Member Info for JRC1000

Hi Truro- it being the Company’s first involvement with the Export Guarantee arrangements has nothing to do with this department’s intransigence - regrettably it’s just a reflection of the Government’s general lethargy when supposedly supporting and promoting British business.

My concern is that I’ve been down this road before and it didn’t finish well. The longer it takes, governments and their priorities change, contacts change, competition catches up etc. Is it just the usual government department intransigence?

Time for a change of company name? Manyana Marine Systems?

Thanks, extrader. I wasn’t privy to the detailed

content from the AGM but, from what you say, such timescale expectations could account for the welcome movement in SP over the last few weeks.

Nearly 2 years is it Truro? Good to see the dedicated support being given to UK PLC by our political masters, especially when it comes to hard-won vital export orders.

Thinking back to the December presentation and expectations shared, we must assume that there must be an awful lot more ‘I’s and ‘t’s than expected in the Indonesian contract.

I was thinking more about surveillance capabilities when considering the threat to subsea cables

Has there ever been mention of business activity for Systems around UK, Scandinavia, Baltic, USA etc

Thanks, Truro. As you allude to, we are still very much in ‘chicken & egg’ territory as far as Market validation - we need payments to start proving abilities of scale but, as you say, I can well imagine doubts in a client’s CFO’s mind in releasing such large deposits/tranches. I’ve only served in large multinationals whose credentials usually dwarfed those of their clients, so definitely new, frustrating, territory for me.

From the webcast it seems we can reasonably assume a minimum of £350m of sales (all products) over the next 3 years. A 40% net margin would equate to net earnings of £140m or £47m pa. At a (very low P/E for the sector) of 10:1 that’s a valuation of £450m - 4X our current level. Is this the sort of movement we can expect once the first tangible systems payments are made?

I was hoping such an announcement would have a more uplifting effect on the SP.

So putting it bluntly - would there be any unusual factors which would deter the SP achieving £3 in the next 3 years (ignoring WW3, customer default, meteor strike, new pandemic etc)?

Thanks, TT.

Given what we’ve been through over recent years it’s difficult to get your head around some of the potential scenarios. Say £200m net from £1B suggests £67m pa over 3 years. A P/E of 10 would then suggest capitalisation of £670m compared with the current c.£80m. As I said - difficult to believe that such a transformation would be possible.

As a newbie poster (but invested long enough to still be ‘under water’), I presume there must have been previous speculation on possible margins on contracts. Seems like we could be looking at finalised contracts in the region of £1Billion over the next 3 years.

Perhaps to just confirm that reason and indicate the current position and what and when is being done to convince us that the Client intends to fulfil their contractual obligations. This seems like a ‘David & Goliath’ situation and we seem to have run out of stones!

Perhaps the Company would care to comment - it’s a relatively big drop recently for there to be no official view.

Why the big drop today?

Totally shafted ! It would have been nice to have been proven wrong for once, but no, the only unknown was who was going to do the deed. If this ticks up slightly next week I’m out.

I think we can expect our new CEO to be rushing to clear out the remaining accounting vagaries before the end of the month which must be viewed as the end of his honeymoon period. So I’m not expecting anything special results-wise, but more transparent reporting going forward.

So it was a ‘tails we win, heads we can’t lose’ from the start. POG save IRC by guaranteeing the GB loan whilst GB wait for the Company to turn around (without any liability) before benefiting from the sale of the vastly improved market value! You couldn’t conceive such a total rip-off!

Who said POG’s SP was linked to Gold. Gold down and Precious Metals sector was worst performing according to LSE today. Go figure!