Clearspeed Technology Share Discussion Threads

[pelleeds1980] 05/4/2011 12:33

Tendered my shares and got payout today

[tradermania] 04/7/2009 11:35

tradx666 you still around or have you changed your alias

[supernumerary] 09/6/2009 12:29

HP - that's what I thought until I saw this:

'In order that Richard Farleigh does not become bound by the provisions of the
Takeover Code to make a mandatory cash offer for the entire issued share capital
of the Company, he has irrevocably undertaken to tender all of the Ordinary
Shares held by him in the Tender Offer. Richard currently holds 18,435,160
Ordinary Shares, representing approximately 29.4 per cent. of the existing
issued share capital of the Company.'

I'm just curious because I'm following Light Blue Optics who I have a suspicion were working with csd. LBO have said they'll have a laser picoprojector available by the end of the year, and if they do (I'm rather sceptical) and the price is reasonable it could be a very successful mass-market product. If it held some csd technology they might do very well from it.

A lot of 'if's and 'mights', and I can't imagine csd wanting to go private just before they made some money, but I was a little curious what was motivating those people who still held shares. I continue to watch with interest.

[hugepants] 09/6/2009 11:58

Farleigh. He'll still have about 30% after the tender.

[supernumerary] 09/6/2009 10:11

Who will actually control the company after this?

[hugepants] 09/6/2009 09:55

Directors' Intentions

Each Director who holds Ordinary Shares has confirmed to the Company that they will be tendering all of their Ordinary Shares in the Tender Offer.

Its revealing that ALL the directors tendered ALL their shares. It shows how much confidence they have in future prospects.

[theband] 21/5/2009 10:13

Quite right hp

[hugepants] 29/4/2009 12:51

I sold my 140,000 this morning at approx 14.6p.

Only 72% being tendered at 15.25p so I prefer to sell the lot now. I suppose
still a chance CSD will be successful as a private company but not on the evidence so far.

[theband] 29/4/2009 10:05

lkfjmdku - 28 Feb'09 - 18:37 - 599 of 605
Expect a tender offer here.
It should be 14p or more.

I'd call that more or less spot on, well done
lkfjmdku.....Yo the man !

[pelleeds1980] 29/4/2009 08:11

As a result the Board of ClearSpeed has also today announced that it intends,
inter alia, to return GBP6.9m of cash by way of a tender offer at 15.25 pence
per share and shareholders' approval to cancel admission of the ordinary shares
of ClearSpeed to trading on AIM. A circular containing details of the proposals
is being sent to shareholders today to seek shareholders' approval at the
forthcoming General Meeting to be held on 21 May 2009. Copies of the circular
will be shortly made available from ClearSpeed's website, www.clearspeed.com.
For details of the proposals, please refer to the circular.

[supernumerary] 14/4/2009 21:55

It's a weird sort of business fishing around in these bombed out stocks I have to say. I can understand a few hundred quid for a laugh, but as a serious investment I definitely struggle.

There was a time when this was a serious company with serious products addressing a serious market and at that time I thought I had at least a weak grip on what it represented as an investment opportunity.

Nowadays I haven't a clue what's happening and what drives the share price Fun to watch and I wish all holders better luck than most have so far had, but I'm glad I'm on the sidelines, especially when so many depressed small caps seem to be moving towards their real values.

[hugepants] 14/4/2009 21:10

Wishful thinking probably. Then again depends what you count as good. I averaged down at 7-8p and a cash return of 14p-15p is possible. And still a possibility of a bid.

[supernumerary] 14/4/2009 20:31

Better to travel in hope ...

Seriously, do you have any real information (not hope, expectation, carefully calculated prediction etc etc) to indicate that something good will happen here?

[hugepants] 14/4/2009 19:31

2 * 100K buys at 12p. Hopefully some good news imminent.

[hugepants] 09/3/2009 13:10

I didnt consider a tender offer but in hindsight its probably the best and likeliest solution. Thats what CMR Fuel Cells have done, pricing the tender offer at around cash levels.

And I wonder if BAE would be interested in making an offer. They licensed the technology for $1M recently.

[lkfjmdku] 28/2/2009 18:37

Expect a tender offer here.
It should be 14p or more.

[maysun] 07/2/2009 15:12

Hughpants,

CXA and now CSD,what next?
These high spending companies are destined to fold,management and the techies are only here to cream off shareholders money to fund their luxuries life style......excessive salary,fat cat bonus,expensive company cars and all other perks they desire.....LOL!!!

[hugepants] 02/2/2009 16:05

I dont think so. We can make an educated guess and Id think 8p-12p cash back. I think its simplest to look at net working capital position which was £16M at end of June. This included £13.9M cash and £1.9M tax credit receivable. The operating loss for H2 was £4.5M but that included 2 major restructurings (heard this from the company today). So lets say £16-£4.5= £11.5M. I think also prudent to write off 2/3 of inventories so that gives us effectively £10.5M or 17p per share of cash.

Lets say the imminent restructuring costs knocks £0.5M off that and we have 16p per share cash.

We know operating costs are running at under £3M. If you add interest then cash burn , assuming zero revenues, is now about £2.5M per annum (4p per share). I reckon they will aim to half that.

So OK this is pretty simplistic but they can return 10p-12p per share cash now and leave the business with 2-3 years to somehow realise value from the ip, sell the business , whatever etc etc.

[jotoha2] 30/1/2009 16:08

once we get a picture of liabilities , then a realistic calculation can be made of excess cash, looking at last accounts a return of 2/3p to shareholders is likely .

[supernumerary] 30/1/2009 14:35

Given the amount of money BAE for instance have spent here, they can't be said to have a huge financial stake at risk, although the technology may be more strategically important to them than the price implies.

If that's the case, they might I guess be interested in buying the relevant IP and the development team with it, which would provide a clean exit for all concerned.

I'm a bit surprised the price has dropped today. Personally I think the MMs may have misread this one.

[mdrans1] 30/1/2009 12:11

Maybe the military / spooks etc will be desperate to preserve something from Clearspeed.

[supernumerary] 30/1/2009 11:48

I can't see them continuing as a viable company in any shape or form. They once had a brief window of opportunity, but as the link I posted above and the recent results show, that window has now firmly closed.

Ultimately I think it depends on what Farleigh wants, and looking around the markets, I have to say it's a great time to have cash in hand. So I think he'll sell what he can - IP and existing customers - hopefully using it to leverage employees into new jobs, and close down the whole operation.

At some point it's better to just accept that pushing water uphill doesn't work and reallocate the funds to something more productive.

[hugepants] 30/1/2009 11:36

Yeah SN its quite interesting now. Farleigh has obviously had enough. They have 17p per share in cash. Im kind of thinking they will return 8p-10p cash to shareholders and then delist with around £4M-£5M in the bank which may be enough for 3 years at rate of losses (after further cost cutting). Gives them time to sell the "business" or, miraculously, create a viable company. Im probably fantasising here but Im still hoping the combination of the technology and the tax losses is going to attract a buyer.

[supernumerary] 30/1/2009 11:14

HP - surely this is where it starts to look interesting? Flog off the ip for whatever they can get and add it to a £10M cash pile - could be a nice little bonus for shareholders at this price. If the advfn figures are to be believed (always doubtful I know) csd is trading at half its break-up price....

[hugepants] 30/1/2009 07:49

Game over


...As a result of this reduction in the Company's size and the status of its development, the Directors believe that it is no longer appropriate for ClearSpeed to remain as a quoted company. They are therefore considering a number of options including the return of surplus cash to its shareholders and cancelling the admission of its shares to trading on AIM...