Member Info for Bantham

I just don’t understand this ‘ oversold’ chat. The share price has dropped like a stone because The CEO has over - promised and delivered nothing in the last six months. There are good reasons for the price to be where it is - or lower. Revenues are £1m! Market cap is £75m With 30m cash but Annual costs are over £20m and this requires substantial funding by end of this year - and my guess is it needs at least £20m at the very minimum given cash burn. It struggled to raise that amount on the back of the FDA hype. It’s quite possible this is unfundable and at that stage the people hoping for an M and A premium will be horribly underwater. Buying now feels incredibly risky. Maybe it will pay off but to me it looks like the triumph of hope over experience. No harm in keeping your powder dry here and waiting for positive news - the risk of missing out on a share price jump seems much less than the risk of further big losses from investment.

All IMO DTOR ETC….

If anyone wanted to buy this they could have done so. The fact no-one has should tell you something….. I am afraid the hope for a bid to save investors is as common as it is usually unfulfilled.

The only thing being laughed out of court is that ridiculous phrase ‘ 100 billion dollar US market’. totally meaningless but put into the RNS to keep the hype. The reality is he has made sales of £1m and silly stuff like that can’t disguise that fact.

Back to bidders - even if there was one you think they will pay 250 times sales? I would really love to see that and be proved wrong.

AN has consistently over-hyped this, time and time again. IMO he is extremely arrogant and self-opinionated. Together with a weak Board that spells danger. And today we see some of the consequences of that.

IMO it is quite impossible for anyone to make an informed view of whether this tech really has a future. But we can see that he has maybe 12 months before he would need to raise significant new equity - very significant indeed against an £85m market cap and following a terrible share price performance. Who would want to invest and at what price unless he actually proves out some of his ‘ hopes’ for once.

I was taken in by the hype for a while and lost money. And I’ve watched from the sidelines since. ATM - this company has basically no sales and huge expenses. There is no basis for saying it’s a bargain price today - its still at 80 times sales or something of that order and people have said the same thing about bargains all the way down.

I am not saying never invest - but i will be watching from the sidelines until i see how / if they will be able to raise more funding in 2H2023. that seems the safest position to me.

No-one’s attacking anything. It’s just little movements in buying and selling having a bit more impact on price - maybe due to less liquidity.

I am afraid the problem - as other’s have commented - is an arrogant CEO who over-hyped this and then delivered nothing of economic value.

There is simply no investment case at the moment so whether the price is 45p, 25p or 160p is simply a matter of momentary sentiment. In other words - maybe it will go up, maybe it will go down - but the CEO / Governance structure looks like a risk to me.

Thanks Trinityman. I am thinking about it but it’s pretty stormy out there and i am worried about the train coming to a halt because of leaves on the line. Maybe my tuktuk is the safer option ATM?

If you want to catch a train isn’t the platform the right place to be waiting?

What Flatlander has set out is the kind of thing Angle should have done.

Angle say they have sufficient liquidity till 2H 2024 ( if i remember correctly ). In that case they must have a plan of what they are targeting to achieve in that period. The question is - is that going to be commercially valuable resulting in a capital raise at a much higher share price? If it isn’t then the money runs out in 18 months and it’s not a very pretty sight. My guess is this is why the share price is where it is and probably is only heading in one direction in the immediate future. As an example - not even this recent bear rally helped Angle - whereas there were a lot of stocks up 10% which had not taken such a beating.

Thanks Thompi.

I read it before and i had another quick look just now. There’s lots of interesting things there but it isn't a route map.

And i just noticed the photo of AN at the end which I hadn’t noticed before. Why is that there? What message is it trying to convey? Goodness me.

Phantom - thats exactly the problem. These steps should be clear to all.

AN should have set out this route map clearly with clear steps and clear targets ( not all of which would be hit of course - but it’s called guidance ). If he had done that i don’t think the share price would be where it is now. Why he hasn’t done that is anyone’s guess. Anyway not doing that leads to a complete lack of clarity and loss of confidence with a share price at 47p.

No - sorry - my mistake.

Phantom - in my view thats just wishful thinking.

And that can be very expensive.

I had a similar debate on THG earlier in the year - there were a lot of people who were convinced a bid at an enormous premium was just around the corner.

If Abbott wanted to buy this they could do it in an instant - at say $285m. Thats chicken feed for them.

It’s the fact that they haven’t that tells you you should be very careful relying on M and A as the route to value. Because if not now ( post FDA approval, post massive drop in share price, post collapse in sterling ), then when?

Flat lander - you have set out precisely what i think with the addition that you clearly have a much more detailed understanding of the products.

This is a long haul. If markets stay difficult it’s going down further. And vice versa. And the reason is AN hasn’t set out a medium term investment case. So it might appear very cheap but if you have a negative 3 to 6 month view of markets - as i do - i think its better to sit on the sidelines. With better markets it could recover i guess - but the point is , IMO, it will do that despite the lack of short / medium term Investment Case

That’s what i was thinking. If there was a serious US buyer, now feels like the perfect time. You could pay a 100% premium and still get it for less than £250m / $285m. Thats chicken feed.

I conclude that unless something happens reasonably soon, then it’s not going to happen until / if Angle has really proven itself. And that’s the way it feels to me - because, otherwise the share price just wouldn’t be where it is.

Doesn’t it concern you guys that if this company has so much potential / takeover interest then why is the share price where it is with a market cap of £125m.

Don’t you think that if the large players agreed with you on the potential they would buy shares / bid for it while it’s super cheap?

If they haven’t done that what’s your explanation?

I would agree with you on the NHS if i thought it behaved in the commercially and economically logical way you have outlined.

Unfortunately, experience says it doesn’t and it’s incredibly difficult to navigate. That’s why i think NHS will be a follower and not a leader. And anything material from the NHS is years away. And the CEO seemed to be saying as much in the Summer.

Jake York - correct.

Anyone who’s had any commercial experience with the NHS knows they will be the last people to pick this up. It’s years away. I seem to remember AN admitted as much when he was on his high horse back in the Summer - and i am sure what he said then wouldn’t have been very helpful…….

I would be careful pinning your hopes on short term catalysts.

No i am not saying that.

Anyway - i came out of this a few weeks back and i am pleased about that. And i reckon this has no near term support and will keep falling for the reasons i have tried - maybe poorly - to express.

And we will all see where we stand by December.

I mean delivering a deal that delivers meaningful revenue. Or clearly committing to that happening. All we get is ‘ this is a huge market, our product is the best, we are talking to lots of people, and maybe we will get a slice of the pie one day’ . For the share price to rise ( in current market conditions ) he needs to make some proper commitments that he can be held to - otherwise no one is listening because he’s blown his credibility

Yes I did listen. And I didn’t hear him spell out anything really substantive that he was prepared to stand behind in the next 6 months. I heard lots of jam tomorrow. And I’ve seen lots of technical `RNS’s ( which are fine - don’t get me wrong ) which have and will continue to have zero impact.

In a bull market prepared to wait in hope for delivery that’s fine. In this market where the man has burned his credibility more is required. And it’s my contention that he won’t deliver on that. And therefore the share price will continue to head south thru 2022.