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Goodbye JR - your last act was to admit the award of too many options to PR and TB!

Hello Antony and Alex - best of luck to you.

Good luck to all fellow LTH!

Ladies and gentlemen, we have a PRODUCT!! Congrats to all who've held tightly!
Now for the machine and we're off.
GLA

@Bullmarket, I do hope so. It looks to be the first publicly published sign that the new directors are taking proper control of this company. Today I am now more hopeful than I was before Christmas. I just hope that nothing more damaging is unearthed. If so, we'll just have to weather that storm if it comes.
Hold tight and good luck.

@Taverham, thanks for the spot.

I've re-read both RNSs and I am fairly confident that today's RNS was an admission that an 'error' was made in calculating those options as a proportion of in-issue share capital at the time.

Also, as we've become accustomed to, it's another indicator of poor quality information in RNSs. If RMS's AIM admission document required RMS not to issue more than 5% shares as options, then no RNS should state "approximately." Directors and Investors should know the exact amount of shares in issue so they too can report when they hold shares that cross certain thresholds.

The 10 Nov 20 RNS stated that the options for TB and PR amounted to "approximately 5%" of the issued share capital.

Today's RNS corrected that and stated "over approximately 5%" of the issued share capital.

Therefore, it appears that someone has been reviewing the company's financials etc and spotted this 'error'. For transparency reasons (as one would expect from a company with investors), an announced correction needed to be made. Today's RNS was that. However, interestingly within it, JR distances himself from the original decision to award the options - he wasn't part of it and we'll need to look at the remuneration committee to see who was - but is forced to state today that he considers the decision made at the time to be "fair." If he hadn't, much more would be made of it and we don't need that, not now.

And in RMS's corporate governance statement, the remuneration committee were...wait for it...TB and PR! (follow the link and look under Principle 9).

https://www.remotemonitoredsystems.com/wp-content/uploads/2019/07/190725-Remote-Monitored-Systems-plc-2019-Corporate-Governance-Statement-updated.pdf

Whichever way this is cut, it appears that documents are being reviewed. This is excellent and probably because the new directors do not want to be legally held to account for others' mistakes.

IMVHO, all indicators from today's RNS are that proper governance is now being exercised. As I've stated already, we may see more of these corrections as more is uncovered and we should be prepared. And, I'd prefer them to be before the real news than after it.

All IMVHO and GLA.

Further to my post earlier, I have just sent this email to Nathan at Egremont....

Dear Nathan,

With respect to the upcoming general meeting of RMS, can I please ask if any consideration has been given to a vote on the composition of the board of directors? A resolution normally enacted for an AGM and one which is overdue.

With the recent new appointments to the board to tackle the corporate governance issues highlighted by Dr Cave, I’d thoroughly recommend that this be given favourable consideration if not done so already. This will allow all shareholders the opportunity to vote and convey a strong message in support of Dr Cave’s actions, carried out just before Christmas, and which he carried out on our behalf.

JR will be either forced to seek re-election to the BOD - which we can vote down, or he'll be forced to resign beforehand.

GLA

@Bestmate. Absolutely delighted for you to share it but maybe tweak it to incorporate other posters’ observations on it as I unintentionally placed the word “over” incorrectly.

As an afterthought too, we may be in for a few more RNSs like these as more becomes apparent to the new directors. Better it happens before real news than afterwards IMHO. Hard to take, yes, but necessary I believe. PROPER Corporate Governance is beginning to shine through.

GLA

The 10 Nov 20 RNS stated that "Under the Company's existing share incentive scheme as set out in the Company's original AIM Admission Document, options granted to subscribe for new Ordinary will not exceed 5 per cent. of the Company's issued share capital without the prior approval of the Company's Shareholders."

Operative statement in that is, "will not exceed 5%."

Today's RNS states in the first paragraph, "This [9 Nov] Option Grant represented options over approximately 5 per cent. of the Company's total issued share capital at that time."

Operative statement in that is "approximately over 5%."

It appears to me that the new directors are digging through the financial management of this company and have questioned why TB and PR were granted in excess of 5% of the total share capital as options when the AIM admission document stated that no more than 5% of the share capital would be made available as options to protect all shareholders.

Something's afoot and they've been called out.

PR has had to put his neck on the line here and state to the regulators that he considered this over 5% award as fair when it went against the listing document.

The new BOD are sweeping clean and uncovering all the shenanigans. Dr Cave stated before Xmas that he wanted improved corporate governance and now we're seeing it and we're seeing why.

