Member Info for Kooba

So the shares effectively go ex on the 9th of April close

You will not get the monies from the company in your account until earliest 25th April so will likely not be able to deal in shares subscribed or have the money to reinvest for that period.

Most administrators tend to make those rules but individual cases may vary.

I have liquidity to buy in whenever suits after the 9th April depending on the price..so i may make some presumptions on what is accepted , but i know it will be a minimum of 38.5% even if i decide to tender my whole holding but at the right price happy to actually increase overall exposure.

Think we are officially told of the outcome of the tender by the company on 11th April so folks should know where they stand from that point even if they have to wait for the cash.

Still going to be interested in what they say with the interims next week ..time to change ones mind if any real developments .

Boulters the company is valued close to its cash backing and recently was valued at that cash level ..18p per share.

They are buying shares back using that cash at a premium to that 18p.

That reduces the cash backing per share to 13p as there will be

£26m cash left on balance sheet after the distribution with 200m shares in issue.

It’s possible that the organic business will jump in value on the back of paying cash out at a premium ..but I can’t think why.

The like for like cash and EV per share is nearer 16p-17p…will be interesting to see where they trade after the 9th April.

Currently could be being buoyed by new and existing buyers picking stock up hoping to get more than 50% sold in the tender at 24p..what they do with the balance we will see in due course.

Think its fair to say peoples situations are likely mostly different , though price paid should not be the defining decision making factor..things have likely changed for when folk bought in and one needs to look at where the company is now not then.

What happens to the share price post the distribution is also a point of debate and even if one looks at it on a valuation like for like basis that would indicate the shares trade lower post event there is no certainty to this either.

Personally i will be participating to an extent and will also be interested in buying back in the aftermarket at certain prices, depending on the interims results and the clarity the company puts on its commercial progress.

Page 9 is pretty fixed..it says intentions but is they should change anything in a document used for shareholders to vote on they would have to announce immediately.

https://wp-nanoco-2020.s3.eu-west-2.amazonaws.com/media/2024/03/Circular-final.pdf

Think the only person who would be allowed to tender and currently showing no intention to is the Chairman. The CEO and FD have firm company policy to hold equivalent of 200% of basic salary in shares both are well below that threshold and i think would be advised they cannot participate.

So answer would be its extremely unlikely there will be any change from the published document irrespective of any other events.

Funny thing is the heading on Cavendish note.

NANOCO*

Quantum Leap - Future market growth

Thought that headline, I’d seen before.

https://www.edisongroup.com/research/quantum-leap-2/18734/

7 years ago when the stock was 32p and mostly valued on delivering the targets not cash.

I have the note now .

Interesting again is the forecast revenue for current year.

The FD with the finals said £6m down to Samasung accounting

£2.5m for the r&d programmes same as 202..so aiming at £8.5m revenues.

We the then got the commercial order.

What are Cavendish forecasting for FY2024…£8.4M .

It seems guiding lower now than before the order!!

Going to look through in a bit more detail later.

‘Kooba - It’s an application hearing - I’m not a lawyer and could easily be wrong but I don’t think that’s a “Full Monty” court case just yet?”

You are right i was just aware this was the first time it had come to court and commercial court advised that it is being held today in person.

https://www.gov.uk/government/publications/business-and-property-courts-rolls-building-cause-list/business-and-property-courts-of-england-and-wales-cause-list

More details now up on website.

So a sort of mini trial with arguments to see if it proceeds.

10:30am

Court

Application hearing

Hamoodi v.LOAM

Richard Pearce sitting

29

PP Thanks for heads up will try to get a copy. New shop , new note..again since they are in a paid role this is viewed as marketing material. Odd timing with the results out so soon.

Loam in court today facing Mr Hamoodi who is alleging they dealt in the market whilst they had a board position and had information not in the public domain. See how that goes.

It’s not his company ..it belongs to all the shareholders.

2 of the NEDs are also taking money out.

