Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
That was a joke....
Maybe they are making a profit now 😂
Still no operational or accounts news Hiring staff - but no CEO/CTO Website not functional Online support available Mention of future offering and rebranding on job spec Should be out of money very shortly In advanced discussion with BV Tech for additional financing BV Tech takeover using the debt as leverage for a rule 9 waiver again, could be on the cards?
Good find, very encouraging, two specific bits I think highlight this in particular: “A cloud business offer is being rolled out in UK targeting SME market.” “contribute to the company’s growth after it has re-branded and restructured”
“Further to the Company's announcement of 6 April 2018, the conversion of new corporate opportunities into firm orders is taking even longer than previously anticipated. As a result of this delay, the Company believes that it only has sufficient working capital to continue trading through to September 2018.” “Accordingly, the Company is in advanced discussions with BV Tech S.p.A, the Company's majority shareholder, to secure funding to assist the Company in meeting its working capital requirements.” Well it’s mid September........
I don’t hold many here anymore so not the end of the world if I lose it, but still frustrating.
I don’t completely disagree, but why bail them out last time?
Should be running out of cash about now, if they can’t trade the. They can’t do a placing, only other option is a loan from BVT or low ball buyout offer which factors in the debt and needs a rule 9 waiver. Obviously the other outcome is administration, still no permanent board appointments, even my optimism is wavering now.
I think BVT are going to absorb Defenx. Can’t really think of any other explaination for the short term appointments and the fact the website still doesn’t work. I reckon they will put in a low offer once the audited results are published and Defenx has ran out of cash again,
God knows, but I’m still confident given the level of investment from BV Tech that they won’t let it die. I think at some point soon they will announce the following: Fund raise - Either placing in which BV Tech significantly increase their holding or a cash loan from BV Tech / combination of both. Probably just enough to tick over for another quarter in the hope the cross selling BV Tech customer contract start coming through. CEO Appointment - How they haven’t accomplished this yet is beyond me. Final audited results - We all know this is going to be pretty crap, in fact very crap. Potential contracts - Despite mentioning in the recent RNS that securing these contracts has taken longer than expected I’m sure something will come through, but I still would have expected something by now.
I’d take 40p
I agree that part timers are not ideal, however why would they appoint anyone if they weren't in it for the medium to long term? There would be no point otherwise.
Seem like experienced non execs (Pelatro looks like a stable outfit), but I’d like to see them make some decent permanent appointment, Especially full timers who can run the business. Still no CEO....
I suppose shareholders essentially voted away their say in the last white wash agreement.
Exactly, just a case of sitting by and waiting to see how good, or bad, the deal is for shareholders.
I sold a bunch on the spike, holding at 10p average now and will sit on that until the end.
Pretty confident they won't go insolvent, the last placing kept the lights on through the transition and they said at the time it was only funding until September. As the last RNS said, they are in discussions with BVT who are 'supportive', last time they said this BVT bought a chunk of the business and there's nothing stopping them doing it again. I doubt we will see a loan, theres not many shares in issue so a placing is almost certain, with BVT taking on a large proportion IMO>
i calculated assets after debt of £10mil
That was 2017 report on the 2016/17 financial year performance.
All we can do is wait and see, I wouldn't be surprised that BVT are waiting for the final audited results so that they can appropriately value the company, or just to draw a line on the last year and start with a clean slate.
This isn't going to drop off a cliff, BVT have invested 2.9mil into it, although the results are taking an eternity
They have other overheads beyond salaries, the company has lost a lot of customers in its security products last year and the software still needs updates and maintainance. Sounds like they’ve had to outsource that work too.
Last time they stated "BV Tech have been supportive in securing future funding", they then ended up with 54%