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a very brief surmise.
TRX have innovative products and they are already in circulation.
A large fund (Woodford) held a majority of stock and went bust.... which dropped share price drastically as they had to sell.
The Chief Financial Officer at the time organised a massive loan at very high interest rates that nobody on the board liked. He was replaced.
They then decided to do a placing at a ridiculous cost reduction that has never been explained. This diluted long term holders and the share base by alot.
Various things have happened. CE mark for certain products, white label agreements etc.
Change of management and Covid then hit and we are about 12-18 months from breaking even and making profit.
Expansion already on the way in USA phase one complete which should take us to profit. Phase 2 adds extra manufacturing income.
Very brief run down since I have been invested at 11p per share....
I'm still here..... says something.
I'm no accountant but thats how I read it as well Richard08.
And if that is the case, They went from £7.2 million loss to effectively £3.7 million loss during a global pandemic. Cash reserves still over £9 million.
Maybe rose tinted glasses but looks good for breaking even once the elective surgeries start again.
I am a pretty nosey person. Just using google maps I came up with the following.
The following link is google maps satellite view of Cellright (Tissue Regenix in San Antonio) You can see building works behind the building and outlines within the footings of the size of the expansion.
https://www.google.com/maps/place/CellRight/@29.5484244,-98.3061708,140m/data=!3m1!1e3!4m5!3m4!1s0x865c92a0d66bb43d:0xa9776e1ef389a4a1!8m2!3d29.548243!4d-98.306376
Below link is street view obviously at a later date where the building has been erected.
https://www.google.com/maps/@29.547731,-98.3066603,3a,75y,18.26h,99.14t/data=!3m6!1e1!3m4!1sY0Ch1ovTDiGu5XOQqOVjSA!2e0!7i16384!8i8192
I am making assumptions based on typical US lots - expansion into land away from road for example. Unusual footings in the overhead lead me to believe that is the location of the new clean rooms. Anyone else have any opinions on it?
I had a sell order in for 0.64 of a pence. price was around that and it was just sitting there. Cancelled and asked for a quote for same amount, 368301, offered me 0.66 pence to sell. So I did. Still in with the share just trying to average down without missing the boat.
Really expecting the trading update is going to be huge.
As there was a directors buy on the 6th of January, I think the 30 day closed period for interim reports would come into effect. This would mean no update until the 6th of Feb
Am I understanding that correctly?
In a very simplistic way to look at it, they have increased the number of shares by approx 7 times. so take your 20p divide it by 7 and a reasonable estimate is around the 2.5 to 3p per share mark. I held these when they were 11p a share and thought they were a bargain then. I still hold.
For those that didn't twig - RNS also signals an update to the website for shareholders.
https://www.tissueregenix.com/investors/shareholder-centre/advisors-and-shareholders/
B2HS2L - From one of the RNS issued yesterday.
Risks and uncertainties
A description of the principal risks and uncertainties associated with the Group's business and how they are being managed is included in the Group's Annual Report and Accounts for the year ended 31 December 2018 (on pages 25 to 27). The Board considers that these principal risks and uncertainties are those applicable to the Group at the current time.
The Company has reached an agreement in principle with Midcap that, upon successful completion of the Fundraise in any amount of not less than £5m gross proceeds, Midcap will agree to extend the repayment of the outstanding principal of the term loan for three years followed by amortisation on a straight-line basis thereafter over 12 months. In addition, access to Tranche 2 and Tranche 3 (further information relating to which is contained in the Company's announcement on 14 November 2019) in the amounts of $10.5m and $2.5m respectively will remain in place, subject to Midcap's discretion. Midcap has further agreed in principle to suspend revenue covenant testing throughout the remainder of 2020 and to work with the Company in order to reset the covenant thereafter as needed so as to ensure comfortable operating room. The revolving credit facility will continue to remain in place. Whilst the Board is confident that it will be able to execute binding documents with Midcap in order to finalise these changes, it has not yet done so. Should the Company fail to agree binding documentation with Midcap then the existing position will remain in place and, in the event that the Group's revenue is substantially less than the Board's expectations, this may result in a future breach of the revenue covenant when tested.
I am in the hole on this now. Couldn't get into Primary Bid in time. Going to try and forget about it for a year or two and see where it is.
But for those that only read the headlines. There will actually be 7 billion total shares after the placing is approved. Take the share price now and the market capital of the business is now £35 million. Take it at the time the placing was announced and it is back to £70 million where it was prior to all the woodford and funding issues dropped us.
I have a feeling the deferred shares they are creating by dividing original shares into 0.1p and 0.4p deferred are worthless. Anyone know why they even bother doing that?
I have been trying to find an answer one way or another on Link holdings and can't. The renamed fund which is still running is now managed by Schroders. But in their end of year report only hold £243k of TRX which at stock price at the time comes to 24 million, well short of the 20% listed on TRX site.
The fund being wound up did have 234 million shares in TRX but the volume of shares traded since back when all this was announced should have easily seen them out if they had been forced to sell. Thats why I think they may be holding themselves. Maybe wishful thinking but there is no evidence they have been selling any shares in the last 3 months.
I agree with Chester on the Link Group holding. It would be easy to have transferred the value of the shares into the pot being paid out to Woodford Equity Fund. Link also have their own investment funds and just because those shares were once Woodfords there has been no sign of them selling any.
Link group also just invested in Leeds. https://www.linkassetservices.com/news/link-group-selects-leeds-for-new-27m-northern-hub
Anyone know any other company's based in Leeds? I love a good conspiracy...