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I'm researching this company having come across it in a tip from "The Oak Bloke’s Substack". Sorry if this comes across as v ignorant but I can't reconcile the divi. The Oak Bloke states a 26% yield as a key investment feature and, indeed, HL also states a 25% yield. However, HL as well as the other sources you all have kindly posted below, state a quarterly divi of 4.375 cents per share. By my calculation that's an approximate 1.4% yield on a share price of £11. Where am I going wrong?

Have you ever read a Chairman's Statement that reads like this? How on earth did a listed company with supposedly £2.5bn in assets get itself into such a pickle?

"The newly constructed Board are aware of multiple valuation data points. The Board, made up entirely of non-executive directors, has sought advice from the Investment Adviser, as the Company's delegated executive function, for their opinion as to the fair value of the Company's assets.

Regrettably, the Investment Adviser initially refused to provide an opinion. While the Investment Adviser did eventually provide an opinion to the Board, it was heavily caveated. Whilst the Board sought for correspondence with the Investment Adviser on the matter to be published on the Company's website in order to provide transparency for shareholders, the Investment Adviser has refused to consent under the confidentiality clauses of the Investment Advisory Agreement.

We note the announcement from Hipgnosis Song Management stating that they will 'continue to work in a constructive manner to support the interests of the Company and its shareholders'. On behalf of the Board, I therefore urge the Investment Adviser to provide the Board with their opinion as to the fair value of the Company assets, without caveats, such that we can provide greater certainty and transparency to our shareholders."

Smooth talking pied piper C. Mills remarks on RENX here. Of course he reveals nothing we don't already know. Meanwhile, the share price takes another leg down...

https://www.youtube.com/watch?v=M_iIre1pAW4

This afternoon's RNS says 32,050,932 new shares were issued against a previous total of 113,209,438 (145,260,370 - 32,050,932), so I make that a 22% expansion of the share base. Market is inevitably taking the share price down towards the placing price of 17p. It may go lower over the next few days, let's see.

Per the RNS, 18,181,819 new shares were issued against a total of 630,423,479 shares. I make that 2.88%. Nothing to see here, all's well.

Interest rate pivot in the FED's narrative producing a memorable day for stocks, esp those unduly hammered.

RENX's share price unaffected of course, oblivious to any optimism out there.

= short squeeze

In 2023, Shell Oil is up 7% and i3e is down 62%. Shell yields 3.5% and i3e yields 11.4% (current quarterly divi rate against a 9p share price).

I don't get it. What have i3e have actually done wrong ? Sure, they changed the divis from monthly to quarterly, but monthly made little sense anyway. Perceptions about management's trustworthiness? Would that be the same management that pulled the proverbial rabbit out of the hat in 2020 by transforming the company from an underfunded north sea oil explorer to a highly profitable Canadian producer? I don't mind the set-up of generous incentive schemes for management - it doesn't seem to be working anyway.

We were told small caps outperformed large caps over the long term. Not for the last 2 years and it's going to take spectacular small cap outperformance to close that gap.

Indeed. Two RNSs on the subject today. Key for me is the one stating that Slater Investments now own 5.15%. No idea if all 5.15% is a recent purchase or if they had some shares (below 3%) before. Either way, a good sign, and I'm in (again).

Yes SB, reading the tea leaves, it looks terminal. Omnishambles indeed. Oh dear..... Even old Hawker has gone.

All I can say is the current value of my portfolio expresses the current value of my RENX shares and that's next to nothing, so if the company goes bust next week it's not going to make a hoot of difference to me, the damage has been done. Done to a toast!

So bring on the worst, I'm as ready as I'll ever be.

"Revolution themed cruises"?

Hmmm, gives a whole new meaning to the phrase 'experiential leisure'! Suggest they beef up their wear & tear insurance and ensure they don't mix up the boats!

Seems this investor has upped his stake to 5.14%, per an RNS issued this lunchtime.

Can find very little about him, other than he is U.A.E. based and also owns a chunk of Revolution Bars. Anybody heard of him?

I wouldn't want to lose so much money over it, but the brutal honesty of your posts SB have always been one of the better things about investing here! I can't disagree with a word. I only hope you haven't invested a large amount in RENX. Myself, with top-ups I stupidly let it reach 4% of my share portfolio at original cost. At current prices they are now worth just 1% of my portfolio, so a 75% average loss. Mistakes make the best lessons!

The brutal rise in interest rates represents a huge headwind for funding. Factor in the obscured path to profitability due to lack of sales and we have the perfect recipe for a distressed share price. Every week without news on a re-finance is another nail in the coffin. Where's Hawker? I could do with a dose of his optimism if he has any left.

Yup, with Barclays I can sell my entire holding in one trade, but I can't buy even 10 quid's worth. Laughable.

...on my platform. What does that say? Someone wants our shares cheap?

Think I agree with that. I also believed this might be an investment where my heart and head could actually align, but it hasn't worked out that way. Neither is the product doing much good around the world (due to lack of deployment), nor is it making me money! In the recent Q1, FY24 Report, they say that they are seeking financing to see them through to "at least early calendar 2026". Two full years funding? Well, we shall see if that steep ambition is realised and at what cost to existing shareholders...

My losses are also so large it's not worth crystalising them, so I'm sticking it out.

Not entirely. It's another overpriced one from the class of '21.

It's no surprise there are hardly any UK market IPOs these days... people have short memories but not that short.

...that my investment here has not gone exactly as anticipated. Struggling to find the positives...

A couple of weeks ago, Agricore wrote "Assuming a £10m raise at 16p per share that will equate to a 38% dilution. £15m is a 50% dilution. SED has support from a large number of IIs so the problem may actually be whether PIs even get a look in. As a PI, I will certainly be participating in any rights issue if I can". Not a bad guess, but in the end they were only able to raise £6.7m , albeit at a price of 17p. Even by their reckoning, that only buys us another 4 months. Either they're very certain about announcing transformative "major commercial developments" within that time frame before coming cap-in-hand again in March, or, more likely, £6.7m was all they could get.

Knife's edge. And maybe that's optimistic. My losses are so large it's not worth crystalising them, so I'm sticking it out.

Weird statement from our departing Chairman: "The scale of the opportunity for the Company remains significant and we remain confident that the NHS will rebound, survive and thrive once more, with the support of organisations such as Totally".

Er, not really. If the NHS were thriving there'd be no need for companies like Totally. It's the well-known problems and inefficiencies of the NHS that have brought the likes of us into their operations.

Put it this way. My investment thesis for this company did not depend on a thriving NHS. If that were true there would never be a good time to invest in Totally. My investment thesis depended on a struggling NHS - one that needed outside help and plenty of it.

So, I'm sorry Bob Holt, don't be disingenuous by blaming the NHS for Totally's travails. The blame is squarely with management and their failure to win/keep contracts at a growing and profitable rate. It's into the long grass for you Bob. If this was to be your swan song, it's not been a glorious one. A 'safe pair of hands' you were not.