Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
No they didn’t, they just didn’t take part in the placing.
I’m very happy to see Chang’s average if true because he will want at least that back and no doubt more. That offers some hope although he will probably continue to average down.
I think Andy Leeser must be BGF’s appointment but I can’t see anything in his recent career that gives me a lot of hope other than Sepura was sold to a private equity outfit. Am I missing something?
The substantive news blackout continues. As mentioned, why has the near term Ranger client not been announced yet? Who is the prestigious client offering COVID testing? What is LR doing apart from shafting shareholders and feasting in the trough of cut-price shares caused by his incompetence and misrepresentation?
What was the need for the radio silence before?
Not sure why we need to pay $2m to the former owners of Coastal Genomics for $4m of cumulative sales to FY23?
That wasn’t in the original acquisition RNS in August 2020. Any deferred consideration would not be payable this year or next according to the terms outlined in there. Targets were $4m for FY22 and $8.5m for FY23 so no chance of meeting either of those.
Have the terms been changed since?
I think this will be sold before September because I can’t see the Board wanting to face the anger and disgust of shareholders.
The AGM will be a spectacle and worth paying good money to attend.
Well at least Lyn is nearly in the money now given his average of 0.52p.
Swindler. Incompetent. Fraudster.
I cannot understand how he or BH have kept their jobs.
The Chairman is a wet lettuce.
I see LR is at the J.P. Morgan 41st Annual Healthcare Conference from 9-12th January in San Francisco with HJ and SS.
Come on Lyn deliver some big contracts or the sale of the company and all will be forgiven…well not quite but nearly.
I wonder why TF passed up the opportunity? Not good on face value. Could they be the strategic investor though?
Agree with your calculation Davand.
Did you subscribe to the retail offer?
It seems I got my full request under the retail offer so my average is now 2.74p.
I’m not happy but it seemed the only way to get something back and I feel the company will be sold at some point this year.
My average is not as low as the incompetent, venal, duplicitous directors however. I will never forgive them and am looking for the first opportunity to get out at close to my average.
I doubt it’s LR if he’s spending £200k on placing shares?
Oh dear…this is the calculation from the same guy who said no further funding was required…same credibility as the Board I’m afraid.
I’m subscribing to the retail offer.
I read it that only shareholders on 22 December can subscribe so will be interesting to see how close we get to the 333m.
Of course the current increase makes it even more attractive.
What do you mean what is your share allowance? There is no limit, you can ask for as many as you like, knowing £1m is the total limit.
The other point is the strategic investment. I’m sure this will be very welcome on many levels but at what price will it be and what will be the further dilution?
We have our lenders support…could mean anything, probably we have their support whilst we get the placing away and then the loan can be repaid.
I’m also wondering if we’ve breached our covenants with our lender and they are demanding repayment of the loan. This could be one of the reasons why the funds raised will not last as long as you might think.
The other concern is not just the impact of this catastrophe on investors, but the effect on the confidence of our customers and suppliers. They must be wondering whether we are a going concern and able to continue meeting their needs. This is a downward spiral. We’ve probably lost credit insurance, further undermining cash flow issues.
I really do feel there is some merit in suing the directors, but I feel even more strongly that the CEO and the CFO should lose their jobs. They screwed up and should pay with their jobs. They can’t carry on.
This is what was said on 3 November.
Totally wrong about EBITDA and cash. It’s a total shambles, misrepresentation and deception:
‘The Board is confident that it can further reduce operating costs to achieve positive adjusted EBITDA in the next financial year, and can exercise control over discretionary spending and working capital to manage the Group's financial position. The necessary decisions will be taken as commercial progress in the second half of the financial year becomes clearer.’
6 weeks later and we are on the brink of collapse leading directors to lend the company money and directors benefiting from cut-price shares whilst existing shareholders are burnt alive.
Disgraceful.
Should be live on Interactive Investor in the next few hours.
Do I stick or twist?
One of the hardest investing decisions I’ve ever had to make.
I would feel more comfortable with a new CEO and CFO. I can’t believe the institutions are allowing them to stay on.
They raised more money than they thought so they should be ok until Q4 23 and then there is also the retail offer money coming in. Question is why are they still burning so much cash and what will be the terms of the next placing?
Having said that I don’t think YGEN will be around for the next placing, I’m convinced it will be taken out within a year. The question is at what price and that also influences whether I stick or twist.