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Zzzzz .....
I'd have thought an RNS confirming receipt of funds should be in order.
i.e. one on Thursday or Friday.
Mike1959 - thank you for your informative and helpful observations!
On the face of it Tharisa seems to have a very depressed / derisory valuation.
If I look for reasons it seems that the most likely explanation is Karo ?
The company plan to make a MASSIVE upfront expenditure on the Zimbabwe project ($391m to FOIM - first ore in mill ! ) in the short term with the objective of recouping this and more in the long term. The final result could be anywhere between spectacularly good to spectacularly bad and anywhere in between.
If it is not KARO
- what other explanations are there ?
If it is KARO
- what is the payback period for Karo ie when Phoevos talks about 'patient capital' how 'patient' does it need to be ?
- did the company need to proceed in this one 'big gamble' way?
BMN had 1.2 odd billion shares on issue when it it was last at 10p ( https://www.lse.co.uk/rns/BMN/issue-of-equity-and-total-voting-rights-te7nflp21gya4e4.html ). A further 1.2 billion shares have been added since.
Therefore to regain the capitalisation that it previously had at 10p the SP would need to rise to 5p. 5p is the new 10p.
The company rarely has been able to declare a profit (bar in exceptional and exogenous circumstances ). For the foreseeable it is drowning in debt at punitive interest rates. Realistically it is going to be in the company equivalent of a medically induced coma for years to come - regardless of what happens in the unfathomable and unpredictable vanadium market.
Basically BMN is a pariah with the legend 'UNCLEAN' tattooed on it's forehead as far as the wider investment community is concerned. Anybody who thinks it might revisit past glories any time soon now that it has been rushed to intensive care and hooked up to life support is deluded.
Mr Fanning has managed to trouser circa $14m in remuneration selling hope / tomorrows jam in the last eight years while the company and its share price have flat lined. Gift of the blarney and all that.
I’m not convinced his personal ideal outcome is other than to be permanently in situ being paid to either pursue deals that never conclude or fight litigation.
Further Industry coverage
https://semiwiki.com/ip/alphawave/339080-unleashing-the-1-6t-ecosystem-alphawave-semis-200g-interconnect-technologies-for-powering-ai-data-infrastructure/
AWE talk about their next generation pick/shovel for the AI gold rush.
"Alphawave Semi 224G Engineering Masterpiece" : https://www.youtube.com/watch?v=aBH6OJ3Ky7c
So 15% more shares tomorrow.
So wonder Craig didn't buy/acquire much at the recent raise and plans to spend less (eventually)
A new silent (I doubt if it meant to be) promo
https://www.youtube.com/watch?v=qFBFJaP5a9k
Re "I think bad news will get dumped at the next update"
Famous last words - personally whatever about good news I'm certainly not expecting bad news. I'm expecting measured sustainable progress. Otherwise the exceptional Q3 briefing (https://stream.brrmedia.co.uk/broadcast/651d3ef58fb8fe0aea8cc6c1/6570dbc55377ed13077fe828) in which new management went out of their way to calm nerves and the CEO stated "Fundamentally I believe that we have the basis of a really good business here" was wrong.
When previous CEO Malcolm Le May crashed the proverbial car whilst asleep at the wheel, he might have had a stress free experience but the screaming shareholders in the back seat were not so lucky. We don't need anymore shocks.
They certainly are at the forefront of developments the AI / data explosion arms race.
As an example of the intellectual horsepower available within the company here is an excellent presentation by Tony Chan Carusone their CTO.
"Co-Packaged Optics for our Connected Future" : https://www.youtube.com/watch?v=Xt-GY8Pkt6g
Mr Mc Cloud does like to wax lyrical about design integrity and commitment to the vision.
However I doubt this is not one of those episodes where he will be able to show case his grasp of superlatives.
Whatever the original ‘vision’ was it has long since gone out the window / been compromised beyond recognition. The project is in ‘salvage what you can’ mode.
If it survives Orion will do very well. With an eye on it’s survival Orion will be happy for SPR to plunder what they want. What is left is a busted flush / several years more pain going forward for the original Grand Designers.
As someone used to say “Just my opinion. DYOR”
Superficially this might seem as implausible but dig into and it is not. The phone is the tip of an iceberg. Watch a Millennial casually / flippantly scroll through a selection of TikTok videos. Behind the scenes a vast amount of data is being stored, filtered and when selected bounced around cell towers / networks.
The traditional bottleneck of information processing has been processing speeds. However with the data explosion the theatre of war has moved significantly towards data shifting. Without solutions processors will be idling waiting for data to delivered. Things get exponentially worse with the exponential growth in data and sophistication of that data. AI, AI assisted searches adds fuel to the fire.
The main two areas where improvements are needed in data shifting seems to be volume/speed and power consumption (the power consumption of large data centres can be measured in tens of Megawatts of which networking is a significant and growing proportion).
There are BIG opportunities for companies who can offer solutions that shift large amounts of data fast whilst in terms of protocols/wrap around smarts - deliver the data power efficiently.
AWE seem to be in the right place at the right time with the right toolbox. Time will tell. Tony Pialis certainly talks a good fight.
Typically the end of March. My guess would be March 27.
Mmm...
When asked at the interim's "Who are AWE's main competitors in the opto electronics space?"
Tony Pialis responded "Who else has great connectivity technology? The only other player that can implement PAM4 and coherent at leading edge is Marvell."
Was this
a) incorrect ?
b) correct at the time but no longer correct ?
c) correct at the time and still correct ?
d) 'An answer' to an imprecise question ?
The AI bandwagon rolls on with Google's Gemini announcement. One small step for Google (allegedly), one giant leap for mankind (allegedly).
Regardless as a 'pick and shovel' play for the AI gold rush things should be looking rosy from AWE's point of view (at their interim's presentation they stated "approximately 2/3 of our pipeline comes from AI or AI related opportunities" - https://www.youtube.com/watch?v=07A8Bpy4iMM )
Given the damage done by the waste of space MLM (who is still being handsomely paid up to the end of Jan 2024 BTW) and his useless lackey Neeraj Kapur, I'd like to think (famous last words) 'first do no harm' should be the approach going forward.
Incoming management has already flagged £60m of recurring annual savings starting in 2024. That should help quite a bit.
The 1.287B came from the last official announcement of 'Total Voting Rights' - but the company may well have been remiss about updating this.
In which case Total voting rights 1.557B -> 2.043B means there has been dilution of 24%
Total Voting Rights have gone from 1.287 billion to 1.773 billion.
What previously ( 1.287 billion) represented 100% of the company now represents 72.6% of the company so dilution of 27.4 %.
This is the first time I have seen dilution shares offered at a premium. The average price has been lifted. Quite bizarre. Is it sustainable ?
If I was Craig B.B Coltman I think I'd keep my powder dry.