Member Info for Ravenswell

The irony of the statement from the RemCom .. who " regards long term incentives as an important part of the remuneration of members of the leadership team to align them with shareholder interests" beggars belief.

This stain on the UK market is a poster child for executive enrichment at the expense of shareholders.. Like his predecessor, SK is wildly overpaid for his dismal performance - and shareholders are again being tapped up. SK is clearly shameless but @Ken Lever - you should do better.

If I had any shares I would be surprised and grateful for someone paying 13p for them ... This is not a going concern - it's just having a slow and painful death. The sticky recurrent customer contracts have a base level of profitability if absorbed into a larger book so the management, admin and sales overhead could be removed... so underlying asset value .. 3-4M maybe..? Quite sadly though - I'm certain what ever outcome lies ahead, the executive leadership's interests will be way ahead of the shareholders. That has always been the purpose of this investor wealth destruction zone.

Why would anyone put money into this? Perhaps to ensure there is cash to pay the well deserved severance for its hard working executives who haven’t yet extracted the full compensation opportunity ? Shareholders surely have a little more to give..

There's nothing odd about it, just entirely consistent with past performance.. Why keep punishing yourself @Pearls?- . Even if the tech was special once, (and no sales evidence there ) - NO enterprise can buy it today because it's just doesn't pass the risk / value test. Thats why the only deals are renewals.. and are only going to stay that way.. No more silver to sell, cash burning, no growth, deceptive management behaviours on guidance.. I thought share price would be 5p by now .. so are clearly some believers still out there - but the tick tock of time and payroll cant be ignored for ever.

Remember 22p is the point at which SK would actually lose money on the (small) money he put into the business - as he benefited from a free matching share gift from the other shareholders for every one he bought.. So call in a favor to puff up the stock so he’s square and all he has to do now is make sure his exit settlement is suitably respectful of his seniority, industry track record and all round importance - Job done! Or maybe I’m just being cynical??

Duh .. what else was ever likely? The 55p raise was a triumph of hype over experience, and 17p a share today is wildly optimistic for a business that shouldn’t be trading as a going concern. Asset sale for maybe $5m by April ..?

But surely no one can honestly be surprised? - every RNS (for ever?) has either been kite flying hope, or a masterclass in obscuring / misleading information. This is a company with a product that doesn’t sell (and is now completely superseded) - but fronted by showmen. It would have failed a long time ago if it hadn’t been able to suck in investor capital. This time last year when they abruptly changed the guidance was the low water mark of their trustworthiness - but nothing has changed since. They can’t borrow, they can’t raise .. (at what price would you give them more money?) … utterly hopeless and a stain on the Uk market.

Without dragging this out more than it's worth - for anyone to describe Q1 as "stellar" is frankly mind boggling. When you haven't sold anything then selling anything can be a very large % increase. The actual number was still tiny and was substantially ONE deal for a UK retailer - and in true WANCRAP fashion is very hazy about revenues. Q1 marginally slowed the rate of sinking.. outgoings still exceed incomings, and since then (and entirely consistently) performance has tested even your naivety. I love this discussion because it is a fantastic demonstration of cognitive dissonance / Monty Python's dead parrot joke... Despite every evidence to the contrary (250m of sunk investment, -3 consistent years of retched performance, terrible management behaviour over guidance) and even when it enters administration, I see nothing will convince you this particular parrot is stone dead!

Its the "..there's a lot of demand for it.." line which cracks me up - just ahead of " This is a fast growing business, it is just not obvious yet" ...

@hastings Your track record speaks for it's self - you are indeed spot on. Pearls' track record also speaks for it's self but for entirely the opposite reason! Their capacity for (self) delusion is extraordinary.. or maybe they are a paid service - resolutely polishing the t**d to draw in more victims to the stock. Can you recall any of their predictions that has ever been anything other than 100% wrong?

The product has never sold, even when this company was viable. Today, there are plenty of other alternatives and no business is going to establish a relationship with a supplier dealing in its core data, which is arguably insolvent. No wonder therefore they haven't been announcing NEW deals .. just a few renewals where presumably the cost of change makes the risk worth continuing - and as those figures HAVE shown.. for little or no incremental revenue.. you can imagine how desperate the negotiations must be,

But also ask yourself, do you really want to be a shareholder in a company with management behaving this way towards you.. (SK guidance behaviour last year, chronic smoke and mirrors with announcements..) SK is as much a buls*** merchant as Disco Dave .. based on his approach to communication. I suspect his only concern now will how he can extract himself. Call me cynical, but I expect that unconditional share option plan also has a cash payout clause in the event of him departing.. He won't leave poorer ... unlike shareholders in WanCrapata ..

The sinking ship is still sinking - as previous post pointed out, the implied revenue per Q is tiny, and that doesn't even mean real cash received - which is what will be much more scarce. Don't think there is anything else they could feasibly sell to defer running out of working capital so 2-3p valuation based on residual customer contracts being the only "asset" anyone might pay for when the cash runs out in 6? months..??

The apocryphal phrase about the definition of madness being doing the same thing and expecting a different outcome surely comes to mind!

This sh*tSh*w has been utterly and depressingly consistent in its failure. Whilst I'm sure there is another messiah available and happy to drink at the trough of executive remuneration - SK won't leave poorer than he arrived - there comes a point where any investment appraisal would suggest there is more chance of a return from a 3 legged horse winning the National than this use of people's precious capital.

A lemon is a term used to describe the experience of something that looks appealing but proves useless or sour once you’ve got it. The US even passed laws known as "The Lemon Laws" which protected consumers from buying defective products. The link for Cirata shareholders may be a little close to the bone!

Keep wearing those rose tinted glasses @Pearls.. They need people like you to keep believing that its not a bust, investors graveyard despite the accumulated evidence of 13 years and £250M of sunk cash..

Looking at the RNS wording, it's a renewal / replacement of an existing (fusion) contract - which is what HSCS was I believe - and from previous announcements was worth c$1M per annum .. Putting 2&2 together .. this most likely is the renewal of the HSCS contract for about the same annual contract value.

As usual - WANCIRA spinning lead into fool's gold!

I maintain my view that it is almost impossible to sell their products to any new organisation - irrespective of the tech, since the corporate risk is too great.

@pearls Are even your rose tinted glasses starting to clear?

Why is it perplexing? This is completely consistent with the company performance for ever; shocking performance, well remunerated executives and destruction of investor funds! This apology of an outfit has consumed £261 MILLION of shareholder's cash. HELLO...

Hope or delusion is all there is!

(unlike the guaranteed stock options for SK which come every quarter without fail)

So just recapping, the performance targeted options he previously had are going to be missed, (which if you believed his promises back then were pretty undemanding anyway) so the RemCom changes the target to make them easier.

Plus "no performance condition" options are being added presumably as he can't be expected to live on the ridiculously low salary and bonus the company pays him (In case anyone was wondering that is sarcasm). Or perhaps the emotional distress of failing so badly.

This company continues to define new lows in both delivery and corporate governance. Why would he leave the gravy train as long as there are gullible shareholders and malleable NEDs..

@hastings .. Indeed .. but they don't publish actual revenue (except when they have to!

13 years unbroken track record of overpromising and under (never?) delivering.