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It is somewhat typical AIM. 4 year downtrend, the low, 1.5p to 1.7p awaits. In the absence of decent contract news, it will be tested.

After that, there is no support level.

Have a look at the long term chart and there is nothing to stop it going lower, testing the old lows.

Perhaps winning some business, contracts, the sort of thing that quality companies do, might help, but as McGrone has written off the first half of the year, there is no reason for it to go up. If the half year results disappoint, look out below.

Brockwl -

How do they plan to pay back Magna the 45m in Oct 2026? Given when it is due they should be planning for that.

This is a very good question, and it is one that should be asked at the London Jolly Boys outing, but I doubt it will be answered.

To note:

— The deal on exclusivity ends in June, so just a few months away. Surely See are already in negotiations on that?

— The actual deal gave Magna the option to buy 350 million shares at 11p up to Oct 26. Clearly, they have no incentive to pay 11p when shares in the market are 2.4p.

— At the time of the deal, 350 million shares represented 9.9% of the company share issue. After further dilution, that is no longer the case. 9.9% now is approximately 479 million shares. So, if Magna want at least 10% as before, it will clearly have to be more than 350million.

— See cannot afford to repay the $47.5million. They just don't have the money.

— When it comes to giving Magna more shares, it will depend on what the share price is at the time. Magna hold all the cards.

— See need to get the share price up as high as possible, between now and OCT 26. Unfortunately, market conditions and Trump and his MAGA loons fighting tariff and trade wars don't make the immediate future look rosy. All of See's business interests are in areas of the economy that are likely to be hit hard by tariffs. It's a guess at the outcome. With Agent Orange in the White House, things look bad.

— There is something else. Magna is a Canadian company, and Canada is under threat from Trump. No one knows how this will play out, but Trump has clearly said he wants Canada, Greenland, the Panama Canal, and the Riviera of the Middle East, the Gaza Strip. Canada is taking it seriously, and so should the rest of the world. No one can discount that Trump would not use the military option. He's mad enough for that. Magna might have more things on their mind than the See deal.

— My guess is that if some sanity returns, the Oct 26 deal is rolled forward for a couple of years. To do this, See would have to sweeten the pot, as they did with Cat to get that deal. Instead of 11p for 350million, they do 5.5p for 700million. This will depend on the market price at the time - it could be a billion plus. Whatever happens, it's another massive dilution, that will affect all shareholders. The 19% that Mit hold will be reduced - I'm sure they will be happy, as will everyone. That's what happens when you play the serial dilution game.

_ I suppose one other possibility is for the deal to stand as is, it is rolled forward, but See pay Magna interest on the $47.5 million for a couple of years. What would the IR be? 8%? 10%?

Other than a miracle of the share price going up and over 11p in the next 18 months, a rollover of the deal, or paying Magna an IR, is probably the best option. Not sure what else they can do.

Hey Maplinman.

I'll keep on reminding as well, because the dumb types never seem to figure out that billions of shares in issue, without money coming in to justify it, leads to a share price where it is.

You are one of those who seem to think the share price should be many multiples where it is.

Seeing 2090, would go on about 3 quid a share, then two, then one, without being able to figure out what the market cap would be.

Notsosafestocks thinks it is worth several billion in a takeover. He wouldn't know what a Philip Fisher stock was if it slapped him in the face.

I look at the facts, and the money they are making. Delivery has been pants. The whole sector is like mongrel dogs in a dog pound, with the owners each thinking they are going to win Crufts.

You really need to stop moaning. The dilution bed has been made, now lie in it.

Brockwl. I think that anything Notsosafestocks says has to be taken with a pinch of salt. He claims to be a follower of Phillip Fisher, who wrote a classic book on investing in growth companies. I read the book years ago. Point 13 of Fisher's 15 points to look out for, is about financing and dilution. Fisher warns about investing in serial diluters. It rarely works out.

Like most of the rampers on here, Notsosafestocks never mentions all the dilution, and what it means about the levels of revenue and profit needed to make up for it. See now have a monumental task, and it looks like McGloan has effectively given up on 2025. Auto and fleet are in the doghouse. Aviation as dead as a dodo. Where's the money/contracts/revenue coming from to shift all those shares in issue? No wonder the brokers are downgrading.

The market has been saying for some time, show me the money, and See always fail. They always have an excuse, but the bottom line is, they struggle to sell product and services to feed all those shares in issue. Until they start to deliver big contracts on a regular basis, nothing will alter that financial fact of life.

Irony of it all.

The Proactive interview and the dog barking in the background.

Make that dog the CEO.

Total dog.

The only figure with See that ever goes up is the dilution number.

4.79 billion. And don't forget that Magna deal. If anyone thinks that Magna is going to pay 11p a pop for something that Mit just bought for 4p, you are living in cloud-cuckoo-land. See have had $57million of Magna's money. How many shares will they want now?

