Member Info for Harrycash

Ji
Kinda agree on some of your points but I still see Bayford taking FCRM private as it is. Turner knows about retail. He knows platforms like EV, Smart Metering, Hydrogen supply, all link together, and will be rolled out on forecourts, supermarkets across the country. Look at Costa Coffee, investing in EV across the UK. Turner see's the advantage of being a 'first mover' with FCRM a cheap way into this market. The fact FCRM has the 'spine' capability is a really big plus.

Below is what they said in December.

"The Group has entered the second half of the financial year in a strong position and expects full year revenue to be stable year on year, despite the COVID affected first quarter, and to be profitable on an adjusted EBITDA(1) basis for the full year."

Again, I'm not a reader of tealeaves but unless something major has happened I don't foresee the Annual Results being bad. If they go profitable and stop the losses then that will please me and other investors. FCRM is hardly exciting but the potential is there for solid profitable growth. Segments like EV, Smart Meters, Hydrogen, are all growth generating

That said, the appointment of Mr Lavelle concerns me. What has he to offer other than his expertise in restructuring companies in distress.

Pip. no answer on who sent you the email which I guess was Craig Baugh.

Ji. SP in the toilet - have stop at 30p -could soon be tested with low volumes on the sell side.

All theory of course.

HC

Pip

Before I start with the LSE I need to be sure of my facts. Was the email to you advising that a trading update would be before the end of April from a Board Member, or Craig Baugh.

Let me know.

Sad to hear you and Sam felt the investment too risky. Hope my own call is correct but feels like I'm playing a hand of Texas Holdem with FCRM.

HC

Pip
Just to clarify.
Are you saying you recieved a reply email from a Board member to your question on the date for the Annual Reporting and that person told you in writing that this would happen before the end of April?

HC

Ji, Pip, Sam

I'm not a reader of tealeaves but its clear FCRM are not particularly transparent. AIM companies get a bit of a pass on this but the LSE will jump on them if their behaving in a manner against the 'principles' of QCA Corporate Governance Code that they have to follow. Items 1 to 10 are hard reading but give clarity on what they must, and must not, do.

As it stands the Board are actually not doing anything wrong. Sure we as investors want the Annual Report asap but they have until the 1st October if they want to drag it out that long. Just a guess but I think they will do an RNS by June 6th.

Given the buy's by Board Members in recent months I see upside here, but only for the brave. Business I think will have improved in recent months with builders doing well, and infrastructure investment like EV bolstered by Gov incentives. As Sam and others have said FCRM are well placed to benefit from these areas'. Problem is the set up of the Board. Clearly their are interested parties who see FCRM as a cheap way into this growing market, and are attempting to control the management. Bayford and Turner top the list on the negative side .

Anyway, I'm hanging around for now and will top up on dips until we hear something. Free cash flow and Capex costs being the main issues for me.

Gotta think about the tax benefits on FCRM, as an AIM company. For Bayford/Turner this is a big attraction for their investment.

All theory of course but I maintain my view that further attempts to 'buy out' FCRM will happen sooner rather than later. Price per share 50p upwards.

HC

Basically all that read this stuff:

FCRM recently appointed a gentleman called Dominic Lavelle to the Board. Slight concern after reading his 'resume' and CV. He is a specialist in the reconstruction of companies in difficulty/administration.

Question. Where is this gentleman's expertise in any of FCRM business platforms?

HC

Sam

If you read my last two posts it may help. Alternatively contact investors@fulcrum.co.uk. You will get a reply from Craig Baugh but its unlikely he will give you a specific date for Annual Report.

Frustrating but this sadly appears to be the norm for FCRM. There exist a group of stakeholders, management, that will gain significantly if SP targets are hit. We have 52p, and 105p, quoted as being the 'hit price' on vested options. In the background you have Bayford, and the main shareholder Turner. Their just playing a waiting game is my guess to take FCRM into private ownership in what is really a 'shell' company registered on far flung shores where tax issues are kindly.

All theory of course but lets hope the next financial calendar update helps.

HC

Pip - Ji

Annual Report Date. Year end 31st March 2021. At any time during the following six month period, and no later than
1st October 2021. Further delay only if an application for extension to LSE has been made (apparently not). My last post explains.

Hope this helps.

HC

Hard to see much upside with CNA after yesterdays good/bad update. The sale of the US asset helped debt but BG is still losing customers and their not close on the comparison websites. New deal with workers is good but again growth is hamstrung by the 'Sid' era. suggestions of a £1 a share are way off unless a white knight arrives and buy's the whole thing. At these low SP levels its possible with the VC's full of cheap money.

All theory of course but next update in July may change things.

