Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
The negotiations for off takes for Brazil and Europe were mentioned in the last quarterly update at the beginning of July
"Active engagement on multiple commercial discussions for new supply agreements in Brazil and Europe"
In the same update, talking about Stage 2 financing, the company said "The Company is on track to achieve financial close in 2018.", so within four months, which, in the grand scheme of things, is pretty close.
I think Ed Brown's job is pretty safe. Price-sensitive information can't be leaked if it's already in an RNS !
BB
Alf
Re "Who in there right mind ... "
Veggies might buy from Swanson rather than buying FF+, though, to be honest, they'd likely be better off ( financially at least ) buying Circulease
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Alf
I'm not going to trawl through years worth of posts to see whether "every time" is accurate or not, but it's not far off !
Anyway, as I said, so long as we're supplying H&B on a wholesale basis, then we're in a much stronger position than we've been before. Obviously if we're supplying on a "sale or return" basis ( unlikely, but possible ), then the situation would be very different because we'd be taking pretty much taking all the risk under those circumstances.
Anyone who thinks that it's unlikely that the BoD won't be trying to raise money from the markets over the next few months has got their heads well and truly buried in the sand, so I'm glad you don't fall into that category To be honest, I doubt our bank would give us any meaningful overdraft facility and, while I think there's a possibility we could fund supplying H&B without tapping the markets, the chance of the companies overheads being funded in that way are slim to say the least.
We probably had between 200 and 300k left at the end of the FY ( March 2018 ), and, come the end of September, we'll have done well if there's more than 100k net cash, so I'm reasonably sure the BoD are currently looking at raising at least 250k ( to ensure the accounts can be signed off on a going concern basis ) and ideally close to 500k. They never seem to have struggled to raise cash previously, so I'm comfortable with that scenario.
Plainly, if any HNWI are interested, then they'd want as large a % of the company as possible for their money, so a drift down in the sp would kind of suit them.
One way or the other, it'll hopefully be a lot clearer come the end of September.
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Gostoso
re the sp and it turning round :-
On the plus side ...
Selling FF+ through H&B gives us a much better chance of FF+ creating any meaningful cashflow
ByHealth- though it's gone quiet, should eventually increase DSM's profits and so increase our cashflow
On the minus side ...
We're likely burning cash at ~400k / annum, so will likely need a cash injection relatively soon. I'd be surprised if something to that effect isn't announced by the end of September, and astonished if no cash is raised by the end of the year.
Alf has highlighted various alternatives to issuing more shares, but, every time the subject comes up, he raised the same alternatives, and, so far, the BoD have gone to the market for more money. To be fair, this time is a little bit different because, if our contract to supply FF+ to H&B is on a wholesale basis, then we'll have something to bargain with, so there is a possibility of effectively borrowing against that contract, but I doubt very much we'd be able to raise enough cash that way to cover working capital, so I'd say it's pretty much nailed on that we'll need to raise cash from the market again.
Hopefully there'll be enough interest in that to keep us going as a going concern. I'm confident there will be, but don't feel the need to chuck any more money at Provexis. I'm a very small shareholder ( ~1m shares these days ), so it's less than 1% of my meagre wad, which means it's nowhere near as important ( either in actual number of shares or as a relative percentage of peoples holdings ) to me as it is to some, so, I think and hope that the sp will rise, but, if it doesn't, then it won't be the end of the world and it'll end up being added to my list of investment mistakes !
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Err Sphinxy ... A trading update RNS came out on the 10th May 2017 (See http://www.lse.co.uk/share-regulatory-news.asp?shareprice=PXS&ArticleCode=ktu7lxur&ArticleHeadline=Trading_Update ) , and, one of the things in that update was "In its preliminary results statement currently scheduled for early September the Company expects to report on a strong year of progress. ... The Company expects to report revenues for the year ended 31 March 2017 of �228k, a 148% year on year increase (2016: �92k)." So it's quite possible that they were advised to inform the market of that change because it was considered material, though, to be fair, that trading update came out on the same day as the results of a placing were announced, so that change in revenue might have just been an aside, but it seems unlikely. I'd be surprised, but delighted, if the YoY revenue change for the FY just ended is more than 30% At 30%, I wouldn't expect that to be considered particularly material, so wouldn't necessarily expect a trading update, but if it was more than say 50%, and the company sat on that info until the results came out in September, then, as well as being even more delighted, I think I'd be asking questions as to why the market hadn't been informed. If we don't get a trading update in the next two or three weeks, then I'm sticking to what I said last Friday, and will be assuming that no major news needs to be brought to the attention of the market for the FY recently closed. The upshot of that would be an expectation of total revenue in the order of 250 to 300k for 2017/18. If anyone wants to hope /believe anything else, then that's entirely up to them ! BB
I'm not convinced that there'll be a trading update this year. If revenues, from either DSM and/or FF+ have grown at a reasonable rate, but not significantly , and there's no new news to report, then I don't see a need for the company to issue an RNS Doubtless there will now be a trading update on Monday to prove me wrong ! BB
Formed in 1999 Alf. Listed in 2005 tbh, I can't imagine anyone's daft enough to take any notice of what Wheelie types. Hopefully revenues will grow, and real news on R&D and the pipeline will be forthcoming from the company which will awake some interest, but, in the meantime, Wheelie's post do at least raise a smile ! BB
It's total guesswork, but I'd be surprised if the combined income from DSM and FF+ was outside the range of 250 to 300k for the financial year 2017/18 BB
