Member Info for skid35

Article in the Times about an article in science on a cheap way to get rid of pfas, based on science at northwest university.
Behind pay wall in times, unsure whether science is free ?
Not a science buff so welcome comments, as it's written up clearly independently reviewed.

Oioi.
These people are well known in the software / tech space.
The issue for me is slightly the other way around, what can drum acquire at a decent value to create their portfolio. Think it more likely that drum swaps acuity for a stake in a portfolio type company (a pires, sure etc).
I have a decent holding in corero, worth taking a look at as decent value in this space.

Takeover offer for darktrace, hot sector. Sterling weakness makes a lot of UK companies dirt cheap for the yanks, still juniper in the background.

Jolly, unless macro events take a turn I would hope we are at a low in the trading range.

Welcome qd. Valuation of software companies more of an art, especially where there is a mix of SaaS and perpetual. Good thing is cns is growing, profitable and has cash.

Let's hope the rest of the world isn't as useless and as corrupt as the UK government in managing its water quality

Iron.
Interesting to see acq stating he has sold out. Strategic clinging on.

As I said previously where are the full accounts ??????
- Write of of inventory, inventory at two years plus cost of sales
- Write down of debtors, probably not fulfilling contracts to terms
- Ridiculous additions to intangibles and calculations backing them up going to years in the future completely outside accounting norms
- Large board remuneration increases for zero perfrormance
- No payments on the aroc contracts and the same lies on the underlying causes
- One off covid loan forgiveness
- Anymore dodgy stuff on share options they are trying to hide ????
Hoped new chair / cfo would have shaken this up and got some commercial realism here. How basu survives is incredible year after year, trotting the same old guff for Thompson to swallow like a gullible crypto teenager.

Where is the full annual report ? Just want to see director remuneration as well as other details not in the update.
Just noticed within the 2 years worth of inventory, this was after a write down of £850k.
Anyone who believes however well placed kmk is strategically, the management are clearly still just useless at operational / commercial / financial management and control.

£10k buy takes this up 4 odd %, £10k sale similarly down.
Share price still under 5G ownership.
The board really do need to communicate, it's not just about rnss. I can't understand why enet can't provide more details of oem royalties even within the constraints of ndas - what are enet part of, where, is it increasing?
Proactive interviews, especially where ENET do not seem to have planned in advance what the specific messages and key points are, are not worth the few quid for Katie's hairdresser.
The update needs to be very specific with progress and timelines for $$, otherwise they may not in The market position we had all hoped and expected.

Article this weekend that no rainwater anywhere in the world is safe to drink due to the presence of pcbs.
Government legislation will drive the market.
Hoping for a tipping point at some time,hope myx are the company to capitalise -any thoughts on whether they would licence for quicker and cheaper routes to market.

Another takeover at a rich price, with both software and defence companies in the mix.
With sterling in the toilet and cns having much of their revenue in $ and costs in £ this helps underline the share cap.
High retention rates appear to show customer stickiness, it would take a brave / stupid CIO to take it reduce cyber spend at the moment.

Pedro.
"Good news" which is assume you mean further orders isn't really the issue.
It's around strong execution and laser focus of operations, finance, management etc of what they have - as Billy and iron have said history is not on their side.

I don’t think ST ever re reads what he has written in the past just to test his underlying thesis and what Basu told him as gospel a few months prior.
Amazed that he clearly doesn’t ask some really basic questions here.
Always amazed IC readers just follow with zero research.
The usual ST bounce which we have seen before. Nice if it stays up or continues, Company execution is needed.

Yeah. Sucker for punishment.

Should have pulled the plug like you especially as I could see exactly what happened with the aroc provision.

The repricing and additional options for the ex cfo are the worst corporate behaviour I have ever seen - what did he have on the BOD for them to sign this off?

I do get very, very annoyed seeing basu on the half year proactive calls talking as if he doing a great job.