HC

Pip

I've contacted FCRM Nominated Broker and PR company. To date the only response was from Craig, no second name given. Same answer he gave you so I contacted LSE. They provided basically what's below on AIM Companies. Not sure it helps but I intend to keep the pressure on until I get some indication on FY Results date.

Concurrently, the London Stock Exchange has also confirmed that the temporary measures put in place last year to allow AIM companies to request an extension of their reporting deadline remain available until further notice. The temporary reliefs for AIM companies are:

An additional three months to publish the annual audited accounts (i.e. within nine rather six months of the financial year end date). An additional month to publish its half yearly report (i.e. within four months rather than three months of the financial half year date).
As well as reminders of the temporary reporting reliefs in place, the joint statement also serves to alert investors to the changes in reporting timetables and remind companies of their reporting obligations under the Market Abuse Regulation. The joint statement additionally highlights the guidance for companies that the FRC issued in December 2020 related to corporate governance and financial reporting during the COVID-19 pandemic.

HC

Pip

Do you have a name on FCRM curt reply to you. Gonna go on the attack as a shareholder. Pretty sure they will have a Compliance Officer I can upset.

HC

Pip

Appreciate your efforts to get info from FCRM. Lets hope we get what your asking for soon.

HC

Ji

Think we all get cold feet and dump shares on a whim. Sometimes wish I'd dumped but waited then got burnt. Gambling really with a bit of research. Was always luckier at poker.

Not sure I said I'd be happy at 50p just a theory that if Turner et al want FCRM they may offer a price at 50p. Just a guess but I would be much happier to hold my shares in the belief that EV and the grid/power needed will eventually attract some rich VC to get involved. If that happens then FCRM will prosper. Also to.consider is the Government push on EV infrastructure with huge incentive offers and tax breaks to those that install/promote EV. Think if Tesco, Morrisons, Sainsbury, start mass EV charging point installs at their properties because they get 'green tax credits' for doing this. Its already in play and we need to project 5 years.

As always just theory but if we can sideline Turner et al and replace them with a good VC I still see upside to the SP. Next RNS could be significant.

HC

Ji

Is MW still alive.?

I suppose the last RNS on contract wins is good but it be nice to see a bit more transparency on the company financials. Lets hope all will be revealed soon.

All theory but I'm seeing a take out price at 50p. Is this a good enough premium to tempt shareholders, like us.

HC

A bit overly technical. Basically no buying in the percieved 'closed period' albeit as it stands we have no idea what this will be until we backdate from next results.

Anyway. On this badis that Turner and Directors have been buying of late we must take that as a positive. Alternatively their as bad at investing as I am.

All theory but fingers crossed.

HC

Pip

Nice theory. Could be 100% given there exist strict timelines for Director buys.

HC

Pip

Have to say your logic may well be 100% correct. Abd yes there exist strict timelines for Director et al buys. Aim or not.
However you look at it Turner increased his holdings. Other Durectors filling their boots may be a pointer on the upside. Time will tell.
HC

Pip

Good bit of detective work lets hope we get a positive although delayed updates don't normally bode well.

Ji

Good to see your hanging around and if you do reinvest hopr it works out. My point on Turner was he's only interested in the EV possibilites that he will need in Bayford forcourt business. Normal installs, sure he's not interested, but one part of FCRM is needed for EV to be a stand line. EV stations are going to be a fact sooner rather than later and my guess is the Government will offer huge 'hand outs" to installers. Bit like wind farm subsidies of past.

Lets hope the upcoming update has good news.

All theory but optimistic.

HC

What's the theory behind 'Turner in action again'. Logic suggests on SP drop he will keep hoovering up distressed sellers.

With Biden plan to build thousands of EV charging stations across the US we must assume Boris will have similar plans. If only for this reason FCRM remain a cheap play in the UK EV charging network. Hence Turner wants control on the cheap. He will likely succeed in time just hope the SP ticks up before that happens.

All theory of course but I remember when Bayford started their bookbuild and others said no way they will bid. Time will tell if they attempt again to get control.

I still hope some big VC will get involved and outbid the Turner gang.

HC

Well. No upside and even Turner losing money at these prices. Held for awhile wondering where the bottom is. Just a guess but 30p seems likely. If we get bad update look at 20p.

All theory. Wish I'd got out at 40p+

HC

Clearly Bayford (Turner) have been able to vacumn up shares of late on the cheap. Bit of manipulation is my guess with high volume selling prompting sells by small shareholders.

At 15% + gotta figure Bayford have a full bid planned and involves other large shareholders. Agreements are there to be broken so go figure it will happen soon.

All theory.

HC