Today's announcement is total dross. Couldn't even meet their own very low expectations.

So much for Martin "Ive got more money than you have", buying shares because he knows what's coming.

After all these years of milking investors, this is the best they can do.

Dear me. I await with interest the latest excuse of Seeing 2090 and NotSoSafeStakes.

But never mind, the See management will be over on an all expenses paid jolly in a week or so to sell more jam to the faithful.

If See were a film, it would be called Carry On See.

11.34 says it like it is. The OEMS like suppliers to compete. No one is going to be given a dominant position to dictate price to them.

https://www.youtube.com/watch?v=XhQKbwXs7bw

Supplier diversification.

"Bringing down the cost of purchased automotive components and cost per unit has always been the key focus area for automotive procurement process."

https://www.infosysbpm.com/blogs/sourcing-procurement/5-key-trends-in-automotive-sourcing.html

https://www.infosysbpm.com/blogs/supply-chain/supply-chain-diversification-is-a-necessity-for-resilience.html

Supply chain cost optimisation.

https://www.infosysbpm.com/blogs/supply-chain/supply-chain-cost-optimization-benefits.html

Are you aware of the Nasdaq rules for listing?

For a start, there is a minimum $4 listing price on the main Nasdaq market. That would require a massive consolidation. See, a company still involved in regular dilution doing a consolidation? No chance of that happening until they can stand on their own two feet. The market wouldn't buy it.

Then, for anyone here who thinks the Nasdaq would be kind to See, think again. The US market and Nasdaq in particular is brutal to companies that fail to perform or deliver. Given the lack of delivery - where's the contracts? - they would wipe the floor with See. If you think AIM is bad, the Nasdaq is much worse to non-performers.

I've said before the road ahead for See should be a main market listing in the UK. Smaller companies index, promotion to FTSE250, promotion to FTSE 100.

Once successful, they could always go for a dual listing in the US at that point.

Now, for fantasists here who believe 10 bagger or £1 a share rubbish. 40p a share would get See in the top half of the FTSE250 listing. A quid a share would be lower FTSE 100 territory. As I say, total fantasy, but at least the main market brings respectability, and potentially more investment from institutions and international investors.

Oh, and the rules are better for investors than the con artist AIM market.

The truth is, I think See like being on AIM because it allows them to get away with so many things, like poor trading reports that actually tell you little to nothing about current trading. Certainly nothing about current finances. In fact, I would argue that the only reason to read SmartEye and Tobii's quarterly reports is because they tell you how the general market for eye tracking is doing. If it's bad for them, it likely will be bad for See. It's just that See won't say anything until much later than their rivals.

The performance of all three has been poor for a long time. Here's the thing, See, SmartEye and Tobii were each founded around the year 2000. As private and then public companies, have they ever made a profit? I cannot find any year when any did. Between them, loss making for around 75 years of existence.

See only survives today because of the generosity of investors who put up with dilution after dilution, approximately every two years or so. That wouldn't work on the Nasdaq.

For investors, See should avoid the Nasdaq at all costs.

And the only orders last year were pre-orders back in January. Nothing announced since then? A whole year.

So much, for Gen 3 and the EU legislation being a game changer.

Don't forget, that much talked about EU legislation does not require 24/7 monitoring, which is SEE's bread and butter.

I'm guessing it is a difficult sell.

Given all the dilution, they need to be selling a lot more than "some".

Seriously, Ive might be buying to keep his % of shares the same as before the dilution.

Like all See investors, with the latest dilution, his % of shareholding in the company will have fallen.

That's what dilution does to everyone. You own less of the company, and the only way to get your % back is to buy more, but everytime you buy, it is costing you more upfront money. With dilution, the investor is ALWAYS playing catchup, and the company always has to deliver more in the future to satisfy the per share calculations that the market calculates value by.

No one knows what his investment strategy is, but it is better that he is buying. Unfortunately the numbers, in the hundreds of thousands are small, while the dilution is massive, now 4.7 billion.

A dividend share?

You do know that there are over 4 billion shares in issue? It will be 4.5 billion + once the Magna deal is concluded. The market calculates everything on a per-share basis, which is why too much dilution is often a share killer for investors. Don't ever forget it.

See currently have earnings of $68 million, and whatever profit may arrive in 2 years time will likely be small.

Seriously, if there is one thing that See is not, it is a dividend share. They would need to massively increase earnings and profits to get remotely close to being a dividend share.

Out of interest, what kind of revenue and profits do you think they will be doing in 3, 5, 10 years time?

And how much of that will go to dividends?

With 4.5 billion shares in issue, at the current rate of revenue growth, it's fractions.

No, not a dividend share. Not even close, I'm afraid.

Webstrik

"more funding will be achieved as SEE have done before without diluting directly the share price."

