Member Info for Amtech

Camperdown , have a read up on Asimwe Kabunga. This is not Solo or Acacia

Ha ha good call Chopper.

As far as I can see the CLN was from 1/11/19 but why convert now when you could buy on the open market and the CLN still has 6 months to run ? The only explanation to me is that they need the money now which is understandable in the current climate. Not that it really matters but the true conversion price to them will be around 2.85 when you take into account the 10% pa interest (calculated daily) over the last 6 months (about £1k). So I presume these will be flipped into the market.

When’s AK joining as CEO?

We’re a Sub Contract Precision Engineering/Fabrication Company Scooby working in every sector, MOD, O&G, Mining,Agriculture, Horticulture, Power, Renewables, Food Processing, Medical, Marine, Construction, Industrial Valves, Waste Disposal to name a few. It’s not the BBC’s take on Engineering with someone sat at a computer , it’s hard graft, shop floor, stressful, dirty, dangerous, yet highly skilled for little reward. Working to tight tolerances of 0.0005 of an inch or 0.0127mm for those that aren’t bilingual.

Cheers Scooby, she seems to be on the mend but still talking like Darth Vader

The information I’ve received goes something like this:

To qualify for the £10k you have to have a business rates value of less than £15k we are above that so don’t qualify, the £25k is for businesses in the retail,hospitality and leisure sectors so we don’t qualify for that either and the banks are like I said earlier. I’ll be ringing the bank again Monday to speak to someone with a higher IQ than last time. I’ve been banking with them for decades not that that matters these days. Thing is I don’t need it at the moment but might in the future depending on how long this goes on, just want to have it there as an option. Furloughed system should be up and running next week apparently so that will help with the selected few.

Cheers guys, I’ll also add that she is on the mend due to the NHS, so mixed emotions on that front. Worst is I can’t go see both of them, I was 50 on Tuesday and should of been Jet skiing off Langkawi (I can do that next year...I hope). Spent the last 16 days at work with 12 hr day shifts making medical parts, yes, stressed and tired a bit at the moment. Just got to keep on ploughing through it, people have lost loved ones early to this virus so my situation isn’t anywhere near that.

What tools the government put in place? There is no help for my company, the local council is offering a £10k grant of which we are not eligible due the a higher valuable business rate, the banks are a set of chunts as they won’t back the 20% of the government CBILS, furloughing staff doesn’t help the company at all. Basically I’m left to my own devices, staff are on a 4 day week now, if it gets any worse I’ll start to cull a few of the less qualified. What are the government doing, trying to sort out ppe for privately run care homes who have offshore accounts in the Caymens, where the duck is the help for my private company? I’m now expected to be anxiety and depression counselling expert even though I’ve no qualifications for it because people are headfacted because they’ve got to stay in on a weekend. On top of that my 75 year old mother is at home hopefully recovering from pneumonia brought on maybe by cv-19 but they don’t know after two tests. Maybe when my 78 year old father rang twice for ambulances because she was in a bad way had not called it a chest infection and gave her antibiotics they’d have got her in sooner. She collapsed before anything was done and admitted to hospital. So you’ll have to forgive me for not going outside last night to clap the NHS.

So as you can see, losing a few £k on Clnr is the least of my problems at the moment.
Anyway off my chest ,rant over.

.......this turned out to be right mess. I bet DS and the super special soldier won’t be seen at a listed company again.

“COVID-19 Statement

In light of the current COVID-19 pandemic, the Company has taken a number of steps to protect its workforce while at the same time ensuring that business continuity, including subsurface workflows and outsourced seismic reprocessing, is maintained over the coming months.

Prior to the outbreak, the Company had the facilities in place to allow remote working for most members of staff. This capability has been enhanced to ensure that the Company can now operate effectively over an extended period of time without requiring regular access to Cluff's physical offices.

This ensures that key technical workflows associated with ongoing subsurface evaluations are generally unaffected. The Company's contractors, who are currently undertaking seismic reprocessing work, required under the terms of the existing licences, have also put in place procedures to work effectively over the coming months in order to ensure that these projects are delivered within their original schedules.

The Company remains well capitalised with no debt to service and is fully funded for its proposed work programme with £13.2 million of cash (unaudited) as at the end of March 2020. This is sufficient for the Company to meet its expected working capital requirements and work programme costs, including participation in the two wells with Shell, until the end of 2021. Expenditure associated with discretionary and non-critical path technical workflows will be constantly reviewed and re-scheduled as required to ensure the sustainability of the business in the medium term.”

No need for anyone to be furloughed if they’re still got work to do!

Doubt it

Don’t think you’ll see many on here today Mike, everyone will be enjoying the Easter weekend the best they can.

Do you believe the latest update is still relevant going on the recently missed Q1 timeline/current world situation EB?

If it was delayed because of cv19 Shell was cutting it very fine in the first place EB. If that’s delayed all subsequent news will be as well so I wouldn’t expect anything on here anytime soon.

There was a decision due last month as well.

Sorry to hear that Scooby.

Stressful times Scooby and that’s exactly what I explained to them all after Boris gave his lockdown speech a couple of weeks back, work carries on until we have no work. A lot don’t understand the gravity of the situation for SME’s as most just came in the next day expected to be sent home on 80% pay, if I did that they wouldn’t have a job left to come back too. As we are seeing in the parks some people are just morons, if I was in charge they would be arrested on the spot and used for clinical trials for a vaccine to help the rest of us.

Of course I’ve got a ‘crisis plan’ FD it goes something like this ‘don’t panic, don’t panic, don’t panic”. Where have I been? Running a business, not much time to be searching around on the markets. As for the bank manager knowing, when I asked what government backed loans would be available to help the company get through this if I need to furloughed staff he said he’d want a 3 month forecast!!!! Now I don’t know what planet he lives on but he surely must know the answer to that when all my staff would not be at work!!! What a t i t, straight out the corporate bs manual, so you’ll have to forgive me when I say I don’t give a flying f what the bank manager knows as he’s not in the thick of it and is probably still living on the bonuses paid to him by us. So I guess my strategy of giving my staff the choice to either go home unpaid or carry on working for as long as possible while we still have work was the right one.

Doubt it. I’m just trying to get a handle on how many other listed companies have issued RNS’s specifically to say what they are doing about cv19.

The best thing you can do is ring them Monday morning and ask the questions. If they’re sat not doing anything I’m sure they’ll answer.