Member Info for Hanger66

I’d be pleased to join a WhatsApp to consider whether it is worth continuing our efforts.

I’m totally reconciled with what we have all lost, but it’s hard not to reflect on the past 12 months. From memory, the strategic review went on a long time and the conclusion was that, whilst there was interest in the business, the board didn’t believe it reflected fair value. With hindsight, I wonder whether there was genuine interest, including a due diligence process, which identified issues with the figures, as we all now know existed at the time. It just feels, with the benefit of hindsight, that the announcements the previous board were making to shareholders were, at best, misleading, and, at worst, completely dishonest. I find it hard to believe Daniel Lee and his team have just walked away from this almighty mess without any comeback, accountability or consequence; no doubt part of the compromise agreement reached with the parties who are about the be the biggest winners in all of this.

I hold 388,364 shares, and am happy to see if we can find a way to hold someone accountable

I wonder if the auditors have a case to answer here too?

What an utter catastrophe for small shareholders. I’m nursing a near £200k loss on TRX (and, no, I’m not so well off that this doesn’t really hurt!). I’ve known and backed the business since pre-listing, have remained a loyal shareholder and (foolishly with hindsight) have always bought on the way down. I’ve learned lessons before, but this outcome is beyond any of my worst expectations. If only I’d followed my gut feeling to sell at least a good proportion after the “strategic review”. Re bringing any sort of case, I just don’t think that’s realistic, but I’d love to try against the previous management team; not just gross incompetence but bordering on fraudulent….I don’t use this word lightly, I genuinely believe this to be the case. I wonder what bonuses have been paid to that team over the years on what have turned out to be fabricated results? I didn’t have high hopes, but this really couldn’t have been any worse!!!

I missed the call but will watch the recording at some point. With cash looking low, albeit with some unused debt capacity (will they be able to access?), did they have anything to say about cashflow and the prospect of a future fundraise? My fear is we have a similar experience to the last rights issue, so the price may stay at this level for some time. For the umpteenth time though, I’m contemplating averaging down yet again….definitely feeling a little weary right now though, it’s hard to keep confidence up.

I agree that there is still so much potential, otherwise I wouldn’t be still hanging on in despite the regular false hope that things are about to change. I also agree that some big and good news would help, but look at what the business has actually achieved in recent years, without any recognition. I’m just a fatigued long-term holder…..imagine how the management team must feel sometimes….

I’ve spent my entire 30+ year career in M&A. Without betraying any confidences, we are close to entering exclusivity for the sale of a regenerative medicine business, in a highly competitive process and at a valuation beyond TRX’s market cap. In my opinion, TRX is a business with far greater potential, is generating significantly greater revenues and services much bigger markets. I think the share price and lack of interest in TRXreflects the weakness of being listed on AIM rather than the fundamentals of the business. Whilst I don’t want this to happen, as it would in all likelihood crystallise a large loss for me, I can’t help feeling this company would be better served being private, with the backing of genuinely interested and expert investors, and beyond the gaze and the hassle of being on AIM. Either the markets know something we, as PI’s, don’t know, which is that the business is failing, or the market is just going to allow this to keep drifting down until it is taken private at a crazy low valuation. I keep saying it, but it’s beyond belief that we are back at a sub-30p price. I’ve averaged a down so many times, I just can’t keep doing it.

Like lots of other people posting, I’m a long -term holder with a significant shareholding built up during good times and bad. Still quite heavily in the red right now, but no plans to sell any, as still believe momentum will be achieved at some point. Just not sure what the trigger will be any more! So much progress in recent years has led to negative movements in the price….but that partly AIM too. With regards to approval to pay dividends, this is unlikely to be share buyback related, it’s more likely to be another strategy for getting interest in in the share.

….and for those LTH who experienced the emergency fundraise at a c.75% discount a few years ago, where private investors were given next to no notice to participate, I would actually be quite happy with a fundraise at 30p!!

