Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
I am merely asking a few questions about IQAI that I feel require sensible answers. You consider my questions to be 'irrelevant fluff', I do not. True I did call a poster on here a 'twerp' and you perhaps think that to be libel because you believe that poster to be Trevor Brown using another pseudonym.
So other people may judge, here are the questions I have raised.
Why did the IQAI directors pay go from £50,500 in 2017 to £125,000 in the 2018 accounts? What had they done to earn that pay rise?
Why did Trevor Brown say IQAI was fully funded until June '19 but ended up raising money in March '19?
Why did Trevor Brown say FDA clearance was expected by end December '18 but we are still waiting for it today?
Why when Trevor Brown had already raised money in March '19 did he have to raise again two months later in May '19?
Why was the mistake in 29th May '19 RNS not noticed by either Trevor Brown, the IQAI board, or Peterhouse? Were they all a bit too chummy perhaps?
Why does a Peterhouse Executive Director, Qu Li, sits on the 3 person board at IQAI? Do you not consider that a conflict of interest and the board designed to make Trevor Brown all powerful? Do look into Qu Li's part in the LDV vans fiasco by the way. Fascinating.
Why in June '17 did Trevor Brown sell Stone Checker Software Ltd to IQAI for 4,000,000 IQAI shares at a 3p per share, a £120k valuation? Who benefited from that? Trevor Brown with another 4 million shares or IQAI shareholders who took on a company which had, at last count, assets of £1,628 and debts of £213,518.
Why did IQAI state in their last accounts that revenue was accelerating but had revenue in the 1st half year of £126k and only revenue in the 2nd half year of £39k? How is £39k an acceleration from the previous £126k?
What was each resolution passed at today's AGM was actually about?
Yes Jon Cranston still buying.
Was 30,166,667 (8.08%) now 33,750,000 (9.04%).
https://www.investegate.co.uk/feedback-plc--fdbk-/rns/holding-s--in-company/201906071007585246B/
Maybe they saved you from doing something silly.
Some large afternoon buying.
06-Jun-19 15:27:02 0.889p 500,000
06-Jun-19 16:02:02 0.889p 750,000
Perhaps the move upwards hasn't finished yet.
Price has just been lowered to 0.885p and there are 750k available on line.
Spotmark, forgot to say there are plenty of shares available at 0.889p currently. Your broker is doing a poor job if he can't get any for you.
I see a difference of 201 shares not 1 Spotmark.
Regardless, all 3 trades were buys according to the prevailing prices at the time the trades were recorded.
Lots of buying in the last 2 days indicates a possible leak to me. All this stuff about a Times article about AI in the NHS being the cause of the rise feels wrong to me. Would not be surprised to see some news being released by the company next week.
Agree with you Chaz. Extremely unlikely that the rise was caused by this article.
Or this one.
https://www.expresshealthcare.in/cancer-care/ai-has-great-potential-to-enable-better-cancer-care-dr-balaji-ganeshan/411995/
44% up now Chaz.
Hedgehog has just informed me (over on the other board) that he intends to get me banned from LSE for calling Agnes701 a twerp last week. That seems a bit harsh to me but I guess it is easy to offend some people in such a snowflake society.
Antoine Saillant
Data Scientist at Feedback Medical Ltd
February 2019 – Present 4 months
Cambridge, Royaume-Uni
Responsibilities:
- Assist customers with analysis of image data
- Perform analysis of image data and clinical investigations
- Work with the development team assessing and developing new imaging algorithms
- Work with the marketing team on assessing and developing new products
https://www.linkedin.com/in/antoinesaillant?trk=org-employees_mini-profile_cta
I wonder who he worked for before joining Feedback Medical?
Oh, hang on, I don't need to.
LR2 - 09 Dec 2018 - 17:48:02 - 72 of 198
Hi Hulk, Brown does state the company is fully funded until June '19 in the half-year accounts but the accounts figures in that document suggest otherwise. Let's see if I am closer than Brown before money begins to run out. We will know that come end-February.
