Not really trying to put any spin on the situation, I'm just pointing out the worst case scenario. Hopefully it won't come to that. Perhaps I'm overly pessimistic, I spent much of my career producing valuations for IFRS purposes. The external auditors were often a nightmare bunch that would ask ridiculous questions (which made it obvious they were clueless about what they were auditing), thus dragging the whole process out to the 11th hour before they'd agree to sign off the accounts. I came to the conclusion they were more concerned with covering themselves than getting the job done right and in a timely manner.
That depends horse.mouth. If for some reason the auditors aren't happy to sign off the accounts, they may never come back. It's unlikely they would be able to find another auditor to take up the role given the circumstances. In that scenario, we'd likely have a lengthy suspension followed by the company losing their listing. It's get your crystal ball out time folks.
Actually no, the same rules do not apply during suspension. The company can of course choose to release news via RNS during suspension. However, they are not under the same obligation to release price sensitive information in the timely manner they are when they are listed and trading. The reason for this is pretty obvious when you think about it. The reason a listed company must normally release price sensitive information as soon as possible, is to meet strict exchange rules designed to avoid a disorderly market - i.e. some but not all market participants having knowledge or information that could give them an unfair advantage. When a company is suspended, it stands to reason that there can't be a disorderly market, as there isn't one. So long as the company releases any market sensitive information prior to a resumption in trading (so this can be just minutes before), they have complied with the rules.
Poor old Ham123 sounds a very bitter individual, bet they're fun on a night out! Perhaps they bought the shares I sold in Feb 2022 for £2.20 and have just sat there watching them drift all the way down to current levels.
Andrew99 - I think the share price will need to be around the 25p level to tempt me to top up my core holding again before close of play tomorrow, given the uncertainty of suspension. I don't understand the mentality of people like Ham123. You should be more loyal to your portfolio value than any share, and if that means trading a proportion of your holding, that's what you must do. It doesn't make you any less of an investor or less of a believer in the future potential of the company. It just means you have the ability to proactively play situations to your advantage. I was in this share from 2021 through to Feb 2022, when I sold my entire holding for £2.20ish, when it was clear to me it was in a downward trend. Imagine if i'd remained loyal to the share rather than my portfolio and I'd watched it slide all the way down to 20p - nothing clever about that! I didn't start building back my position until we were at about 40p and took some in the 20's, so I ended up in a much better position than if I'd held through thick and thin. With markets as they are at the moment, you need to take every opportunity that presents itself.
Never good to be heading into a suspension situation, I've been there before! Quite unusual on this occasion to get advanced warning though. On one hand, I'm pleasantly surprised by the reaction, as I was expecting a much sharper sell off. I guess investors have got until close of play tomorrow to try and sell though, if they're feeling nervous. It wasn't easy to get a quote for any quantity though. I am committed to this share but decided to try and be smart this morning by hedging my bets, so sold 15,000 at 35p, whilst retaining my core holding. My expectation was that we would go into free fall and I'd be able to buy them back before close of play on Friday for considerably less. Perhaps I've misjudged the situation, although I suppose there's still plenty of time for people to offload yet!
I for one was expecting an RNS today, confirming that all resolutions had passed at the AGM. I'm assuming of course that all resolutions did pass. Did anyone on here attend the AGM?
Meanwhile, the share price remains in bargain territory. SED is already my largest holding but at these depressed levels, I'm considering options to free up capital from elsewhere to increase my holding. I'm rather hopeful that once the company has revealed its hand and announced that they are going to be a key supplier to the likes of Mahindra & Mahindra (probably), we'll be fairly valued. In the not too distant future, I hope to be looking back and wondering why I did't throw the kitchen sink at this one!
Also, for anyone that's interested. If you go to google maps and simply search for saietta vna, some recent photos of the newly refurbished factory (complete with illuminated Saietta signage) have been linked to the address. If you look on street view, you can see what the factory used to look like before refurbishment. I think it was formally a rubber products company.
A little surprised by the market response to today's update. We seem to be heading in the right direction to be EBITDA positive in early 2024. The company have streamlined their activities in order to take advantage of the most lucrative and near term way forward, which is serving the LEV market in India. They have confirmed that the factory in India is already in production, which looks very positive in terms of generating immediate revenues from serving the major client. They are having to keep the identity of the major client under wraps until they have launched their new product line, but I am fairly convinced it must be someone like Mahindra & Mahindra. Once this is officially revealed, the scale of the opportunity we have to supply them will be acknowledged. As for the Propel brand, this sounds a fairly positive development too. It looks to me like Saietta could end up partnering with an established outboard/inboard brand, which could be huge.
We're on target to have the highest daily volume since 2 August. We've already exceeded the volume in 16 August, which was the day NUKEM topped up their holding. I'm half expecting a TR1 on Monday.
Volume seems to have picked up a bit this afternoon all of a sudden. A single trade for 1,000,000 at 13:04 too. Perhaps we're on the turn at last. We have become ridiculously oversold of late.
AaronTyrance21, how come your post is a carbon copy of Agricore's post of 3 August?
Their top-up would have set them back around £170,000, so not an insignificant amount in my view.
I take some comfort from the fact that NUKEM, who were already a significant shareholder, decided to load up on shares on 16 August at around the 14.5p - 15p level. The MD at NUKEM sits on the Polarean board! If he saw value at that level, it must be a bargain at this level.
Don't forget that the company is conducting a live presentation at 10:00 am on 15 September for investors. Hopefully this will provide some confidence that we're on a path to profitability. I'm booked on and looking forward to hearing what the new CEO has got to say.
An orchestrated tree shake if ever I saw one, designed simply to shake out the weak. Just look at the size of some of the buys. 9:56: 10,000,000 and 10:00: 7,500,000. Plenty of other large buys too. We'll soon be heading north again once the patient investors have filled their boots.
Taiwan already is China. Its self declared name is ROC (Republic of China).
No Unclejim, you're not reading it correctly. The timetable states that construction starts around the start of April 2024 and that production starts mid August 2024.
Having given the matter more thought, I think that the least the BOD could have done (in the interests of transparency) is set out the old 'performance conditions' versus the new in the RNS. I don't think it would be too late for them to do that now. If anyone from the BOD is reading this, that's a hint for you to demonstrate how open and honest you all are!
Yes, the spread is large today. I'm not sure there's much difference between getting it wrong and a failure to perform, but I know what you're trying to say. Let's not forget that the business is pre-revenue. I think I'd rather they started making some money before they start diluting me too much by handing out large tranches of shares to staff, simply for turning up to work. At the very least, I would expect that two conditions must be met. The first being that the company is cash flow positive. Secondly, and on the back of the company becoming cash flow positive, it would be nice to see the share price rise to the IPO price of £1.20 again before any more confetti shares are triggered.
But I suppose this is the wild west of AIM. I just thought that Saietta was different. I live in hope!