Member Info for twink99

Well he was not the one I wanted. Maybe more will follow?

As long as people are prepared to sell at these levels the share price will be under pressure. The continued silence from the company is not helping at all.

I would not use the word clear when referring to any comments by the board. Sales are now what they are as H2 is over and the figures will be released shortly. The new products are being sold so I do not see any problem with certification. I believe that they would need 75% backing to take the company private and after the debacle of the AGM I do not see that happening. I cannot give any reassurance because of this policy of "mushrooming." All we can do is speculate. If sales are north of 600k and revenue north of 400k then the company may have a future. If sales are flat then it is hard to see a way forward. May I wish everyone a Happy New Year.

Roger, this is a confusing share. The EPS is up over 30% in 2 years, sales are rising rapidly and yet the share price has collapsed. Some members of the board imo have been complicit in driving the share price down by cleverly worded statements that contain no real information. Going on the " there is no honour among thieves" I would expect at least one member of the board to be ousted in the new year. The board have lost the shareholders confidence so any decision that requires shareholder approval is now not an option. Administration depends on sales and I stand by my earlier comments, if the vat refund is large enough to keep the company going for 12 weeks, then sales are going really well. However these are devious people ( one would think that a politician was somehow involved ) and I do not believe a word that the board says. Thankfully neither do the majority of shareholders ref the puling of the AGM. At least the "sword of Damocles" hangs over the board as well as the shareholders.

What a shambles. Someone should be ousted here. To have to cancel an AGM because you had no idea how the shareholders felt is an act of hubris too far. I do not feel that anyone will do the decent thing and resign, but someone's reputation has been badly damaged.

Well Well, looks like "Robbo little balls" has run away with "Mr not honourable" to have a cry because those mean shareholders will not let them play anymore. Today I feel a little more content than I did yesterday. Where did shave get that photo of me in my dashing chaps from?

I hope the right questions are asked today. Whether the board give a straight answer, we will see.

Has anyone received their voting forms yet?

Roger in 2 weeks people will be able to question the board at the AGM. I myself am unable to attend but I am sure that questions like, how are sales going? what is the amount of the vat refund? If sales are rising, when will break even be reached? will be put. As I have said. if the purpose is to fund paying increasing production costs then I am 100% in favour. If sales are flat then "working capital" means just to extend the boards pay. Since July the share price has been a car crash, hence my lack of trust in this board.

If this passes at the AGM you are just voting for having a JV with yourself. Due to the vagueness of the financial announcement I will be voting against. Some clarity would be welcome.

I had got an end of year share price target of £1 per share, does this mean that I will have to lower my expectations to 50p?

Sorry posted before reading the news. Well they are not wasting any time. Only need 50% for this and having diluted earlier I do not think they can be stopped. I am going to hold my nose and wait for the sales figures.

Roger correct me if I am wrong, any major change to the company would require a special resolution. This would require 75% of votes to pass. If there is any foundation to your earlier comments regarding a possible buyout then someone feels the company is worth buying. If the company has to raise capital because there is a problem paying vat and invoices on an increasing order book then I am all for it. The wording on the announcement seems deliberately vague.

Roger the numbers are suggesting sales are rising rapidly. The company had 135k cash at the end of June and an additional 500k ( minus expenses ) in September. If we say 600k then even if we assume no revenue we have a cash burn of 100k a month ( they say they have 4 weeks money left without the vat refund). For the refund to last 8 weeks IT MUST be circa 200k. But 200k vat in Q3 suggests a surge in direct costs ie materials for production. Not hard to work out that you need to spend circa 1 million to get a 200k refund. Also you cannot have a refund if you have not purchased items that have vat added. Q3 is July To September. If the company had given the vat figure it would have been easy to work out a rough idea of how the sales were going. Why was this not done? It is certain it was not done to protect the share price.

Roger I am not certain on a buyout as that has not been mentioned. I think you may be right that a deal has already been agreed. I am more in the "a friend of a friend" gets to own a large share of the company for peanuts. The announcement is vague and lacks detail. Why is cash so short? How are sales going? What is the amount of the vat refund? What is a significant stake? Collaboration in what?. In the next 4 or 12 weeks? that is a wide window. I think we are expected to greet the deal with gratitude and praise the brilliant way that we have been saved. There are only 2 scenarios, The company goes belly up or we hold our nose and see what comes out in the wash. If sales are rising they only have this one opportunity to make a killing. I cannot see any body investing if sales are declining or flat and yet the company says it has no money but discussions of some sort are going on? Does not make sense to me.

If the announcement is factual then I do not see any way out. The board will have to prostrate themselves before any investor and plead with them to invest for the sole purpose of the board remaining in their well paid jobs. Any investor would not take kindly to the fiscal incontinence that they have presided over. Hopefully any investor with 500k to spare will demand at least 51% of the company and then sack the board before the ink is dry. I know my shares will be diluted hugely but it would be worth it. Only a moron would announce such financial weakness during investor discussions.

Gavin Mayhew and john Celaschi have the option with the convertible loan taken in May. What I do not like here is the constant "mushrooming." The announcement is very vague. To announce during active discussions is unusual and very foolhardy. It could be that the company badly needs someone or something to come to its rescue and the board are really that thick ( or desperate). I am going to prepare for the worst and hope for the best here. Ever since the board were given the green light at the AGM things have been a disaster. I cannot see how sales have not increased in H2, but maybe I am clutching the same straws as you.

The numbers of this financial statement do not add up. The company is suggesting that the amount of vat refund will give them an extra 8 weeks in which to give a large part of the company away. We know that the company is burning through around 150k a month in H1 most of which is admin expenses ie non vat. The total direct costs were 319k ( with one off costs) so we will assume that all of this has vat applied. We then have to assume that the company forgot to claim for quarterly vat refunds the 20% rate. Say that sales have been flat so direct costs have stayed the same , the company can only expect to receive 90k in a vat refund for the 3 quarters this year. That will only get them to week 3. The only way for the company to receive anywhere near the amount of vat refund to last 8 weeks which at minimum would be 200k is that sales have increased and therefore direct costs. On this evidence I can only conclude that the announcement has been made with the intention of lowering the share price. As the romans said "cui bono"

They have guaranteed that the share price remains subdued for the foreseeable future. Looking back at how the share price was seemingly manipulated before the placing it could easily be argued that the door has been left wide open for someone to pick up a bargain If this is true then at least someone wants a slice of the pie even if it is at virtually no cost. The problem is that the board have been given a green light to do as they wish. If they are as inept as they seem the future is not bright at all. Half of me hopes that there is some dodgy dealing going on as this would at least show a degree of intelligence. Some would argue that getting paid 150k a year for achieving nothing shows plenty of intelligence.

Am I honestly supposed to believe that this moronic board, whilst in discussions with an investor, have stated publicly how weak their financial position is. This means that the share price almost halves handing the investor all the aces in the pack. I would pay good money to be in the room when they proudly announce that they are that good, the previous investor has lost over half their investment in a little over 2 months. I am sorry, but no one is that stupid. I have been played here.