Member Info for Stuartrm

IC Article PART ONE

First-half results from technology group BATM Advanced Communications (BVC:20.3p) mask the underlying progress the board has been making to restructure non-core activities and prioritise its core cyber security, network solutions and diagnostics businesses.

For instance, the cyber division moved from break-even in the first half of 2023 to a cash profit of $2.6mn on a fivefold rise in revenue to $8.3mn as it delivered on a strong backlog of orders. The business continues to win new contracts, too, including one worth $2.3mn from a longstanding government defence department for a next-generation encryption solution.

However, the most significant development was the signing of a strategic partnership and cooperation agreement with a global technology, engineering and defence group to deliver BATM’s advanced cyber security solution to commercial markets. The partner generates annual revenue of more than $10bn and serves customers in 100-plus countries across Asia, Europe, the Middle East and North America. House broker Shore Capital believes that “it sets the scene on a new wave of growth for cyber activities commencing in 2025”.

Although the group’s networking division reported a first-half cash loss of $0.9mn on revenue of $6mn, this reflected the investment in BATM’s high-margin edge computing and network function virtualisation software product suite, Edgility. Excluding this activity, the division would have been profitable.

Bearing this in mind, management expects that “a number of proof of concepts and trials with potential customers will come to a successful conclusion in the second half.” Post the half-year end, BATM became an Amazon Web Services (AWS) qualified software partner solution for AWS IoT Greengrass, an open-source edge runtime and cloud service, so is well placed to expand the business into the technology giant’s huge customer base.

In addition, the directors anticipate receiving new orders for the unit’s carrier ethernet products as customers and distributors commence restocking as inventory built up during the Covid-19 pandemic starts to dissipate. As a result, guidance is for a much improved second-half performance from the networking division.

New products set to drive growth in Diagnostics

Although the group’s diagnostics division delivered 7 per cent higher revenue of $17mn, its cash profit of $1.2mn was unchanged due to a higher mix of lower-margin instrument hardware sales. However, the expansion of the customer base will drive sales of associated reagents that are higher margin.

David and Monique Newlands increased their stake today. Hopefully that is a good sign. They appear to be significant investors in several companies.

Now I have the ability to copy the IC article, here it is so you may judge for yourselves.

“CleanTech Lithium (CTL:16p) is seeking to raise A$10mn-A$20mn (£5.3mn-£10.5mn) at A$0.30 (15.8p) per share in a proposed dual-listing on the Australian Securities Exchange (ASX).

The Australian market offers deep pools of capital and a strong understanding of the mining industry and lithium sector, hence why many of CleanTech’s lithium peers are listed on the ASX. CleanTech’s projects should attract investor interest. Operating in an area of northern Chile known as the “lithium triangle", which is shared with Argentina and Bolivia, the company is aiming to become a leading producer and supplier of green battery-grade lithium to the electric vehicle and energy storage market by using advanced environmentally-sensitive processing technology powered by renewable energy.

The IPO price represents a 7 per cent discount to the Aim-traded share price of the £23mn market capitalisation company. At the top of the range, the total shares in issue will increase by 46 per cent to 211.8mn. In addition, investors backing the equity raise will receive a call option for every share purchased, giving them the right to buy one new share at A$0.375 (19.7p). The fundraising is open to institutional investors and to members of the public in Australia, but is not available to UK private investors.

The proceeds of the IPO will be put towards the development of the company's projects in Chile, primarily the completion of the pre-feasibility study (PFS) at the Laguna Verde project and ongoing operations at the direct lithium extraction (DLE) pilot plant, which is producing battery-grade lithium carbonate. In addition, the proceeds will fund payments to settle the acquisition of the 23 outstanding licences at Laguna Verde that were subject to an option agreement.

CleanTech now owns all 108 licences, a prerequisite for ASX listing requirements and a critical factor for the government of Chile, which is in the process of prioritising the award of Special Lithium Operations Contracts to lithium operators. Specifically, the government is looking at the financial capacity of the company, estimated annual production, use of technology, experience in mining projects, and level of project progress. The directors are “very confident” that the flagship Laguna Verde project, which is the most advanced DLE project in Chile, will be prioritised by the government. Expect a further announcement by the end of August, so well before the proposed 24 September ASX admission date.

