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A perennially disappointing share. Why do I fall for these recovery stories? Three years and waiting...
In the results they say it's a key element of their strategic plan "to drive operating margin growth over the medium-term to our target of 5%". Says it all really. A low quality business in a tough sector. Whoops!
Reading the last few RNSs and nothing clarifies. I read a significant Director buy, but then I realise its the new Chairman and it would look real bad if he was shareless, so of course he has to buy. Then I read a significant TR1 (+5%), but then I realise it's Canaccord, the new Corporate Broker and I wonder are they really independent? I read of a couple of contract wins, but they are small. I'm a shareholder, I want to be optimistic, but I keep finding qualifications to every bit of 'good news'.
However, the real problem, as Im increasingly seeing it, is this company's tiny market cap of
Fair comments Mozax. I do hope you're right as I punted a small amount on TRLS yesterday afternoon.
I'm in the other Harwood biotechs and have been watching TRLS for ages. Indeed this is a volatile illiquid share, which, to my mind, means spikes up as well as down... esp with the cash position. That's what I'm hoping for.
Sorry for the long post, but I thought I'd just lift a comment from the CEO of C4X Discovery Holdings plc. Not a share I hold, but these are the sorts of chilling words we investors in this space need to try to guard against in our decisions.
Re: Proposed voluntary cancellation of admission of Ordinary Shares to trading on AIM.
"We have not taken this decision lightly, however, following an extensive review and deliberation to ascertain the most effective way to maximise Shareholder value in the longer term and increase the potential for the long-term success of the Company, the Board has unanimously concluded that it is in the best interests of the Company and our Shareholders to delist from AIM and re-register as a private limited company.
Despite delivering on our strategy including three major deals with leading pharmaceutical companies demonstrating our scientific expertise and deal making capabilities, the recent downturn in the financial markets has adversely impacted our share price, and with it, our future ability to raise funds in the public markets. The Board believes the current public market valuation does not reflect the underlying potential of our business or our achievements to date and that this is unlikely to change in the short-to-medium term. We believe that we can potentially access a larger quantum of future funding required to accelerate our strategy as a private company and therefore we believe that a cancellation of the Company's admission on AIM is in the best interest for Shareholders and for the future of our business as a whole."
Well, that's the divi gone. Classic! Poor management & capital allocation from the previous lot has reduced what was a highly profitable cash-generative business to one that got itself into so much debt that it has had to stop paying divis for a year. Not terribly happy. Long road back.
...the share price is suffering a bit of a collapse today.
Quoted 27.5p to buy, which I think is an all-time low.
Company is funded through to Q1 2025, which presumably means a placing will be required towards the latter part of this year...
I can't see them paying additional fees for a main listing. Far more likely they'll delist if things continue like this. What is the point of any London listing if the few UK public market investors who are left, don't want your shares?
Just checking in. Very quiet board and I can see why. The company appears to be slowly but surely using up all its cash. I cashed out in April 2023 for 47p, taking an overall loss, since when the sp has dropped another 50%+.
Is the destiny of this company to delist and repair itself in private hands? Views most welcome.
Absolutely. There is no liquidity at this end of the UK market, resulting in the share price drifting lower and lower. Companies are delisting because they are not getting fair value on AIM. As an example, it was institutional investors apparently who forced the recent agreed sale of Accrol Group plc for a derisory 11% premium to the previous day's share price, because they believed they would get better value and better prospects for company funding, if it went private. The institutional investor(s) in question wanted out but knew that to sell a large holding of an illiquid company would trash the share price, so this 'forced sale' at a cheap price was the only sensible way for them to exit the company. It's these sorts of shenanigans which are making it almost impossible to invest in small UK companies.
Indeed, seems I was correct when I said management may be having doubts about raising the money on AIM for the paper mill. According to a summary I heard on Ian King's programme, Accrol's management felt that their considerable success in turning the company around had not been rewarded in share price terms on the AIM market, making it difficult to fund any future investments (by which I presume they mean the paper mill). If true, I mean if poorer companies keep getting overly punished and better companies keep getting no reward, it kind of makes investing in AIM a joke! On the other hand, why does every company seem to need to fund their investments with debt or share placings? Why can't they finance growth the old fashioned way out of cash earnings?