Member Info for Fevertreeman

Adams has never met any deadline he has set over the last 10 years, apart from where it concerns his own pay & rations.....

What on earth is happening here? This is tipsheet stuff in terms of pretending to be a real company:

1. D Pond gives s/holders a running dialogue about his holidays, with occasional interventions assuring folks that finance is being worked on....and has been for a number of years...with no result

2. Leaks and rumours galore drive the share price (not helped by Pond's comments imo). Company itself i.e. CEO rarely seems to say anything

3. RNS comes out with another nothing statement, share price declines...rinse and repeat

I know all that. Spent many years advising boards of listed companies, so this aint my first rodeo, and I know how it works on the inside of many companies, how boards operate, and how managements run listed companies. My point here is that many investors (incl the big institutions ) trusted that Nero undwerstood the market intimately (after all, he had a ready answer for everything up to just after FDA approval, when he then didnt), had created very close commercial relationships with the customer base, and had properly planned & stress-tested the commercial strategy once FDA approval came through. In addition, there was an expectation that our Board led by Selvey would have done their job properly by ensuring that Nero was properly interrogated & held to account and that the management strategy and team to deliver it was fit for purpose. None of this happened.

Instead, it appears that Newland had no idea what to do next. In the echo chamber down in Guildford, it seems to be a case of him believing his own hype, hence no attempt to strengthen the management team over that period, or to consider Board changes. Rather, Newland blithely assumed that his 50/60+ discussions with potential customers would rapidly crystallise into commercial orders and interest would soar. Blaming industry conditions at time of profits warning last Jan was farcical and depressing. It clearly revealed that he was either blind-sded by his own monofocus or had

no clue about what was actually happening at the industry coalface where it mattered. Assuming fast commercial conversation and giving investors that impression was particularly dangerous given the industry's historic conservatism, but he ploughed on remorselessly. As a result, all credibility has been shattered: he was IMV absolutely right to raise more cash on the back of the approval, but he undid all that effort by shafting shareholders with a profit warning, not long after. That was a disaster for his credibility, especially as it showed management weren't on top of things and could not be trusted to deliver. Since then it's been downhill all the way. Newland is in danger of becoming a latterday Clive Sinclair (but without the knighthood) with a great product that no one wants but he was convinced would revolutionise personal transport. Newland still has time to turn this around but frankly the omens are not great.

Lots of small caps have been floored by this market, but for most it hasnt been down to the comprehensive failings of management, which is the case with Angle. Newland has yet to give any realistic assessment of prospects or a realistic timescale for revenues and deals, for the simple reason is he clearly hasn't got a clue....ther e is no road map because he is totally lost it appears, and unable to admit it. Very happy to be proved wrong, but when was the last time we had anything resembling a positive development : I dont count robbing Peter (cutting back future R&D) to pay Paul (conserving cash to keep lights on) or the miniscule deals with development companies he has struck that barely deliver revenue let alone profit

I feel genuinely, genuinely sorry for the staff at Angle who have to work for the shower that constitutes the CEO, CFO, and Board of Directors. The employees deserve better frankly for all their effort and hard work, and yet are saddled with Newland as CEO and a Board of Directors who couldn't give a flying fig about the company.

Hilariously one of the highlights of the results was the strengthening of the Board incl new chairman...just that he was already one of the existing supine, couldn't care less, I'm not invested NEDs. So he just swapped seats with Selvey as he scuttled away, having failed comprehensively to do his job properly. As for our 2 new NEDs, not a single share purchase!

In September 2023 Newland "In the second half, momentum is expected to accelerate further as major streams of work to demonstrate analysis of Parsortix CTC harvests utilising major third-party molecular systems are completed generating new large scale revenue opportunities."

Second half one should remind him started on July 1st....and now we are at October 19th......and where is this acceleration in momentum (apart from the dreadful Garth Selvey sprinting for the exit door in Sept after his dreadful dreadful chairmanship)......If momentum means increased attendance at scientific junkets and conferences around the world (san Antonio in December) I'm pretty sure investors will disagree Andrew !

Perhaps because some of the more senior bods have share options as part of their package that are currently massively under water; perhaps because they have had to endure the same b/s internal updates from Nero Newland as shareholders have; perhaps because they see no support coming from the board in terms of share buys; perhaps perhaps perhaps

Utterly absurd that none of the NEDs have dipped hands on pocket nor the newly minted senior hires. Shameful ( and depressing) that the Board is not properly aligned with shareholders in any respect . Newland continues to prove an unmitigated disaster as CEO and the staff there must be wondering what happens next

Which Christmas.....any one who has followed Pinocchio Adams's career will know that he has consistently led shareholders a merry dance for years about when the monies would be in the bank and mine operations starting . There is a faint hope that s/thing will happen this time but his track record of being economical with the truth is truly appalling

I don't disagree at all.....10% discount to NAV ; divi of +5% all based on depressed underlying valuations; look at Hammerson which produced decent results and NAV is £4bn but sp values it c£1.25bn).