The listing is a positive step in the process of bringing investors on board to fund the $400mn capital cost of bringing Laguna Verde into production, although CleanTech’s shareholders have endured a rollercoaster ride (‘Light at the end of the tunnel for CleanTech’, 22 May 2024). Hold.“

ST in this week's IC has CTL as a hold.

Sorry for the lack of capital letters. They were there when I clicked “Post Message”.

gettingthere67

perhaps you might start with this excerpt from the final results rns of 12 june 2024:

“financial highlights

£1,379m gross portfolio value* (31 march 2023: £1,371m) £1,251m net assets (31 march 2023: £1,194m) 662p nav per share* (31 march 2023: 780p) £57m consolidated group cash (31 march 2023: £23m) -1% gross portfolio fair value movement* (31 march 2023: -16%) £39m cash proceeds from realisations (year to march 31 2023: £48m) £55m net of fees raised during the year (31 march 2023: £nil) 0.1% operating costs (net of fee income and exceptional items) (31 march 2023: £65m invested, £40m direct and £25m representing forward partners share-for-**************, in addition a further £37m from the managed eis/vct funds (year to march 31 2023: £138m from plc and £41m from eis/vct funds)**”

obviously one needs to come to one’s own views about any premium or discount that should be applied to the nav but given the recent announcements and the generally improving market sentiment, the current price of around £4 seems to me to be rather low.

i hope this gives you food for thought.

I have just found this:

https://www.everythingpe.com/news?company=1916&page=1

The salient bit reads as follows:

"Pulsiv Unveils the Most Efficient and Advanced 65W USB-C Reference Design

Pulsiv Limited, a Cambridge (UK) innovator of power electronics technology, announces the release of the world’s most efficient 65 W USB-C GaN optimized reference design developed to address the complex challenges associated with thermal performance in power supplies. This ground-breaking and highly anticipated development is set to revolutionize the USB-C fast charging space by offering a unique combination of features & benefits not seen in other designs.

The PSV-RDAD-65USB reference design combines Pulsiv OSMIUM technology with an industry-standard QR Flyback and highly optimized, ultra-compact magnetics. It represents the first in a series of designs aimed at pushing the boundaries of power conversion by drastically lowering operating temperatures, minimizing losses, and reducing size to create a sustainable platform for the USB-C standard.

Pulsiv’s Chief Product Officer, Dr Tim Moore has been managing the development of this design and comments:

“Our mantra has always been focused on developing solutions that “do more while using less” and this design demonstrates how Pulsiv OSMIUM technology can deliver fast charging without the associated complexity of managing high temperatures. The demand for more power and faster charging of cordless products is rapidly increasing which impacts everything from mobile phones to power tools. This means more power is needed in a small form factor which is even more critical when developing in-wall/desk solutions that are sensitive to heat. With 30% lower component temperatures, no inrush current, and high efficiency, we enable designs to become safer, smaller, and more reliable.”

Key specifications

Input Voltage Range: 90 - 265 VAC (No input voltage derating)

Output Voltage: 5 - 20 VDC supporting PD3.0, QC4.0, BC1.2, & PPS (Fast Charging)

Output Power: 65 W max

Transformer Temperature: 30.3°C above ambient

Operating Frequency: 125 kHz

Peak Efficiency: 96%

Average Efficiency: 95%

Half-Active Bridge: Included

Line Currents: 0.5 Amax

Inrush Current: Eliminated

GaN Optimised: Yes

DC-DC Converter: Quasi-resonant (QR) Flyback

Taking ultra-cool operation & fast charging to a whole new level

The Pulsiv OSMIUM reference design demonstrates a significant improvement in thermal performance and reduces critical component temperatures by more than 30% compared to other designs. At full load, the Flyback transformer reaches an impressive 33.9°C at 230 VAC and 30.3°C at 265 V above an ambient temperature of 26.1°C. This incredible achievement is likely to set a new benchmark and enable 65 W fast charging in space-constrained environments and/or heat-sensitive applications such as in-wall plug sockets that incorporate USB-C connectivity."

PrivatePunter

I have tried looking on the Pulsiv website to see what the news is but it appears to be "down".

