Member Info for TruroTrader

Welcome aboard Hounddog10, well thought out post I must say. I've been here 8/9 years now and been to the last 2 AGMs I intend to go to the next one. The current spate of 'nearly there' contracts is purely down to admin delays out of SRT's control and although almost to good to be true it is the culmination of the hard work put onto the VSP and has built up since the days of the Pandemic.

Once the first 2 or 3 are commenced and up and running I would expect the VSP to deliver in more a more regular fashion.

Interesting point re the transceivers delivering enough revenue to run the whole company. Simon mentioned this some 5/6 years ago. Now the dealership is up to 4,500 and Nexus is being pre ordered this could well come to pass. We may need to increase the head count a bit and keep more stock n the warehouse but nothing else will be needed.

Thanks and Cheers

Hi JRC, Yes it is difficult to assess how things will go. Your calculations are is good as any I guess. One thing I like about the business model is using Flex to manufacture our hardware - all we have to do is order it with no upfront expensive production facilities to finance.

Once we get over this delay hump - perhaps by the end of the year - then timings of contracts should start to be more regular and our revenue will rocket.

I was concerned that whatever it is that the ombudsman is investigating re Simon was putting off new orders but no it's just admin delays re future contracts. Onwards and Upwards folks!!!

Simons webcasts often give the SP a little boost but this is exceptional! I've just relistened and my guess is that by the end of this year we will see real progress on the revenue front - both Systems and Transceivers. One of the contracts was 'a few weeks' - hopefully before the AGM?

Hi JRC, Simon mentions a VSP of about £1.5 billion So your guesstimate should be good and allow for the glacial speed of progress!

Margins. Simon once said that the 1st Milestone payment was for initial screens and servers but the expensive bit was our software which is comparatively cheap for us and so is a high margin milestone.

No real new info in the interim statement - which shows the last RNS was good. I did notice though that quite a few of the June '24 figures were better than the last full year which is encouraging for the current full year.

Well, short sharp and quite sweet!! All good stuff but have I imagined that Simon was under some sort of investigation? Nobody questioned that? (including me of course) As an aside I recently phoned SRT re the AGM and the lady I spoke to was the actual organiser and she said it has not been finalised but she said the current aim was late November.

One of the reasons why I'm backing Simon is that he doesn't just duck and run. He's always done webcasts and is as open as he can be. We know not the details of the investigation except it seems to be related to the fishing family Philippians. More strength to his elbow!

Hi JRC, I don't think it's the client who is stalling. If you look at the RNS of the 18th of May 2023 you will see that a loan was being agreed with an inter-governmental department namely the UK export fund and using a British bank. There is no official reason that I have heard of to explain why this is not forthcoming from them. It certainly is not SRT who is holding this back!

The latest on the 'cloud' over Simon, who I support, is in the RNS of the 24th of April 2024 . As I said - in my view it would appear difficult for the company to comment on these matters .

Hi JRC, If the cloud over Simon's head is the problem it's difficult to see what comment the company can make?

I think that Simon has to have his name cleared of whatever wrongdoing he is supposed to have done. I think that is the only reason that the government approved loan to pay for the May '23 large contract has been held back. I don't think it is coincidence that other new contracts have not been announced. I support Simon but this cloud over him is the only reason I think that SRT has stalled. We can't survive, in our current guise, -on just em-trak revenue.

I could be wrong of course but I can't think of any other reason for the loan delay.

Thanks goodapple, impressive specification (even if I only understand some of it!) Didn't see a price though. At the last AGM Simon seemed to think around £1500.00 which I thought was a little low?

I said last month that from now the news should be good re progress and sales and the last 2 RNSs have so proved. In addition to the main 2 contracts we seem to have some 5 smaller orders of which one may well be expanded. That, to me, bodes well for the future. I'm pleased the excellent Chilian test report is on the website - I don't understand it but it will mean something to somebody!

John, if you think about it - if there was a choice that the Kosovan government could decide not to pay then Dentons and the other three 'investors' who put up the seed cash plus the KC may not have been so keen? As I understand it the arbitration decision is binding.

When Philip Kirkham was CEO he used to go on a platform - Director meet Company or something? As you say a good story to tell.

Hi Dibs, just re-read the Interim Statement of the 22nd of May and while it is some 4 months old the general tone is positive. I also think a cash call is unlikely. It also seems the aerospace sector is at long last on it's way to realise it's potential. Looking forward to the year end report which will hopefully show we are at last growing the business. Onwards and Upwards!!

Hi John, long time no speak. Pretty positive for you giving us 75%. However the reality is that if we win the legal costs my rise re the pay-out amount. It shouldn't but there is a tendency for this to happen.

EG Say the costs are £1 Mill and the pay-out is £2 Mill we will share £1 Mill amongst us. If the pay-out is say £10 mill then the costs may rise to perhaps £1.5 Mill. Strange but true - it's the way of the world!

Good to see a gentle SP uplift over the last fortnight or so. Anybody any info on the May '23 contract or the investigation into Simon and others as per the RNS 24/04/24. I've said before I totally support Simon. In think that maybe this cloud is one reason we've no new contracts - very frustrating!!!

Not just Dentons Radika. As I understand it in May 2021 a specialist KC called Samuel Wordsworth was instructed also on a 'no win no fee basis'. In addition, at the outset, three investors put up enough cash to allow Dentons to appraise the situation. This appraisal resulted in their offer of no win no fee. They will probably be charging either a percentage extra on their original costs or an interest payment.

However the upside is that no further costs have fallen on Fox, ECOB or shareholders. There is a tendency in these cases where the final fees have a relationship with the amount granted at arbitration. So we just have to wait and see, but as I've said this arrangement adds to my believe that we will have a positive outcome.

Hi Radika, The arbitration is on until we're told otherwise! One reason we hear nothing is that a no win no fee deal has been struck with Dentons which means there are no cash calls. This no win no fee deal is, in my book, a clear indication of confidence in the final outcome. The only fly in the ointment is that the award could be small.

Hi StanAccy

It's more of a gamble at the moment rather than an investment in my view. What would you like to see as an investment level?

Hi bluerill, as you say not for widows and orphans. However the gamble is in my view getting less risky. I said on the 21st of August that we should be getting positive news and the TR-1 on the 29th was I think the first conformation of this - it sure as hell put my recent £500 top up in the shade!

We are now in production into 2 meaningful contracts with working capital to hand. Hopefully with the recent production line improvements we will be able to construct a second line as the cash comes in.

You never know one day we may get some arbitration cash and then eventually - wonder of wonders we might even be able to implement Stone Alliance!!!