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So, current market cap 25m GBP. This from 22/3/2022: "It is worth recalling that back on 25 February 2021, TPI published an updated assessment of Alien. This individually reviewed each of the Group’s continuing projects, from which it derived a sum-of-parts upside valuation of £82.9 million. Hamersley dominated these, contributing some £61.2 million of the total. Subsequently, of course, Alien announced negotiations were underway in order to take its holding in the Brockman and Han**** Ranges projects from 51% to 90% through a cash and shares transaction; now being finalised, this transaction (before even considering the significant progress being made elsewhere in the portfolio), along with subsequent production of Han****’s Maiden JORC resource in September 2021 clearly presents opportunity to boost this figure beyond that indicated in the original assessment". Am I missing something, or is UFO seriously undervalued?
Agree with your analysis, Pearls. This is starting to look like a steal at these prices. Also, with the GBP weak and the USD so strong DARK must be a takeover target, surely.
...today, and last Friday. Someone accumulating? More directors' buys? Looking like support at these levels at the very least.
KHJ, you beat me to it! So a cash raise is likely. Jeez...
...not that anyone seems to care anymore. Pretty uninspiring, all in all. I may be reading this wrong, but another placing would appear to be necessary (probably within the next six months) given cash at the bank and current burn rate? Anyone care to concur, or not?
More gyrations than a Patpong pole dancer at the moment.
With fleas, and all.
...CSFS have no skeletons in the closet regarding this:
https://www.msn.com/en-gb/news/uknews/head-of-colossal-uk-dubai-money-laundering-gang-jailed-for-nine-years/ar-AA104zFH?ocid=mailsignout&li=BBoPWjQ
Just saying, but their expansion into the Middle East - providing "financial services" - does beg the question.
Brad, 25p seems like a reasonable price target, in the long term. Therefore, for those who are seeing opportunity - absolutely, jump in! BUT, please don't expect an immediate turnaround. This will take time to recover. Why? Well, to expect a turnaround, when less than 3 weeks ago the board were highlighting "the existence of a material uncertainty, related to going concern". That's a massive admission. That's a massive red flag, imo. Then, there is also the announcement re: the impending capital raise. The market needs to know how many new shares will be issued, and at what cost? Until the Board enlightens the market re: this issue, the SP will continue to drift. I've seen it a million times (esp. on AIM). Finally, I wonder about the general health of "financial services" companies, when the market is tanking, when trust is being undermined, and when raising capital in todays environment is a mug's game. DYOR people, but this company is facing an existential crisis, imo. They need to steady the ship asap, or we're in for a rocky ride. I honestly don't mean to be the prophet of doom, but I'm seeing further market weakness ahead, and CSFS may well become part of the ensuing collateral damage. Hunker down (in your nuclear bunkers, if needs be!), because "we ain't seen nothin' yet" would be my message.
And beneath the basement floor is the wine cellar (which will come in handy when drowning your sorrows), and beneath that, the nuclear bunker. All best.
Joe, the next RNS had better be about the equity fundraising that was alluded to on June 30th, and which precipitated the roughly 70% collapse in the SP. What really irks me is how different the wording was relating to the financial position of the company from the June 30th RNS to the July 11th RNS. This from June 30th: "The cash flow forecasts assume that further equity fundraising will be necessary over the coming months in order to implement Cornerstone's growth strategy and for the Group to continue to operate as a going concern. Although the Group has had past success in fundraising and continues to attract interest from investors, making the Board confident of fundraising success, there can be no guarantee that such fundraising will be available. These circumstances indicate the existence of a material uncertainty, related to going concern. The financial statements do not include any adjustments that would result if the Company or Group was unable to continue as a going concern." Truly shocking. Then this, from July 11th, less than two weeks later: "As noted in the Group's final results announcement on 30 June 2022, the Group had bank balances of approximately £0.28m at the date of the approval of the financial statements and convertible loan note facilities of a further £0.45m that are available to be called on 20-days' notice (£0.1m of which cannot be called until 13 January 2023). As a result, and with the Group carefully managing its cash resources, with the support of its professional advisers and its key stakeholders, who are creditors of the business, the Board believes that the Group has sufficient access to funding to continue as a going concern until the end of the current year." No mention of any "material uncertainty" in the second RNS (which is what really crashed the SP, in my opinion), nor any mention of an equity fundraise (or the fact that there could be no guarantees of being able to raise the necessary funds). The first RNS was shambolic, but the second RNS almost feels like a whitewash. As I've suggested before, until we know the terms of the fundraise (i.e. by how much we're going to be diluted), the SP will just be subjected to the wild swings/whims of the MMs that we've witnessed since June 30th. It will become a trader's paradise, another basket case AIM share, another white knuckle ride for genuine investors. It's utterly pathetic.
