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I don't know what their holdings are but I reckon v small. Certainly none of them appear on the list of significant shareholders. Another red flag in retrospect.
This was my 2nd largest directly held share by money spent and I've almost certainly lost the lot. However, I don't have to sell the house, don't have to sell the car, don't have to sell the wife. I'll just have to make the money back elsewhere and , hopefully, in a couple of year's time Saietta will be just a distant blip in my investing journey.
As for tonight, I might order a curry, crack open a few tinnies, and watch a collection of Tony Gott's old interviews on Vox. Should be a laugh.
Actually it doesn't Latino. "Cash flow model" allows them to say "Whilst the Company's cashflow model shows positive cash balances to the end of March, the Company's Directors are becoming increasingly aware that certain contracted cash receipts may be withheld, therefore bringing forward the date, absent any further funding, on which the Company can no longer solvently trade". So it appears they didn't have the cash, even until March.
Update 10 days ago said the company "has positive cash balances that take it through to the end of March 2024". Today it's the company's "cashflow model shows positive cash balances to the end of March". So, basically, when they said they had the cash, they didn't, they just hoped to.
Old Gott got himself a juicy little pre-pack Admin? Certainly appears that's what's being lined up.
I've lost my investment, but this will make a great case study cataloguing the dodgiest practises on the AIM market.
Totally leaky - look at the share price action yesterday leading up to this morning's RNS.
Naughty, naughty insiders!
Thanks smythsmoneybox. Guessed as much. A disingenuous RNS then, that purports to be a Full Year Trading Update, to gloss over these things and only mention revenue growth, but par for the course on AIM I'm afraid.
Revenue is vanity, profit is sanity, etc, blah blah....
I agree, the update doesn't read so bad as to elicit a 50% share price drop... unless the market is spooked that they only quote revenue kpi's - and make no mention of attendant costs and, therefore, profits (or loss). I must admit, it always raises my suspicion when management omit such fundamental parts of the accounting equation in a Full Year Trading Update. Anyone got a handle on STX's profitability or cash burn rate?
Weakness these last few days. I wonder if old Harry (ex-CEO) is selling down?
Absolutely. Someone on the other chatline said that Mr Gott's shareholding in Saietta amounts to £1500 at current prices. Hardly a ringing endorsement from our esteemed executive chairman.
As for Vox, at best it's just entertainment value, at worst misleading. Talk about disappearing persons, I see that Mr Hill's sparring partner Justin Waite appears to have been stopped from hosting his daily podcast show on Vox, having lost it on a podcast last week (the show has been taken down). Probably a good thing as it's just so much noise we could all do without.
The best time to sell was earlier this morning. Now we have liquidity issues as I'm not getting a sell quote for any amount over £400. Unfortunately, I banked a chunk of shares last thing yesterday at 45p... instead of waiting until this morning when I could've got 70p.... but then I'm hardly surprised as I've been wrong-footed all the way along with this mercurial share! A few days ago RENX was 10p. Who'd have thought that it would rise 600%, seemingly on the back of that innocuous RNS about expanded coverage? This is indeed a leaky company and, If it is takeover whispers behind the rise, our American friends seem to know all about it well before us backwater AIM punters.
Anyway, all-in-all, compared to a few days ago, I feel great... very happy to have banked some at 45p and I feel like I've been given a get out of jail not free but at substantially reduced cost card.
And I'll be very happy indeed if this signals RENX becoming some sort of meme stock - a la GameStop - as there'll be further good opportunities ahead to exit. I'm thinking meme stock features because there's been no communication from the company to explain this rise.
I look forward to reading commentary from the RENX old-timers like SB, Hawker and Paddyboy, as it's been a bizarre few days.
In the last 2 years it certainly has been Dandanman. Prior to that, averaging down had been a profitable strategy for me.
You're not the only one Feeks, not that that's any consolation. I also kept averaging down, believing the narrative that management had a handle on things and that the placing 3 months ago would see us through to commercial lift-off.
Pumped by Vox, endorsed by The Oak Bloke (yup, another dud), and here we are...
Published 5 days ago:
https://www.india-briefing.com/news/indias-prospects-as-an-ev-hub-consumer-market-and-production-capacity-30157.html/
I can't wait to read an update from 'The Oak Bloke'. Another of his picks crashed and burnt. What will he say this time?
Sorry, but I can't feel much excitement about this. Yet another RNS about expanded coverage. As we've been saying for months, where are the sales? No mention....
From where I stand, the technology remains unproven commercially and a 3p rise in the share price doesn't even register in the context of RENX's losses in the past 2 years.
The best that can be said about the news is it may help in getting an imminent financing deal over the line on slightly better terms than yesterday.... because, remember, this company is about to become insolvent.
Yup, still watching and waiting. I'm amazed that they haven't reported something concrete about financing by now. In the meantime the share price suffers death by a thousand small cuts... and a few deep ones. It's hit 10.25p to buy this morning but no one's buying. Why would they?
Nasty drop this morning presumably caused by Alpha Financial Markets reporting negatively to the market. I'm taking a fair amount of stock-specific risk here, but I've added again.
Unexpected & unpleasant drop these last days. I still think this is one of the better quality junior gold miners, but share price progress has not been forthcoming... indeed it's barely kept up with the junior index over 3 years.
Unlike many here, I'd rather they didn't spend (or waste, as I see it) money on exploration. Far better to conserve cash in order to (1) support the divi, which has reached 11% on today's price, and (2) build up a war chest for future opportunistic acquisitions of producing assets.
This management has proved its skills more as dealmakers than oil & gas explorers.
As for lack of comms, that is par for the course with this lot I'm afraid. Investors here must understand that they will be left on their own with minimal guidance and hand holding.
With inflation and interest rates set to reduce and the prospect of people's wages and benefits rising in real terms, I was thinking things might finally be looking up for Boohoo in 2024. However, so many fashion retailers have recently updated with missed guidance for Xmas period sales - H&M was the latest - I've lost my optimism. Shein is stealing our lunch.