Member Info for Portoly

From a garbage website to absolutely no advertising, RMS have successfully snatched defeat from the jaws of victory with the mask venture. No leadership, no vision, no nothing! I normally berate other negative posters but I am now incensed by this company and what it is doing with my £15k investment in it. RMS BoD wake the eff up and look around there are others competing, get your act together or resign. You’ve had a COVID killing mask since January at the height of the worst pandemic ever, and look what you’ve done…diddly bloody squat. Apologies to all other holders and posters I just needed to get that off my chest. I suffered a stroke on the day of the warrants GM probably because of this shower of amateurs and the previous thieves!! In Dr Cave I believe but God almighty this boat needs to be steered!!
ATB GLA LTH

All, get off your high horses about Dr cave’s involvement, we knew by RNS at the end of last year he was only an academic contracted from Nottingham Trent Uni for one day per week at RMS. TB made an enormous point about that when Dr C led a very successful shareholder revolt against the BoD, governance and the warrants issue.
Go back in time and re-read what was written then!
This company’s success rides on his intellect and ideas, however the company are failing at monetising them. Why? Because it is leaderless!
ATB GLA LTH

IMVHO we shareholders need to be asking the BOD to justify their wages. From what I see, the rewards are quite handsome but the revenue isn’t. What are they doing? Issuing shares for cash in the bank to pay themselves. That’s arse about face. Wages should be paid from revenue not share issues! It’s time we held them to account once again to properly motivate them to get their acts together and get these sodding products selling! Offloading gyrometric is throwing away good money after bad. Market the thing and get sales! Market the masks and get sales. Ah the key thing is marketing!
Come on BOD get your act together you’re barely a viable company at the moment!
End of rant!
GLA holders

What would be nice to see is Directors buying shares to demonstrate they’re backing themselves and the success of this company. Come on RMS BoD put your own skin in the game at least.

@lawrmyer.In response to your assertion of my delusion.
This board has been sef-harming for months. There are many good objective posters and then there’s the chaff…aileron and fusion boy who add nothing to the conversation except vitriolic bile.

The RNS’s weren’t perfect but better than we’ve been used to. gyrometric will be let go on shareholder approval but it is a cash cow to run by the looks of it but we’ll retain an interest in it until the shares in it are sold. The future is in nanotechnology and we have one of the smartest brains working on it plus he has influence on the BoD.
The negativity being posted her this morning may be the MMS shaking the weak to sell as this could go north today on that news and they want the shares to trade for their own profits and bonuses!
Let’s wait and see what happens. I remain a LTH sat on a 60% loss but have faith in the scaleability of the nanotechnology and the next six months at least.
All IMVHO and good luck all!

@myIPA, happy with your assessment
What I’d like to see is an RNS Stating a new credible CEO has been appointed alongside the outcome of the strategic review and he or she stating a clear and achievable vision for this company. I am confident in P2F and gyrometric but cloudveil is a bit niche. The complimentary acquisition they’re seeking I read as being complimentary to P2F. However shaft monitoring equipment is worth its weight in gold to shipping operators as being a marine engineer I know that the costs for putting a ship into dry dock to remove a propeller shaft can be in the region of several hundred thousand pounds. You’d commit the funds and lost revenue from downtime based on accurate diagnostic data so There is definitely a market for it there as opposed to just the wind turbines sector.
In addition the directors could do no worse than to actually invest in their own success and put some of their own skin in the game too. What better an endorsement?
Good luck

@MrMerlot...that’s some excellent lateral big picture research!
Thank you

Having reviewed the company's website I believe there is no intentional agenda to de-ramp the SP. We now have a large board with only JR's bio showing any signs of operations management. Most are probably displaced (TB is in Switzerland and PR was in France) so who is actually carrying out any assurance of activity on the ground? Dr Cave, an academic (as TB took great pains to tell us in the threat RNS of December) is only seconded for one day per week from Nottingham Trent Uni.
The new Board members are mathematicians and actuaries. What do they know about actually getting things working? However, they are experienced in corporate governance. GOOD.
I'm seeing a distinct lack of drive at the 'coalface', shoddy work practices and a lack of urgency hampered by a displaced BOD and COVID restrictions.
As I've said, they're dangerously close to snatching defeat from the jaws of victory and I'd urge them (and we know TB reads these) to take more of an active role in getting this sodding machine up and running. If they don't, then I will be asking them to justify their wages. Because, with current revenues of around £30k and a huge placing raising £5m, none of them are worth it and they're only along for the ride on this PI-funded gravy train.

RNS on 22 Jan 21: "Commissioning of the machine at BioCity, Nottingham, commenced this week but is taking longer than anticipated, as parts have been delayed in transport from Spain, and will extend into early next week, pushing back the start of production and reducing the number of masks that can be produced before the end of January."
RNS Today: "With commissioning due to have been completed over the weekend..."

