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Hardide Share Discussion Threads
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|Here's the comment from TW team at Share Prophets
I wrote on provider of advanced surface coatings for a wide range of engineering components, Hardide (HDD) in June – ‘half-year results dire, cash crunch & thus (explicitly) fundraising ahoy!’. I now update on developments on the back of a trading update from the company today.
This reports “signs of a slow recovery from oil and gas markets”, “progress towards gaining aerospace business following Airbus technical approval is on-track and is looking positive across a range of applications for Airbus and other customers” and that the company's “new US coatings facility in Virginia has achieved the required major customer approvals after extensive verification trials and is now regularly producing revenue”.
Overall, “the company expects to report preliminary year-end results that are in line with current market expectations with H2 seeing an improvement over H1”.
This follows it having recently raised £1.6 million at 0.8p per share “to progress with its plans for future developments and growth”.
Hmmm. The fundraising followed half-year results which showed an underlying loss of £0.88 million and, after particularly also £0.34 million of investment spending more than depreciation, cash down by £1.32 million to £1.01 million (and current assets over liabilities by £1.20 million to £1.32 million).
So “to progress with its plans for future developments and growth” or ‘to keep the lights on’? I’ll review the cash flow and balance sheet with interest on the 12th December-scheduled full-year results announcement and, for now, continue to avoid.|
|The Mingy Machs appear to have misinterpreted the pre-close trading update ..... share price marked up at opening but, with no demand from investors, having to drop the price. Well done!|
|Phew, I was beging to worry, no fund raise for................ but no everyhing is OK, fundraise number........... the Directors can rest well tonight, they will be in a job for another year or so, shareholders ...... dilution ...... value ........... returns ............ one day .................|
|Why not have a look at Haydale. A properly managed company which in a short space of time has got market traction. The share price says plenty. On the other hand this POS has gone nowhere for 10 years and is kept alive by endless dilutive placings. A cosy lifestyle company.|
|What PGS2 said ^^|
|Options will only vest if Hardide generates positive cash flow and market cap reaches at least £35m (2.5p is higher than at any point over last 5 years). This requires management to convert profitable, large volume customers and demonstrate commercial growth with Hardide product. At a market cap of £35m, and positive cash flow, Hardide will attract institutional money which in turn will help the share price further. Incentive package fully aligned with shareholders interests and if they make me some money, very happy for management to rewarded also. Hardide is a great product and the company shaping up for an exciting future.|
|I wish I could share your enthusiasm. It has always bothered me when directors of a company need to be 'incentivised'. And I disagree that conditions for vesting are ambitious; condition (i) should be a given after all this time and (ii) share price hitting 2.5p in any of the three years, how about making it 2.5p e/s instead? Now that would be ambitious!|
|Excellent! Some ambitious targets there. About time methinks!|
|Aerospace technical approval last December and high volume parts in test. Securing a large volume, long term commercial contract from Airbus will put a rocket under the share price. Directors plus major shareholder are closest to this process so a good sign they have all invested. Exploration activity in oil and gas improving so things are not getting any worse. US production facility will attract more US customers. Hard chrome being phased out in 2017. High margin, low capex and great operating margin once customers are converted. I sense the Hardide will make real progress over the next 12 months.|
|I guess the proper place for this company is as a division of a larger engineering conglomerate.
The O&G hunger games could last another couple of years so there is unlikely to be decent results for a while. The price of the placing indicates survival.
Boring times ahead I reckon.
|The sensible option:
[meijiman 9 Aug'16 / 15:32 - 2463 of 2465 0 0 (Filtered)]|
|Meiji old boy, genuine questions; why are you still here? Are you locked in and unwilling to cut your losses? What's the point of the constant carping on here? Have you voiced your concerns directly with the company? Did you get any sort of response if so?|
|I have been waiting to see if there was going to be a placing.
I think all we can say is that it is not negative. The placing has been above the current share price.|
|I wouldn't pay this bunch of deadlegs in washers. Ten years at it and achieved nothing aside from cosy lifestyles. Still I'm making so much elsewhere this POS is less of an issue. Move forward five years to another Finncap placing at 1p.|
|placing was today, indeed .... but taken up by Directors and interested parties a full offer price .... so at least Directors must see light at end of tunnel .....|
|If Finncap has written a note it sounds like 'operation spiv' has to be launched soon. Placing ahoy? How many people can we convince it will all be great in a few years time. ?|
|update from finnCap:
"The oil sector downturn is protracted significantly reducing HDD revenues and thus remains loss making. That aside, good progress is being made in other areas - Airbus tests are progressing in aeros and others too. The US facility is now operational."
|... well it is an AIM stock and is in to developing technology - so dilutive placings are somewhat par for the course in such circumstances - it is a matter as to if you think they are going to be reasonably successful one day as to time your entry in to buying the stock and then hold as long as necessary .... as AIM stocks are often 'make or break' then that HDD is still around means that they must be doing something right .... I've bought in at a price I am happy with and will hold ... if it proves to be a wrong decision then so be it .....
... however, if I feel there is a market downturn similar to 1987 and 2008 coming then I'll sell out as good stocks also go down .....|
|When do you expect 'progress and increasing revenues' to be achieved?. These clowns have been at it for ten years or more and delivered nothing for shareholders. In fact nothing but constant dilutive placings which are needed to keep this ship afloat as it generates no cash and funds are needed to support agreeable lifestyles.
The spivvery will begin with a note talking about great prospects in the future -perhaps the elusive airplane contract will once again be dusted down.
Others may see this as one of the best potential investment stories in the market-that's fine by me.|
|Think the share price is being spivved up -looks like a placing on the way. Why give new money to this bunch of deadlegs?|
|well as long as it doesn't turn out to be a super lobotomy then all should be OK then ... but as to the timeline before it actually comes good ..... ???|
|3.5 million total!
Bought this 'cos I like the tech. had no idea whether it is a decent growth company. It wasn't :-) Then wasn't worth getting out - locked-in syndrome.
It feels sort of like a super laboratory really.
|all gone a bit quiet on this thread since interim's ... a stunning silence .... anyway I assume the 2m at 0.78 as a delayed trade was a buy .... but I stand to be corrected ......|