Member Info for Mog24

're £13.2m funding...'

As everyone knows, that loan is ring-fenced for capital investment and cannot be drawn down for working capital. At the AGM in July, the FD has even then hesitant about committing to a year-end cash figure. She offered '£2-3m' when asked but when someone challenged her, because the estimates had been for a firm £3m, she changed her mind and agreed it would be £3m, but wasn't convincing.

Yes, they have a huge order book. Yes, the customers are supporting them. This isn't new news, the mgt has been saying this specifically for months. But, they are burning through cash and despite improved (but unquantified) yields, they cannot make a profitable product and cost per unit is simply too expensive. After two distressed fund raises in almost 12 months, expect a third but it's anyone's guess whether they would be successful.

The primary reason companies go bust is due to lack of cashflow.

'Waiting for this other half of the TR1' - what other half? The number of shares hasn't changed, only the value. The % holding has halved due to the price fall.

Completely agree. The list of major shareholders on SCE's website hasn't been updated since 28 June so should be taken with a hefty pinch of salt. Yesterday's TR1 reflects the beating Odd Asset Mgt has taken as their 33m shares now valued at half their previous 5.1%. As before, the company is burning through cash, problems manufacturing, and a dreadful indictment of the management that they need skills training - can it survive?

Just because a stock has fallen 90% does not mean it cannot halve again.

New non-exec Chairman, Andrew Kitchingman, appointed with immediate effect.

Thank you for sharing your opinion and the information below. Having met with Bundred and the CEO of Hardman, what do you believe is the likelihood of management taking a CID facility and building the resilience you describe? Was it considered in a positive light? Speaking personally, I agree it would provide quite a significant degree of reassurance to LTHs.

I'm not whining. I'm offering a perspective and some details which may or may not be helpful to others. Similar to you, I sold out before the placing and bought in afterwards so was quick enough to make the best of a bad situation. There's no need to criticise anyone who may not have been as fortunate. Courtesy costs nothing.

A Zeus research note dated 19th July states the following: Revenues Q1 £3m, Q2 £1.6m (known), Q3 looking for £5.5m and Q4 £7.4m. These are challenging numbers. Pre-production engineering revenue of £1.7m is going to be reflected in H2 so it may be split between Q3 and Q4. If production has doubled since the beginning of June and is continuing, and, say £850k is recognized in both Q3 and Q4, output of £4.65m in Q3 and £6.5m in Q4 would necessitate c.£1.5m pcm Q3, improving to £2-£2.2m pcm in Q4. Getting those sums out of debtors, if that is the case, and into the bank will be key.

Scrappage of 25% means production capacity of over £20m minimum has to already be available to meet the year-end number of £17.5m, which is no longer part of a range but a target. Bundred repeatedly said that £20 capacity is already available and it’s the basis for the brokers’ models so meeting the numbers needs either headroom on capacity and / or a significant reduction in scrappage. Zeus is using 17% in Q3 and 14% by year-end.

Bundred was taken aback by the volley of questions about scrappage, asking where they had come from and saying, ‘Thank god this is my last meeting!’. To which we can only agree.

Year-end cash of £3m is forecast but I noted that until she was pressed swiftly by someone else present at the AGM, Isabelle Maddox initially said ‘£2-3m’ before emphasising £3m so there was some doubt in her demeanour and the final cash number may land towards the lower of that range.

Time passes slowly as an investor when you want updates and more clarity. From the AGM, the search for a replacement Chairman is down to two candidates with an announcement ‘hopefully’ by the end of Q3 and then we’ll be waiting for the interim results and a TU.

Ref the projected share price range, those are pence, not pounds.

Does anyone know the date of the AGM and the address where it will be held? I'm planning on attending this year.

Management finally addressed shareholders' questions, concerns and anger although it took Bundred an hour into the presentation to acknowledge the anger and bitterness which many have expressed. On balance, it's less likely the company will become insolvent, which was my major concern and I have made a modest investment today having dumped my holdings nearly a month ago.

They've lost all credibility. The CEO has to go after this.

To the contrary, POG is not crashing. It's pulling back after having had a healthy run.

I forwarded the original HL message to the Takeover Panel and they contacted me about it. Interesting now to note that HL are backtracking. Perhaps the HL employee that made the claim that it came from Shanta Gold made an error.

CeeD, 'Hindsight is a wonderful thing' as my old mum used to say. I was as gutted as the next of us but we had little control being in nominee accounts. They've won this time but karma will bite them on the backside one day, whether we hear about it or not.

Best of luck to all. Onwards.

Thanks for clarifying. I did wonder if that was the case. I'd love to see the result of the first vote...

It isn't private yet so trading is still possible. PIs who don't want to hang around can give up a fraction of a penny to get out and invest in something that's hopefully better. It's x-divi so you'd keep that.

Number of Voting Scheme Shareholders who voted: 84 For, only 37 Against. Aren't there more than 37 of us on here alone? (I accept that not everyone may have voted against in the end.)

83.52% For, 16.48% Against

It's gone through!!!