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Same has happened with C4XD which I was invested in. Had high hopes for both. Sadly both have been consequences of the dire market but this also screws PIs. You can't hold non listed shares in your ISA so you have no option but to sell. Expect some SP volatility in the coming days
EBITDA is a poor and often misleading metric to measure profitability, but as I say some iis still believe if they're willing to stump up that amount of money.
The clearest signal to me will be whether the CEO and CFO put money in. They haven't to date, which is a revealing
I’m amazed they were able to raise such a significant sum at only a marginal discount in the current market. It does suggest there is some life in the old dog yet. Not so lucky for those who took up the warrant option, unless they flipped them. Still not one for me to invest in again but I’m a curious bystander given I’ve sunk plenty in here previously
Don’t think so route-1. It’s always been a risk that exists and occasionally plays out. However, it’s arguably a greater risk now that Uk markets are such a tough market to raise capital on. I think it’ll will be remedied eventually
Probably because news which materially affects the company has to be notified to the market without delay. It’s a legal requirement, to prevent insider trading etc.
I presume the FY results are not quite ready yet, or more likely John will add some meat to the bones of the situation when he releases that and hopefully allays fears
AJP - I also expect a compromise to be reached.
Just my view, but this is a stand off situation, but because it's material to ITX, they have to release an RNS notifying shareholders.
The cost of reformulation and testing of that will be a real issue for the detergent manufacturer. The big boys frequently try and squeeze their supply chain and sometimes they bite back. I see that as this sort of situation and expect a resolution as it would be beneficial to both sides. Ultimately though we should end up with better terms and it draws a line in the sand and a warning to others that ITX doesn't do business for nothing.
Time will tell if my hypothesis is right but my gut instinct is it is
I don’t think it entirely solves the funding issue but this is a huge vote of confidence in PXS. DSM know the company better than anyone and whilst I’m sure PXS leveraged the fact that the stock was of little value to DSM, it’s still a great result for shareholders.
Also very good news that the Irish setup is complete
The price will drop, because it's not the news people were hoping/expecting but from a financial position, the reality is it's not much different. The raise replaces the loan at a broadly similar price. Any significant drop is an overreaction.
However, clarity is required from Allan on general development updates
I could foresee Cotec buying all of MKA in future. I'm sure William doesn't want that at the current valuation, hence his personal contribution. They need to see it through to MDA and commissioning of the recycling plants, then it will be in a more favourable position for negotiation