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If we don't survive for another year at least the rogues who got us into Vardar don't get any more money. To adapt an old phrase, if we didn't have bad news we'd have no news.
Well done BoD, we now have a company with 3 major assets!, worth less than £10m. How are we going to fund the development of any one of these assets, let alone 3. Appalling.
I think the creditors are overseas companies so difficult to pursue. They also hoped to sell a redundant factory in Sunderland, not the most desirable location. Property assets are also notoriously illiquid, as any house seller will know, so a quick sale is unlikely anyway.
I'm not quite sure why the company had to say today was the last day to sort out finance as they have cash until end March. The usual wording in such circumstances is to use phrases such as 'near future' to give some wiggly room. GLA.
So the BoD has lied, possibly but make your complaint to them not me. I just copied what they said in a public statement.
Neil, yes we are aware of that para. My point was to dispute what Rebs had posted. I agree insolvency is a risk and therefore the BOD has to say so. Insolvency, as with a financing deal, is not guaranteed. Looking at the accounts the only reason for insolvency would be cashflow. Hopefully they can resolve that in the next 28 days.
Rebs, do not actively mislead. I'm copying the statements from the company RNS of just a weeks ago. They have cash until end March but identify solvency problems going forward if new funding isn't achieved.:-
Whilst the Company's cashflow model shows positive cash balances to the end of March, the Company's Directors are becoming increasingly aware that certain contracted cash receipts may be withheld, therefore bringing forward the date, absent any further funding, on which the Company can no longer solvently trade.
The Board continues to believe in the quality of Saietta's products and the compelling market opportunity and accordingly remains hopeful that a solvent solution for the Company can be found. The Company will continue to look at all financing and other strategic options available and has a number of discussions ongoing.
1p would suit me fine as that's my average now. I'm not by nature a gambler but AIM don't half suck you in. What's the adage, sell in May and go away. Should be sell in early Feb and go to bed.
Neil. You may be fair enough to offer your congrats if this company rises from the dead but I wonder if NicName will. No doubt, if it does all go well, he'll say he was only joking and actually bought in and is now a millionaire! PS, my original investment that I valued a week ago equivalent to a Big Mac might be worth a proper fish and chip supper.
I can get a quote for a sell at .38p but no firm quote for a buy
Nothing on the company website either. Maybe a 5pm lousy RNS or next week.
Looks like it, I'm assuming Dean Stevens Wealth Management. Themselves or on behalf of someone? Hopefully something brewing.
Neil. COPL is in a very different situation to SED. They have a £130m loan which the lender wants back but has extended the death sentence to 8th March. SED don't have any major lenders and none, so far as I can see, are shouting for their money back. SED still looks to be viable, however the mood music very much says otherwise.
This is like the day after a massive storm, all quiet but looking at the wreckage caused the day before and asking if a rebuild is possible.
Not news we all knew this yesterday, including the price.
Yep, but only 2000 shares so not worth getting excited about. The same purchase went through a couple of days ago. Doesn't make much sense.
agreed sono***un. been caught by conversions in the past, eventually its a death spiral.
Yes according to their 23 accounts, £29m net assets, a mix of tangible and intangible assets (and £7m cash), some of which must be IP and protected patents. Accounts and reality are not always closely related of course. 23/24 must have gone horribly wrong.
Not all bad, according to the latest Rule 8 notice, Philippe Lenoble sold 2m shares today at £0.50!!!!! They're quality these big investors.
Live price to sell, just over .5p. Looks to be moving up.