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11:12
BREAKING
Lateral flow tests for home delivery run out
Users of the online system to get rapid lateral flow tests sent to their home in England have also seen a message saying there are "no more home tests available".
The health department says: "The team are also looking at that. It's because we announced daily testing yesterday."
They added that people were being advised to go to local pharmacies where testing kits are still available.
Tricky - Sorry to disappoint you, but all future will continue to fund the NHS because it's too big to fail.
Indeed, the future looks even healthier for the private sector in helping the NHS by reducing its overload.
Thanks for your comments AJP. I am not intending to be controversial either. And you're right - my latest posts are somewhat pessimistic, although I would prefer 'cautionary', at worst.
I suppose when a Company and its advises appear so disinterested in keeping shareholders informed (following a negative RNS), one tends to make out that things are probably worse than they really are - apologies for giving that impression.
To be clear, I am a substantial LTH and have not traded, or sold one share. Having been an FD in a listed company, I am only suggesting what I would do, if I were in the position as JS.
I believe transparency is so important and when an RNS gives a timeline for an event to happen (eg. back to full production during December) I would expect a 'comfort' RNS to be announced during this month, if only to confirm (if it is the case) that everything has gone to plan.
Best of luck all..
When the SP falls without good reason, one tends to scrutinise more closely what has been said in previous RNSs.
Going back to the 4 Nov RNS, I have re-read the last paragraph, which now seems a little odd.
ITX is suggesting that some of the losses are 'expected' to be recovered from the roofing contractor's insurance company.
My commercial experience is that a roofing project is usually between the roofer and the landlord. Accordingly, ITX would have no contractual interest in the roofing project whatsoever. Unless of course (as is the case under UK law), the roof project was being carried out under the terms of ITX's lease and therefore payable by ITX, (being the tenant). This project could prove expensive! Perhaps the Board needs to clarify the situation.
Otherwise, I can't see why some of the losses would be recoverable from the roofing contractors insurers.
Of course, why a roofing contract is being carried out in October / November when inclement weather was always likely to disrupt, is another matter entirely and one which on the Board may wish to comment on.
dougherboy- I wish I could share your optimism on 2021 annual revenue of $4.5m!
Interims showed H1 @ $1.366 revenue, so I think H2 more than doubling @ $3.134m appears a bit of wishful thinking on your part. Especially with the previously announced revenue disruption from storm damage.
Uncertainty and doubt always requires clarification ASAP.
Frozen - totally agree, but unnerving nevertheless. MMs know that this share is only going one way at the moment. We need some reassurance from the Board that all is OK.
JS is probably asleep in New Hampshire (5 hours behind UK time). I wonder if Finncap has put in an early wake up call?
GLA
I have revisited the RNS of 4 November.
There was an important phrase used, which I initially overlooked with regard to 'lost revenues' from KEY customers.
It would seem that the storm damage seriously disrupted the production of its TSI322 polymer product and that there was insufficient finished stock to satisfy current orders from key customers.
The RNS goes on to say that (in view of stock unavailability) the Company 'will be working with its key TSI322 detergent polymer customers' in an attempt to convince them to buy an alternative TSI322 detergent polymer grade, which it does have in stock.
The use of the word 'grade' may be relevant here. My question is whether this alternative grade is an inferior one and furthermore, if the customers don't accept this alternative, are there comparable high grade TSI322-type products offered by (larger and more reliable ) competitors? If so, could we permanently lose those customers?
And on the decline of the SP, it says something when ITX's own institutional shareholders appear not to be supporting the SP at these low levels.
Worse still, Finncap seem unwilling, or unable to approach clients suggesting that ITX could be an exciting investment opportunity.
Let's hope there is some good news in the offering and MMs are short of stock.
GLA
Thordon - Always look forward to your research snippets.
However, not convinced that your latest article is relevant to ITX directly. We all know that itaconic acid has many 'green' uses, but on this BB surely we need to focus on ITX's trademarked products, otherwise could be seen as grasping at straws.
Only positive news releases from the Board will re-energise the Company's status as an investment opportunity IMOH.
AJP - I agree with you, well oversold. I was simply responding to biker888. You and I both know that the MMs have a habit of knocking the ITX share price on sales of as little of 100 shares - pathetic, really! GLA
The sale of 181,549 shares @ 9.40am today suggests some shareholders (traders?) don't reckon there is any good news in the offing!
I agree with a lot of what you say here - your commercial comments are sound.
However, before you cut Verney to the quick and give him a patronising dressing down on your definition of a US Vice President, all you had to do was refer to the RNS last January.
In that RNS, ITX made a big fanfare in announcing Helen Cane as its new Vice President, Operations. The RNS continued to state: "Helen meets our need for a SENIOR EXECUTIVE to DIRECT our operations as we steadily add more business"
So ITX's definition of an VP clearly takes on a more much important role than your suggestion that the one being filled by Mona Manning is that of a "middle manager" and then offering your stereotype assumption of her being "a young profession lady with a family to support, earning a modest salary with commission" - really?? And where did that come from, may I ask?