A few days behind other people on this, but I was also slightly underwhelmed by the board presentation and responses to questions. Not only did they seem low on energy but they also appeared unprepared for questions they either had or must have known were coming. Understanding that there may well be a plan to take private, in which case it doesn’t serve the board’s interest to push the share price, if there isn’t such a plan then it must be equally as tiring and frustrating for the board as it is for investors to see constant negative returns. Gut feeling is that there will need to be a fundraise in the near future, which will only be successfully concluded at a price closer to 30p rather than 60p , so it may well be being managed to this level. Despite the temptation to sell a proportion of what I own to protect a bit of downside, I still believe in the business and would rather avoid crystallising what is now a pretty sizeable loss position.

Having read the results announcement, I can’t see any logic for leaving until so late in the day and damaging confidence and the share price in the process. All very odd given the continued positive process, let’s hope this continues and the share price begins a positive trend, even if slow.

Watching this stock, having been investor for so long, is utterly soul destroying. This is a much better business that the share price and market cap suggests, so the board are either not managing this well or have an ulterior motive., it could easily be either. But for the first time, I’m contemplating selling just because of a total lack of confidence; it would be much easier if it wouldn’t crystallise such a big loss!! Depressing….

Completely agree Icecool, AIM always a rollercoaster, you have to ride the sentiment for the market generally. Have ridden the ups and down on TRX for 15 years and have always bought more on the dips, sorely tempted to do the same now, but the lack of logic to the drop this time concerns me more. It’s like the management team, who I’ve rated, lost confidence in their strategy and announced a strategic review which might lead to a sale - it was a bonkers and unnecessary statement in my view. No intention of being a seller, still believing!

I’m totally lost for words on the share price right now. I’ve held TRX since the day of IPO having got to know the business when it was private. I hold c.8m shares, bought at anything up to 21p and have added consistently over the years in full belief in the business and its products. Having got over the “disappointment” at the way previous board treated PI’s with the deeply discounted fundraise, I was finally close to break even 6-9 months ago. I held firm and confident in the direction of travel, all still felt (and still feels) positive. This drop is just devastating and unjustified by comparison to the achievements of the business; if valued at a 50x multiple then I could understand a reaction to a slowdown in growth, but that’s far from the case. The only conclusion I can can come to is that this movement is completely manipulated to serve the benefits of others; I really hope the outcome is not a take private; if it is, then I’d hope most investors vote against any recommended bid. Rapidly losing any confidence I had left that the markets determine the fair value of a business.

Well done Jurado. Great local charity well worthy of support but I’ve gone with Macmillan as they were unbelievable when my Dad passed away 2 years ago, helped make his last weeks happy. You weren’t pessimistic, just “accurate”, we all take a long term view with TRX, well beyond the current price….having been invested from 8p to 30p and all the way back down, I still believe in the business. I’ve averaged down so many times I don’t like to think about it, still under water with my 8m shares, but I absolutely still believe in my investment!! Well done again and great cause. Dave

I have never posted on this or any other forum in my life and have never really had the desire to until recently. However, I do monitor posts of those companies where I have an interest, so maybe I should start to share views.

Chester, I thought your last post is absolutely spot on. I’ve held TRX shares since IPO and have topped up on numerous occasions, max price paid over 20p. I continued to buy on the way down, for the simple reason I have always believed in the company and it’s products. I even bought over 1m shares at 1.2p just a few days before the placing.

Like many, I was initially outraged when I woke up to read about the placing and it has taken me some time to get my head around this. LTH should have been given more time to read about and prepare themselves for the placing, simple as that. The discount was huge but, as you say Chester, this was the cost of creating huge certainty for the company going forward. Ignoring the fact a big proportion of the value of my shareholding was wiped out, that I wasn’t really given the chance to buy millions of shares at a 76% discount and that some who had never heard of TRX did get that chance, and setting aside my immediate outrage, I have taken the opportunity to buy at between 0.31p and 0.39p and am still buying. The certainty the cash delivers is a huge boost and should see the company be fully focused on making the most of the opportunities in front of it, rather than always have one eye on tight cashflow.

Good luck to those who were lucky enough to get in at 0.25p, but my view is that a bit a patience will see great rewards for everyone. No confidence lost despite the way the placing was managed.