Surface Transforms Share Discussion Threads

[slicethepie] 07/5/2024 10:20

The record date for new shares was 1may so anyone buy8ng after date has no entitlement !

[bones698] 07/5/2024 10:01

You can't ignore 800m shares at 1p. The share price usually always heads there. There could be the new holders selling at 1p to cover the lending too. I think the rises now are people buying to take place in the funding hence the small rise. After that and only if they show solid progress will the share start to move albeit much slower due to number of shares in issue.

The market is saying show us things are getting better as we don't believe you anymore.

Mkt cap below 5m now says the don't think they can turn it around. Holders have to pray that's not the case but not hard to see why many believe that after the last 18 months.

As usual new holders will benefit while old investors lose out. Management to blame as the company has been porrily run and allowed it to happen. A well run company would see it's share price rise then mess up and require a huge dilutive fund raise

Amy that's how I see it now. Bought some time at shareholders expense but this bod need to change or be forced

[amt] 07/5/2024 10:00

Well after this cash raise they should have 11 or 12m of cash in the bank including the other fund sources. Even at the current burn rate that would give them until December before needing more cash. If they can't get production to 2m per month by then it will be time to close down anyway. So this at least gives an opportunity to find out of its possible to produce a fantastic product at scale.

[bagpuss67] 07/5/2024 09:43

Bones698. Not clear to me what will happen because if they have continued to make manufacturing progress in April and May through to the results (inline with thier plans) then this should be much higher new shares or not...

[pinkfoot2] 07/5/2024 09:41

I’m a Carlisle fan-not been a great April/May for me

[amanitaangelicus] 07/5/2024 09:39

Amt ...i.ll bow to your better/ longer experience. I have apologised. I dont get how peeps can hold from say 70p to 3p ...use a stop loss surely, but wisely, in chunks. Pros and cons ,saved me many a time

[amt] 07/5/2024 09:29

Aman I trust the posters like Pinkfoot in what they said. He did the right thing and didn't sell beforehand. Anyway if anyone did sell and became an insider they should be feeling ashamed and perhaps a little worried.

[amanitaangelicus] 07/5/2024 09:28

Pinkfoot ... I.m just very wary of oracles. Apologies if you aren.t an insider. As for Hagg - clueless. Poorly coached, no system - embarrassing. As for the Man U Prima Donna players, they need to have a good luck. I'm a lifelong Toon fan, so very used to disappointment, being dumped on from a great height. I.ve bought my first £20k. We.ll see

[casholaa] 07/5/2024 09:27

A takeover would be good.

[fevertreeman] 07/5/2024 09:22

Every single investor in the company has lost their shirt, and yet Johnson is still CEO. Sneller had been hugely supportive of Bonzo Bundred and Holly Johnson, but he's admitted defeat because like all s/holders, he realises that (1) we've been repeatedly lied to (2)Johnson's total inability to be honest & transparent is now crystal-clear (3) Johnson should never have been allowed to continue as CEO as the group moved to scale-up (4) New CFO has been complicit

[tomtrudgian] 07/5/2024 09:17

Thanks bones. As I wrongly read it, the EGM would be followed by the AGM. Having an AGM without audited accounts is not illegal, but unusual.
Tom Trudgian

[bagpuss67] 07/5/2024 09:16

Bones but the cost was a near total wipe out for existing equity. That's only one small (but important I admit) step different from being wiped on an admin... Many shareholders will, for all intents and purposes, lose almost everything..

My point was more about the way they charged through this year to date with the pedal to the metal and clearly almost drove off the edge of the cliff. Which goes to the extent of financial control and how that integrates with the manufacturing information output. That goes to whether this management team was dysfunctional

[bones] 07/5/2024 09:04

If you can raise the finance then you’ve avoided being insolvent (just separating the business operations from the emotions of the share price for one moment). Not saying it hasn’t been badly managed, it most certainly has. Anyone thinking insolvency is inevitable is unlikely to want to own these.

Tom T, the 23 May general meeting is not an AGM so no opportunity to vote on directors there as that is for approving the fund raise. The ANNUAL general meeting will be a month or so after the audited financial statements are issued so that AGM won’t be until late June maybe.

[premium beeks] 07/5/2024 09:03

Kemche, ironic :) from me!

[kemche] 07/5/2024 09:00

"I’m a big holder who has lost a small fortune."

Lucky sod!

I’m a small holder who has lost a big fortune.

[bagpuss67] 07/5/2024 08:57

PF. The public facts don't support what you say about insolvency. They had £883k at the end of March and were burning cash. They couldnt get the tax refund as they couldn't get the accounts settled. They were locked in covenant reset discussion with Liverpool who I assume made draw down conditional on the raise. And it seems they didn't have any other working capital funding options as Liverpool have the senior security. IMHO they would be insolvent by now had they not got the raise done. The extreme distess level of the raise also speaks to this.

[major courtenay] 07/5/2024 08:51

SCE has been on my watchlist for a while and I have (insanely?) decided to take the plunge today. I would hope that whilst cash burn is worrying, the funds raised combined with v low market cap of under £5million, proven technology and customer base might also make this a reasonable t/o target. Needless to say I hope the scaling up issues can be sorted.

Good luck to all holders. I hope those who stay in can get some losses back.

[tomtrudgian] 07/5/2024 08:48

Not sure how serious a response you are expecting, bones698. The Nomad will advise you. The rules are in the Companies Act and the ST Articles and Memoranda of Association.

What extra resolution do you want, and for what constructive purpose? After-all, shareholders OWN the company and can stop it trading by not passing the standard AGM resolutions. HMRC, HMC&E etc can too with a court order.

One shareholder can propose a resolution without a proxy. All resolutions must be circulated by the company to members in advance owever.

I have been a shareholder only three weeks, and sold my 2.6m in disgust on Friday. I and others like Mr Sneller will be disenfranchised at the AGM as our ‘offer’ shares will not be issued by then. It may be a stormy meeting.

[pinkfoot2] 07/5/2024 08:43

I’m not an insider you clown-I’m a big holder who has lost a small fortune.

The company was not near insolvency-it clearly needed more cash but to say it’s nearing insolvency is a bit rich.

Maybe you lot baying for blood should get yourselves down to Old Trafford this morning

[bagpuss67] 07/5/2024 08:27

What are the thoughts about whether this goes back to 1p when all the placing/OO shares hit the market (assuming it holds at this level or above until then)...

[amanitaangelicus] 07/5/2024 07:57

Goodness knows. If u fancy the risk, and wanna become wealthy, there has never bn a better time to invest. Order book massive. Just need decent, wise management skills, realism. I.ll be investing in lumps over the nxt few days. £30-50k hopefully. Drip, drip. Risky as ...but as a small % of portfolio ...

[evilblues] 07/5/2024 07:36

What's your t/o price?

[amanitaangelicus] 07/5/2024 07:34

Bagpuss,Amt ...he s an insider. Avoid. Blagger.

[amanitaangelicus] 07/5/2024 07:32

Ps AMT ... if the raise didnt get off the ground, it would ve bn suspended cos the company needed the cash for capital and cashburn. It s why such a naff raise was done. Remember the promises from the last but one raise, WCScen carp, etc.? You cant believe a word anyone says. Zero credibility. Being set up for a T/O. Need another new centre-fwd.