Member Info for Walkley

To be fair to Stephen Kelly the RNS didn't say cash burn would be significantly reduced - Actual quote from the RNS: "It is anticipated that Q4FY24 cash burn will show sequential improvement relative to Q3FY24 (Q3FY24: c. $3.2m)."

Total actual Bookings in Q4 2022 were $2.2m and in Q1 2023 $2.1 of which DI were $1.2m and $0..2m respectively. ( was in lab in latest RNS.

The original in Jan of over $6m was not a real contract!!

From an RNS -1st October: Eric Davis Collins, aged 58, holds no ordinary shares or options in the Company.

Directors don't own the company - shareholders do.

Changing the name of the company doesn't change anything. Wandisco and Cirata are the same company. Blaming the salesman is pointless - he or she didn't issue the misleading RNSs. The people responsible are the directors of the company.

The FCA investigation is still ongoing. They have extensive powers against the directors involved at the time but also against the company and they might want to show that they hold AIM companies to as high a standard as those with a full listing.. Until they report there is not much point in doing anything.

No one wants a viable business to go to the wall. Unless there are a significant number of new large contracts soon I expect a cash call spring next year at a deeply discounted price. But I also hope that the FCA orders the company to issue shares to compensate those who lost out by buying shares as a result of the misleading statements concerning contacts issued by the board. This might mean that those who were mislead end up owning most of the business. In the case of Tesco's misleading the market they had to pay cash but in this case I doubt that there will be sufficient cash.

“Do feel for those who sold in the low 40’s..I will be buying in the 50’s , this will go back up to 70’s in the next few days/weeks..roll on next week” Spratt on 5th April

Top 3 US bank signs a circa $2m LDM contract for a one-year term

Certain major customers' purchasing preference for one-year terms & projected sales movement from Q4 to H1FY25 leads to withdrawal of FY24 bookings guidance

I know you have heard of short selling as posters on this board are accused of doing it. Short selling is selling shares you don't yet own. If you know you are getting some next week you can close the deal then.

I am afraid that issuing new shares to pay for consultancy services implies that cash is running out. The consultants probably converted some or all of their new shares into cash - Christmas is coming!

Where does it say that the shares were issued to Non Exec Directors? If they had been would have to say.

The better news is that the RNS on 9th December didn't revise the estimated bookings figure for Q4 of $8.9 - $10.9. If there was any danger of missing it then surely would have said so in the RNS. Having said that I think a market cap of £36m for business with annual bookings of £10m and costs of £16m is high.

Can someone explain to me why a well established business - well over 6 years - with a turnover at annual rate of £5.5m (based on latest interim results) with costs running at about £16m a year should have a market cap of £50m? Even if they achieve the low target of £7m bookings in Q4 (bookings not revenue), breakeven is still some way off and they will need more funds to keep going.

Pearls this statement from the company clearly states that Cirata and Wandisco are the same - only the name has changed “As announced on the 30 August, at the Annual General Meeting ("AGM") shareholders voted overwhelmingly in favor of the change of the Company's name to Cirata plc. This announcement confirms the filing of the name change with the Jersey registry. The rebranding of the Company does not alter the Company's business operations or financial framework.” Wandisco did not go into receivership and leave any problems behind, it just rebranded.

We did have shares in Wandisco (Wandisco and Cirata are the same company -only the name has changed). As with other shareholders we were mislead by the RNSs issued by the company and bought in mid 2020 at over £6. RNSs such as this encouraged our belief that the company was writing significant new business : "Wandisco ...., announces that it has signed an initial deal worth up to $1m with a major British supermarket. In addition, there has been strong uptake for the Group's Azure Cloud product, with 11 companies registered in the first month of public preview." We eventually sold post the revelation that these contracts did not exist at 120p. We are not just bitter - we believe we were mislead by the company and should be compensated. We and others who bought on the basis of misleading statements by the company have an interest in the company surviving to be able to compensate misled investors. (As Tesco compensated their shareholders who were misled to a considerably lesser degree).

The latest hard figures issued by Cirata for the first 6 months that show Bookings of $2.4m (H1 FY23: $2.8m) are not encouraging though on 9th October the following was stated in an RNS "Guidance retained for FY24 bookings at $13-$15m, YTD $4.1m" That this hasn't been corrected is positive as surely if the board did not realistically expect to achieve these bookings they would have to have informed the market.

Pearls said ".....but because the core IBM OEM deal was publicised, so no further comments need to be made. This must be why we are not getting an RNS." This may well be true but the low share price is damaging customer and employees confidence. Particularly employees who are shareholders. If deals are being done (and none of us on this board know if they are happening or not) then a RNS confirming the guidance or even saying will just miss it would help the share price which would restore some confidence.

From the RNS: “ Guidance retained for FY24 bookings at $13-$15m, YTD $4.1m” Bookings are not the same as Turnover. Contracts will hopefully be for multi year periods and turnover would only be recognised when the service is actually delivered.

With only 4 weeks until Christmas and no RNS notifying significant bookings (over $1m) the chance of hitting annual bookings of $13-$15m is looking difficult -though the board has not revised its guidance, so there must still be a chance..

Selling software is a service and customers must be sure that there will be on-going support for the life of the contract. The drop in share price from 60p - 21p in the last year (let alone from the high of £13) must lead potential customers to question whether the business will still exist to provide support in the future. Stephen Kelly pointed out in his latest interview that customers confidence could be influenced by the share price

If the ongoing FCA investigation into Wandisco/Cirata asks the company to compensate shareholders mislead by the company there may soon be no funds to do so.

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