Member Info for skid35

Interesting to see what the medium term is here for ardgowan, possibly something for aquis / AIM in the future but when they have a few years trading behind them ?

Sgd, actually worked out quite well in the end.

Happy to have the rtw team managing money rather than the arix team and their Caribbean holidays.

I had my vote request on ajbell last week.

Bongo.

With the current shareholder base it's difficult to predict what the rational share price response is to the three pieces of news.

Without news I think 1 and 2 will not move the share price as they are built it, but 1 is important if there is news.

News ? Depends what it is. If tarana needs an understanding of the period over which it is used to understand the next order and full year tarana total.

Please take time to read the reasons for previous cash raises, all based on imminent order news but then used to support day to day losses so wouldn't necessarily take DL at his word here.

Mike.

- I pointed you to the relevant pages of the annual report. It isn't 3m, this was just one year. Due to the drop in the share price most appear now worthless.

- I don't think you understand modern executive compensation, especially LTIPs. These aren't based on whether someone has set up the company, that is irrelevant, it is on future performance and aligning management and shareholders.

- Salaries seem appropriate for a company of this size, it would be nice if they hit short term performance targets to be paid an in year bonus and be paid more.

- You have correctly stated the opportunity, I want the best management team to execute against this. I don't think basu is CEO material.

- For the nth time I don't work in an investment house.

- I didn't say they were making the wrong type of czt. I said there were grades of czt, where I work we haven't bought czt from kromek.

Tricky.

1. You need to build in COGS, which If the majority is tarana is significant as this is not a pure 100% royalty business.

2. You cannot extrapolate q4 revenues as the baseline moving forward, these are one off (including an element of prepayment) and will not be repeated.

3. You need to look at net cash, although you have not double counted in your "cash p&l" - they need to show they are cash positive on the month to month "business".

4. They need to win new business on the tech post IPO, not the business pre IPO growing. Anyone in in ENET a while knows the "customer trials", engagement etc has led to zero from post IPO product - sales cycles are massive.

5. Expect the auditors to impair intangibles (look bad in the p&l but irrelevant), will be interesting valuation of seemingly worthless stock.

Martinu.

I think there needs to be a fundamental reappraisal of the health service towards preventive and healthy living - this would include a reappraisal of the tax system on foods and council fitness facilities being free or as cheap as possible. I just can't see it joined up thinking as cash now has the benefit in 10-20 years outside th short term political focus.

I do think the focus should be on the 30-50% who do keep fit, are concerned with what they consume and have the disposable income - and do not not need government subsidy to tell them what to do but do it anyway.

We should get Stephen Hammond back on board as he seemed to provide great strategic advice on this area, not.

Mike.

Challenge accepted.

You're really not the sharpest are you. Best read a little before you spout complete rubbish.

Annual accounts 2023 page 57.

Bash awarded 2.5m shares at 1p Dec 22, 0.8m at 1p apr 22.

Those are the facts.

Kromek is at the bottom of the scale and is not an "average UK tech company".

There is a very slight difference between a CEO and non exec chairman.

No, I didn't say I worked for a tech investment house.

I think you have an average buy price, judging by the time you started posting, of between 8.5 - 10p? Can you honestly say you are satisfied with the management of the company?

Cheers sgd - of course.

What would make me laugh if the share price went above 1.43.

Do keep up.

He is CEO not the Chairman.

With the pay, pay increases, repeated share options etc as a shareholder I am firmly entitled to my views on the CEO backed by facts. The Times article did provide an insight into the complete and total lack of self awareness of the CEO.

Am I being thick here.

Any movement in either the SP or NAV is totally irrelevant with the share terms set?

Would be great to know how much Peregrine is getting paid for "loss of office" for doing a frankly poor job for shareholders (apart from the mates rates for some)

Smaller,

No real legacy issues - it is very difficult to assess YoY a software business that is moving to SaaS but still operates a hybrid model.

- to me executing well in the market, sticks to its strategic focus areas within DDOS

- Agreement, shareholding with Juniper has been a key change but a little uncertainty creeping in with HP buying and wondering whether elements of the Juniper business are peripheral, or the loss of a key Corero champion within Juniper

- Akamai will be another real revenue step changer with little cost, great to see a couple of "material" deals already. the leverage of income virtually straight to bottom line will be the change to get the share out of the 7.50-8.50 rut.

- CEO still to make his mark. Did look at his CV on linked in - his last job is weird and concerning

- great cash balance and appears very well run operationally

- doesnt appear to have visible IR in the PI world

There has been a lot of discussion on the value of Tarana amongst posters in the past, a lot of this based around clarity on the unit price.