I see this as a positive RNS in that context and we can now look forward to enjoying a more transparent BOD doing what's best for the company. As for today's SP drop, I put that down to maybe a lack of understanding about what was released and that TB and PR were mentioned by name. Yes, they still have interests, but no control.

Right now though, we need to use the GM to ensure John Richardson is voted out too and I will be writing to Egremont now to request it as a resolution if there is not going to be a vote on the directors at the meeting (which there ought to be as we are bringing on new Directors and boards should be approved at every AGM...and when was the last one?).

All IMHO, DYOR and bloody good luck to us all!

@Maidit308 - nope, no laugh, I DEFINITELY do not want to see any more shares issued and for us all to be diluted again!
I want the BOD to issue dividends and to buy back shares from profits.
GL

@Homer55, indeed. RMS is multi-faceted and quite diverse. Mask revenue, if/when it comes, could provide the capital to scale-up and possibly move into more acquisitions. I'm hoping that the GM will give us more in terms of what the future for RMS will look like than just a vote on the warrants and to confirm the new BOD. By the way, if JR isn't stepping down, we may also have the opportunity to vote him out.
The annual accounts are also due so we should see those in the next few months. That'll be the BODs opportunity to really reinforce their plans for the company.
GL

@Homer55. Thanks my friend, I feel the uncertainty too. I do my research and do apply due diligence - the truth is in the RNSs. Agreed, orders need to be confirmed but Volz would certainly not be investing if there was not some form of demand signal. And, an investment in a machine has also been made. Time will give us the answers but the indicators, from the RNSs, are promising.
GL

@Oocanibe, don't get me wrong my friend, they aren't, but they could become so in comparison to masks revenue. The scalability of masks production demonstrates significant near-term potential versus time for nanotech development and its cyclical (seasonal) application.

...and I also meant to mention the potential for dividends.

Has anyone considered what RMS will do with the millions of pounds per annum profit from one machine's production? And, what about the recent placing and its £5m raise? I'm sensing more machines on the way and potentially a share consolidation. Cloudveil (intelligence services), Gyrometric (engineering longevity into rotating masses in wind turbines - very niche) and P2F's other nano tech are but side shows to masks if this takes off.
With a GM looming, I for one am definitely voting down the warrants but I also want to know the future direction of the business. I'm really hoping we will be expanding production throughout the year to become a major manufacturer. I just hope they take the opportunity to tell us their plans at the GM.
We're on the very edge of being part of something quite special here I feel.
GLA

Sorry, I don't agree. There is no market without sellers and buyers. Without one, there isn't the other and the price would have been a flat line all day.
So, if they are all sells then why:
a. Has the price been supported at 2.40 since 1030?
b. Have there been price variations up to 2.43 and then back down to 2.40?

Someone is buying, we're just not seeing them.

Every day is a school day so if I'm not seeing something, I'd be happy to be corrected.

Thanks @ Honestopinion.
Also, a whole load of large trades came through late yesterday. I'm reading them as buys (possibly placed as NTs), as the RMS market wasn't that fluid and the MMs had to find the shares slowly from the low volume to satisfy the orders. That indicates to me the sentiment and where this is headed.
GLA

RMS has approx 2 billion shares in issue and yesterday's traded volume was around 100 million. That's only 5% of the total shares so, 95% of the total shares in issue were gripped very tightly yesterday and I'd guess it was only day traders who set the momentum downwards judging by the size of most of the trades yesterday (10s to 100s of pounds worth as apposed 10s of thousands worth). When this peaked back in Nov, the volume was almost 500 million shares.
We've been far lower than this so let's just hold our nerve, ride these troughs and await the news. It will come.
GLA

A new email has just arrived from Nathan with a revised table of brokers and proxy voting options.
GLA

Buys are definitely showing as sells on here. I added 230,761 at 09:46:15 and it's showing as a sell. Grrr!
I've also just emailed Nathan Ahmed to inform him of my new holding to vote down the warrants. Makes sure you do too!
GLA

It now looks fairly obvious that shareholders have been right in the calls they've been making concerning the goings on and possible SP suppression. I commend all those on here over recent weeks who have stuck out their necks to open our eyes to it. And, especially to Dr Cave for picking up the gauntlet for us all and making a difficult challenge to the BOD. Thank you to you all.

Merry Christmas and here's to a good New Year for us, RMS' investors. And stay safe...COVID killing masks may, at last, be just around the corner.

All IMHO and GLA

@Trickynk
John Richardson's name was on the bottom of yesterday's RNS. I'd assume it was him as Executive Director.