Obviously pleased that the SP has recovered from the lows of last week. Yesterday's RNS steadied the ship somewhat, importantly addressing the financing question, and we saw the SP more than double in its wake. Happy days!
The whole "there is a material uncertainty" regarding CSFS' future was my major concern after the June 30th RNS, but after yesterday my fears were allayed. Up to a point. JW being shown the exit is a major plus, imo. His competence as CEO was greatly compromised by the vagueness of the 30th June RNS. To suggest a fundraise would be necessary "in the coming months" just spooked the market. End of. It was almost as if it was engineered to allow his fat cat buddies to buy in on the cheap, and buy in they did (witness the volume yesterday!!). Anyway, I guess it's now all water under the bridge, although an investigation would still be warranted, imo. But yesterday's RNS also didn't put to bed the whole capital raise/dilution issue. It was pushed back to December/January. But it didn't go away. New shareholders here need to be cognizant of the fact that a fundraise is coming. At what price is anybody's guess, but raising money in today's high interest/ high inflation environment may be costly (which is perhaps why it's been pushed back). Beware, in other words. My biggest concern is what damage this whole sorry saga has done to the reputation of CSFS, a business founded on TRUST!! We're a financial services company, yet we're unable to manage our own finances without the market flipping out over our ability to continue as a going concern? You could not make this up. To Newuncle, I remain invested, but only because I'm stuck at a higher average. I will continue to hold, but I'm hardly jumping for joy after the shenanigans of the last two weeks. But JW getting his fat backside kicked out, I have to admit, is truly wonderful news!!
Thanks, PCS, and anyone/everyone else who has had the decency to call out LW's vile comment from last night, which referenced my late father. It was beyond hurtful. I have to admit, in fairness, that I probably tend to invite some of the vitriol I receive by my often flippant remarks, often poor attempts at humor on my part, or just me winding up some who seem to take themselves a tad too seriously. But I never imagined that anyone would respond in the way LW did. I can take people having a go at me - I probably deserve it at times - but let's leave out vile insults directed at family members. My father died six years ago from ALL, a particularly aggressive form of Leukemia. I invested in Sareum not long after in the hope that they might find a treatment for this horrendous illness. I am still waiting patiently for that dream to be realized. Anyway, thanks again for understanding and sorry if I have offended anyone on this board. I won't be posting again.
But, James, the 'London Wolfie of Wall Street' (a.k.a. the 'Paternoster Fox') has spoken, with his usual "I'm in the know" smugness. That's great, but the market hardly cares less what PH has to say about our beloved Sareum, or any other company, for that matter (given their latest results)! The science will win through, my friends. Everything else is opinion!
Potnak, I was merely questioning your assertion that you felt "there are some here who still don't understand what involvement Sareum had in developing SRA737", as if it was of no consequence. On the contrary, Sareum was at the forefront of said development, which makes my view that we should not underestimate Sareum's contribution valid, nonetheless.
For "I am trying to keep some positivity here", read "I'm trying to recoup my losses here, so I'm trying to ramp the hell out of this, hoping some poor unsuspecting soul will buy into my narrative and allow me to exit at a higher price".
For it's "too easy to just whine and moan endlessly (what good will that do really)", read "stop posting the truth, as it will put off said unsuspecting souls being duped into buying this POS share".
For "I am not trying to fool anyone, just saying what's happening. Nothing misleading in my posts whatsoever", read "stop posting the truth, as it will put off said unsuspecting souls being duped into buying this POS share". A desperate attempt to fool everyone with your pseudo honesty, lol - "nothing misleading in my posts whatsoever"! Yeah, right!!