FYI there are just under 5 billion shares in issue...yes 5 billion versus exchange market size of a mere 300,000...

Check out the number of shares in issue! if this ever gets to a 1p let alone 2p , there will be a stampede to get out of Admas's worthless paper

And why, pray tell, did Philip Richards of RAB choose to sell now, after supporting Adams all this time? Harry continues to create the impression of activity and advancement as he has done for a decade but where is the progress? No infrastructure, no mine, no product mined, no income from product mined.......and still no financing concluded.... but its fine because Adams continues to mismanage things

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Share price still at 12-month lows and whilst marked up 13% is still below sp level of 4 weeks ago. Time we saw management team investing their own monies (not the non-execs) now as presumably they are out of close period now with this announcement.

Now they have to convince investors that (1) the oft-mentioned transformation to generating profits is upon us (2) there wont be another crucifying fund raise that crushes the life out of existing s/holders (3) no more mishaps from management.

Management team still has a lot to do to restore confidence among investors

Newland provided his usual bs commentary at the results....and one month on from September 7th? Absolutely sod all news.....seems that Newland's management style is based on hope, Wouldnt surprise me if his management committee meetings take place at Guildford Cathedral based on communal prayer and lighting the odd candle in the vain hope that s/o signs a contract that pays us proper money.

Numbers were ok - nothing earth-shattering. It just doesnt feel that they are making the progress that Milverton's rhetroic suggests. And Mr Market looks like he agrees. Generally I see issues around Europe; sales cycles; inflation ; margins etc....There is a fast-growing business in there somewhere but it is struggling to get out. Thewy need to address:

1. Profit Margins: Investing in broadening their suite of products as part of 3 year growth strategy is the right thing to do. BUT at what point do we actually as s/holders actually own shares in a company that is producing decent profit margins: They barely make double-digit margins - and these figs show a drop of 400 basis points! Notwithstanding investment in sales, that is a huge drop. So what is the long run EBITDA margin expectations for this company? Mid-teens seems very low - I can get that from any number of companies with a much lower risk profile. Claire really needs to start explaining about profitability profile.

2.Cashflow: if they cant drive up margins by selling their software at a decent price they are going to be in real difficulty in an inflationary era. And here we see that cash generation has HALVED over 1H - not a good sign...and attributable to cost of new hires etc.....do we have the right pricing point for our products? Is the sales cycle lengthening or shortening...Lots of issues here

2. Territory Contribution: Europe is clearly a major problem, and has been for a while, and it looks like converting sales is causing real problems. That is absorbing costs & management time to fix. Why is this a recurring issue?

2. ARR for term licences - they talk about the increase BUT the biggest jump was in sales of 3rd party products ie not their own, up 400K an increase of 41%, virtually 2x the increase in their own products. I mean what is happening here?

3. Cost reduction programme - taking out £1m of annualised non-revenue generating expenditure, would suggest to me that (1) this should have been done much much sooner and the financial controls are poor OR (2) they are struggling to drive sales and are having to cut costs accordingly.

Lots of unanswered questions. And I worry that change is coming far too slowly here.

Was amused by your comment about nothing happening here till "2027/28/ or even later". Presumably you are discounting the fact that the share price has barely budged in the previous 10 years, apart from cash raises? Huge disconnect between the commercial progress which while painfully slow, has finally gotten us a clutch of OEM customers and contracts, and the share price. It is not as if this company has just been around a short while and still finding its feet. The problem is that management's credibility has taken a huge knock over surprise fund raises, slippages in profitability, and concerns about cash position. Ultimately these are failings of operational management (and not just bad luck).Let's hope Isabelle and the COO can help instill the plc culture needed to change perceptions. IMV, the clock is ticking. If they can't deliver significant meaningful progress over next FY reporting period, they will be vulnerable to an opportunistic bid.

Exactly right. At best RAB sees this as dead money, as they dont believe a single word coming out of Adams's mouth given his appalling track record...at worst, they see another big cash call and the prospect of this thing finally going to the wall, as investors finally wake up to the fact that, after years of being strung along by Pinocchio from his Cypriot sunlounger, Adams has made this uninvestable, and so Adams cant raise fresh equity, and runs out of cash....

The very one...with a long history of stiffing his s/holders whilst pretending he isn't . One of the more slippery characters whose lifestyle has been well funded over the years by s/holders. The sheer amount of share in issue is so minbd boggling it is not surprise that market makers take fright when they see a tsunami od stock heading their way.