Member Info for Washerupper

The share price appreciation of both Hammerhead and Permian will have added added circa $94m to NAV since the June update, whereas the share price of Riverstone has hardly moved. The discount is significantly higher than the June update. Think I’ll add!

I take a lot of comfort and confidence from this update. I had one nagging doubt, which was H2 22 sales growth v H1 22, but this update shows not only 19% growth v H1 22, but 11% v H2 22. So very confident now that they will hit the full year 23 expectations and every reason to believe that the future is very bright. The share price reaction remains, so far, disappointing.

The Nasdaq price is for an ADR which comprises 2 ordinary shares in this case

Interesting and good point

Izstar - based on an understanding of how Harwood capital operates, including often in concert with some of the other principal shareholders of TRX, and the view that (1) TRX is very undervalued on the AIM (assuming that the trading update will be as expected), (2) it is essentially an American company despite being uk registered and (3) Harwood / Mills are not passive shareholders, they buy because they see an opportunity to enhance returns through active involvement. I might be totally wrong (pure speculation on my part)

The trading update in about 5 weeks will be huge for the share price prospects. Hopefully it will be at least in line with expectations (because it was possible to pick holes in the last update - mainly around the rate of growth on a 6 monthly trend). Noteworthy that Christopher Mills (Harwood) again chose not to mention TRX in his recent interview with Vox markets despite owning nearly 15%. As I’ve said before, he uses those half yearly interviews to promote stocks so draw your own conclusions. I still think that there is a plan to delist from AIM with a view to a subsequent Nasdaq listing but how that is achieved and when (and how it impacts private investors) , I’m not sure. Time will tell I guess.

Just ignore the class 2 deferred share, it is irrelevant, and the maximum charitable donation you will make if your holding doesn’t exactly divide by 100 is circa 59p (99 x .6p), so not worth worrying about either. Much more interesting would be a q1 trading update to coincide with the changes.

I agree that the most recent funding round / new investor gives confidence that they will be funded through to profitability (assuming performance milestones met etc), but there will obviously be some level of ongoing dilution as a result. That’s how it looks to me anyway.

It’s more a question of how much cash they will need to raise and when. They probably have enough for about 12 months unless income growth ‘explodes’.

I’m the same (small investment and under water). The SP has suffered due to size, loss making and debt levels. However, strong growth, profitability, cash generation and falling debt should lead to a re-price in time. Results were better than I was expecting. Might add a few!

Interesting to read the RNS for Herald Investment Trust today (full year report), in particular the comments about AIM liquidity and their appetite for pre-profit companies in the current environment. I think we just need to be patient a little longer. Hopefully the Co will confirm profitability this year and the share price will eventually be rewarded

the trading update confirmed progress against 2 key risks (profitability and cash position). If picking at the numbers, growth slowed in h2 when compared to previous 3 half year updates, but I expect timing explains that. My main concern as a PI is that the major shareholders have an agenda to delist this (with a view to a Nasdaq listing in a couple of years). Same concert party actors are here that orchestrated the sourcebioscience fiasco.

For what it’s worth, I was looking at the Co website earlier and wellness test sales were popping up frequently. It will be interesting to see the next trading update

Interestingly, a report from H C Wainright a couple of weeks ago placed a price target of $8, so $4 per ord share = circa £3.20.

Helpful Jatw, thank you. I share your view. Fingers crossed

My guess
Sales $25.2m
Profit $0.2m (probably won’t get this number in a trading update)
Cash $5.3m
Share price 0.84p (1p by end of May, 1.3p by November)

A fair bit of dilution since then mind you Donmac, and more to come. It’s burning through cash quicker than my wife at Christmas. It just depends on circumstances (FDA approval and trading update) when it needs to raise again. These are not stupid people and they have put in a high cost base expecting growth to justify it. I bought a modest new position recently but it is a bit of a risky punt because it’s really difficult to judge how much capital/cash this will need before profitability. Rece

Because on the Nasdaq they are traded as ADRs and an ADR comprises 2 ordinary shares. Not entirely sure why they do it that way, but it’s not unusual.

I just saw a Groupon offer from a company called MyBodyHealth, reduced from £99 to £15. The market is perhaps getting crowded already

Interesting interview with Christopher Mills of Harwood Capital on Vox Markets today, but no comment on TRX despite Harwood having built a 15% stake. Mr Mills uses these interviews to promote a number of positions held by Harwood, so I’m wondering what his thinking is in not discussing TRX. Why does he not want to use the opportunity to promote TRX and potentially boost the share price?