Member Info for Walkley

I am impressed with your confidence and more realistic analysis of the position and am surprised that the share price has not dropped today. My original reason for buying -at much higher price than today was that their product sounded attractive but with last quarter performance of 2 contracts at £120k plus and 13 at an average of under £25k each it looks as if they have been unable to convince businesses that there is a need for this technology. To hit the lower bookings target they need 35 big contacts (over $150k) and 240 small ones (of the size signed in the first quarter) in the next 9 months - a very tall order. As Richard Griffiths has a blocking shareholding they can't raise new capital without his agreement which gives him the whip hand. I will stay watching from the sidelines.

Up 8.5% today - news imminent???

First half of year T/O was £7m (previous year £6.1) Therefore H2 T/O was £13m compared to £6m the previous year. Revenus in H2 over 100% up!!!

The Group is pleased to announce that, subject to the completion of the year end audit, revenues for FY24 are expected to be approximately £20m (2023: £12m), 65-66% higher than FY23 and 66-67% higher on a constant currency basis.

The combination of higher revenues and the high operational gearing present in the business is expected to result in improved profitability.

As at 31 March 2024, gross cash balances totalled £17.2m (2023: £8.3m). The Group has no debt.

With a dividend of £12.3m and since the paying off the loan, which needed repaying with a facility that only needs the interest paying on whatever is drawn down, there should be about £40m pa cash flow from operations plus £40m undrawn facility. I3 Energy now has the opportunity for either earning enhancing acquisitions or share buy backs .

Sorry but Q1 is not going to be great. From the RNS. "Some of the orders that slipped from FY23 Q4 closed in early FY24. However, deal slippage is again a feature of Q1 FY24. We will provide a Q1 trading update during the week commencing 8 April 2024."

Are they waiting for the market to close before announcing the results? Those at the meeting will know the outcome and have an unfair advantage over other investors/potential investors. Though I am not sure which way share price will go , at least in the short term, if the bid fails

He is sitting on a big loss with possibly further to fall.

No revenue projections in the annual report but if revenue is 93% of bookings (as last year) management are hoping for revenue at the current exchange rate in the region of £9.5m -£12.8m for 2024 with overhead costs of £18.2m. A market cap of £25m (22p a share) would seem to be generous. Again no mention of the FCA investigation - what will that cost?

The company urgently needs to cut annual costs to below £10m.

About Shanta Gold:

"With a strong balance sheet, a growing diversified portfolio and dividends paid since 2021, Shanta offers a resilient investment opportunity for the near and long-term."

This is a direct copy and paste from today's RNS.

RE FCA Report - would the company have to pay any fines and costs? If so what are they likely to be?

More contract wins helps confirm growth prospects for next year. Looking forward to end of year trading update -last year was on April 17 th

What do we think will happen when/if the bid fails? I assume a small temporary fall back in share price but surely should be positive news soon.

The figures are from the KPIs shown on the Cirata website - the RNS link refers to $2.7m of bookings but doesn't mention T/O. https://cirata.com/investors/key-performance-indicators

Results due shortly will show $6.8m T/O in 2023 (30% down on 2022) - $2.2m in Q4 - and apparently no new significant contracts . Why a business with an annual turnover of less than £8m (running rate), with cash overheads of £5.3m in Q4 should be valued at over £75m is beyond me!

Send details of any voting issues to the Takeover panel - I sent an email to supportgroup@thetakeoverpanel.org.uk

got a response asking me to ring them - Very helpful chap aware of the problems.

Key benefit being:

"The refinanced capital structure provides greater financial flexibility by unlocking the Company's significant working capital surplus and enhances its free cash flow profile through the elimination of the previously managed three-year, CAD 25 million per annum, straight-line amortization schedule. With this refinancing, the Company now has the ability to accelerate development of its extensive inventory of development locations to enhance shareholder value."

“James Fisher and Sons plc (FSJ.L) today announces that it has entered into an agreement for the sale of the entire issued share capital of RMSpumptools Limited ("RMS") to ChampionX UK Limited, a wholly-owned subsidiary of ChampionX for a total enterprise value of £90 million (the "Disposal").”

Sorts out valve sheet reducing gearing to manageable levels. James Fisher poised for growth.

The Group is pleased to announce an order for a new licence test environment for an existing US Federal Agency, which, combined with anticipated additional conversion of our existing pipeline, means that the Group now expects financial performance to be ahead of market expectations for FY24 and creates further contracted revenue backlog for FY25.

Since January 22 the spot good price has. I believe, increased from $2,022 /oz to $2,155/oz an increase of $133/oz or 6.6%. Given production of 100,000oz pa this will increase Shanta’s revenue by $13.3m which in my opinion is significant.

Shanta’s failure to inform shareholders of this material change in the company’s prospects might make the bid liable to challenge in the courts.

That the market isn’t at the offer price suggests that the deal is not a certainty. Suspect small shareholders will vote against. Just needs a few key players to believe in the excellent prospects and vote against.