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The reason SCE is priced for bankruptcy, and the reason that all shareholders from last raise and before have seen their s/holdings pretty much wiped out, is down to Bundred, Johnson & Maddocks.
The Board has a serious problem on its hands. how does it reboot the business with Johson in charge as CEO? The credibility of the Board rests on getting a management team that has wiped out its s/holder base in 6 short months to convince s/holders that they can be trusted.
Let's hope Deutsche can stimulate some interest here.
Interesting that you cant get a bid for stock from mms but they are offering plenty
Complex set of shareholdings here, but nevertheless Chris Mills is no fool, and his stake in Renalytix gives me some degree of comfort tho' the constant selling by the bond holders is testing patience.
I have been highly critical of Nero’s ‘hype n hope’ strategy, aand its impact on investors and the share price. And until today we have had a trickle of tiny commercial deals that did nothing to assuage my concerns about the commercial case for the company. However, credit where credit due, this morning’s deal is very welcome news, and Newland is to be congratulated ! If he and Brett Swansinger can continue to drive the commercial momentum and sign more 500k deals like this then sentiment may start to swing back in Newland’s direction. Clearly there is a fund raise coming but this time it may be taking place against a more positive commercial background. One swallow doesn’t make a summer, and Newland has disappointed too many times to get carried away, but I cannot deny I feel happier this morning than I have been since the fund raise at 80p
Stunning, scandalous, incredible. This is the sort of information that any properly managed manufacturing plc, with a functioning board, half-competent CEO, and properly managed operations and data collection should have shared with s/holders.
At least the NEDs are sticking more cash in, but seriously JOHSON HAS TO BE REMOVED AS CEO.... he has burnt through 10s of millions of £, destroyed value on an almost unimagineable scale since November, and seems utterly incapable of recognising that he isn't up to the job.
Who presumably was heavily involved in negotiating this appalling ourtcome is only subscribing for £3,500 worth. Talk about 2 fingers to the shareholders!!! No credibility.
Decent results. Well managed on the comms front, as no surprises given they had given good steer at time of the Power sale. Hard to see what more management can do at this stage to revive investor interest in a business that has transformed itself over last 3 years, but the legacy of previous issues still lingers large. Growing top line, strong cash conversion, decent dividend, low leverage, and ongoing investment into the business should all be seena sgood news but sp stubbornly refuses to recognise the quality of the transformation. Perhaps that s why Quested has had enough and who can blame him. The small cap malaise combined with difficult sector conditions and general aversion to sensitive sectors like this has to turn at some point, but I've been thinking that since the autumn and sp is down 15-16% YTD.
Yup, they've sold 24m in last 12m (ft.com) but still hold c40m shares (11%). JP Morgan have been aggressive buyer during the same period buying c15m shares, but clearly the selling pressure has been tremendous
Given the strong results, reinstallation of dividend, and positive trading outlook, am surprised that the sp is only up 7%....the team clearly have a lot more to get over the merits of the business model to investors. If these results had been posted by Moonpig, it hard not to speculate that the sp would have moved more consequentially...perhaps Darcey should have mentioned the magic letters "AI"
The Board really should demand that Newland’s salary be cut back as he persists in misleading investors. Outrageous that he was allowed to stick his finger in the air and guess at a tripling of revenues and then provide absolutely no solid reasoning as to why.
Well something has to change because the level of management incompetence is truly shocking given this business has been listed for ages, it has on face of it is a heavyweight set of NEDs (ex Bundred), and we were assured countless times that all was on track even as recently as this month.
But look at the size of rhe deals ffs....one trial for a piffling £150k. Newland has been talking multi million pound deals for years and still cant get past the ground floor
Not clear that having shattered investor confidence that Johnson & Maddocks can rely on investor support. The utter chaos of the last few months is directly due to dreadful, dreadful management. That is what needs to change, and fast! Why would anyone in their right mind give cash to Johnson who is clearly not up to the role? And therin lies the issue. A board reshuffle is desperately needed; Johnson needs to step down as CEO and be given another role; the CFO and COO need a proper plc experienced leader to restore their confidence and that of investors. The quickest and best solution has to be to sound out appointing a credible plc executive chair, rather than replace both Bundred and Johnson. The ship needs steadying and quickly.
Exactly on point:
1. Newland has to deliver some meaningful sales, and stop hyping the ones he's got. Eisei being a case in pouint where he trailed it ad nauseam and result was 250k pilot .....
2. So we get a patent filing but no update on the Solaris prostate clinical study agreement. Newland promised the results would be ready by end of "023....and 4 months later absolute silence. it is this sort of behaviour that has cost investors huge sums, cratered confidence, and led a number of institutions to the conclusion that he cannot be trusted to tell the truth
What investor visit? Who was visiting the company yesterday?
Looks like Brandon Hire not preforming well, plus ca change. Am mildly reassured by HSS update with sale of power unit - trading in line. Am also mildly reassured that the team's work over last 3 years to radically reshape the business, become capital-lite digitally driven platform business may actually be working. Would like to know more about why they chose to sell Power albeit it improves debt profile and capex requirement dramatically. lets hope the outlook statemetn isnt too dire
VP COMMENTARY:
" General construction remains challenging, which has impacted the performance of Brandon Hire Station in particular. An operational review of this division is well advanced and the new management team is focused on actions to drive margin improvements alongside medium term strategic objectives."
If its Sneller then all hope is lost
We know there is value here because of the product , the order book & the queue of OEMS that want it. At issue is the competency of the Board and management and cash burn -both interlinked! Cunningham jumped ship last year, Bundred has been pushed out by popular demand, leaving just Holly Johnson. If I were the Board, forget engaging h/hunters for new chair, what's needed is a new CEO who can restore confidence and grip this business. Holly best off taking a sideways move to head up customer relations etc....
Hit send by accident...you get the drift!