Member Info for skid35

Correct, I have lost a lot of money here.

Too much reliance on what DL did with Broadlight and his direct confirmations to private shareholders which have proven simply a pack of lies and would have him out on his ear with an FCA investigation.

Realising DL lives in a bubble of his own making of products that the market doesnt seem to want, products post contract that customers dont want, together with what I have been told in first hand accounts of the chaotic way the company is managed operationally and strategically means this still not a company where any reliance can be made on RNSs and company communication.

Jimbob.

You simply seem incapable of stating your view of the facts, the risks and opportunities and a balanced view, just grunting.

So it's engineering, so a "product" that doesn't yet exist where the market is uncertain. Hopefully into existing product lines with companies with similar product lines and customers.

Remember this product line was meant to be ready over two years ago and ready for volume shipment in Q123, so two years late. I remember the RNS stating they were opening a book for advanced orders!

Jimbob.

Key issue is that the 2.2-3 isn't product revenue, it engineering. What's your view here?

About a insightful as Laura k interviewing a tory.

Just pointless.

It all about execution, history isn't positive here.

Jimbob.

I think your shift supervisor is waiting in isle 2, running a bit short in the tins section. So sup up your 'spoons pint.

Jimbob.

Please reply with any, any coherent argument and facts - and then how you have interpreted them.

Trickey.

In the forward looking statements this is terrible.

I queried whether they were now taking smaller orders this year (which irrespective of size I stated should be an rns as it shows full year implications) as they had used up last year's supply.

This confirms they havent. So run rates on the only reliable revenue stream for the year deeply uncertain.

So H1 revenues now smaller than my local cornershop, cash balances rapidly reducing.

You have to go back to the sheer stupidity and ignorance of DL stating all the cash will be used for operational purposes, not paying creditors their quarterly due.

Year in review.

- Achieved about 40% of their minimum revenue they effectively guaranteed at the start of the year.

- Complete failure to plan both revenue and balance sheet.

- Moved from multi million backlog to effectively zero with all post ipo product contracts either cancelled or uncertain.

- Massive dilution with share issue, including directors using shareholders equity to prevent Bergen taking action against directors.

- Remaining institutional shareholder, miton, finally loses patience after backing every raise and sells out. Shareholder base now traders.

- Private shareholders have to take control of the AGM, chairman confirms he doesn't understand the disaster Bergen deal which he signed off.

- Continues the disastrous performance since ipo.

Yes - all retrospective.

Now 30% through 2024 and no new contracts, but as usual lot of promises. Share price based on the assumption the BOD and SLT will continue to perform very, very poorly and not execute.

Two interesting elements of the report. A side swipe at MR that they now have a "professional" cfo. The number of board meetings.

Jolly - just you and me here !

My 250k shares just tucked away. Was going to add when the non exec did but no spare funds.

Hope for an overall rerating of small caps, dont know what the US listing will do (I did see the CEO was booked at some investor conferences in the US), strong balance sheet and no need for a raise.

I still think a possible takeover target, chicken feed for a nasdaq company and earnings accretive.

Hull.

A decent tech sales person working in s/w / h/w in a Nasdaq / nyse company would be on a base salary of about £100k and a further £100k on target comm. Add to this direct cost of pension, NI, expenses, car allowance. I used to know all these across EMEA for each country.

Usually you get a chunk of options each year on top with a standard vesting over 5 years at 20%. So if you’ve been there 5 years you’ve a nice chunk of unexercised options effectively “in the bank” so you’re not going to go to ENET with their risk premium, hence why the new VP was not in employment.

Hull.

She joined ENET as finance director and was promoted to VP.

Hull.

This isnt correct.

She joined as Finance Director and was promoted to VP finance., this at a time a CFO and VP of finance for a company with a $1.5m turnover, I think my local Greggs does more than that.

As I have said key appointments are front facing, hard nosed sales - in finance you just need someone to ensure the basics and statutory / tax stuff is complete. Decent sales people should be $300-400k all in but are worth their weight in gold, issue is it takes someone 6-12 months to get productive so a cost to the company (as they would have guaranteed bonus at 100% for 6 months) and its very difficult to recruit good people to a company such as ENET especially if they are nasdaq and have options in the blue.

Prophetus - many thanks for engaging in the correct manner.

1. Whilst Covid may have caused delays, it appears these contracts are dead in the water and ENET left holding the can due to poor contract management.

2. Two new non execs are 100% better than the last two. CFO just a book keeper. Ilan looks and sounds the part, but very different coming from a company where you can point to customers, market share, gartner reports to ENET.

3. I really hope so, but history really doesnt help either of us here.

4. You have undercooked this one, especially if there is a similar BEAD type funding in India.

5. I think if you did the classic Boston Matrix MBA cobblers, some squares would be fuller than others. It really is hard to sell when you have ENETs financial history if you want to embed products in a stack.

6. Correct and give him his due he has done this at 10 / 20 x where they currently are. However he lives in a bit of a tech bubble of his own making and sees things through a very narrow prism.

Sand,

Auditors don't like companies taking the p*** out of them as ENET has done. Substantial write downs of intangibles inevitable, but as non cash relatively irrelevant.

Stock as another matter, are the Chinese deals (which the CFO assured private investor less than a year ago were not only all systems go but waiting on further orders) dead in the water ?

The issue with the focus on the future is looking at what they have stated in the last the last annual reports, investor updates. They simply have not executed and failed completely with post IPO product development, the question is why is it any different now, what has changed ?

This really makes no sense.

It should be the options can be granted, but cannot either be exercised or sold.

Fred.

Must say I have been wondering the same.

If they have used up the last allocation towards the start of this year and have moved to more regular monthly / JIT orders this MUST be released to the market as it is material to price movements.

The thought that they had bought hardware to cover for ENET financial difficulties with the firm/soft ware field enabled at a later date might not stack up with the gross margins they have told us about, if a material amount was in 2024.

I also dont get the confirmation received from DL/MR a long time ago when they categorically 100% stated there was no follow on post contract support revenue after the unit sale. If you look at Taranas external licence arrangements (on their website) they have a SaaS type business model for software (excellent for valuation purposes), I cant see ENET dont have a small share in this?

Well not long to wait for a business update in their 23 numbers, as I've said they have provided gross margin numbers which dont take into account write offs and impairments.

6 ft 7.

You're still infatuated, happy wet dreams.

Make sure you set the alarm, those two shelves aren't going to stack themselves.

Jimbob.

Absolutely 100% guarantee there will not be a business update or contract announcement at the EGM.

Jimbob.

You seem a little obsessed by me. I’m 6 7, receding hairline and getting on a bit so probably not your type, and before you ask no William Wragg stuff.

Pwil.

It is an EGM not AGM.

It is specifically for approval of limited resolutions (board appointments, options).

There will be no business update or contract announcement so you're correct nothing has changed.

Next news may be the 2023 accounts, with the auditors being taken for a ride by MR last year I think major impairments on current and intangible assets so a lot of red ink.