Member Info for Dartron

Bought some more yesterday at 131. My only regret is not having bought more! There seemed to be a transfer of 3.3M shares printed yesterday, might see updated holdings. Perhaps suggests there was a seller causing this recent price weakness.

I have wondered that about the balance sheet putting of customers. You would think large customers would conduct their own DD. This gives more credence to my idea of this being put up for sale, to someone with some synergies, to get the cost down. A company in better shape may just attract more customers. Again, think BOD have had their chance with this. Yes Guyatt has past track record, but its not worked out this time.

The other options that they both had, could only be excised on performance. one condition being the share price, are you ready for it.... between 80p and £1.20. (Annual report 2021).

Im long here, could be anything from no issue, right up to a leak.

How sensors work:

https://www.thomasnet.com/articles/instruments-controls/How-Gas-Detectors-Work/

Similar issue elsewhere:

https://swzmaritime.nl/news/2019/09/24/gas-vapour-detected-in-a-ballast-tank/

Photos of the tank when it was last repaired:

https://www.jadestone-energy.com/wp-content/uploads/2022/11/202211-Montara-inspection-and-repair-programme-update-vF.pdf

He already had options at 6p as far as I can tell. That tells me he felt they were dud and wanted more. Kind of shows the limitations here. Patience wearing very thin now, lost a good chunk of investment here. Been diluted twice so far, now 1.8% of company just handed out at rock bottom. Why?

ITs stuck in this range. Most people have made their choice at 13p. Oil hitting 80 as well.

I look at this as a margin of safety. We still have 50% upside on the unhedged, but we also know that financing costs can be met etc. See below, hedged at $70. Not terrible.

the Company is required to hedge 50% of forecast oil production over the Q4 2023 to Q3 2025 period. To date, 3,494,000 barrels of oil, representing 64% of required hedge volumes, have been hedged at a weighted average price of US$70.66/bbl. The hedging programme is expected to complete by the end of June 2023;

I can see 1 small one, but effectively there is no trading. No one wants to sell at 12.76 and no one wants to buy at 13.06.

Isnt even much on the book. Unusual.

Exercise price of 2.95p, bit disappointing. Doesn't show much aspiration does it. I don't think there is even any conditions to them, as far as I can tell. Literally just handed them out. I would have liked to of seen 4p or something to aim for. This was over 5p when I first bought.

rather pertinent to be replying to my post below, but today we had safestyle tu. tough times for safe style, share price dropped 49%, see quote:

"the combination of inflation, which has continued to remain higher than economist forecasters expected, and consequential higher interest rates, have put even greater pressure on our customers' disposable incomes, weakened consumer confidence and increased the cost of providing our market leading finance products. that being said, following the £1.4m investment in the group's q1 tv campaign, brand awareness has continued to grow and our market share has increased by 30bps to 8.0% (3.9% growth) in h1.

h1 industry data from fensa shows that the market for installations is c.8% lower year on year, with q2 representing a declining trend at c.12% lower. alongside the reduction in installations in the market, the average number of frames per installation has also declined.

h1 order intake (value) was 6.4% lower than the prior year and our h1 order book closed 22% lower than an unusually strong h1 22 comparator."

as an epwin holder i was concerned by this update today, but having investigated epwn seemed to be faring much better. epwin are far more diversified, and importantly not directly reliant on installations, or finance deals.

i would suggest reading both companies trading updates from may side by side, epwin sounds far more bullish, revenue ahead etc. so it got me thinking, epwn could buy sfe from its debt headroom, eliminating a major competitor. i think that would be pretty cool if that happened, and a good boost for the epwin shares. safestyle market cap is currently 13m, main holders are funds so little objection i would think. safestyle running low on cash. i dont know what the book looks like for safestyle, or how a to would practically work. there is always a chance it goes bust (not wishing that on anybody), but of co**** a boost for epwin again if it were to happen.

safe style last fy report march 23:

£4.5m of the group's £7.5m borrowing facility, being that of the term loan, remained drawn at the year end with the £3.0m revolving credit facility undrawn.

safestyle recent tu:

group expects to report an underlying loss before taxation for h1 2023 of c.£(6.0)m.

the impact of the h1 financial performance, alongside a one-off change in timing of payments to our new profile supplier, has resulted in net cash at 2 july 2023 of c.£0.9m.

DB, a lack of patience? Didnt I say I had been here since 2019. I note you bailed in and out, if anything id say your the impatient trader not me. Anyway, this wont get us an RNS any quicker, but yes a lot of pish on the boards lately, here as well.

At the end of the day, its a poor yield isnt it. I think it was an easy short, and from my studies, you will find this short (if it was to close) will be a few days after the results. Look at APH, I am nicely up there now. These are the companies to own IMO, I would be sick if I missed a take over at +50% on either company. The results were very good as it happens, and in my criteria, all they need to do is tell me that it a safe investment. I love buying off the lows and waiting. If I get the chance I will take some more, just like I did at APH (46p was my lowest largest buy). Bet we see director buys next, they will want to average down!

As an EPWIN holder I was concerned by this update today, but having looked EPWN seemed to be faring much better. EPWN could buy SFE from its debt headroom, eliminating a major competitor. I think the smart money is on EPWN today, not bottom fishing here. (See EPWN trading update from May and compare to SFE TU from may!!). If this runs out of cash, it could easily be bought for a song IMO.

Well it may be obvious to you and I, but that statement taken in isolation is misleading. Given their stated intentions, you should be working on the basis that net debt increases to the facility size. Isn't a lot of it already drawn, so doubt they will hang about, at 10% interest PA.

I noticed a few times you mention net debt coming down Tony, but then on the other hand you are talking about an acquisition. I think its a safer assumption to assume that they max out their borrowing facility, and spend most of their cash. I am not saying this will affect the dividend, but this net debt of 3M is very unlikely IMO.

I have bought in here, and also bought some ASTO, which is more speculative, but the recent large director buys give me some confidence that at least there wont be a raise over there. A good time to buy asset managers I think.

Easy for you to say with your history of 7 posts here. Try being here since 2019, having buys up at £1.40, and holding about 15% of your pf here, waiting for the perpetual uncertainty to unfold.

And now you know why.

I bought a few when it dipped below the placing, but it was a small amount by my standards. I think this has been shorted down to this level (I see stock on loan). My timeline here is 12 months, and I think we could well be around £2.50+ by then. But as I pointed out, PE could buy this and split it up and make a good return. I am happy to buy at what must be the bottom or near as. I think 2023 is about building a quality pf, to enjoy the rewards over the next few years.

Results are better than expected, interim dividend was raised by 11% to 1.0p.

System sales increased by 81% to £146.0m (H1 2022: £80.6m).

Statutory revenue increased by 57% to £69.8 million (H1 2022: £44.5m).

Adjusted* EBITDA increased by 67% to £12.1m (H1 2022: £7.3m).

Adjusted profit before tax increased by 45% to £8.6m (H1 2022: £5.9m).

Adjusted EPS increased by 4% to 4.24p (H1 2022: 4.07p) and by 10% on a consistent tax basis.

Broker note from Allenby maintaining their target of £3.30p per share. Therefore possible 100% gain over next 12 months.

I wanted to buy shares in this company late 2022, but I just missed it as it broke out over £2 and I decided not to chase it. Very happy with an average here of circa £1.50, now back to £2 please!