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Shore & Finncap now bidding 30p... those that bought at 38-40p will be wishing they hadn't IMO, a loss making meals on wheels business, what's that worth? No where near £20m...

IMO It'll get hammered for the below sentence alone;

"First half revenues for the current financial year are expected to be below the £2.1 million achieved in the equivalent six-month period of the financial year ended 30 April 2021."

Full year expectations are for £27m!

Mr Frisby certainly did well getting the IPO away at £2 and disposing of a lot of shares, another 6 months and there is no way that valuation would have happened. Could be a tough spell ahead if logistics & supply chain issues are maintained, think next spring could be the time to buy in...

@Jupiter, I changed my mind when the interims were released, based on one simple fact;

- 14th June trading update said $190m of bookings but didn't disclose where they are from
- Interims disclose halfway down that $147m came from the two Chinese partnerships, having initially boasted of $490% growth in bookings. To me it just didn't feel right and therefore the valuation felt risky. Clearly a lucky escape given yesterday's events.

WISE, ROO, DARK, ATG & MOON are all established companies that the market understands, their valuations are aggressive and on the face of it AWE is cheap right now, but until the shorts start to reduce it's almost impossible to gauge what will happen next...

It's all about what happens at 2.30, this morning is a holding exercise IMO. At 2.30 yesterday the share price was £3.15, by 4.20 is was £1.70... will be very interesting to watch from the sidelines! If we see a sustained recovery then I'll consider taking a position

I was wondering how FOG had managed to avoid a significant rise given the movements in Gas & Oil prices... not anymore :)

This reaction is all about market cap, the price per share is irrelevant!

It's getting absolutely battered, which isn't a surprise given that it's still trading on 32x 2021 revenues. You can bury your head in the sand all you want, but the FT article has substance & there are many red flags. IQE trades on 2x revenue...

Also note that another RNS is due imminently re. the COV19-ID Kit, as per the July 1st update;

"Full clinical validation on patient specimens is required for regulatory registration and/or other emergency listings. The Company is optimistic that this can be completed successfully and is targeting CE marking at the end of September / early October, with prospective patient sample collection already underway. The Company is targeting initial product launch in Europe."

Suspect this will make a run back to the 40's in the next few weeks, can't imagine why anyone would be selling at these levels & it now has cash for the foreseeable future. The fact less than 20% of the open offer was subscribed for is also a good thing re. market cap & shares in issue.

You just have to LOL at companies which RNS 'undisclosed' milestone payments, but at the same time can put a value on the potential future milestone payments of $55m. The first milestone payment for LG Chem a couple of years ago was $2.5m, this one is likely to be the same. It's perfectly timed to act as a smokescreen for tomorrow's call. Unsurprisingly, at the current £300m market cap, the reaction is minimal.

Think this is one of my favourite investments on LSE right now;

"FRP is a resilient business, with a track record of growth regardless of economic conditions. We have a strong balance sheet and a structure that provides a good level of flexibility in our internal capacity nationally, allowing us to be well positioned to service an increase in demand for our advice from diversified sources."

In demand regardless of what happens with Covid, gas prices, petrol shortages, Brexit repercussions or indeed anything else that comes our way over the winter. The fact they pay a quarterly dividend is an added bonus!

Indeed, an entirely understandable outcome re. the AGM. Know what would have been smart? To declare a small special dividend and have the approval of it dependant on quorum being reached... Even after wasting millions on stock for DHSC they still had £77m in the bank with £18m owed back from HMRC. A 10p a share dividend would have cost them £7m, but as a sweetener to getting quorum / the rest of the resolutions passed it would have made so much sense. They just seem to have given up

Feel sorry for whoever bought 185,286 shares at 4.22pm, that is pretty awful luck.

The writing has been on the wall here for some time though, what is particularly striking is how small the placing is too. If they had raised £10m at a 50% discount then ok, but £2.5m? They used £2.37m in the 6 months to 30/06, so the money raised today won't last them long... finance costs in the interims were £1.7m by themselves!

@moonman1977, it's multi faceted and given the parties representing the claimants I certainly don't think it's ridiculous. The main accusations centre on around overcharging of consumers and breaching competition law,

https://www.catribunal.org.uk/sites/default/files/2021-07/1404_Courtney%20and%20Vermeer_rule_76_website_summary_270721.pdf

I look forwards to seeing how it unfolds.

@Canetoad, average daily volume in 2021 is 91k shares, so to be 20% down on 5 x average volume at midday is not tiny, it's a significant reaction.

What is very suspect is that yesterday saw 2 x average volume, even though the price closed up very slightly. Weird.

There is a further contingent liability in the form of an anti competition case against Govia Thameslink that is about to enter court ; https://www.catribunal.org.uk/cases/14047721-david-courtney-boyle-edward-john-vermeer

What are the odds of that case succeeding after today's news?

Ps. Any company that issues shares to insiders in a pre IPO round at 1p and then lists 3 months later at 8p a share is to be avoided like the plague

"I'm sure Beckham probably wanted his investment to be a bit more of a success than it currently is."

It's naïve thinking like this combined with a lack of research, that loses private investors money

At current level's he's 400% up on his investment, all the info is in the admission document.

"On 12 June 2020 the Company raised £245,735.29 by the issue and allotment of 24,573,529 Ordinary
Shares to David Beckham. These Ordinary Shares were issued at a price per share of £0.01 and were
fully paid up"

If this gets to 1p then it might be worth getting a few shares...

Cenkos have cut their 2021 & 2022 revenue estimates by 18.5% and reduced their gross margin expectations... suspect this has further to fall yet. I find it embarrassing when a new IPO misses it's first proper forecast. If they had pitched 2021 at flat vs 2020 in the roadshow what would the company have been valued at?

I read it as a cover to avoid the need for a profit warning... 2021 forecasts are for $60.6m revenue and $15.2m adjusted EBIDA, so they need a very significant H2 weighting to get there.

Interesting to see how the market reacts today...