(IQAI was not funded to June '19 and more money raised on 11th March '19 - LR 1-0 TB)
Also, according to Brown, FDA clearance is expected by end of this month whereas I have some doubts when the TexRAD software integral to StoneChecker will not even be presented for FDA clearance until next June at the earliest.
(IQAI did not get FDA clearance by end of month and still hasn't - LR 2-0 TB)
LR2 - 08 May 2019 - 12:11:47 - 129 of 198
They are probably already almost back to square one and looking for more funds. If they keep delaying payments they can hold off the next funding day a little but I would be surprised if it is more than a couple of months. They need Imaging Biometrics to make a big sale immediately to keep IQAI going or they will be attempting to pass the hat around again very, very soon.
(Hat passed round 3 weeks later on 29th May - 3-0 to me.)
LR2 - 29 May 2019 - 09:07:39 - 181 of 198
Anyone notice the error in this morning's RNS? I'm surprised Peterhouse didn't spot Trevor Brown's mistake. Expect another RNS later today when Trevor reads this post and checks the RNS. Just not good enough Trevor - must try harder.
(4-0 to me - RNS correction issued at 11:51 on 29th May '19)
That will do for now. For the life of me I have no idea why anybody on this board trusts a single word that comes out of TB's mouth.
Not forgetting the Siemens / TexRAD JV of course.
Hi Chaz, you are correct of course. Expenditure exceeds income by at least £65k a month so the recent fund raise is unlikely to last beyond September unless they start selling more equipment. As they haven't publicized any sales since February and the penultimate £250k raise only lasted 2 and a bit months then the next one might arrive even before September. Still TB seems happy to take ever larger holdings here for some reason. Perhaps he will take IQAI private at 1.5p or so somewhere down the line if he doesn't run out of money before then.
True G Force, he is definitely supporting the company, whether it is through confidence or necessity is open to debate. TB has another problem or opportunity coming up in the future. He already holds 29.98% of IQAI so he cannot convert all those loan notes to shares without making a bid for the whole of the company at present. Assuming he doesn't want to take the company private then he will have to have a placing in which he does not participate before he converts all those loan notes. Without such a placing I reckon he will control around 50% of all shares (I've not actually checked - perhaps you have an exact figure). So there's the prospect of a fairly significant placing to come further down the line. At least that won't be happening until towards the later stages of the loan note conversions end dates.
Well spotted G Force. It's quite amazing how often errors occur around TB. Perhaps TB is lending IQAI money because he's having a spot of bother raising the necessary cash in the market. It can't be easy to get funds at a reasonable price when you have so little in the way of income. It looks like he now has another 3 months or so to find the sales he needs before he must dip his hands into his pockets again.
Instead of trying to get a rise out of me regarding Feedback, why don't you carefully read the latest IQAI RNS and see where TB and Peterhouse are misleading the market. I appear to be the only person to have noticed it. Or, I suppose, you could just wait for the correction RNS to turn up later if you don't have the know-how.
The money raised by AQIA today will only last 3 months at current rate of spend so expect another raise by September / October. Bugger all sales being notified, no FDA clearance after more than a year, and Trevor Brown issuing an incorrect RNS are not good signs for this company.
P.S. TB can't even convert his loan notes without going over a 30% holding so you can expect a placing (always assuming he can find someone mug enough to buy new IQAI shares) where he doesn't take up shares at some point.
https://www.investegate.co.uk/iq-ai-limited--iqai-/rns/issue-of-convertible-loan-notes/201905290822564411A/
Wow, running out of money even quicker than I had anticipated. Sales must be minuscule. Thought IQAI could stumble on until July before requiring more cash. Seems not. Still, this latest fund raise should see them through the summer months before coming back for more in the autumn.
Anyone notice the error in this morning's RNS? I'm surprised Peterhouse didn't spot Trevor Brown's mistake. Expect another RNS later today when Trevor reads this post and checks the RNS. Just not good enough Trevor - must try harder.