Member Info for TRQS

Have heard they have been bought by a tier 1, but def 2nd hand info.......

Bloomy, I said there is no obligation to sell to the highest bidder, I never said that they wouldn't. Based on your strong statement I will happily read the link that you will post that will correct me now.....

There is no obligation to accept the highest bid, obviously in your simple case I'm sure they would go highest, but it is always more complicated than that, i.e. x company wants the IPR (may to take to India) but not the assets and liabilities (costs) of Silverstone or Sunderland, vs Y company that will just take everything at a significantly lower price - who would you decide upon? Usually, for a UK company, they'd much prefer company Y as their fees just won't cover managing of disposal of a load of stuff that is no doubts stuck in those buildings.....

"The administrators are obliged to obtain the highest price for the the assets" is an incorrect statement - they are NOT obliged to do this.

They are obliged to get 'market value'....ok, may be true of property, but you have just seen exactly what the market value of Saietta is in the market!

I have seen this with a company similar to Saietta before, the will hope someone comes along an makes a reasonable offer to pick up and sort out all the tangible stuff (which the administrators won't want to do) plus some value for the IPR. There is no obligation to sell to the highest bidder especially if it comes with added complexities for the administrators....

RGhost is absolutely right - just Google the rights of shareholders. Naturally you could take this a set further and suggest that it was managed in to administration on purpose, it is not hard to imagine the reasons why......but of course I'm not say it was!!

Well, after reading countless comments on here last week, there are certainly some people who are going to feel vindicated, and lot of people who just look like, well, idiots!

"Probably where some of the 6 million plus went that was raised 100 days ago

Scam of a company unfortunately by the way they have operated"

You need to read the company accounts, amazed investor just don't bother....administrative costs alone were over £1M per month, the cash goes quickly! I think in 2021 they burned through £27M in one year :-0

They have got to write that, but do you think you can sell a company in a few weeks?

If you were a company looking to buy, what would you prefer....1) buy them as a going concern but with a load of liabilities and other shareholders, and massive hassle, or 2) wait for the company to go in to administration and pick it up with no liabilities and other shareholders, etc? I know which I would think is best, and heard a rumour......! Obviously 2) has risks, likely to be other parties interested and the administrators chose who to sell to, and this is not just based on the highest bidder. Other aspects will be trying to at least re-employee some people who know about the business (key staff) who by the time it is resolved may have gotten jobs elsewhere.

Are you looking at this part "becoming increasingly aware that certain contracted cash receipts may be withheld"? This just means that customers are likely to now withheld payments due to risk of the company going pop, hardly surprising......

Bringing this one back to the top.....makes interesting reading!

The old CEO is actually over £5M in just under 3 years.....2021 = £2,171,670; 2022 = £2,224,271; 2023 = 1, 248,738.

Just looking on companies house, some interesting (worrying) resolutions passed on 12th Jan 2024 for any existing shareholders.........................

Interesting post, especially this comment "I will be amazed if they are able to raise funds and avoid the obvious likelihood that one of their OEM clients does not announce plans for acquisition."

I'm sure they had a lot of fun with £57.7M of runway, especially the old CEO - just look on companies house (annual accounts), personal gain of probably over £3M when you tot it all up!

As you have said perfectly, "and it is the nature of industrial engineering programs that they frequently require far more time to mature than share market participants are prepared to wait."

Mainstream automotive OEM for > 30 years in product development and NPI - multiple launches, hence I know how "challenging" such products can be to validate!

As written before, please don't assume from my post I'm anti-SED - completely the opposite, I want them to succeed, I'm very, very pro British UK tech and innovation.

I quit this message board sometime ago when getting flamed by people who clearly hadn't even read the annual accounts when it was clear that the burn rate vs capitalisation / engineering put them in to exactly where they are today......hopefully there is now a robust plan to get to production and deliver value to the shareholders!

Clearly someone who has never delivered a production product to an automotive customer!

1) Winding technology for any kind of motor (even SED) can be sourced fairly straightforwardly for high volume

2) Costs would not be cheap - £multiple M for such machines

3) Real costs......development and validation time for major OEM.

Look, imagine SED sell 100K UPA to Hero, so over 5 years = 0.5M units. Average mileage per bike per owner is 10k km (over 5 years), then cumulative mileage will be 5,000,000,000 km. How do you validate the product to sell in to the OEM? What warranty are SED offering on the unit? Ever wondered why even an Indian OEM would spend min 3 years in validation to get sufficient miles over multiple development bikes and dyno tests - it would still only be a tiny, tiny fraction of the real world mileage, but you can do little to speed this up......to think you can go in to higher volume production with a years worth of OEM validation is just unrealistic!

As I mentioned ages ago, for various reasons I'm fingers crossed for HUGE success of Saietta, but just trying to be realistic by looking at all the details - it is clear a LOT just have no idea other than throwing stone, people haven't even read the last set of company accounts which I find absolutely amazing.

Anyway, my comments are clearly not appreciated so I'm outta here......

I said motor should be £200 at 80k UPA. This was for motor only.

Just looking at the AYRO deal....this looks like eDrive units, which is motor, inverter and gearbox. As a simple first estimation, 1/3 each for motor, inverter and gearbox, so selling each for only £500.....may be not so great!

SO, the Autocouncil says the target for an automotive quality high efficiency motor at 100 kW for the likes of Toyota and VW (250,000 KM B10 life) should be $480 USD dropping to $330 by mid 2030's. How much do you think a 4 kW or 12 kW Indian 2 / 3 wheel motor will be relative to this then??????????

It depends....are we talking about the 4 kW or 12 kW SED motors? I can find an industrial 4 kW 3 phase motor for £258.44 for 1 off made by a well known manufacturer. Obviously what the OEMs will pay will be 1/4 of the price of the aftermarket, so benchmarking off Alibaba may not give you a good idea :-) Some examples below:
SED 3000 units (what power?) £1500. I'm not sure IF engineering is included in this, so I wouldn't read over 1:1 for piece price
3500 UPA 120 kW 400V 3-Phase PM motor price target £800 for European OEM
100,000 UPA 350 kW 800V 3-phase high performance motor for German OEM price target of £550 BoM. Sell would therefore be £650
4 kW SED like motor for Indian market - BoM target in 2021 was something like £70, but I suspect that this has increased somewhat recently.

Look, the simplest benchmarks do NOT come from me, just Google the Autocouncil motor pricing targets, there can all be found in the public domain.....

https://www.apcuk.co.uk/wp-content/uploads/2021/09/https___www.apcuk_.co_.uk_app_uploads_2021_02_Exec-summary-Technology-Roadmap-Electric-Machines-final.pdf