Member Info for skid35

Dallo.

No I am forgetting anything, what has changed so dramatically that they are now dealing with bigger companies when they weren't five weeks ago?

Absolutely agree, if you are giving a multi year multi million $ contract for a vital element in your service provision you want to deal with a company that has the ability to support it.

As bystanders you know that, I know that - why the hell didn't the board know this as a potential option (even at a low probability) five weeks ago. You would have thought when they took the 2021 revenue forecast down they would realise contracts and deployment always slip.

Chairman needs to get a grip here, asleep at the wheel.

Dallo.
Okay so we really need to see these rnss flowing in the very near future. Why give an absolute guarantee on funding 5 weeks ago if their is a 10, 20% chance you are going to backtrack - even if it's based on more business you just look like you haven't done your homework.
If it is institutions they clearly are giving guidance which they are are not giving to PIs.

Dallo.
I now have a three month timescale.
Either they are now aware of business they are about to contract which they thought was simply not on the cards at the interim report five weeks ago and which will completely change their trajectory or business model, or they really have poor control of working capital forecasting. If it's the former this needs to come out in a q4 rns.
As always time will tell.

Uhlf.
Have requested money in placing in the past, they took all my cash then gave it back after the allocation was scaled back.
Offers I have seen in the past have been basic (say one share for five currently held) and an excess which is subject to scale back.
I can see 250k massively oversubscribed due to the level of discount and attached warrants, by now much I haven't a clue as you're allowed to apply for whatever you want. I have applied for some in my SIPP but too much hassle selling / moving cash between account in my total isa portfolio and already out in this year's allowance. don't want to sell is a holdings to find without and guarantee of not buying back in. Not ideal as I would have preferred to used my isa for this as the eventual benefit is more flexible and not subject to lifetime limits. I don't think the BOD understand these issues with UK shareholders, or to be frank give a toss anyway.
As always with ENET we'll see what happens, confidence in the BOD a little shot today though.

Uhlf.
When you say your bid has been "accepted" I would not be take this as contracted, I think peterhouse are merely confirming they have the request.
The wording of the rns is very ambiguous on the broker shares in terms of the total available and the allocation methodology.
I do find the lack of any proportionally to existing holding, say a 5 existing shares to one new, a real issue to existing shareholders. Someone with ten shares seems to have the same rights a a long term holder like dallo?

01234.
No. The outrage stems from being misled in the interims by the company that they had working capital for 2022 and no need for cash.
In my opinion the cash call needs to backed by exceptional business rns in the next four weeks.

Sergi.
I am surprised they appear to have zero understanding of the cash flow implications of their business pipeline.
Either they have had exceptional news after their interims (where they were 100% certain that they had sufficient funds) a few weeks ago which has completely changed their 2022 business, or their modelling is way out.

Bid.
A couple of points.
1. It's not that I own a lesser % of the company. It's the fact that with the deep discount and very selective placement some city boy or mate of someone has benefited at our expense.
2. What levi is doing is irrelevant when the discount is so high, I would pay £95 if someone gave me £100.
3. Why was the company 100% certain they would not need cash a couple of weeks ago. Don't they understand the cash impact of their business pipeline. The price fall reflects the fact that they appear not to understand the working capital impact of their business opportunity (hopefully).

Bid, I think you are looking for silver linings here. The fact is that ENETs chosen new investors are benefiting as the expense of you and me - we need to know who they are, their relationship to the board etc.

We have always been saying h2 is the time for news, now q4. Hopefully this raise is to find working capital for deals they effectively have in the bag (which somehow they did not consider in their interim statement???), If this just dribbles on and on the board will have zero credibility and support.

Dallo, as a key shareholder were you invited to the subscription ?
Would really like to see the list here.

Cyber.
One of the main issues today is, from my perspective, is the integrity and competence of the board.
Whatever the tech or prospects for the company, I simply don't invest in companies where I doubt the competence and integrity of those entrusted with my very hard earned cash. At the moment I believe the board to be incompetent and lacking in integrity, I am not sure what will change this.

Bid, there is only £250k for us PI s on a first come first served basis.
I really want to know who the chosen investors are and whether these are related parties. This stinks.

Martyn,
It's the bod here - total incompetence, brokers irrelevant.
A few weeks ago we were told they had adequate cash resources - wtf has changed?

What have enet told their brokers and select investors to get this away, surely some reassurances here, which they won't tell the unwashed here.

Second reaction, a very strongly worded letter to david, Mark and the chairman this morning.

First reaction, after the company stated it had adequate cash resources for 22, is very poor - both in the discount and treatment of existing shareholders.
How could they have got simple cash flow forecasting so wrong, unless the underlying business (potentially both + and -). The "general purposes" explanation required a tonne more detail.
Not impressed.

As with he year end reporting of 750k of new orders across multiple companies, $1.5m does not cut the mustard but can be strategic if it sets a relationship. A lack of backlog reporting at kmk, both in absolute terms and movement, possibly because the contracts where the aroc issues exist are still uncertain.
The share price shows the market still really doesn't trust the BOD.

Owl, realise short term price movements are pretty irrelevent, but encouraged by a) the volume b) the price holding its gain and c) a few new holders individually taking around the 1% mark.
I know we have said this before, but would be nice that we have permanently seen the back of the forties and this forms the bottom of a new trading range. With additional news hopefully see this in the 70/80 with those having enet on their watch list taking the plunge.
As a lth I know it's stupid, but psychologically just nice to be in a decent level of profit after being in the low forties for what seemed to be ages.
Anyway looking forward to q4 with great optimism.

Aqua, yes but slightly perverse. Would much rather progress on commercial production, unsure of the contract terms but assume there is a break clause at some time in both sides.
Need some news, or a massive stbx rerate, to take this out of the doldrums in the high forties - mid fifties. Happy to hold but would be great to have a regular news feed of rnss of various types ( new partners, geographic / product extensions etc).

Cheers Sergi.
Quite a few moving parts especially margin, a 20x p/e ratio is very light for a high growth company.
I really hope we have an investor meet early '21, hopefully this will give us a better range of revenue, margin etc so we have better information to make these determinations.
Looking forward to understanding this and seeing the story unfold.

Sergi,
Thought you would have a higher absolute projection, or at least fairly wide range with this being the bottom ?
A lot can happen in 15 months, primarily at the end of 15 months a confirmation of the tech, market and business model and a much better understanding of '23 ?