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One of the rationales for the recent consolidation was a potential narrowing of the spread.

I'm glad it worked as at a current 10.64% spread imagine what it would have been if we hadn't done it!!

I did a dummy sell 0f £5k and got 48p which is acceptable with a Bid of 47p but with an ask of 52P we're no better off than we were before - little chance of trading going on.

Hi dactions, er well yes then. Thanks for the correction - it must have been my hyped-up eyeballs spinning round. Should have realised Max had a valid question.

Exactly as you say, cheaper all round and apologies all round.

Hi Max

It's £10 Mill cash now plus £1.5 Mill in shares now with a 2 year lock-in period plus a conditional £2 Mill in 2 years time.

Regards

I think we will. With the sage 32 coming into use our compact product line could easily double this year.

Elucigene is the opposite. With only 3.6 M revenue and 1 M EBITDA they are obviously doing something right. However with 36 product lines not nearly enough. That nice Mr Rees has certainly got some "assets to sweat" now!!

Will take a bit of sorting but what a comprehensive offering we now have. The plus is that with the timing we've got a full 11 months to fully integrate the businesses ready for an extremely positive annual report.

Exactly the right size of deal - big enough to make a real difference. As it is a complex company I guess there would not have been that many buyers so probably a keen price. Revenue flagged up but not so much the profit which at less than 4% is not great. However I'm sure there are many overlapping areas from which savings can be made to enhance the bottom line.

I also wonder if this is a bit of an insurance policy in the event of Brexit?

Indeed this is a great win. It will add some 15% to our annual turnover and the timing means it will positively affect the current year and even more so in the next two.

Will it shift the SP? At the risk of sounding a broken record I still think the cash in the bank is holding us back as it's not actually doing anything. We have been a cash generative company, even while making losses, so holding on to what is basically the whole of the fund raise make no commercial sense.

The rational for the fund raise would have been discussed by the BoD 2 to 3 years ago in order to present to the various potential investors. However in effect the Polaris and Westek acquisitions were self-funded. It begs the question - why pay for a fund raise?

HI a1m, I don't think this is hostile. Was there not some caveat in the flurry of RNSs that mentioned this when the announcements were made - some thing about a "side letter" ?

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Hi rag, considering this is a start-up on AIM that's never paid a divi the latest results are about as good as you can get!

I've done a couple of dozen AIM investments that have just disappeared into administration or re-appeared with the old shareholders (me) wiped out.

I've sold enough FFX in the past to make my current holding pure profit. This is only the third time I've managed that but other shares are sitting comfortably well in profit - apart of course from the ones that ain't!

The AIM is a sort of watered down Wild West. My message is don't kick a gift horse in the teeth but enjoy the rise and perhaps take a little profit?

Hi Rag, Caution is a great thing and I appreciate that one swallow does not a summer make but with the last 5 years revenue figurers as follows: 5.48M; 7.97M; 10.19M; 15.41M; 26.1M plus profits for the last 2 years we have no winters anyway!

Hi Gunthorpe, I think you may overestimate the power of some boards. Re your 12.18 "One thing if for sure, show me a board on here with few or no posts for weeks on end and I will show you a declining SP."

Look at Avation (AVAC). In the last 18 months I've posted 3 times and ShareSoc UK has posted some dozen times - but mainly to promote themselves I reckon! That's the sum total. Any way in the last 12 months or so the SP has gone from £2.30 to £2.90 - some 25% or so.

To me the beauty of these boards is that some of them give good information about the company and interesting points of view. Unfortunately some can descend into poisonous troll territory - Flow Energy was one a couple of years ago.

Constructive criticism here is the key I think but although some posters seem to think the BoDs keep an eye on LSE I think very few actually do. Anyway, all the best.

I thought the analogy about Yourgene now able to hold hands instead of being a secret mistress of Thermos was pure class! He's not afraid to nail his colors to the mast.

If you worked for him you would know what was expected. If you were negotiating with him you would know you'd been there!

Well impressed by an assured performance timed to the minute. Worthy of a top up as soon as I can because the real improvement in the last 7 months has been strengthened by the acquisition. I believe he is exactly what's required to maximise the benefit.

