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Been thinking that for a while now too. This happened with Hornby Models last years as AIM was costing them ~£400K per year. Given the current share price it would not cost much to go private. My question would be though, is it really worth it? Is Cirata a viable company anymore? There is no doubt SK etc. have given it their all over the last three years with not much to show for it. May be the best option would be to sell the IP and wind the company down.

CFO was on a fixed term contract. No doubt expensive, so switching to an internal Finance Director with much size reduced Cirata does make sense. Still, it would be good to have some positive news relating to Q1 sales. With what is going on in the world and the scaling back on AI hype, one wonders what the future is for a small player like Cirata.

The mind boggles…

To what end? I see no benefit in losing SK.

There has been no RNS changing guidance (yet!) so could positive news still be inbound?

Not sure what has happened to SK, this seems out of character. The SK I knew, was a serious busniess man who was focussed on results. One sees flashes of his old self in the Cirata update videos but then posting about lemon trees etc. on LinkedIn feels irrelevant and beneath someone with SK's pedigree. May be too much time in London has addled his brain. I get the world has gone social media mad but personally, when it comes to business, I prefer a focus on the basics i.e. vision, plan, focus, and execution.

I am also not convinced about SK’s non business LinkedIn posts. I am not sure what SK is trying to achieve by the posts apart from exposure for himself. It is not just SK, I believe there is far too much personal social media postings on LinkedIn these days, it is becoming Facebook Lite. If you want to post about your lemons, football, bike rides, or whatever other virtue signalling then do it on X, Facebook, etc. One could be more understanding about SK’s lemons if Cirata was a rip roaring success but he must be aware that many shareholders must be very concerned. Hopefully, good news will come soon.

I am beginning to feel we could be entering the last chance saloon for Cirata. One can only assume a considerable amount of change, reorganisation, focus etc. has occurred at the company but to date this has not really delivered transformational revenue. SK is a good CEO but I wonder if he has bitten off more than he can chew with Cirata. SK says all the right things but without sales it amounts to nought. Also, they could be running out of time if the narrative around the AI bubble bursting comes true. I just hope that we see several deals come through and we finish the year on a high (SP included).

One should not be too hard on SK for his use of Americanisms. SK has worked (and lived) in the USA over his long career and like most of us has picked up some habits. I do agree about the non work related postings which seem a wee bit irrelevant and should be on Facebook rather than LinkedIn. Mind you, I am not a fan of social media so what do I know… I just hope that there is a lot of Q3 deals being closed and we see tangible progress. My fear is that we may see more comments about year end weighted deals. There is no doubt SK is a skilled operator so the lack of deals must indicate some serious challenges.

My fingers (and everything else) is crossed that SK can turn this around. You can restructure a business until the cows come home but unless there is revenue it becomes mute. As SK himself once said, revenue makes all things possible. I am not sure anyone else could do a better job if SK leaves is forced out? I suppose the final option is that the IP gets sold off and the company is closed down in an orderly fashion, returning pennies in the Pound to shareholders…

Same story for me. Worked with Stephen at Micro Focus and Sage and have always found him to be an extremely competent CEO. Not sure why he is at Cirata (no offence to Cirata but given their size, having SK is their CEO is very fortunate). So like, HeyRichy when I saw SK had joined Cirata it seemed a good idea to have a wee investment. To be clear, SK is not a miracle worker but if anyone can turn Cirata around it will be Stephen. Hopefully, the next RNS will show continued progress. I do feel for the Cirata team though, talk about trying to turn a company around in challenging GEO conditions...

I think the lack of SP movement simply indicates that 'One Swallow doesn't make a summer'. From my perspective, Q1 was encouraging but there is still a long way to go. If SK and Co. can deliver similar results each quarter going forward then belief should start to return. I can personally remember SK stating in an All-Hands that it is all about delivery, relentless delivery and not disappointing the market. If you get these two right then the SP should follow. I see Cirata as a slow burn with at least 12-18 months to go before the SP starts to reflect the progress that has (assuming it has) been delivered.

Well if someone with SK's experience, reputation and reach within the software industry cannot make Cirata work then there is not much hope IMHO. I wonder if the assets might be sold to someone like IBM if material progress is not seen soon.

Thanks mole_man99 - sold all my shares and took the loss (nothing too major). Ah well, it was worth a punt I suppose.

The reality is that Cirata are batting way outside their league with SK. This is a man who lead Sage, a multi billion software company with thousands of employees around the globe. SK now finds himself at the helm of a company with less than 10 million in revenue and fewer than 100 employees! It is clear SK has followed his proven playbook at Cirata but it is simply not working… yet? This raises at least two questions: 1. Is SK just not equipped for leading such a small company or 2. Is Cirata a busted flush with nothing to sell at scale? My fear is that if SK leaves then this would indicate the latter and Cirata will go under.

Hi Folks,

I know people cannot give financial advice but as a small shareholder in Hornby this is the first time I have been hit by one of these events. I have read the offer document and if I am reading it correctly the best plan of action would be to sell my shares for whatever I can get prior to the delisting. The other two options seem to be unsuitable for a small investor.

Am I correct or missing something?

Many thanks

Just watched Stephen on the Q3 presentation and it was very positive (would not expect anything less mind). There is no doubt the company has significant work to do over the next 2.5 months if they are to hit their bookings target. Stephen and the Board must believe this is attainable (if challenging) as they seem to have staked their reputations on reiterating guidance on several occasions now. I wish them all the best of luck for all our sakes. The idea of SK travelling around on his over 60s card brought a smile to my face!

Hi Pearls, Well as someone who has worked with Mr Kelly I can confirm that he is formidable and demanding. However, SK combines this with almost limitless charm and people skills that are very genuine. Unlike many who will only give you the time of day if they want something, Mr Kelly remembers people's personal details and takes a sincere interest in your life and challenges. This does not mean SK is soft, on the contrary, if you do not deliver then expect to be held to account. Also, SK breeds an environment where personal responsibility and risk taking is expected.

Cirata is definitely getting in to squeaky bum territory. If anyone can turn this company around then Mr Kelly is a good candidate. I feel for all the people working at Cirata as it must be very concerning for them. I am sure everyone is working hard but will that be enough? What does surprise me is that Mr Kelly took this role at all as he seems far too experienced for a company of this size. One can only believe there is something behind the scenes that made is financially appealing to Mr Kelly or he wanted a monumental challenge (which he has got). If (and it is a big IF now) Mr kelly and co. can deliver the upside of this stock could be enormous but expect a roller coaster.

For clarity - I am a stock holder in Cirata and currently sitting on a loss.

Sorry, I take that back. Looks like Mr Griffiths reduced his holding from ~20% to ~16% recently.

No RNS to this effect?