Member Info for Bridgedogg1

Yes there is at least one large buyer here but to be fair the share price reflects more sellers than buyers. The market thinks there might be an issue. It would be a hard sell for a standard fund manager to buy more now until this has been clarified. The TR1 was different, a hedge fund that already had a position and sees an opportunity. Generally this is the type of scenario a PI can get image as. I had what was a fairly extended email exchange with the company, they stuck to the line that the market had already been updated and the company AND PWC would be obligated to report any material issues with the accounts. That’s the good news. The bad news is there is unlikely to be any clarification update before the results are actually released. I think the share price will move between 315 and 360 until we get the full results. We were advised on the 1st Match of a 13 day delay. We are now as 13 days from the revised forecast of 31 March. With the company saying there are no material changes it can’t be long now surely.

They’ve said regrew times to me that it’s nothing material and current rns are up to date. Comms are poor but I don’t think it’s anything to be worried about.pwc know they have an extra two months so not making a big deal out of it. Sad peoples shareholding can be hit like this.

Wow I had another response which I copy below. Very surprised and happy that they replied and so quickly. I have followed this up with a strong suggestion the the market requires clarification.

“Thanks. The statement speaks for itself. We and PwC would be obligated to announce anything regarded as material.”

I’ve been in contact with S4 who have simply said the recent announcement covers the current position, that there is no further information not released to the public. So it’s just PWC delay then? If that’s the case if absolutely insane that they haven’t reiterated this since the share price bombed. Hopefully they will put something out soon as I have suggested to them.

SFOR....Not the only ones.RANDOX who were handed c-19 testing contracts worth 777million GDP have delayed the release of its audited accounts by two months. The managing director said the delay was down to PwC being hit with Covid related absences.

From advfn

I think I’m right in saying the FCA Covid reporting reliefs still allow an additional 2 months to publish annual reports, hence the RNS that stated the delay was due to Covid pressure on staffing. Complexities around the mergers, trying to bring together lists of different accounting systems certainly won’t help. The announcement on 31st March was, in my opinion, just a reiteration of this, only put out because some where expecting them to be released on 31st March. While I think they have technically met their reporting obligations the company can’t ignore the fall in share price. This is a grey area. If rumour (of accounting issues) are unfounded then the company doesn’t have to respond. The company is still within the (extended) reporting time period and have announced that there will be a delay so has to resort to the ‘no comment’ for this to effective, hence no news since the announcement. Otherwise, if an issue has been identified, the company is in possession of material information that it has to release to the market very soon after identifying it.

The upshot of this is; even though it may seem worse the longer it goes on without any news, it’s actually better because this suggests there are no material changes to report since the positive trading update in November. This presents some trading opportunities for those with the inclination, but in a few weeks/month this should be back above £6 IMO considering it was at £5.20 pre reporting delay and we have since had the huge £80m + ESL contract announcement.

For those that don’t have the time or inclination for trading a simple buy > add > hold strategy should show strong returns once this is sorted out.

Wow a long post dedicated to me, thanks. Without news I was basing trading on the recent movements and the fact that no update has been received. The only other thing to do is wait so just speculating. I’m not a day trader but this is certainly an opportunistic short term hold for me.

Got out this morning then back in this afternoon lows. Got a few more shares, nice to call it right sometimes. I think on balance any update will be positive relative to where we are now so essential to hold into close.

So it’s a non event. Even the massive ESL contract didn’t get much traction. Seems it’s all down to pwc or the company to get the accounts out or let us know what’s going on. The only reason for no details that I could think of is fraud that they had to report but seems very unlikely to me.

Everyone thinks there is a conspiracy with sp falls but hasn’t there been large write downs, a dry well and reduction of production from 5k something in 2021 to 3k something at the end of 2022??

How much has been spent to get to 850bbls per day? Must be coming up to £80m? Not the best executed deal in history I would say. A lot of money to get to a position where we are not even generating net revenue and need to get even more debt. How much more so we can break even on the financing, operations and admin expenses?? And it’s coming from more debt?? And people think that will cost less that the debt we have at the moment that we can’t afford? Massive placing coming. I expect there will be pump rns first. I predict a director buy for a small amount (like the one he did before giving away 10% of the company) once Cuda is settled then a massive placing.

There’s no COR because there is nothing to base it on until it has been drilled. It’s not like a big conventional pool of oil, it’s narrow sands that need to be fracd, basically a COR will be based of flowing wells not company speculation. With current wells already in decline and never having met costs it doesn’t bode well for the future funding of any drilling.

Yesterday Peel Hunt sets price target at £8.30 after ESL deal

https://www.google.co.uk/amp/s/www.proactiveinvestors.co.uk/companies/amp/news/978879

Funny that we can’t afford the financing that we have only had to start repaying in March.

About 6 months ago SFOR began its drop from over £8 to where we are today. There have been a few key mergers since since in the sales force area and creative agencies. Financials continue to improve, the only issue I see is the approx £400m of additional debt taken on to facilitate expansion. The company has dropped over £2b in value in 6 months and these results are really important to demonstrate the valuation and value added from the debt. The company also needs to demonstrate the value of the mergers with new business as it has done with the ESL contract. A few more of those and £8 should be in reach again. Confirmation of results in live with expectations should see us quickly to over £5 in the near term but £8 is a reasonable medium term target from here.

This could fall off a cliff if the SP drops below 0.3p again. Testing the floor put in since in was announced we were looking for funding for Zulu. Now 10% of the whole company given away??

The fact that there hasn’t been further update says to me that it’s ‘refer to previous update’ in terms of reasons for the delay.

Hopefully we can get near 4.20 today.

He bought 250k of shares to justify giving himself and friends 10% of the company the next day. Very cynical move imo he wanted the price up so he could cash them in a knew he would be closed out of attempts to artistically boost the price since the Cuda bid and EOY was ongoing. I think he will be very aware of the share price abs his pending warrants

Another shot at 350p

Strange because it looks like it was also reported on the 1st? I wonder if they are still adding. The funds top 10 holdings make up 98% concentration and they aren’t afraid of large positions.