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Its interesting to note that the SP is still broadly following the NASDAQ, in an exaggerated way, both OCDO and the NASDAQ have traded back to early June lows.
An indication I think that its still the macro that is then underlying driver of the SP, especially interest rate worries.
Bad news for M&S, but she isn't standing down until Feb 2025 - so plenty of time to do more damage to the sinking ship.
I wonder what skills this potential new applicant would bring to the job?
https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcReuIKlJPu1D5s9TO43pFySqheY5kv7xwYIzQ&usqp=CAU
Looking forward the first step is to prove the tech in Italy or there won't be a future.
Next step sort out financing for the long term in Q1 2024.
The problem then is without the big capital projects - these would have grown the company quickly - what are they left with?
There are plenty of small scale projects in the pipeline but can these replace the projects that have been cancelled?
How many small projects would the company need to complete a year to remain viable?
Is this really viable as a PLC at all, or would it be better run on a smaller scale?
I take your point about the books being unaudited Scrodingercat.
But we have to take it at face value that they have enough reserves, plus loans, to keep going until H2 2024.
Assuming this is the case there is probably enough in the pipeline for the business to make a fresh start in the way they anticipate using their ten year plan as a guide.
Investors will ultimately have a choice at the next equity raise if they want to make what will effectively be a new investment. However, we could easily see a takeover before then.
As for our current investment this still remains a hold but it may be many years before we even get back to profit.
The best outcome may be a takeover, to end the agony, but its unlikely that would be profitable.
Overhanging all this is the absolute imperative that they get the Italian power plant working properly - if that's a failure then the business fails.
Spacerat
Tech companies were massively overbought a few years ago in all sectors, not just hydrogen.
Then reality hit with the downturn, especially in China, and high interest rates.
Now I think that tech companies are heavily oversold and the next move will be a general recovery in valuations.
However, we need an improvement in the macro to see this happen and that always seems to be just around the corner, but we never quite get there.
Yes certainly a hold now but not a buy.
SP is likely to remain around this level until after anticipated equity raise that will likely be in H1 2024.
After that existing investors can review progress and asses if its worth averaging down.
Awful results - but we expected that.
Talk of a ten year plan and better funding - all good.
CFO to go - a relief to many.
Solvent to H2 2024 - much better than anticipated.
Prospects - actually looking good.
Remains a hold.
Trading results better than expected.
Most significant development is in the other RNS with the change of Weichai representative on the board.
The new man is much more senior and a REAL tech expert - sounds very good to me!!!
I don't see the results having much impact on the SP - maybe a short term dip because trading is likely to be lackluster.
I think the cash position will be OK - the company is excellent in this regard.
Its news on the future that we obviously need, but I think this will still be pending, although we might get an encouraging update?
The problem with AIM is that there will always be conflict between the BOD's and shareholders because of dilution.
The directors job is to grow the company by raising equity, but this is at odds with the shareholders wishing to keep value in their shareholding.
Underlying all this is the abject failure of the AIM index.
Compared to the FTSE 250 that has grown in value by 315% since 1996, AIM is down 27%. It seems that with a few notable exceptions its not until a company moves up to the main index that the SP really accelerates.
So basically AIM is just a punt - a series of small investments spread over multiple companies will probably give you one winner that will eventually deliver good returns but accept that many will end up like EQT in the doldrums for an extended period of years.
It may be better to leave the current BOD in place to sort out the current problems and bring the business back on an even keel.
Then questions about future leadership can be answered.
Sometimes the devil you know is the best option.