Member Info for ajs8220

I assume you've seen something in your tealeaves.

If you're a chartist, I pity your different level foolishness.

If you could tell anything about future movements from past movements, you'd all be billionaires. You can't, which is why you're probably the most gullible mug punters of the lot.

And being a good, loyal golden ticket holder you would have said exactly the same at 4p, 3p, 2p, 1p.....

Questions :

1. How much better off would you be if you had heeded my first warning to sell in early November?

2. When are you going to wake up to the fact that you've been shafted?

That Spartan 345BC word again.

"If".

Remember, any and all buying will be aggressively sold in to by the CLN holder. It's why the bid is not rising on L2.

And with all the noise last night, my questions on the now near impossible RTO approval have been conveniently buried.

So the board assert on 13 February that the RTO is still happening, on terms materially similar to those announced in October 2022. Again, we have to ask ourselves what is "materially similar"? 921m shares or £48m valuation? Because now at 0.65p, those remain two very different things.

I maintain that against this backdrop the chances of the regulator ever approving this RTO, with all that has gone on, are as close to zero as makes no difference.

Let's just look at some facts around this RTO - "when not if" according to The Chain and his happy band of telegram mugs.

First announced 19 October 2022, well over a year ago, expected to complete at the December 2022 AGM. Initial terms indicate will lead to the issue and admission of 921m shares at 4.32p = £39.8m.

Since then we've had, according to RNS

A few fundraises, supplier payments with shares - dilution

Death spiral with Macquarie (Atlas in the background) - more dilution

125m options granted at approx OMV (but now well under water) - even more potential dilution

Lots of expensive "industry experts" onboarded

Lots of RNS Reach communications (non-financially material noise) around Leinster and Cameroon

A fire (or two)

RTO update 30 October 2023 (just after the anniversary of the first announcement), says expected to complete "early Q1 2024" on terms that will be "materially the same" as those announced in October 2022. Is that concerning the issue of 921m shares? A valuation of £39.8m? Because by now with a share price of 1.35p, 921m shares and £39.8m are two very different things.

Then the RNS that first got my interest - 7 November 2023. Margin Loan Facility between CLG Capital and Century Cobalt, with TM1 shares as security. How CLG could potentially de-risk that borrowing didn't take long to work out. Then when looking into the characters and chancers involved in what the company assures us is its past (oh yes, despite there being various offshore vehicles and nominees we are assured that the beneficial owners are all fine upstanding people) I start to fear the worst for the small mom and pop shareholders in this little bunco. The share price starts to drop almost immediately despite some buying, because of heavy selling (as I predicted).

Warrants extended - a definite sell signal

Replacement holding announcement - "administrative error". Another big red flag.

Then a quick rally around the AGM statement, indicating that the RTO Prospectus should be circulated in Q1 (note the slip from complete in early Q1). Revenues are a paltry £372k for the year, barely enough to cover one month's costs.

Then whammo - 8 January - £5m death spiral also with CLG. £1m drawn, another £1m can be drawn before RTO completes. This is no doubt to provide much needed cash for overheads, and to prove liquidity to the regulator. Obviously it does anything but.

The same RNS covers the repricing of warrants, but almost none are exercised as they go immediately under water. All that achieved was to crash the price further.

It has been downhill ever since. Very little news during the lock in to support the price, all buying has been swamped by large sells.

So the board assert on 13 February that the RTO is still happening, on terms materially similar to those announced in October 2022. Again, we have to ask ourselves what is "materially similar"? 921m shares or £48m valuation? Because now at 0.65p, those remain tw

More free education for you - they can hold out as long as they like pal. They do not need to convert to any specific timescale now the lock in has passed.

As of today a related party could forward sell the rest of the holding to be converted into existence and crash the price. They may wait longer though, to drip-drip more shares into mug punter topups at these prices before crashing it with the last 20m or so.

The rest of your post is prima facie evidence of Stockholm Syndrome. Seek help before it bankrupts you.

This company, its related parties and enablers are exactly the bad actors I describe.

If the CLN holder has not converted today, and none of us not on the inside know whether it has or has not, it is because it feels the share price will go lower, or can be made to go lower.

As a reminder, the lower the share price the more shares it gets for its £1m. At 0.6p it gets 167m shares (9.8% of the company). At 0.5p ot receives 200m, 11.6%. Its motive for holding off UNTIL just after the price rises is clear. It's a one way bet.