I just hope that he realises he is not the only owner of Yourgene!!

Hi Adastra, You make some good points however if you look at the 3 years or so before the fund raise you will see that although we were running at losses we were still cash generative and we made acquisitions anyway. I have no idea how we managed that! It's almost certain that the interest made on the cash is well under the cost of raising it - never mind the dilution! The fund raise was after the referendum so that shouldn't be that much of an issue.

As I see it the uncertainty is the fact that we've still got the cash and the market appears not to value that Strip out the cash and our MC is less than £30 Mill which is ludicrous if your last couple of sentences are correct. We are a profitable company with a £40 Mill turnover and a forward contracted order book well over that.

If the cash is spent wisely the uncertainty diminishes and once we start to pay a dividend the SP could easily double.
There well may be some grand plan but until the BoD act we are all in the dark and I think that's the problem here.

Thanks for the link jsmith.

Interesting that they're moving more and more to commercial customers. The greater number of transactions per client, even at a lower margin, seems to be the key here for me - particularly if we crack it in the States!

If you're talking to me Max then I hope you're not misreading the tone of my latest post. £20 Mill was raised two years ago. According to the prospective at the time discussions had already started.

For that to happen research and due diligence should have been started before the actual discussions.

We've spent £6 Mill since the fund raise which has been funded from cash generation anyway.

It makes no financial sense to pay for £20 Mill and put it in the bank.

Hi Talygarn - bit of a puzzle. The link you gave was apparently 3 years old but as FHL seemed so good then why are we shipping to them now? Their operation seemed to be wonderful - just like Fox should aspire to be!

Perhaps we're not as unique as CG would like us to be. Is this a layered convoluted market that racks up the margins according to the numbers of middlemen before the end user is supplied?

Hi Dar and dactions. There certainly seems to be some sort of BoD unrest and the lack of a clear plan forward. While there has been general good progress with tie-ups and collaborations the failure to acquire anything of note for some 2 years shows that the fund raise was either not needed or the BoD is unable to agree on the way forward.

The II's who have 85% are perhaps getting restless and hopefully doing some prodding. We do need to spend the money - hopefully wisely. My worry is that with the obvious absence of clear forward direction we botch any acquisitions and waste the cash.

Something needs to happen!

Hi unvrkw, I have a portfolio of a dozen shares of which 3 pay a divi and I of them, GMMA, is in sticky patch anyway - I definitely am in the high risk and high rewards area of investments. 11 are on AIM.

I am fairly confident of Fox. I'm not always sure of CG's announcements as in the past it almost seemed as if a request for a quote was announced as an order! But to be fair to the guy - although he has made mistakes he keeps on swinging. Couple this with the margins that quarrying has in this neck of the woods and this year should see the birth of a complete and full business.

Whatever the figures for the current year are all the elements are in place for success and can only be enhanced by the Green Power/Scope acquisition.

In turn this paves the way to becoming a credible business and to be able to capitalize on the Stone Alliance set up. Stone Alliance has the potential to be a huge opportunity which could blow away most of the competition. I think this is where the money lies. GLA.

And yet the share holdings were the same?

Hi twix - not to sure about new products. We've just launched Sage 32 and the IONA NIPT test for illumina is on the way which is part of the settlement I believe. While these are refinements and not strictly speaking new products it makes sense in my book to concentrate on our core NIPT business and get it viable. If we have a lead on the market we need to keep it.

The company has stated it wants to do other things but let's concentrate on NIPT first and get profitable. I really think we need to perfect our one-trick before we learn another which I believe we will be able to do!

Hi Gunthorpe, re your 12.39 today. Do you have a handle on RNS's costs? However it will need time to evaluate the results of any leads gained.

In my later life sales career I very quickly learnt not to give my boss any real positives re any recent activity as it would invite updates. I often sandbagged the good ones until I'd closed 'em. Didn't half make him happy when he gave his boss the figures out of the blue! I got lots of brownie points at xmas as well - occasionally won the year end award.

Happy days I now seem to think - but at the time I kept my nose to the grindstone. (especially at the year end!)