1. Full annual report not posted so some details missing, e.g. The breakdown of the well deserved board remuneration increase of 39% (time with no cfo) and basus 17% increase.
2. Positive points about the mix movement from r and d to product. Covid product seems to have missed the boat, if the boat was there in the first place.
3. Margins maintained but I feel this may all be in inventory to hit next year. Depends on how well they have structured long term pricing in contracts, cost improvements in volume with a high fixed cost base but they don't have a great track record here. Not sure where the one off forgiveness loans are ?
4. Everyone is facing supply issues, so this does need to be put into context as it's a nightmare in electronic components.
5. AROC provisions seemingly permanent and nothing to do with covid as travel back up and they specifically called out a further £0.2m travel costs. So much for ST and his snide " what most people don't realise is... " as they are not a smart a### like me comment from 2/3 years ago.
6. More of a worry now is the £0.5m debt, doubt this is due to credit issues but far more likely they haven't fulfilled a contract and in dispute.
7. Need to understand cash conversion with high inventory, debts and creditors - my view is another deeply discounted cash raise next year. Inventory turns are very poor related to historic cost of sales - are they just producing stuff in order that production costs are in the balance sheet rather than not utilised and therefore on the p&l?
8. Intangibles at £28m and growing....hmmmmm. We all know the audit committee, non execs, auditors are asleep at the wheel in kmk. Clearly they are justifying this on a very, very long timescale from people who aren't great at forecasting.
Overall they need to get to about £20m revenue - the problem is the BOD still have zero credibility to take anything they say with any probability that it may happen, and they have the detailed plan and ability to execute.m
This is one share I have given up on / written off, results or more forward looking statements (for what they are worth) don't change my mind here.

Oleric.
1. 100% agree on the spin out, a knee jerk short term reaction which should have waited 2-3 years.
2. Elric, take it or leave it and steps in the a void left by investor relations as with virtually every AIM company. I pick some things out - in the o'hara interview s it's more what's it said, body language, confidence.
I listen to twin Pete's podcast and I know he gives a lot charity wise, but his views on other issues call his thought process, judgement into question.
3. It's a very high risk share, anyone investing should go in with a probability of significant loss potential.
4. SOH, yeah everyone at this level rates themselves and has a selective memory of what they've done. Overall I think he has the right balance of short, medium,long term.

Strategic.
I think you must be looking at the bp results.
These are terrible, terrible numbers with so many really concerning red flags - I'll do a little write up later.
They appear to have learnt nothing in the past couple of years.
As a shareholder for a number of years the accounts are a depressing read.

Mol,
Still here - this was always a long term holding for me.
Pedestrian progress in the past couple of years but underneath seems to be growing a nice portfolio to breakeven, it's just the mega deals we need and I think we are starting to see these.
I don't think most people understand just how long it takes to develop the pipeline into meaningful deals, especially with partners in between.
Happy to have the see through holding on skin, don't agree with the pro bioti x float on the dodgy exchange, better to have developed further for an aim float.
Next interim report will be interesting to see whether growth rates are maintained.
Virtually breakeven now, the share price should rise of we see the potential high margin deals coming through against a relatively fixed cost base.
Always the potential upside of a bid as others have said, chicken feed at the moment especially with brexit decimating sterling. My daughter worked on a year out for symrise, always thought a good fit with their global reach.
Thanks for the posts you are finding by the way, good to see in the absence of rnss things are moving behind the scenes.it
Let's see what the rest of the year brings.

Miton notorious at not providing updates to companies on their holding.
I own shares in MINI which has some of this holding, they don't tend to hold for that long before selling up even in companies where their sale will clearly impact the share price.

I think just a little sell off from the rns.
What might have perturbed investors is the lack of forward guidance, despite the contract backlog and security of much of the revenue forecast from the arr. I believe a couple of large perpetual deals last year which, if similar deals are replicated as aas (a good thing as it improves arr) but this will hit revenue and profit in the very short term.

Interesting again opti down sbtx up - can't believe anyone is swapping in an out impacting price ?
At least now we haven't had the sell opti buy stbx buffoons on this site for a while , idiotic debate irrespective on how you see either share.

Think they are waiting for news to add to an update or post balance sheet events.
Any board forecasts are pretty worthless based on historic precedence.