Finally, "if anyone is a muppet I suggest you look in the mirror Gonzo". Lol! Resorting to playground insults in an effort to win the argument? Grow up, Newuncle, and admit this is the worst investment anyone could make right now.
Potnak, I feel you're underselling Sareum's involvement here. This from 2016: "PNT737 [which ultimately became known as SRA737] was originally developed in a research collaboration between the Institute of Cancer Research, London (ICR), Sareum Limited and Cancer Research Technology Ltd (CRT). The Programme was licensed to the CRT Pioneer Fund in September 2013 and a co-investment partnership with Sareum was formed to progress the candidate drug through clinical trials." Importantly, "Dr Tim Mitchell, CEO of Sareum commented: 'This is a major achievement for our lead candidate as well as for Sareum. Starting with the initial discovery, we have contributed financially and scientifically to the ongoing development of the programme into clinical trials. The returns from this research investment will be realised in this licence agreement, validating our strategy and business model. ProNAi is in a strong position to further the development of PNT737 and plans to expand its development into the United States and with broader clinical studies. We look forward to reporting on their progress.'" So, given this, I feel your comment, "there are some here who still don't understand what involvement Sareum had in developing SRA737", greatly underestimates Sareum's initial contribution here. Just my opinion.
Yeah, top riser, lol! Up 15.38% today - amazing! Until one looks at the spread - 14.29% - and volume (less than 0.3% of shares in issue, but up 15.38%). Really, Newuncle? Are you for real? 7 posts today, and six of them are yours! Who are you trying to fool? UNTIL WE'RE TOLD THE PRICE AT WHICH THEY WILL RAISE AT, THE SP WILL CONTINUE TO DECLINE. Simples, and stop trying to mislead people as well. In order to get back to most people's buy-in, we need to rise at least c. 200%. So forgive me if I'm not overly excited about a 15% rise. You muppet.
Newuncle, you're forgetting this from June 30th: "The cash flow forecasts assume that further equity fundraising will be necessary over the coming months in order to implement Cornerstone's growth strategy and for the Group to continue to operate as a going concern". Crucial for me (and I think for the market) is the "over the coming months" statement. Hardly sounds like JW is getting his ample backside into gear "sharpish", does it? This is the crux of the problem. The black cloud that is the financing question is casting a shadow over the SP and will continue to do so until it's sorted. "Over the coming months" simply isn't good enough. Even "over the coming weeks" wouldn't have cut it. It should have been "over the coming days", thus signaling the urgency with which the BoD realized they needed to act. Trying to raise money in today's environment is going to be tough, but the SP is going to be hammered until news of financing is announced. This vague and wishy washy "over the coming months" is music to the shorters' ears. Anyone can see that. Even Stevie Wonder, ffs.
Biker888, don't beat yourself up. It's all a learning curve. I must admit, I took a hit with MSMN as well back in the early days of my investing journey, when I was much greener than now. The annoying thing here is that I really thought I had done my due diligence with CSFS. I hadn't jumped in but had been watching from the sidelines for some time. The trading update in April had been so promising and upbeat that I thought this was a screaming buy at the c.20p levels. After all, we had been fed statements such as: "The Board remains confident in the Group's prospects and looks forward to updating the market on further progress in its audited results for the year ended 31 December 2021, which it intends to announce in June 2022." This was on April 20th this year. By June 30th, we get this: "These circumstances indicate the existence of a material uncertainty, related to going concern. The financial statements do not include any adjustments that would result if the Company or Group was unable to continue as a going concern." So in April, JW was "confident" in the Group's prospects, but by June there's suddenly question marks over the ability of CSFS to "continue as a going concern"? This whole sorry saga stinks to high heaven and shareholders need to join forces to oust that liar JW. The Group has zero credibility in my eyes, which is a critical flaw when operating in the world of financial services. Where's the trust? No wonder two board members jumped ship on the day of final results. They were probably both so disgusted by the deceit of JW that they knew they would never be able to look him in the eye again and decided to distance themselves from the whole fiasco. So, Biker, I agree. An investigation is needed here, and for JW to be exposed for what he is - a fraud.