Your logic for how it should act and the timing is flawed. I conclude that your "payday top up", the type of mug punter behaviour that encourages these chancers, will work out as badly for you as all your other purchases.

You're welcome. Cleaner markets with bad actors exposed and shown up for what they are benefits us all.

So maybe another 10m churned out to mug telegram punters in the last few days. Plenty still to go, and as of today the conversion notice on all £1m drawn hanging like the Sword of Damocles.

Last seen the cash burn was about £300k a month, there has been little news since to move the dial significantly. Last drawdown of £500k was on 18 January. When is the next CLN drawdown / grant of warrants RNS?

To quote a Spartan from 345BC,

"If."

Jonathan is also a TR-1 holder in Tern, its portfolio company Wyld and also Chill Brands, so he's hardly Britain's Buffett.

And if you're looking in Swanny, I'd still like to be a fiver behind you...

Sjb777 I was slightly more generous with the assumptions and had 100m churned, 50m to go.

But if the noteholder can drive the price down to 0.50 in selling those 50m, the conversion then creates 200m shares, so another 50m to be churned after that.

And yet some people cry foul at the use of the term 'death spiral'.

"6-8m sold today"...

Nonsense. Not even a third of that! 1-2 million is a typical day. Yesterday was a news day so more knocked out to telegram mugs, but it still finished flat. Stop just making stuff up.

As for my "narrative", I've been proved 100% right in the three months since first commenting here. You were told by now long gone posters that there would be no selling, yet buckets of confetti have been tipped out and the value of the company has halved. So rather than dismissing my view, I suggest you would be better advised to heed it.

This has A LOT further to fall. If a deal with a motley rag tag of back street garages - the sort of places no EV owner would ever dream of taking their car - is all your Board have got to RNS Reach about, it could fall very fast very quickly.

And the chances of that prospectus ever getting approved recede with every drop.

"Must be nearly there."

What makes you say that? It's potentially a 150m+ share overhang and neither you, me, nor anybody other than the death spiral provider have any idea how far through that they are.

As a reminder, they make money at any price, and the lower they drive the conversion price the more they make selling on the way down.

By my calculations, all £1,000,000 drawn down can be converted from next Tuesday. From the terms in the 8 January RNS the conversion price is now guaranteed to be a maximum of around 0.65. It could be lower if the noteholder can drive the price down further between now and submitting the conversion notice.

RNS Reach with no financials, so not material / price sensitive and only a tiny proportion of Servicesure's 600 small independent garages are EVSure accredited. If this is the only news the board have got, they are well up the creek. All this will do is provide a little bit of liquidity for the death spiral provider from the telegram group mugs. What I said back in November still stands - any and all buying will be aggressively sold in to.

I'll do a little bit of homework on the death spiral dates later. I think we're nearly at the point where all £1m can be converted to shares. At these prices that dilution is going to be eye-watering.

Thank you for your magnanimity Toplocks, and others.

Personally I don't believe a word of this morning's RNS. If the RTO completes by the end of the quarter it will be my turn for the humble pie, but I maintain the timescales are out of the company's hands, and it has been work in progress for well over a year already.

What this really needs to reverse the decline is good news on trading. That absolutely has to be the next RNS. If there is no good news in the offing, its a long fast ride down from here when the death spiral really gets going.

And to reiterate I have no position here, never had and never will. I don't short any shares, again never have and never will. As any real shorter will tell you, it is impossible to get borrow at this market cap and generally anywhere below about £100 million.

Given what I've posted about the opaque related party deals and the death spiral (by my calculations the overhang is at most less than half cleared - another buy swamping sell today), no doubt that is a popular view among those who have swallowed all the hype they've been fed hook, line and sinker and are long and strong with their 2p average golden tickets.

Which is going to make this all the more painful when, having ignored another warning, you lose money because far from being full of ***** I was right. Again.

If what I'm hearing is true, I very much doubt it is.

Remember if there were any good news such as was promised at the AGM, they would announce it to stem the share price decline. That there isn't is telling.

If you heeded the warnings, fair enough. If you didn't, you deserve all you're going to get.

I think the lock up period is 40 calendar days. "Trading Days" (capitalised) are mentioned elsewhere in the 5thJanuary RNS.

I guess we will find out on conversion in the coming weeks whether these shares have already been flipped. At a market cap of £12m a £500k position will be notifiable.