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TIDMSEE
RNS Number : 0306D
Seeing Machines Limited
23 October 2020
Seeing Machines Limited
23 October 2020
Issue of shares and total voting rights
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, annouces that it has issued 372,000,000 new ordinary shares of no par value each (the "New Ordinary Shares") to a well known US institutional investor, at a price of 4.10 pence per New Ordinary Share, raising gross proceeds of approximately US$20 million (the "Placing"). The Placing was introduced and arranged by Stifel, and was conducted at a modest premium.
The net proceeds of the Placing will be used to strengthen the Company's balance sheet and for general working capital and corporate purposes.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur and dealings will commence in the New Ordinary Shares at 8.00 a.m. on 28 October 2020.
Total Voting Rights
Following Admission, the Company's issued and fully paid share capital will consist of 3,737,214,374 ordinary shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 3,737,214,374. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Paul McGlone, CEO of Seeing Machines, comment: "This strategic placement is the first success in our strategy to attract new US-based support for the company and I believe this transaction will generate additional significant on market interest from more US-based growth-focused technology investors.
"This support represents fresh validation of our strategy and that the business is truly at an inflection point underpinned by Seeing Machines' world-leading technology and people. We are delighted that this placement, together with our other initiatives and business opportunies is expected to fully fund our current business plan."
Why did I open my fat mouth - maybe if I’d have said 3p it would have gone t’other way.
Still, the story hasn’t changed and this is a chance to add some more shares, which I am doing.
It was looking so good....
5p by Friday
I would love that to be true Terry, but I cannot see those timescales as being realistic.
Those valuations need a huge amount of booked future business, and, unless SEE have a change in stance with regard to NDAs etc I cannot see that happening, yet. They also of course need to actually have those contracts, which is by far a given.
Personally I would prefer to be around for 5 years to see true value creation and to see the story unfold. Meanwhile, a ten bagger by end of next year would be most appreciated.
Let’s get to double figures first... hopefully by end Oct, and then we can start dreaming ??
G’luck
.. And so it is not difficult to imagine that between 1-5 years we could see a $1-5bn company, if it is allowed to get there..
I think the forward looking statements in October will be key, or if a bit early then definitely mid 21 - especially if the recent announcements are embedded in future contracts, which I assume they are.
Good luck all
NS Number : 3247Y
Seeing Machines Limited
08 September 2020
Seeing Machines Limited
8 September 2020
Seeing Machines signs MOU with leading Semiconductor Company
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has signed a Memorandum of Understanding (MOU) with a global semiconductor company, as formal terms of engagement are finalised to license the Company's Occula(TM) Neural Processing Unit ("Occula(TM) ").
Targeting the expanding interior monitoring market for the automotive industry, this collaboration represents the third pillar of the Company's recently launched Embedded Product Strategy which has been set out to license Occula(TM) in ASIC form, to world-leading semiconductor companies for integration with any automotive compute platform.
Occula(TM) is a custom accelerator designed for integration into ARM based SoC's (System on Chip) for the purpose of accelerating Seeing Machines' software and to support ultra low-power human face, eye and body tracking. Licensing Occula(TM) to third party semiconductor companies creates additional pathways to automotive customers offering Driver Monitoring System (DMS) technology on a range of hardware.
Paul McGlone, CEO at Seeing Machines commented: " Licensing our unique IP in this way allows us to distribute our technology through major auto and technology suppliers onto complementary platforms. I'm delighted to see our Embedded Product Strategy coming to life, as we partner with large automotive semiconductor companies, creating new channels to market and addressing the growing integration challenges for driver monitoring technology faced by our OEM and Tier 1 customers."
...and they typically have air con too...
Whichever way you spin it, if he’s doing 2/3 interviews a year that the people who own the company will see, then do it in a professional manner. That’s not digging what he’s wearing etc but more the fact that the set up was complete ****e and looked amateurish.
I’m not being funny but SEE cd be a billion dollar company.. so wtf do they do such a good job at looking like A bunch of academics running a Masters project?
Come on... could you see Elon or Bill or Larry doing that interview? No. Never.
I just wish SEE would start performing To match their potential, not their actual.
Buy some shares Paul... there are simply no excuses remaining.
There is a difference between ‘glitz and glamour’ and being professional - this is a $150m company we are talking about.
Didn’t someone say you should present yourself as the person you want to be, not the person you are?
I always wanted to be a beach bum...
It’s called momentum, and SEE are experts at stopping it.
I think the comments are fair - it was a drab interview with very little to get excited about. The trading update yesterday was completely devoid of any information, except the money boost as a result of the $5m upfront payment and savings.
I keep saying it - they are supposed to be the market leaders in the hottest technology field around - even global regulation has delivered in their favour. They were 20 years ahead of anyone else and they have years of valuable Driving data. They should have all the patents wrapped up and companies knocking on their door to use them. They have early bird advantage and had a deal with the hungry caterpillar years ago....
So why, oh why, do they come across like PM looks - drab, uninspiring, distant and out of focus?
I just don’t get it... are they simply in the wrong part of the world to keep the momentum going? Do they have the wrong people?
I’m still confident in the product, but I’m not sure I’m still confident in the company.