Unlike some I am a recent buyer of these shares so have not felt the pain of past acquisitions. The presentation did indicate that they have learned from past mistakes and are taking positive steps to a more profitable and sustainable future. They were clear that despite the company being well funded at the moment there will come a time when either taking a loan or undertaking an Equity Event will make sense to accelerate growth.
Most of the management have a small stake and one of the NEDs owns 11% of the company (I would like to see the new CEO buy a stake to show some confidence). With the cash on hand, I do not see them undertaking an Equity Event until the year end at the latest and they should have announced improved interims by then. If the share price drops much more with people being concerned about a placing there might be a trading opportunity?
The same level of profit as the year before Covid on revenue nearly 20% lower - there seems to be tighter control on expenses. Net Tangible Assets up nearly 7% over the year, and they represent approximately 100% of the current m/cap of £28.2m. Sitting on healthy cash of £8.3m to fund loans (which can be leveraged at borrowings costing 4%). Good management of arrears.
BAD - Some may be unhappy with the cancelling of the postponed dividend and the lack of clarity going forward at the moment. But with the plan to grow own lending it does make sense.
I do not see much movement in the share price either way. The Investor Meet comments later may provide more clarity... I personally like seeing the body language displayed.
Sometimes they have to do something because it was a manifesto promise; sometimes it is just fine to ditch the promise once you have the votes. Pensioners may get to find how it feels like to some in Northern Ireland.
RE: RE: RE: Planning Permission Approved15 Jun 2021 23:25
"Anything produced before then will be at prevailing market prices, Q121 is at 78p/th and Q2 is 50p/th
This is the best bit of news so far imo"
Q121 finished over 2 months ago when there was no gas to sell. Why would the price of gas when there is none for sale be "the best bit of news so far imo"?
The City will be in the firing line soon as well... Playing hard ball [Doris actually seems to be ball tampering?] with the EU about NI is not going to help the City keep access to Europe, even though they need the money and expertise.
Pensioners will probably be next /soon - after Doris spaffed on the family silver, the moneylenders' patience will be getting tested. The so-called Triple Lock was always going to be unsustainable and will have to be dismissed if adequate funding is going to be provided to the NHS.