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That's quite a hit we have taken today. Pity we are still so reliant on ED for bread and butter revenue. Wonder how badly it will screw the finance plans? Low OP looks set to stay for a while unfortunately. Good job we got the recent cash injection, should help to soften the blow.
What a confusing RNS. So the shares are pledged for security but were not before the disclosure?
Cash in bank end Dec £25m (of which £5m earmarked for Xaar 3D JV)…...Markt Cap today £26m!!!!
Took my loss at 47.5p this morning (Avg 71p) . 6k down the pan! Don't be a contrarian investor... never works. I am afraid it looks as if the naysayers were right. Looking to much like NMC for comfort. I suspect more gremlins to come out yet. But GLA
Yep...seems no end to this. The longer the silence re Shetty et all, the more market gets spooked and expects the worst.
I see NMC had 3 holdings RNS's this afternoon. Appears Shetty 'n' cohorts remaining holdings are less than anticipated. Seem to have reduced heavily last month. May be similar here? Who knows? But still too many non- independent directors left on the board of FIN for comfort. Should do the decent thing and step aside for now.
Sell volume not that big. No big after hours trades showing up recently. If someone had wind of bad news, would expect a hell of a lot more selling. So what is going on? I emailed investor relations earlier today, and got a near instant reply to the effect that they are well aware of the situation re bad sentiment/doubts and are working on a 'resolution'.
That's the trouble with these illiquid shares and small free float. £13k of sells and price down 8%! If you want to off load a big holding your in trouble. Keeping mine for now, but not tempted to top up! Just have to hope they will eventually deliver and that these giant sums of potential revenue they keep boasting about some day become reality rather than fantasy.
Whole thing is in the realms of utter stupidity now. Day after day of AT algorithms pushing price here, there and everywhere. Firing in 100 sells per minute etc. 2 weeks ago valued at 490m now 370m. 1.4m more sells than buys today (out of 700m shares) and price down 14%! Who knows what the thing is actually worth? All a bit of a farce frankly.
Shetty 'n' co have got to go though. No good pretending it is business as usual. The bigger the cloud over NMC the worse the shadow on FIN. I notice on NMC a couple of the big holders who left are to become 'passive' investors and have handed their 9% holding over to a fund who will represent them. I think Shetty had better do the same, or the SP will be stay the play toy of the speculators.
Showing OK for me but try here
https://www.investegate.co.uk/finablr-plc--fin-/rns/travelex-and-covid-19-update/202003020924176508E/
Seems at least some of the cyber attack loss will be covered by insurance. But of course what we really want to know is Shetty shareholdings etc!
Someone on ADFVN said had contacted investor relations on 28th re an update for FIN. Seems they are working on one for this week . May be not tomorrow tho'.
https://www.thenational.ae/business/markets/nmc-temporarily-suspends-share-trading-after-chief-executive-s-dismissal-1.985333
Not guilty he reckons!
it would appear that FIN are being held 'guilty until proven innocent'. 200p -60p based on fears about the true picture because of the Shetty connection.
Ideally we need
1. A good trading update.
2 Information about Shetty and related parties actual shareholdings.
3 An assurance that there are no accounting irregularities/ dodgy dealings on the books like NMC.
Otherwise doubts are going to remain. Considering the overall market fall today, IMHO FIN held up reasonably well. But until the company reassures the market about these issues we are stuck in a kind of limbo!
Got to hope that for FIn it just remains a question of the whereabouts of Shettys' holding and nothing more.
Yes looks like the rot goes quite deep. Just hope too much does not spread this way!
2 weeks worth of slowly won gains wiped out in a flash!
Ok yes, but these disclosures were after MW report, and (so far) FIN seems to be clean.
Not in NMC but am in FIN which has been dragged down heavily by this 'Shetty' saga. The thing that gets me is that these people are not stupid. They must have known that these disclosures re share pledges would have a negative impact on the SP of NMC and FIN. The idea that they were caught off guard and suffered 'unexpected' margin calls just beggars belief. I just can't believe they would be so daft. They would have surely have covered themselves somehow?
Not sure if I want to be in this over the weekend or not! Topped up at 71p. Mistake or good move? Any more worms in the wood work/skeletons in the closet? Hmm... wait and see...…. GLA