Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Some very overly optimistic comments on here.
Worth remembering this was valued around 40-50p before the COVID-19 shut down. Sales fell through the floor shortly after and though recovered since the initial shut down are still well below pre-covid-19 levels. There's no guarantee sales will recover to pre-covid levels this year or beyond.
They were also highly leveraged before, they are now considerably more so.
Has there been any info on number of customers taking Payment Holidays/deferring payments?
Interested to see the results here, online sales took a 14% hit previously because of upgrades to the website.
They seem to have ironed out the kinks and the website looks to be performing well.
Third parties have the website at around 1 million visitors a month with average order value of £200
The problem here is Eve are selling a commodity badly, there’s nothing on the Eve website to convince me to buy an Eve mattress over any other mattress on the market.
The branding is poor and the copy even worse, it’s far to wish washy and doesn’t create any desire or impulse to buy.
I’ve got a small amount here but if I was in the market for a mattress I’d still buy Emma or Simba.
Sad day for anyone who had taken a punt on this, hopefully it was just a punt for most. Shame to see the usual suspects are still here, still misinterpreting information and still trying to rally others in to a false sense of hope.
Hopefully in the cold light of day most people will realise this was a high risk investment and that the risks were made clear, in the annual report and in the RNS’s. Even with the investment from FLFL this situation was likely, as the loan notes were due to be called in at some point within a year.
Lord Alli hasn’t technically done anything wrong, sure he’s acted in his own interest (which everyone else here would have done, if they could) and in the interest of Koovs by keeping the company alive (which he was duty bound to)
The best thing anyone can do who has lost money is take it as massive learning curve and move on, battle hardened with more experience.
Trying to seek revenge or recoup losses will do nothing but cause people more stress, more time and more money. There’s better opportunities out there.
GLA
It's not standard for any major online clothing retailer, certainly not ASOS, it would be a breach of distance selling regulations.
I believe ASOS are wanting to crack down by preventing serial returners from ordering in the first place.
I don't know if it's already been noted but Koovs are not accepting returns on orders currently being placed.
2 billion? What on earth are you talking about. He’s put about £19million in.
Yes he’s a successful business man, that’s why he’s covered his own back with the floating charge and loan notes!
DYOR
If you were Waheed Alli why would you put another penny in to this?
As it stands Alli has a floating charge over the entire company that he can now call in at anytime. When he calls it in he takes the entire company and all its assets.
He could stick more of his cash in to this and own a fraction of the shares or call in his note and own 100% of the company.
Who knows, he might even sell it to FLFL…
Plus Koovs aren’t even close to being able to make a profit, the numbers are terrible. They’re burning £1million a month. The £6million from FLFL is needed to take the company to June, in June they’ve said they need to raise a further £40million to be able to continue.
Koovs might stick around, but certainly not in its current form.
@AWBOB Problem is there’s no incentive for Alli to sink anymore money in to this.
He structured a deal in 2017 that gave him a floating charge over all Koovs assets and activity. All he has to do now is call in his note and the entire company is his anyway.
I wonder what Alli is thinking
I know he’s promised not to call in those loan notes until June, but if further funding is unlikely there’s potential cash in the bank up for grabs
RNS makes the proposition here clear. Koovs now in limp mode, its a coin flip on the RBI decision
Q1 to Q2 GOV is flat which probably means a dip in net sales due to the warehouse issues and margin has taken a substantial hit falling 60%. Though good to see they managed to maintain GOV and traffic through all the negativity and complaints.
Not that any of that matters now, it’s funding or bust.
It’s likely because the RBI issued new guidance around overseas direct investment for Indian companies a few weeks ago. Pretty hard for the board to be able to foresee.
From what I’ve read it suggests an Indian company can’t invest in an offshore company if that company owns or invests in India. It’s designed to prevent round tripping, in this case funds passing from India through London and back in to India as FDI.
It’s doesn’t sound great for Koovs if approval isn’t granted, not only will the investment due be gone but there’s the possibility FLFL will have to dispose of it’s current stake in Koovs.
The guidance has only just been released so who knows what will happen.
@Kingedwards - this is ODI rules. The links not showing but if you google 'overseas-direct-investment-stance-of-rbi-stumps-companies' there's a fairly recent article in the Indian Times about it.
Interesting the RNS said Koovs need to find out if FLFL can continue to hold an investment in Koovs. This piece in the Indian Times could be a possible reason:
https://economictimes.indiatimes.com/news/company/corporate-trends/overseas-direct-investment-stance-of-rbi-stumps-companies/articleshow/71176878.cms
It says the RBI has taken a stance that an Indian company can’t take a stake in a foreign company if the foreign company owns a stake or invests in any other company in India, even if these are part of the same group.
Does Koovs PLC not hold/invest in a couple of India subsidiaries? Koovs marketing PVT etc?
@dontpanic - Deffo a possibility, if the capital markets day doesn't go well I can see this been allowed to go under and FLFL buying out the whole company from Waheed Alli.
Not really a surprise. Most who read the last trading update will have been aware this deal on the time frame agreed was as much as dead weeks ago.
I've seen it brought up on these boards many times over the last 5/6 weeks but as per usual certain posters seek to suppress any real and genuine discussion on this share and spout lies.
New funds need to come before the end of the year now, even if they do come it's not going to be good for existing shareholders.