Look maybe he is desperate to buy a holiday home or make provision for his family , who the hell knows.. but they bandy around transformational inflection points and the massive short term opportunities and potential ramp up in production and being in the best financial position ever to get the IP commercialised ,just odd to head for the first exit at this point at what is still a modest premium to the cash value . As to creating a liquidity event that was likely a more tax efficient exit for large private holders ..then a tender such as this is far better for Pickett than a dividend. He was consulted!

Is reasonable to think Pickett certainly knows the size of the first commercial order and a fair idea where the sensors are to be used imho…whether he knows the ultimate commercial use case and the customer is another matter…the board as a whole still seem to claim they don’t.

He has made a decision and it is possible that other shareholders are better informed with the March 27th Interim results ..it should be possible through the smoke and mirrors to be able to work out how much this first order amounts to as it was received and invoiced during the first half. Since receiving the order though as previously mentioned the company’s paid for research did not adjust forecast revenues for the full year so it really might be quite modest.

*..so Pickett has made a decision…

Pickett total renumeration for 2023 £478k

Our Brian got a cool £660k

Source 2023 report and accounts page 77.

I’m sure they are hitting the vital KPI ‘s that have no impact on the share price again this year to ensure further

This in a Financial year where the shares halved and the company was still operationally loss making this is very comparable to some ftse250 companies that are actually afforded some enterprise value rather being valued at likely less than cash and fire sale value of IP and fixed assets.

It is entirely discretionary for all shareholders including directors ( save for executives where there is a policy commitment to increase their holdings to 200% of basic salary) so Brian has made a discussion whether thats part of tax planning or because he wants to reduce specific exposure who knows. But he has done quite well over the years in terms of taking money out of the company in renumeration when other shareholders have seen poor outcomes and value erosion.

If he believes the company narrative of mass consumer device adoption and the ability of the company to deliver revenues from existing production facilities that will see this company making £10m’s of recurring profits in the next few years then whatever the reason selling a chunk now is odd.

Ngr i seem to remember you arguing that the shares would be the same after they had paid a special dividend ..several times. Along the lines of the shares will go up after they announce it by the dividend amount then fall back to the same level after. I never understood where that came from but you seem to be on the right page now.

The only thing that will lead to a rerating of the EV ii believe is demonstrating meaningful progress in commercialising materials and seeing a build up in recurring and sustainable revenue levels…not mechanisms around returning cash to holders.

There will still likely be an adjustment post tender ..less so than a straight dividend.

Hamoodi Vs LOAM in court tomorrow no remote access.

In person only ..trying to find a way what goes down.

Being held

https://www.judiciary.uk/courts-and-tribunals/business-and-property-courts/commercial-court/circuit-commercial-courts/london-circuit-commercial-court/

Nanonano I would agree , there are also very different skill sets in being an FD at a mature company like scapa and renold and being a CEO of a hopefully dynamic technology company that even after over 20 years is still really a start up pre revenue enterprise.It appear BT has a very limited network in the sector and some but not all shareholders are lacking confidence that is clearly demonstrated in the company valuation. Hopefully the new independent Neds will have a fresh look at where the company is and the skillset necessary to maximise the company’s potential and rebuild confidence and trust in delivering on a strategy that puts shareholders first.

Not sure what difference the length of time holdings makes..a shareholders is a shareholder and whether you bought and the company failed to deliver value 5 years ago or 2 years ago makes little difference in the validity of your opinion now.

If you want to move on from the Samsung debacle ….i suggest you do or we’ll be going through the whole thing again..in circles..not agreeing.

Good weekend ..hopefully some good rugby again..I hope George North has a great last international , outstanding for Wales and the British Lions.

Not sure your curiosity is anyone else fault.

I find your absolute unquestioning defence of anything this company and management does odd and at times rather annoying ..but apart from trying to evidence alternative views i tolerate it !!

There are frequent examples of ignorance , lies and abuse on these boards and others ..most of the time this is one of the better and informed boards i find.

Got my options voted on now..went early as i doubt i will view things another way in a few weeks time.

You have the option to ignore ..so either stop moaning because you don’t like what someone posts or pop them on ignore. Not difficult choices if you are getting that upset.

Yes NGR it is a liquidity event for the large holders ..correct.

It’s still his choice whether he thinks this is an attractive level to sell 38.5% of his holding though ..