MunnieTorx

Thank you for your comments. I am “sour” at the inequitable way that so many companies treat their PIs. Yes, you are correct that in this instance we could currently buy at a discount to the offer price but in many cases this is not so. PIs should, in my view, be treated fairly and not have to rely on the possibility that the share price will dip below the offer price to have an equal opportunity to that afforded to institutional investors.

.....or they look at a longer timescale than those who are selling out now.

Yet again we PIs do not have the opportunity to participate. Whatever happened to the good old rights issue? It might not have been as cheap to administer as the placings that take place currently but at least it was fair to all investors. No wonder the number of private investors has been falling steadily over the years.

......can a company that deals with money not get the native currency right in the announcements it makes? The dividend is a penny, not a "pence". Might I suggest that the FD looks at one of the coins if he doubts the veracity of what I say?

A refreshingly clear and succinct RNS, giving both the previous and the current projections. Well done Ramsdens.

FIPP had £4.6m in June 2023 and we are led to believe that at least two of the investments are doing well. Unless the cash pile has been spent/used up, and the organisation finds itself strapped for cash, there therefore does not seem to be any reason to sell those investments quickly. Indeed, if the investments are doing as well as we are led to believe, it seems unlikely that better returns will be obtained elsewhere so it makes sense to hang on to them, in the short to medium term at least. The question that naturally arises, therefore, is why has the share price of FIPP dropped so consistently and so far? Part of this is clearly down to the general market malaise and distrust of "tech" but one can be forgiven for suspecting that something has "gone wrong" and, as appears to be becoming increasingly common, news of the problem or problems has "leaked out" to a select few. As for the rest of us, we either need to follow the herd and risk losing out if the price suddenly recovers or we need to sit tight and hope that nothing is being hidden and the investments are doing as well as the official announcements indicate. Hopefully the impending results will make things clear in a positive way.

Clearly the events, and the anticipated events, in the middle east are not helping, Similarly, the economic data in the US not being in line with the "guestimates" of the economic forecasters do not help either. Add to that the recent meteoric (and one might suggest speculative) rise of certain "magnificent seven" and "magnificent seven-type" shares on NASDAQ in particular and it is not difficult to see that a perfect storm is brewing: the only question was, when would it break?

Is that the whole story? No, we also have a "special military operation" of uncertain outcome that has been ongoing in Europe for over two years, the potential for another such operation in the foreseeable future in Taiwan, a febrile political situation in the US, riots throughout the UK (and elsewhere), weak economies in the EU and the UK and no doubt a heap of other factors that spell instability and uncertainty of one sort or another. Collectively, this has resulted in panic that seems to have started at or about the time of a small increase in Japanese interest rates. The question I ask myself is, who is (really) panicking and causing the large and rapid share price drops that we are seeing? Is it the shareholders or is it the algorithms that are used by the fund managers? One will never know for certain but the answer is probably some of each, with the algorithms being the main driver that has caused such a rapid collapse in prices. Unless one wishes to sell at a significant loss, there is little choice for the likes of us but to sit tight. History tells us that the larger the drop, the larger the bounce will be when we hit the bottom. At least, that is what I keep telling myself .

Good luck all and thank you for permitting me to get that off my chest.

If you search the internet there is some gossip or speculation about BOKU and Bango, the shares of each of which have both dropped recently, coming together. I have no idea if there is any truth in this and I am just throwing it into the mix in case anyone has any views on, or knowledge of, any such collaboration or link up.

You are lucky, SmartPunter. I lost 7% and I am becoming increasingly hacked off of being on the end of such losses. I have just sold my shares rather than hang on to get a few extra meagre crumbs in a few weeks.

The dates given in the RNS yesterday appear to be written as if the takeover is now a "done deal". Now it may be that this is merely prudent planning by the management, in which the timetable for the takeover is stated clearly in the event that the voting on 26 July goes their way. The cynic in me wonders, however, whether the timing of the RNS, if not the content itself, is to make those who have yet to decline to accept the offer think that it is now too late and that they should not bother. In case anyone is in any doubt, it is not too late to lodge votes. In the interests of transparency, I have already lodged "No" votes for both the white and blue forms.

This is a bit out of date now, but it might be of interest.

https://battle-updates.com/kromek-beating-all-goals-by-julian-nettlefold/

Sorry, wrong board!