At a PI meeting CFO MR mentioned a unit price which was much, much lower than most had speculated - but it was difficult to directly map this to Tarana installations (due to Tarana holding an unknown volume in stock / spares requirements etc) and whether the contract had volume price clauses (we did know that there was unit price variability based on the cost of bought in components due to supply chain issues). If I remember the direct gross margins have improved on the Tarana business over the years, again possibly a volume supply agreements on components.

You can put a value on Tarana based on 2023 revenue actuals at a given earnings multiple, forward earnings is more open to variability but clearly on the upside. A tarana IPO (with the very detail forward look / risks required by the SEC) would give incredible understanding.

This why a new Tarana call off order should have details of delivery call off, and preferably an understanding of Tarana field installation.

The major problem is the rest of the business has a negative value (much less so now with the opex cuts), however DL has a history since IPO of spending money on products which either no one wants or he doesnt have the ability to sell.

As most know here, I am very wary of DLs commercial / business understanding / knowledge and his blinkered view of opportunity / pipeline management, risk and mitigations. Unfortunately the Chair and wider board have not provided the necessary oversight here.

Contract wins simply don't cut it as can be seen by market reaction.

The AI theme is hilarious.

The market is waiting to see the accounts (and detailed notes) to see how the company is being run.

From the pathetic "poor me" / "my wife doesn't understand me" Times article it clear Basu has learnt from past mistakes and thinks he the dogs b######.

Cyrox.

I have weakness in the Israeli currency as a benefit.

They sell in dollars in key deals they have, deals they have components are all dollar priced so neutral, just on going costs in local currency.

Interesting reading Cyrox asking for real knowledge from this board but getting nothing over 200-300 posts.

Clearly the short term share price movement now has very little to do with real ENET fundamentals, all to do with FOMO, greed and fear - but if you can trade in and out good luck to you. Having looked at twitter its at least great we dont have the babyish, teenage GIFs / Memes here accompanying similar posts.

However short term catalysts.

1) coming out of TSP which seems 95-99% probability to happen. I think priced in but a small bounce, but depends on whether more detail on the overall balance sheet including massive stock write downs.

2) Trading update with a titbit of info. These used to be ignored as DL / ENET didn't have a history of turning titbits into business. With the current shareholders primarily being traders who knows the impact on the SP.

3) Tarana order. ENET delivery to Tarana is not the important factor which tends to be released in the RNS, its the period over which Tarana use it that is important and when the next order will be. Of more importance would be a strategic Tarana deal in India at a multiple of what they are doing in the US, or a Tarana IPO. I have said before Tarana is worth at least £5-10m on its own in share cap, but at the time as part of a portfolio of wider business.

4) Chinese contracts back live. Even if there was an RNS stating as such with the Chinese accounting should be on a cash receipt basis so until we see the greenbacks...

5) Other lines of business (UEP, PON). I know exactly how hard it is to get IP accepted and embedded in a wider tech stack, even harder when you don't have a company that is financially stable, a decent or any sales team and an existing presence in the customer. Clearly these are not the "no brainer" / "immediate ROI" products that DL has proclaimed they are.

6) Other factors may include the collapse of the Israeli currency, which seems to have ridiculously held up in the last three months.

Anyway - never dull with ENET, even more so now with the rampers / derampers / traders.

Cheers Share.

The standard / accepted renewal KPI is based on £ value rather than number of customers (there is some inconsistently on whether, on renewal, to count in additional seats so a renewal rate can be over 100%).

Suggests the overall number of customers coming up for renewal was low, probably true if these relate to contracts 2/3 years ago when the order value in that period was low.

On a low population the % can be heavily skewed, and it doesnt really "relate" in a fast growth company - so a KPI to take with a pinch of salt at the moment but more meaningful in 25/26 when the current deals are up for renewal.

Quick look.

- Cash good and can see through without a raise

- Forward revenue £2.9m needs to be split into 2024 / 2025+ as its effectively a meaningless KPI

- Renewal rate dip is a concern, 85% is at the low end of a SaaS company

- Pipeline stats are impressive, but as usual the devil is in the detail on weighting, timing, sales stage, closure rates.

- Channel management is key, better to focus on a couple of key channels with clear industry / product / geographic focus which the company supports than just signing up hundreds (all of who have 100s of such relationships)

Overall positive, will add at these levels.

The director buys on LSE (like market cap) are not accurate.

There have been other buys at lower levels than this, but are not listed on LSE.

Due this week. As usual cns very tightrope until it's released, the difference between good and bad can be a single order moving from Dec to Jan or vice versa.