Member Info for threeputt

Still, at least we know what the strategic review was all about !

"I’m led to believe it’s on the usual very healthy margins"

and that's the problem in a nutshell, we are always 'led to believe', we've been 'led to believe' on so many things that weren't true

"Sound seem improbable that they put in £1mill at 3p and £500k at 2.4p without knowing the exact state of play of DRC and some future deals"

"they know more about the exact state of play than the morons on here"

The same was said of Hargreave Hale a few years ago, and many before, they all fell away

Yrabs, you forgot EA where it all started, oh and the ferry where they lost countless £ with a boat that sailed away down the river to a new owner for £0 (with a new prop)

"I have zero doubt the DRC will be producing revs in this financial year so the focus can be on the next full year"

what about profit ? £10m of rev is not great in the first year if it costs them £12m to roll it out

them 'boots on the ground' may have walked elsewhere in the meantime

"the Company has been undertaking a strategic review on how to improve shareholder value"

Honesty & openness would be a good start, not hiding under a bush when your contracts are delayed without informing the market. We only ever find out delays when you put out results and even then delays are vague and masked with bullish statements and fantastic revenue and profit expectations without ever following through, your contract win rns's through time are presented to the market with fervour but in time the reality is that in time they are delayed and dont meet the expectations we are given at the outset (not just DRC)

Yeah sorry it's just you Ian, you must realise by now how good their spiel is, after all they've had plenty of practise

What 'scared' me personally into selling particularly were:

DRC - "Our work on the DRC contract is progressing well"

so it's delayed (again and again) but they decided not to inform us when they should have, told us last year that " the contract is expected to generate revenues of circa US$10m in the first 12 months of operation", yeah but when ? and they repeat it again in this results rns "the 10+ year contract is expected to generate revenues of circa US$10m in the first 12 months of operation ", yeah but when ?

"Tidied up balance sheet"

= they finally wrote off the bad debt on the Sierra Queen, in other words they received £0 from the buyer, the rns of 31/1/20 says "In December 2019, we finalised the sale of the Sierra Queen which has a book value of £170,000. The vessel has been sold for a total consideration of $643,000 US Dollars", I suspect they still own it in title only fwiw

"Tidied up balance sheet"

= they wrote off the bad debt on the Ghana saga, aka we accrued far more than we should have but it looked good for a while, the actual settlement was £500k not the £1.2m overstatement they had on the b/s

"Revenues of £9.1m",

that's 18 months worth remember, last year it was £9.5m for a 12 month year, so much for " we believe a record year of revenues and profitability are in sight for 2023" in last years results

"Our $1.7million project to upgrade security at two airports in Southeast Africa, funded by the European Investment Bank (EIB), is now well underway with one airport completed and the other well advanced"

this was awarded in Dec 21 along with the sentence "project to be completed and recognised during 2022", remarkable progress (not !)

"we have been waiting for our client to resolve the land issues for the construction of the new container port storage and inspection complex in West Africa.... contract signed in June 2021",

yet another delayed contract

Skulduggery and misinformation all the way.

Back to a trading share

Done a good job of burying a dreadful results rns with a reassuring upbeat one, quite clever really

Good for a trade, that's all imo

"the Company has been undertaking a strategic review on how to improve shareholder value. This review included consultations with advisors and various stakeholders and is something any responsible board should undertake from time to time"

yeah - too many times without a good result at the end of it !

Agreed, in for a dabble here.....

Looking like my decision to sell out on rns day at a loss was a sensible one, was tempted to hold but could see where it was heading. It was a punt on DRC actually coming to fruition and I was surprised the market hadn't got wind of it being a non starter prior to the admission - the only reason I was holding despite my gut feel.

So many red flags in that rns I lost count

The only thing that will make a difference here is actual results or an in line/ahead trading update. They do appear to have a ton of cash here though and the directors bought loads at a much higher price

"I can buy as much as I want"

quite clever wording because you don't want to buy any, so your answer is zero

but the reality is you can buy up to £5k on hl currently before it goes to NT

Not really as you've already given us red flags ad infinitum, so how about some balance

Who cares what the current cash position is, all we need to know is that they've informed us it is funded to do the drill, yeah cash is no doubt fairly low but it means they might raise after the drill not before. You're just scaremongering by bringing unnecessary questions to the forum

Even TW taking shots now, and quite rightly questioning everything

no particular reason to sell but other than that what a load of baloney:

drc - looking more and more like 'potential' only

sierra queen - bad debt write off, what a crock of ****e that was

ghana debt - written off

p*** up in a brewery springs to mind

Mike, which board do you see that comment on please ?