The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Adding the first RNS from last week to the one just now the borrowings are shown as the same at 30 April. So given a big presumption that this is correct it would appear that they had the missing payment in by end April but not on its due date of end of March - so looks like a one month timing issue. So on that basis I would hope this was just a large error in their cash forecast with little impact on the P/L. For those non accountants reading this it is fundamental that forecast P/L,cash flows and balance sheets are reconciled just like historic accounts. They could not have done this and the reconciliation is what proves no minor or major errors. Inexcusable - I'm in at 1.17 and yesterday at 1.01. If I'm correct there will be big pain for a while but if no significant P/L impact will recover or there will be a bid. If I remember correctly Supergroup had a couple of pretty big accounting error RNS a couple of years ago and now they are back close to all time high.
The 2,000 shares sell at 11.12.47 was my BUY not sell. Been picking up shares over last few days. The price deserved to be hit by the error admitted to in the rns but not by this much. There may be a few more days of hurt but this is a fundamentally good business which should recover a good % of the fall over time. Just need to be patient.
Maybe 2016 was really listening and has sold some of his holding - HA HA. Not surprising really given lack of news, direction and ability.
No he did not comment on this point.
Chumba - Yes blue checked shirt. I asked her to elaborate on ducking the question of cash or lack of it. You will appreciate the other presenters dealt with financials and answered questions from the floor in a detailed way. Given Kin situation you would think she would have attempted to try and allay fears with some clear info. Did not help when she introduced herself as someone who used to 'program robots'. Pity someone did not program her with more useful info before she arrived. Hope your let recovers quickly - I guess you need a Wellness App.
Presentation last night confirmed the same with the addition of 1.8 % held by directors as I mentioned last night when I got back
I went to the company presentation last night . Knew nothing about this company but may well invest now after hearing of their good story and progress. Seems they are getting pots of mew approaches to use their skills and good repeat business. £ in the bank to allow expansion of capacity and appromately 12 treatments suject to deals/royalties if they come good - so risk is spread. Seems they have established a one stop niche to work with and assist bios who do not have their skills. Will read a bit more today and then buy a few to tuck away. Good to hear that even tho' share price was depressed at time of recent fund taising they still raised all the £ they neede for the forseeable future rather than rasing less only to clme back latwr for more.
Yes. Michael Hunt gave presentation of numbers and where they are in trials. No new news here - more reiteratonn of plans on track and plenty of £ to move this on and a generally positive summary to date. He did not duck or swerve any questions and I feel more relaxed having attended. No reference or questions raised on depressed share price.
2016 I hate to say this but I agree with you. There is some rubbish posted on this and other BB's. ... and on this one you are posting most of it. I really would love to know your agenda but not sure even you do!
2016 that is totally disrespectful . I asked a question re cash burn which all of the other companies dealt with in their presentations without asking. Its Obvious to deal with financials before being put on the spot. So why should I worry about being thrown out for asking such a question? I went tonight to see for myself rather than just reading negative comments on this and other boards. Were you there - if you were you know how poor she was - if not then is it not reasonable for me to post my honest opinion havjng lost a few quid and finding no confidence after hearing the new strategy. Shouting down honest opinions you do not agree with destroythe benefit of boards like this. I am open to listen to opposite views presented in considered way but thats not your way is it?
Went qto the Proactive Event. Anna was on third. Excellent Presentations before her - Renueron and Abzena. Then she gave one of the worst pie in the sky presentations I have ever heard. The audience seemed to switch off and the questions afterwards were very weak. She seemed to avoid a question on currnet cash burn which I raised again to which she said she is always looking to improve sales, when I persisted I got another similar answer. Basically avoided any real world questions. Later Kin chairman who was at the back of the room said cash burn this yr will be less than last yr - well that is really encouraging! He was also unconvincing on cost of sales - referring to tracker devices they have in the cupboard if customers want them? Anyway my worst fears have been confirmed but then my near £5,000 investment is now worth £78 so may as well stay in until they turn out the lights!
Re Board shares you are wrong . Its 1.8 per cent
Sorry it is Thursday not Wednesday
Cannot see that this has been mentioned here but KIN making presentation in London this Wednesday evening along with a couple of bio companies - see link https://www.proactiveinvestors.co.uk/events Presume they would not be doing this if all is lost
Just to say the small trade for 1,250 at 11.14 was my buy not a sell. Think it may fall a bit further and I will average down with further purchases. This holding is just for some interest and maybe a little profit if I am lucky. This company needs a real shake. Every statement accompanying poor results is the same and lacks the imagination and realism which illustrates the tired old management. This is not only Mr Marks but also directors such as Neil Williams who I think has also been there for over 20 years and has been part of the many rises and falls over that period. Lets hope the more realistic lower share price increases the chance of some action here. Long overdue. All in my personal opinion of course.
steadyaswego - I worked there a few years ago and was part of one of the many cullings of senior staff/directors which have happened over the years. The issues with the company were the same then with consensus of opinion unacceptable and if you did not agree with the boss you were out and blamed for the issues you were trying to resolve. So too long ago for sour grapes but I have personal interest that this form of management has continued and I would welcome change. There is no way anyone is going to pay the sort of price that would be acceptable to Mr Marks and that is why I cannot see a deal on the cards. I am sure the next set of results will continue the poor trend and it would be good if this was a catalyst for change/negotiation but I doubt it. Again just my option but based on seeing the issues close up.
Worth £ 150m ?? Nothing like that in current format. They have lengthy expensive leases for shops running at a loss. There are quite a few dogs in the labels/brands they run. Also Mr Marks has always resisted change (and advice) and I don't believe he is going to change now. He would see it as more of a personal insult to sell out for the sums mentioned than to continue to sail this old ship through ever more choppy seas. All just my personal opinion of course.
It would be good for someone to give Mr Marks a run for what is left of his money. He has fun this company as his own personal fiefdom since flotation in the 1980's . Majority owners who want to act in that way should never go to the market. There has never been any consideration of external investors and there has been a succession of failures over 30 plus years where he blamed the board and management at that time and replaced them, made massive write offs only for the same to happen again a few years later. Funny that only one person has been there through all this and who has avoided any personal responsibility/fault in this - it is always someone else's fault. So time for a shake up - let the fun begin !! Personal but informed opinion of course.
Hi Bongo 5 - I don't think you have understood this correctly. The Options first of all have a long vesting period (in tranches) and the grant price is the current price before the rise this week. So if the directors exercise any part of the option when it becomes available to them they will only make the differnece between the price then and the Grant Price - so they have not been given £ 90 m of shares and a lot could happen beteeen now and when they are allowed to exercise. The gain on exercise is taxed simlar to salary under PAYE. So a great oppertunity but also an incentive for them to work to get the price up over coming years which is good for PI's too.
Not sure if this has been reported here before The Plus500 directors, which own 33.6% of the company, have unanimously approved the bid. There were specific provisions incorporated in the company's articles of association to cover certain aspects of the Takeover Code, including a provision that no one is allowed to take a stake of 30% or more without the consent of the independent non-executive directors. So seems other bids could be blocked ?