Member Info for shandypants2

I think if the new govt which is pro green do something radical e.g. copy France's approach and make it compulsory for car parks to put solar on their flat roofs, then companies like EAAS will suddenly be in the spotlight.

Similarly making the planning rules easier will surely benefit things like EV charging points etc.

It may take time but i can't see any negatives for EAAS

I must admit i wasn't overly keen on the longwinded payment terms allowed for the sale of vigilante, especially as the interest was at a 'mates rate' of only 4.5%.

However, now the dust has settled at least the money is finally coming in and this will give the company the ability to go for larger acquisition targets.

At 31/12/23 we had net cash of £1.73m and i think the first of the 10 instalments started in March 2024 of c£450k each (so 2nd one was June 2024) and today we have been told the £1.3m (was it a deferred loan note?) has also been paid.

So with today's £1.76m plus say £400k in March and the £1.73 in bank on 31/12/23 i estimate the cash in bank to be around the £4m mark.

Pretty impressive for a company valued at less than £10m, and this will continue to grow by c£1.3m for each of the next 2 years.

As we know cash is now key. Can we get to breakeven before we burn through the cash we have?

Looking at the last few RNS it states we had $13.9m on 31/12/23, then $10.4m at 31/3/24 and now CEO states around $8m at the end of May.

So in the 5 months of 2024 $5.9m has been spent, or c$1.2m a month.

If we extend this for the entire 12 months of 2024 that's c$14m and all the money is spent.

Now clearly we are hoping that revenues increase so the cash burn per month is reduced, however, thus far this is proving harder than we would like and the cash burn hasn't slowed down in the last 2 months which you would e3xpect if prescriptions are increasing.

Therefore, you can now see why the extra $5.7m is required, a mere 50% of what is a pretty nailed on payment, it is just the date when this is received that is unclear, and has been pushed back a few times. For AOP it is a no brainer. If they don't get the payment it converts to a standard loan at a high interest rate.

I am not expecting great H1 prescription numbers, but fully expect Greg to claim how great everyone is performing

If they did Vine that would be the equivalent to insider trading. That info had not been released to the market.

As the 5p placing was done at a c25% premium to the SP at the time surely anyone seeing value could have bought on the open market.

What an awful deal and just sums up this BOD. This is IMHO a clear sign that the revenue growth is not on track, else why do this deal. No doubt CEO will get a bonus for this when his 2024 remuneration is published

Look fk face he had 47m shares and sold 26m leaving 21m. Yes it is more than 50% we know, however, he is still a big investor, is he not? To keep stating he sold the 'majority' of his holding is just stupid and pathetic.

If you have followed this company from the early days and not the 40p range where you clearly got burnt you would know that from the Open Orphan days Cathal put a large chunk of his life savings into buying the company at c5 to 6p.

He even joked his wife wasn't very happy with him.

He has now realised some of these shares at a decent profit. The secondary placing was at a small discount to the current SP at the time (c30p i think) which is standard for a large placing. He sold more than he originally intended no doubt as he knew it was the only opportunity he had and demand was clearly there - is that not a positive?

So take this red flag and put it where the sun don't shine.

Yea, the moment we have a decent RNS he comes out with all his red flags. So tiresome.

For balance yes the chairman did sell a % of his shares in a secondary placing, but he still owns 21m so is clearly heavily invested.

Also who cares if the cash is down slightly. It is well over £30m so is clearly very healthy and clearly kitting out the new facility will incur costs - yes i know much of it is being paid for by client(s), but not all of it.

Maybe, but all PI have been royally shafted.

If company value is not being recognised then delisting is merely throwing your dummy out.

Unacceptable for a company that only listed a few years ago.

My birthday was recently on a Saturday, a Moon card arrived on the following Tuesday. The same happene dfor father's day the week after.

This is the issue Moon has - expensive cards and at the mercy of Royal Mail who seem to be unable to operate efficiently.

I notice my mail gets bulked together and i often only have 2 or 3 deliveries a week.

Receiving a card late is unacceptable.

Taverham - councils are broke atm and increase council tax by the max 5% every year anyway so its not as if these costs are not going up already.

Pensioners are already 'suffering' from the tax threshold freeze. This is a tax cut.

No pension pays NI as it's a working tax to pay for pensions (in theory) and this will not change.

IHT has been frozen for years. I've just paid over £100k on my dad's house last year and unfortunately my brother has recently died too and it looks like we'll now have to pay over £200k on his estate which was mainly inherited. We are not a wealthy family.

Taxes are at an all time high, yet labour are the problem! Unbelievable

Rachel Reeves will be chancellor and has the backing of many business leaders. Very few business leaders seem to be supporting Sunak.

