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Some interest here at last. Would be a useful bolt on to a number of medium sized software businesses or even a major.
Good results "The Group's strong balance sheet (with no debt) and good cash generation enables it to invest further both in the existing business and in M&A to accelerate its longer-term growth ambitions"
Unless the real problem is that businesses don't need the super fast data transfer that Cirata offers - or if they do want it are not prepared to pay significant sums for it. Not many companies are using Cirata at the moment -how are they transferring data?
From RNS: Approach to Disclosure of New Contracts
During FY23, Cirata has communicated news of new contracts and renewals to investors which included smaller contracts to disclose the ongoing progress being made in re-engaging with current and prospective customers and the positioning of Cirata for growth and success.
Going forward intra-quarter, the Company will adopt a policy of only announcing material customer wins and renewals.
As I have explained previously - I was mislead by the "contract wins" announced by Wandisco and lost money. I have now sold but clearly am still an interested party. What will the FCA report say? Will any of the directors or executives or salespeople who signed off on the fraudulent RNSs be forced to repay bonuses? Or be otherwise sanctioned? Are any responsible still employed by the company? Is the company taking action against whoever committed the fraud?
But NatWest was a renewal at $106k a year. Ford was $7,680 (seven thousand!), GM was a total of $400k (not told over how many years), Tesco a renewal at $100k pa. Not sure about Jaguar. Cirata needs $40m a year to break even. New contacts are going to have to come through quickly if the cash isn't going to run out.
But significantly haven't accepted Lithia's or Autonation's offer. Hedin are showing a nice profit.
"The rebranding of the Company does not alter the Company's business operations or financial framework."
Have never posted in TG group. Just not sure how Wandisco is going to make money. Though new signing from Sage was positive.
Could someone tell me what Wandisco does. Turnover has dropped from £17m 5 years ago to £9m. Why does anyone need to pay Wandisco to move data?
Accordingly, the Board of Directors of Pendragon now announces that the Original General Meeting will be opened and adjourned immediately and Shareholders are asked not to attend the Original General Meeting. Instead, a supplementary circular is expected to be sent to Shareholders shortly, containing further details of the Transaction Amendments, the Resolutions, the Board's recommendation and a notice of general meeting in respect of a further General Meeting (the "Further General Meeting") at which Shareholders will be asked to approve the Resolutions (the "Supplementary Circular").
But market cap of the group including Pinewood is only £480m
Why is (new) Pinewood worth 10.6p a share - with £30 from Lithia for new shares it would have amarket cap of about £180m which seems high.
Cash at end of H1 of $3.2m plus $30m raised less $5.5m (costs of raising funds and the investigation paid in H2). In H1 cash burn was $17.6m. Forecast cash at end of year of $16.0 -$16.5m . All these are management figures. Unless significant increase in revenue (H1 - revenue $3.0m) or further cost reductions - there will only be enough cash to last less than 6 months which is why a rights issue, if possible, is likely.
Unless the institutions who have put money in are willing to give them more time and will put more in!
Was 16p in June and my average is 19.5p so should be pleased but have been saying for some time this is very under valued. With 3 hats already in the ring this surely will go higher.
With £271.9m in cash on the balance sheet, a positive cash flow of £64.8m in last half year, net assets of £308m even 40p (£559m) is a steal.