Member Info for Hopeful89

On 1 December 2017, the Company provided estimated information on its expected cash resources position over the following eight weeks. The Company's unrestricted cash position at 31 December 2017 was $4.1 million. After SG&A, one-off costs and production expenses in January 2018 the Company expects its cash balance at the end of January to be approximately $2.0 million. The Company's monthly cash burn rate, excluding production costs and one-off costs, and reflecting cost-cutting measures implemented to date is approximately $1.2 million. The Company has been able to extend its cash resources beyond earlier forecasts by renegotiating its production commitments, delaying the start of production in China, improving payment terms, reducing its running costs and the delayed realization of certain liabilities. The Company remains committed to further reducing its overheads and continues its efforts to monetize certain historical assets where possible. Taking into account production costs and known one-off costs, based on the information available to it today, the Company currently expects to have sufficient cash to continue operating through the third week of February 2018, although this date could vary depending upon the outcome of ongoing discussions with third parties, including manufacturing partners and alternative sources of financing. The Company has received positive feedback from trials undertaken by a number of potential customers in North America over the last few months and is in discussions with several Fortune 500 customers who have expressed an interest in the pallets. Notably, a leader in a North American specialty food sector has agreed to roll out ELIoT pallets in their supply chain subject to the pallet meeting KPIs throughout the implementation. The Company continues to advance its discussions with potential funding partners and customers in order to progress the business. The Company continues to take appropriate advice as it explores the financial and strategic alternatives available to it. The Company will provide further updates as and when appropriate.

On 27 September 2017, the Company stated it intended to confirm, subject to securing the necessary funding, a 12-month production forecast for its Chinese contract manufacturing partner, Zhenshi, by the end of November 2017. The Company today announces that it has not yet been able to secure the necessary funding to confirm this forecast.    The Board remains confident of the Company's ability to obtain funding upon receipt of purchase orders for ELIoT-enabled smart pallets. This follows positive feedback received from trials undertaken by a number of potential customers in North America over the last few months and discussions with several Fortune 500 customers who have expressed an interest in the pallets.   ELIoT-enabled smart pallets contain an integrated device that allows pallets to be accurately tracked and traced, thereby significantly improving efficiency and security in the supply chain.  Production forecasts for ELIoT-enabled pallets, including production in China and Mexico, would be confirmed following the signature of such contracts with customers.    Financial Position Update   The Company's unrestricted cash position at 31 October 2017 was $9.4 million.   After SG&A, one-time costs and production expenses in November, the Company expects its cash balance at the end of November to be approximately $6 million. The Company's monthly cash burn rate, excluding production costs and one-time costs, remains at approximately $1.4 million.     Taking into account production costs and known one-time costs, the Company expects to have sufficient cash to continue operating through January 2018.  The Company continues to advance its discussions with potential funding partners and will provide further updates as and when appropriate. The Company remains committed to further reducing its overheads and continues its efforts to monetise, to the extent possible, certain historical assets.   

RM2 Interna onal S.A. ("RM2" or the "Company"), the sustainable pallet innovator, today announces that it has appointed Strand Hanson Limited, the Company's Nominated & Financial Adviser, as its Broker . Theinforma oncontainedwithinthisannouncementisconsideredtobeinsideinforma onpriortoitsrelease,asdefined in Ar cle 7 of the Market Abuse Regula on No. 596/2014, and is disclosed in accordance with the Company's obliga ons underAr cle17ofthoseRegula ons.

An AIM-listed maker of plastic pallets faces a cash squeeze after a series of blunders by an all-star board of directors, including the scion of an international brewing empire and the former bosses of Marks & Spencer and Diageo. RM2, which invented a plastic pallet that is stronger than wood and can be tracked around the world using a microchip, has burnt through more than £130m since listing on AIM three years ago. It had reserves of $2.7m (£2.1m) at the end of May and was forced to tap existing investors, including the star City fund manager Neil Woodford, for $20m in June. At its current cash burn rate, it is understood RM2 will be able to keep the lights on for the next nine months, but it does not have the funds to buy new stock. Its existing stockpile is not enough to fulfil the large volumes of orders it hopes to receive. The situation is acutely embarrassing for RM2’s high-profile board, which is chaired by the beer magnate Ian Molson and includes ex-Marks & Spencer boss Lord (Stuart) Rose and former Diageo chief Paul Walsh as directors. Molson, who chaired the executive committee of his family’s beer company until a 2005 merger with rival Coors, said an attempt to manufacture the pallets in-house had been a “terrible mistake” and admitted the “decision to take the company public had been problematic and premature”. RM2’s shares closed on Friday at 6p, having floated at 88p.

Big drop today . Hoping it's not bad news in the pipeline