I can see a positive bounce if/when labour get in

Comek2 - totally agree re the placing price - with so much partner support was hoping for c5p, however, you need to improve your maths. 300% discount!!! 5p to 1p is c80% discount (and a discount can never be more than 100%)

Yes, very disappointing SP, not helped by the time it took to compete the EM sale. However, with an immediate £17m cash on books after paying off all debts (and potentially another £8m to £10m) having a market cap of little over £20m looks very cheap.

I was a little disappointed when the sale was finalised that the RNS in Jan 2024 included details of a bonus for the BOD. No issue people receiving a bonus but this should surely have been at year end and as part of the success of the company. It could be argued that the EM sale was mainly a distressed one due to cashflow issues that the BOD were partly (mainly?) responsible for.

Anyway, looking forward the balance sheet is now healthy and the green space will continue to be a hot sector for years, perhaps more so with a Labour victory.

The BOD now need to show us that they can get the contracts to drive revenue growth. H2 2024 will be a critical period IMHO

Have to agree with Bantham an equity raise looks likely, and even if not, the impact on the share price will not be positive in the short term.

Look at POLX to see how not to handle a placing, and they have an excellent product that is FDA approved.

That share was 75p on FDA approval day but dropped to 50p on future funding concerns. BOD did a presentation to 'settle' the market and it dropped another 20% instead.

Despite having a couple of heavily invested strategic partners the share kept drifting down to c5p and eventually the placing was done at 1p.

Unbelievable you'd think, but unfortunately not.

Other than the many free shares Greg has been awarded for simply staying in his job he has never bought a single share and it is unlikely he ever will.

This is despite a very high remuneration package.

According to the accounts he earned a total of $835k in 2022 and in 2023 this increased to just over $1m.

The 2023 award in particular looks excessive. His basic increased 12% from $500k to $560k and he was awarded over $400k in bonuses. This is c70% his basic, and the notes state the maximum bonus was limited to 75% of basic salary.

How he could get 70% when he missed every prescription target by a country mile and then we had the debacle of the incorrect prescription numbers is a mystery and show you how pathetic the rest of the BOD is

Hopefully H1 has been good and we have continued the momentum from Q4 2023 (best ever quarterly rev).

For both 2022 and 2023 H1 resulted in a c£300k loss so even just breaking even this year would be a big improvement.

SAL don't often do a mid year TU but i suspect they may do if they have anything positive to say. Hopefully that we be the case this year.

A decent priced placing today at c25% premium to raise £3.5m.

Says there is an opportunity available.

Must be trying to buy part of RBG.

RBG has 3 brands - Revolution, Revolucion de Cuba and Peach Pubs.

I suspect Nightcap are only interested in the cuba brand. It's a better fit to their current bars - Revolution is a disaster and Peach Pubs whilst the best of the 3 is a gastro pub chain (which was bought for £16m only 1.5 years ago).

I though the 2 supportive US companies would ensure any raise was at a premium tot he current SP. This is not uncommon.

The fact they got this placing away at such a ridiculously low price, at a c75% discount on an already ultra low SP, reflects poorly on both the BOD and the existing shareholders.

Why would you buy out a c20p when you can probably get it for 90% less?

To argue it's a difficult time to raise is rubbish - only this morning Nightcap, which is indebted and loss making, raised at 5p when the SP was under 4p.

Essentially the BOD has just shown how out of their depth they are - firstly underestimating the time it takes to get sales over the line (STX has a really good iron tablet and yet they are still struggling 2 years on) and then announcing they would need a raise a year before it was required. Utter madness

The delay in the annual accounts being due to exchange rate translation seemed a little strange to me. I would have thought the 'going concern' wording will be the area causing delays.

In terms of the delay surely leave it a little vague e.g. accounts are expected to be finalised by the middle of May. By having a specific date means you must hit that date.

We do know about the lump sum payment - it is in the H1 2023 RNS from Sept 2023 - see below.

"In addition, the Group reports $4.3 million (H1 2022: nil) of other operating income, representing the previous deferred portion of the upfront payment from Viatris Inc., Shield's co-promote partner in the US, received at the end of 2022 and now recognized in H1 2023."

So this payment was deferred from late 2022 and so probably paid in early 2023. Even if we spread it over both Q1 and Q2 it is no longer in the annual Q2 2024 figures as this will cover the 4 quarters from Q3 2023 onwards . No doubt this is why they have only a small increase in revenues from Q1 to Q2 2024 as they need to offset the 'loss' of this payment.

As has been mentioned the Q3 revenue target is the big one as that's a big step up from Q2.

HarChris is spot on - listen to the guy. They haven't breached the new convenant (yet) but who knows what will happen in the future. Last year they told us breakeven in 2024, this was missed, there 2023 targets were revised down in Sept 2023 and still missed and now they won't even provide an estimate of prescription growth.

CEO tells a good story and loves talking up the positives, yet won't even buy shares as these silly prices.

We all hope STX can become a profitable company but it would be stupid to ignore past issues