Please can you give details as to when this has happened before? I would like to know. And don't include the Magna deal, because that has a big potential dilution built into it, which may have to be re-negotiated.

See have diluted from around 192 million shares at IPO to 4.16 billion now.

That's a fact.

I would like to know when they raised cash without going down the dilution road, because I've heard McGlone say that before - and then he diluted.

Go to 17.30.

https://www.youtube.com/watch?v=sONYLxRiymc

This is what McGlone said.

"The issue of an equity raise is off the table forever."

Of course, 2 billion+ shares dilution later, See didn't deliver, did they.

Be factual. Dates and amounts when they raised cash by other means, please.

Simply saying it doesn't make it true.

Here's the full write-up.

https://substack.com/home/post/p-151242643

"The Group has a strong track record in recent years of sourcing non-dilutive and/or strategic funding and the

Directors are of the view that, should such a step be necessary, such funding could be achieved."

Non-dilutive?

192 million shares in issue at 2005 IPO.

4.16 billion now.

And what about the Magna 350 million as part of that deal?

Non-dilutive?

What planet are these people on?

All2XS

Here's a long-forgotten fact about the SEE IPO.

I wonder how many "researchers" here, researched this.

When See came to the market, they had 191,212,874 shares in issue. (the RNS is available, in plain sight, on LSE.)

https://www.lse.co.uk/rns/SEE/admission-to-aim-replacement-fuw6aqhxj4n8jqj.html

So, just over 191 million.

Today?

4.16 billion - going up to 4.5 billion when the Magna deal is concluded (unless it is "re-negotiated").

If you want to know why the See share price is where it is. All that dilution + relatively poor financial performance - 20 years of losses.

The bottom line is that on a per-share basis, which is how the market calculates value, See don't deliver enough, and, regardless of the next results, they still don't. The market knows See's projections for the next two years, the £125 million minimum rev by 2026. Either they don't believe it based on inconsistent delivery in the past, or it's not enough. I think it's a mix of both, hence 4.5p.

My question to the Bulls is this.

Your share price predictions. Whether you think it is cheap or a 10 bagger, 50p? Or the CEO'S, did he or didn't he imply 70p, £3 billion+ market cap. Or the glory of £1 a share - £4.5 billion MC - which is lower FTSE 100 territory. What level of revenue and profits do you think will deliver those share prices?

Come clean. Don't just list all the things you think See might deliver. Let's deal in what matters, the cold, hard facts of money, and how the stock market works.

Money coming in, money going out, profit or loss, then a calculation based on the number of shares, which equals share price and market cap.

Seriously, outside a raging bull market, this is all that matters.

Nathan.

With respect, don't you think that See have enough shares in issue? One of the main reasons why the See share price is a turd, is because of ten years of dilution. 10/11 times more shares in issue now as ten years ago, and another 350 million Magna shares to be added at some point. Had there been no dilution in the last 10 years, everyone invested over that period would now be sitting on a 10/11 bagger!

Of course, the reality is, See needed the money, so they regularly used that stock market welfare cheque known as a placing to keep them going. This now means that on a per-share basis, they need to outperform big time and make serious money. I doubt whether anything from Tobii would add serious value to the bottom line, given how many new shares might have to be added to the pile to pay for it.

It's about time See stood on their own two feet financially, and stopped milking investors.

No more dilution, it is an investment killer!

£2 a share is a £9 billion market cap, or sale price (I've added in the Magna dilution still to come).

Be equal to about number 50 in the FTSE 100.

Can't wait. End of year?

SmartEye are not at an all time high, as anyone who can read a chart can see.

https://www.google.com/finance/quote/SEYE:STO?window=MAX

But, the trend is up, unlike this one.

https://www.google.com/finance/quote/SEE:LON?window=MAX

Could this have anything to do with it?

SmartEye 35 million shares in issue.

See 4.156 billion shares in issue - with 350 million Magna shares still to be added at some point.

If you start to calculate things on a per share basis - which is what the pros do, things look very different. Try it sometime.

Fact is, both are dogs when it comes to recent share price performance (last 2-3 years), it is just that SmartEye are barking louder at the moment.

I've said before, AIM is a terrible market, but let's be clear, it is See's choice to be on this market. I have said that they should look for a main market listing in the UK to coincide with breakeven and getting into profit, but instead, there is this fantasy of a NASDAQ listing. I think that is a red herring, McGlone's version of the infamous auto spin-off company idea. I doubt it happens, for a start, the consolidation would be horrendous (about 100-1 right now to meet the $4 minimum at listing requirement).

Also, anybody here who thinks that a listing in the US would be the ticket to a better share price, you are wrong. See would still need to perform better than they currently do. The NASDAQ is a brutal market for companies that don't. They have a naughty list of those that don't and where the share price has fallen below the $4 threshold and lower, and here it is.

https://listingcenter.nasdaq.com/noncompliantcompanylist.aspx