CB The "Happy Days" comment was a bit tongue in cheek, you should try humour occasionally ! Obviously the Provexis sp is pants, as has the market been in general recently, which has wiped about nigh on 30k off the value of my portfolio in the last couple of weeks. But tis only money BB *slits wrists anyway just to join in
Yea, I got an email from Ian shortly after the RNS came out. So he'd added 800k shares since August 2016, but still got diluted, so basically everyone was right ! Happy days. BB
Anyway, I've dropped Ian an email, so I'd guess the website will be updated at some point once he's got to the bottom of it
Alf Re "After fund raisings, his percentage has slipped below the 3%, so clearly he has added to his holding to keep it consistent. " Not really, well, not recently anyway McKeeve last declared a holding in August / Sept 2016 ( See http://otp.investis.com/clients/uk/provexis_plc/rns/regulatory-story.aspx?cid=1569&newsid=797999 ) At that point he held 54,026,064 shares, which was, at the time declared as being 3.1% of the company ( which it was ) The company's website, at http://www.provexis.org/shareholder-information/major-shareholders/ , still shows him at 54 million shares at 3.1%. The company's website is plainly wrong. That page says, as of 4th Aug 2017 ( roughly 12 month after McKeeve last declared ) 1,885,238,174 shares were in issue. If McKeeve's 54,026,064 shares shown on the web page is correct then McKeeve's % at the time was 2.9% not 3.1% ( 54,026,064 * 100 / 1,885,238,174), so something was defo wrong. All we can say wrt to the details on the website are either :- The number of shares shown for McKeeve is wrong The % is wrong or Both figures are wrong If I had to bet on it, I'd guess that McKeeve never noticed he'd been diluted down below 3% and neither Ford nor Buck could be arsed checking the details on the website were correct. BB
Kievsky Re "When we sell FF we sell in a batches which could be for 1 month to say 1year for orders to the customer. So revenues will/ could be destorted " Why would that distort revenues accruing to DSM ? They might not have received the cash from their customers, but they'll be recognising the revenue in their books. If they're recognising the revenue in their books, and it's standard practice to do so, then there's no reason why they can't be working out what our profit share is and passing it on. Even if they didn't want to pass the revenue on as pure hard cash, I'm pretty sure we could recognise the revenue due to us and record it under trade receivables. *disclaimer - i'm not an accountant though Anyway, HNY all, and, even if Provexis hasn't set my portfolio on light this year, at least the markets in general have been pretty decent in 2017 BB
Alf Re "... gets me wondering if there is some kind of smoothing of flows, otherwise the comment about revenues being at new, all time, highs wouldn't figure. " I think you've read the text slightly wrong mate. It says " the total projected annual sales value of the prospective sales pipeline for Fruitflow® now stands at a further new all-time high level. So, the pipeline's at an all-time high, but it'll take a while for the pipeline to turn into cold hard revenue. The 2k increase from the AA for H1 is poor. The info about the pipeline means that figure should increase, but it's still disappointing. The only other crumb of comfort on the AA revenue is that 90k for H1 this year is an increase on the 65k for H2 of last year At 34k, FF+ has done a bit better than I expected and is 12k up from 22k in H2 last FY, so ~50% increase, and has probably contributed just over 12k to cashflow ( 34 less 10 less 11 ) , which is a drop in the ocean, but better than nothing. BB
I don't know for sure, but I very much doubt it. I'd imagine the fact that we're quoted on Nasdaq would mean HCM doesn't qualify. BB
Alf Re "When a new Fruitflow product is launched, the likely initial effect is cash negative, DSM/Provexis contribute to launch costs" Not really. When it was changed in 2015, we were told "The Company's Alliance Agreement with DSM Nutritional Products for Fruitflow� includes a financial model which is based upon the division of profits between the two partners on an agreed basis, linked to certain revenue targets, following the deduction of the cost of goods and a fixed level of overhead from sales. Under the revised terms which have been agreed for the Alliance Agreement, the fixed level of overhead deduction from sales will permanently decrease with effect from 1 January 2015, backdated, thus increasing the profit share payable to the Company." It's hard, but not impossible, to square what you're saying with the statement about "... fixed level of overhead deduction". I'd say it's much more likely that your statement is incorrect. BB
There'll be an RNS this month when the Interims come out. The company can't, or at least shouldn't, issue a full RNS on a product launch unless it's considered to be financially significant enough to change the markets views on our turnover and /or profit / loss ( that's a bit of a simplification, but it's close enough ). They could issue a Reach RNS for the sort of info on the site about Elken, but, if they did that, and the sp spiked as a result, they ( were "they" includes both the company and the NOMAD ) could lend themselves to being accused of market manipulation ... because I dare say 95% of shareholders don't know the difference between a full RNS and a Reach RNS. We ( Provexis ) have a limited budget for advertising, and that advertising will only effect sales of our own product, which, at most, is only half the story here, and I'd argue it's much less than half the story anyway. BB
For once, a PME actually led to a meaningful uncrossing trade ( 1 million @ .67 ) ! There's a delayed trade of ~3.5 million @~.65 as well Mind you, we've seen these kind of little spikes before, but, hopefully, there's some real substance behind the move. However, I might set a limit sell for, say, 250k shares at a moderately silly price and see what happens. BB
Most of the people posting on UKOG are just looking for a quick trade. Nothing wrong with that like, but they're not going to be interested in a share like Bellway. I think the first batch of Bellway shares are now a "four-bagger" ( with divis thrown in as well ) but it's taken years for that to happen, and most posters on bulletin boards ( especially this one ) aren't interested in things which take years to give you a handsome return BB
btw ... I didn't have the genmab figures to hand, but a quick check shows they've been profitable since 2013, so, and apologies for being a pedant, that's a bit longer than "only just started to kick in" isn't it ? http://ir.genmab.com/key-figures.cfm BB