corporate governance". Following the placing, Cave's stake has fallen below 15% from 18%.
"I am pleased that we have had some very constructive discussions over the past week with the board of [Remote Monitored Systems] and I am hopeful that an announcement will be made shortly by the board. I know that some of you believe this should include me joining the board of RMS, but that is not possible at this point because of my obligations to my current employer, Nottingham Trent University," says Cave.
Current stock price: 1.31 pence
Year-to-date change: up sharply from 0.33p
By Anna Farley; annafarley@alliancenews.com
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