And the reason why she was 'unfortunately' named, as you put it, was because that's what ITX do - they have a track record of announcing appointments of their VPs. For what purpose and for whose benefit? - who knows!
I have run a listed company in the UK. One thing I learned was never leave shareholders too long with a negative RNS. I am not so worried about JS's credentials for running a business, if it a private one and where as a major shareholder, he reaps all the rewards of what he sows.
What does concern me is that in ITX, he is one of hundreds of shareholders, who should ALL be treated as equals. Yes, he does retain privileged information by virtue of his fiduciary role, but he should still be able to keep shareholders informed on a regular basis. For example, a positive update on production getting back to normal (when it does) would be a start.
I reiterate, what on earth was the rationale in the November RNS regarding storm damage?
Firstly, it was announced as a temporary disruption to trading and secondly, any resultant losses were to be covered by consequential loss insurance - so I have concluded it is a non-event unworthy of an RNS.
All the RNS did was to make shareholders perplexed and some have voted with their feet and sold up. Who can blame them?
Finncap must surely recognise JS's shortcomings in shareholder liaison. Perhaps they can now start earning their money by providing the advice they were appointed to give.
GLA
Verney - I couldn't agree more. One thing you didn't mention was newly-appointed Finncap's role in all this? They have become an enigma.
But in essence, JS has no public persona and there is an unfortunate unconfident aura about him, when acting as the front man in recent investors' presentations
Let's hope there is a big surprise around the corner - a positive one, of course!
GLA
I've said it before on this BB. Great products with enormous potential.
Unfortunately, JS appears to be running this enterprise as his own private company with little, or no concern for keeping his fellow shareholders fully informed.
Frankly, I could not understand why he went to the trouble of announcing the temporary halt in production caused by storm damage to equipment. Especially as he then went to to inform shareholders that the delay was only for a few weeks and that:
"Itaconix expects to meet all customer orders on time from existing finished goods inventories except for its Itaconix® TSI™ 322 detergent polymer, leading to some impact on revenues over the coming weeks."
Apparently, all losses from this storm (including those relating to lost revenue from disrupted TSI322 sales?) are covered by insurance, so what was the point of releasing this RNS in the first place?
The SP has now dropped over 40 per cent since 23 Sept, after the announcement of uninspiring interim results and then followed by the negative RNS on 4 November.
Like many shareholders, I was delighted with the appointment of high profile FinnCap on 26 August as the Company's advisers and even more impressed when the SP reached 10.1p on 14 Sept. However, since then the SP has disappointingly more than halved on its watch. Perhaps I was being too greedy expecting a less of a roller coaster movement in the SP.
Shareholders deserve more updates (good, or bad) from its Board, or the SP will continue to drift aimlessly.
GLA
Eddie - your quote: "YES, but It will only take ONE NHS Trust to change policy and start to cancel contracts for the SP to be hit HARD overnight."
So here's another analogy for you to chew over and possibly comment on:
From your favourite investment, TRMR - when announcing its Q3 results on 11 November 21 (with TRMR's SP @ 800p), its CEO stated:
"
I'm pleased to report another record quarter, the strongest in Tremor's history," said Ofer Druker, Tremor's Chief Executive Officer.
"
Yet, by 15 November the SP had dropped alarmingly to 640p.
To placate shareholders (and to minimise damage limitation, presumably), TRMR then gave an investors' presentation on 16 November.
Alas, all to no avail, as by 26 November, the SP was down (yet again) @ 560p.
The lesson to be learnt here is that often, there's no rationale as to why a share price moves - just put it down to market manipulation by the MMs - it certainly has little, or nothing to do with the intrinsic performance of the company, itself.
Frankly, given the choice, I'd rather be invested in TLY, despite being on an eye-watering PE of 177, but yielding a 1.5% divi, than in TRMR with an even more eye -watering PE of 477 and NO dividend.
GLA
Eddie - NHS - "One Single Customer"? That is where you are completely misinformed. The NHS is comprised of separate NHS trusts, all run independently within the umbrella of the NHS system. Each Trust is responsible for setting its own financial budget and has the ability and authority to contract with third parties.
I agree that if the NHS was TLY's sole customer, it could affect the SP - but fortunately, that is simply not the case.
Tricky - either wake up, or move on....
https://www.bbc.co.uk/news/uk-59030945
PS: TRMR -down again, 568p
Wacca - agree with your sentiments entirely.
The Board has a poor, almost non-informative relationship with us investors.
Having read and re-read several times the RNS dated 4 November, I would hope that sometime during the month of December, we get answers (in a follow-up RNS) with some reassuring information including:
1. Confirmation when production is finally back in full flow.
2. If (as was implied) the loss of revenue is due to a shortage of TSI322, what percentage of TOTAL company revenue is contributed by TSI322 sales?
3. Was the storm damage completely responsible for the TSI322 stock shortage and if so, confirmation that the resultant financial losses will be FULLY recovered from its insurers?
Still a great company..
GLA
Eddie/trcky - I was thinking more about your obvious annoyance in not taking the opportunity to sell TRMR on 10 November - you must be kicking yourselves! Instead, you've decided to show your frustration by kicking others, although I do cherish the thought of both of you doing self harm . Cheers!