Almost 2 weeks to commission one machine? We have a very slow operation. In my experience as an engineer in the forces and applying a bit of judgement, we are seeing how quickly RMS operate. The reasons for this may be varied but it is a good indication that dawdling is in their DNA. Let's face it, last year's revenue alone was only £29k and that was up over 220% on the previous year. However, expenditure was over £90k. Seems that this company are very good at paying themselves for very little output. Things must change.
What is now needed is leadership. With CV19 hampering efforts for on-site management and clearly the application of a COVID-safe working environment, are we fortunate that the HSE hasn't been summonsed to investigate the workplace?
I now call on RMS senior leadership team to do just that...lead. The RNS today is highlighting shoddy practices. During the commissioning masks must have been manufactured. Were any of those engaged in the commissioning actually wearing one of these COVID killing masks? What irony, as AV takes the trouble to mention!!
REALLY?!
Come on RMS! Buck up! You're not covering yourselves in glory and are trying very hard to snatch defeat from the jaws of victory!
LEADERSHIP! Show some!

@JP, I've been doing the same as you, reviewing past RNSs as this doesn't add up at all.
The 22 Jan RNS indicated commissioning was all but complete save for a few spares to arrive. Today's literally undermines that narrative. Are we actually seeing lies from a new BOD? I do hope not as expectations have been high now PR is gone and TB is only a NED.
If this new BOD have actually released this RNS to ensure we don't sell and therefore the warrants are voted down, they've gone about it in a very strange way. Willing to give some benefit of the doubt, CV19 is with us and these engineers are as susceptible to it as anyone else. However, P2F are manufacturing COVID killing face masks FFS! Surely, P2F must already have masks produced and be using them???
And that's not all either. How many Lemu engineers have been on site? The RNS states "2 of the Lemu engineers have tested positive." Were there more?
RMS really need to understand that the info they publish is the measure we use to judge their competence to run this business. I am not being left with a warm feeling today.

Come on BOD! Own up.
What is the £5m from the placing being used for? How much does a machine cost? Why do you need more money from the warrants?
Are there plans for more machines to be ordered? Are more machines already on order? Each machine on its own adds about 3-3.5p intrinsic company value to the SP.
Is something big in the offing?
I've voted against the warrants as I feel the money for more machines will easily come from the income. This is a highly scalable company and the multiplier is the machine. Not impatient shareholder dilution.
Just hold firm! I am!
GLA

Dr Cave started the shareholder rebellion against the pacing and the warrants as he wasn't consulted about its dilution effects as the only major shareholder. He also questioned the company's corporate governance which brought in two new directors plus AV was already on board. PR has now gone and JR remains. TB remains as a NED with no significant control.
I therefore think that what we are seeing is an unfortunate turn of events which is just a little too coincidental and very ironic. However, I cannot see this new board manipulating this as they hold no shares. What have they to gain? TB does but his holding is not that significant and he has really no say anymore.
However, 400m placing shares - approx 20% of the company - have gone somewhere and it's maybe those holders who are exerting an influence. A possible consortium of holders whose individual holdings are below the declaration threshold. If so, the corporate governance still looks woeful and needs to be challenged.
Whatever the outcome, we, as shareholders have the right to demand changes and we must do that at the next AGM. Unfortunately, the GM next week has been convened only to determine the warrants. But, if the warrants are being pushed then there is significant news on the horizon which makes holding on to our shares absolutely vital.
Remember it's all supply and demand. If nobody is selling, then there are no shares to buy and the price remains steady.
I'm sure our time will come. Stand firm, hold your nerve.
GLA

Many thanks to JP1959 for doing the work to capture the vote tally and good effort all posters for voting down these warrants. If, on here, the latest tally of 321m votes against the warrants is to be believed, adding those to Dr Caves 290m and we've got 611m/30% votes against. The 400m placing shares accounts for just 20% of the vote and I can't imagine anyone wanting to vote FOR the warrants except those privileged few who took the placing.

However, that still leaves approx 50% of the vote still unaccounted for and we must not be complacent at all. I'd like to think they are ordinary holders like us who don't participate here but who still think the way we do. Obviously, TB and PR are in amongst that 50% but their holdings aren't significant to sway this.

So, for those yet to vote, PLEASE VOTE! Doing so is hugely important and we have already made significant traction to counter this very unnecessary dilution made by an old BOD whose greed shone through loud and clear. I'd like to think that this BB's voting actions/intentions alone may actually have a positive impact on the SP this week too. Here's hoping...

Keep up the good fight with this shareholder rebellion and very good luck to us all!

...and Nathan at Egremont informed too.
Don’t forget to keep them in the loop too.
GLA

Done yesterday. 501799 votes against all four resolutions with Halifax.
GLA

All,
PR and TB have played a total game with RMS - and continue to do so - pocketing 100s of thousands of pounds plus salary and producing virtually no income. These options being exercised are the final 2-finger salute to us!
We MUST ensure the new BOD are properly incentivised and correctly remunerated by ensuring at least some shareholder scrutiny of share awards.
The current RMS corporate governance document doesn’t allow for it so we must change it.
When the GM is announced I would urge all fellow LTHs to press for a resolution to be put to the vote.
GLA

RMS should just buy-out all the remaining options and warrants from the £5m those two MADE us carry. Income is now just around the corner so why did we even need to raise £5m??? Unless, it was to underwrite the purchase of more machines ahead of income.
Come on RMS - give us some news, some that will counter TB's and PR's blatant deflationary tactics!

@Jarv, aye, probably them and it did take them two days to offload the last lot and to see us all off.
The only other major shareholder is the good Dr C and I certainly hope it's not him!
GL

It's muted because someone is offloading hundreds of thousands of shares which is suppressing the price. The last time that happened, when it was over, there was a steady climb into the close. Sit tight.