Member Info for platoh

@gin

Assetmatch AIUI is a matched bargain trading platform. No broker, if someone want to buy shares in TRX you can sell the quantity they’re bidding for at the price they’re offering (or vice versa). That price is likely to be around 0.01p.

Thanks for the good wishes. I always regarded TRX as a speculative investment and it was a small percentage of my retirement portfolio, still, £30k hurts.

I voted 135000 shares against. Shame we didn't quite make it.

Luckily for me, TRX was only a small (the speculative) part of my portfolio, but I am still mad as hell. I would love to meet the previous and current management of TRX so I could thank them for their efforts in person.

Anyway, lesson learned, and best wishes to everyone on the board. Merry Christmas and a more profitable New Year.

Being cynical, one could interpret the strategic review as an attempt to find a buyer for a company that management knew was in a mess, and the accounting errors (irregularities?) as an attempt to make the company look more valuable than it was.

I have no evidence to accuse management of deliberately misleading investors, so I have to assume that management were woefully incompetent, but I find it hard to believe that they could simply have got so much so wrong in good faith.

According to comp@nies house he is a director of this company:

Torbay Pharmaceuticals, Wilkins Drive, Paignton, Devon, United Kingdom, TQ4 7FG

https://torbaypharma.com/contact-us/

He only resigned from TRX on 5th September. Good luck

It might be worth writing to various financial journalists: Financial Times, Guardian, Telegraph. Even a short article might motivate other PIs to vote, and if a newspaper thought there was any illegality, they could be a powerful voice in pursuing it.

The IIs hold a bit over 52% of the shares by my count, so unless one of them is against, it's a done deal.

I'll still be voting my 100k NO on principle.

Most important is the rule 9 waiver, AIUI. If there are enough votes against to defeat that, that's a big spanner in the works for Harwood.

This whole mess is either the result of incredible incompetence or, at a minimum, a breach of the board's fiduciary duty, IMO. I can't believe there weren't knowingly made false statements about the performance/health of the company.

To raise £5m, IIs are being asked to stump up ca. 13p per share they currently hold.

Can someone explain what will be left for PIs when those loans are converted?

Loans called in? Not good news whatever the reason.

Ice cool: I suggest you research loan covenants. We don’t know what TRX’s are, but there surely will be some.

If you look at the sequence of events, it doesn't really support the 'just incompetence' scenario:

-Company makes a leap towards reported profitability

-Company looks for buyers for the business

-Company realises no willing buyers are to be found

-CFO resigns on health grounds

-New chairman is appointed

-Major shareholder disinvests

-Company admits profitability was overstated due to 'accounting errors'

-CEO is summarily dismissed

This sounds more like management realising the business was in trouble and looking (in vain) for an exit, and IIs demanding new leadership to salvage their investments.

I doubt we will hear any more of the 4S strategy, I hope the new leadership will get control of costs and find a business strategy that works. I still think there is a viable business there, whether they can turn it around before running out of cash is the question. I hold around 100k shares, which is a smallish punt in my overall much more conservative portfolio, so I'll hold as long as there is hope. But I do wish I'd sold out earlier in the year when it was around 60p :-)

I had a nice dream last night too.

"Awaiting the Lombard holding RNS to drop below 3% in a few days time, then I expect a surge of buys from the sidelines."

That's a pretty clear prediction. We shall see.

New FD was already in the team before, no? Wonder why he didn't notice the issues with inventory earlier - or did he, and wasn't heard?

Lots of questions dodged; I'm not impressed.

5 million dropping has to be one of the IIs. I wonder who picked those up. Time and RNS will tell.

New chairman, new(ish) CFO - I would expect to see some kitchen sinking at the presentation, get all the bad news out there and create a new baseline to advance from.

I will be looking for any reticence or lack of clarity about funding needs, and any revision of the forward looking views given at the TU.

EBITA is not profit. I don’t think it is even cash-generative.

@Icecool

2nd December the share price was 58p, 9th December Lexham Special Opportunities notified the purchase of a 2.89% stake, ca. 2 million shares. Early January they increased their stake to 5.8% for a total of 4, 140,000 shares. No other II reduced their stake in that period. Share price remained flat throughout, and fell in February 2025 to 44p.

So I think it will take more than some II taking a stake to move the share price. Good prospects of rapid growth or, dare I say, even making a profit might do it.

My feeling is, the IIs are losing patience, would like to see a return on their investment, and are looking for an exit - hence the 'strategic review'. New chairman will have a year to turn things around, meanwhile the share price will be moving sideways absent any good news events.

I'm now wishing I'd sold out when the sp was near 60p last February, but was hoping for it to get back to the 2024 highs of around 70p. I can wait 6 months to see whether I get back into profit (at 47p!); if it doesn't improve following FY results I'll probably take the loss and find a more promising home for my money.

Interim results in September. If markets have settled down by then and the results show good progress, that could be a time to move upwards.

PIs hold around 20m shares, so there must be many thousands of them. No doubt many are frustrated with waiting and sell into any strength.