Share Name Share Symbol Market Type Share ISIN Share Description
Haydale LSE:HAYD London Ordinary Share GB00BKWQ1135 ORD 2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.50p +1.88% 190.00p 185.00p 195.00p - - - 0 07:32:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 1.2 -4.0 -26.0 - 32.36

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Date Time Title Posts
26/10/201620:10Haydale: Graphene specialist292

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Haydale Daily Update: Haydale is listed in the Industrial Engineering sector of the London Stock Exchange with ticker HAYD. The last closing price for Haydale was 186.50p.
Haydale has a 4 week average price of 194.33p and a 12 week average price of 181.48p.
The 1 year high share price is 214.50p while the 1 year low share price is currently 0p.
There are currently 17,033,585 shares in issue and the average daily traded volume is 17,114 shares. The market capitalisation of Haydale is £32,363,811.50.
timbo003: Given the recent strength in the share price, the open offer shares look a steal. Accordingly I have over-subscribed (by a factor of 4) fully expecting to get scaled back. We should hear about the open offer allocations sometime tomorrow
timbo003: The share price for Directa Plus has continued its upward trajectory and has now more than doubled to stand at around 180p The Market Cap for Directa Plus is now around £80M (Haydale £26M) The Directa Plus Aim Admission document is an interesting read, especially the section on the competitive landscape (see below). I will quiz the Haydale management about that at the forthcoming Haydale Investor day on June 22nd 10. COMPETITION There are many organisations involved in graphene research and production, ranging from university spinouts and other small start-ups through to large multinational corporations. The Directors believe that the Group’s competition can be split into two groups, direct and indirect. Direct competition comes from companies working to directly supply and/or functionalise GNP’s, or products incorporating GNP’s, to the market. Indirect competition comes in the form of alternative competing technologies working to penetrate the market for similar commercial applications to those which the Group is focused. Direct competitors producing GNP’s include the US-based companies Angstron Materials, Inc., Vorbeck Materials Corporation, Inc. and XG Sciences, Inc.. These three companies are involved in the commercialisation of graphene technology, using top-down production methods that rely on the exfoliation of mined graphite. Angstron Materials, Inc. has a facility located in Dayton, Ohio and is focused on energy storage applications of graphene. Vorbeck Materials Corporation, Inc. is a specialty materials company which manufactures and supplies graphene, primarily for the electronics industry. Vorbeck Materials Corporation, Inc. was founded in 2006 and licenses its technology from the University of Princeton. In October 2012, Vorbeck Materials Corporation, Inc. increased the production capacity of its facility located at Jessup, Maryland to 40 t/a. XG Sciences, Inc. was founded in 2006 and manufactures and sells GNP’s for use in advanced materials and energy applications. In the UK, the main competitors that the Directors are aware of are Haydale Graphene Industries plc (Haydale), Applied Graphene Materials Plc (AGM) and Thomas Swan & Co Limited. Haydale works on functionalising graphene using its HDPlas™ process and their current focus appears to be the addition of functionalised graphenes within resin and composite materials as well as graphene-based inks and coatings that can be used in smart packaging, printed batteries, electrochemical sensors, flexible displays and potentially in touch screens. AGM has developed a proprietary bottom-up process for the production of graphene and their current focus appears to be on inks and coatings as well as composites. Thomas Swan & Co Limited is working in collaboration with Trinity College Dublin to develop a top-down process to produce graphene. The Directors believe that the Group faces indirect competition from producers of nanomaterials, particularly carbon nanotubes and multi-walled nanotubes, which in some circumstances carry similar performance properties to graphene. Known commercial-scale producers of carbon nanotubes include Arkema SA and Nanocyl NV. Whilst there are multiple companies exploring the commercialisation of graphene, the Directors believe that the Company has a strong competitive position with a production facility that is already capable of producing consistent commercially viable graphene on a commercial scale. In addition, the Directors believe that the GNP’s produced by the Group’s proprietary manufacturing process have unique morphology (high lateral dimension and very low thickness) together with higher crystalline quality leading to a lower proportion of graphite and other contaminants than those derived from alternative production methods, and therefore the Directors believe that the Group’s GNP’s have the potential to deliver a greater improvement in material properties when added to a final product.
timbo003: I'm quite happy with results today too, I hadn't expected Haydale to have progressed quite this far when I first invested at the IPO, so happy to hold and will add a few more in the ISA after April 5th if the share price stays around these levels. On a related subject, there's a new (post results) interview with Ray Gibbs on Directors talk (see link in header)....worth a listen
knownowt: I did, and I am not; the market has given me the opportunity to buy more at a lesser price. To me, the statement is very positive and I continue to hope for great things from my investment. The recent share price performance has been dismal, the under-performance caused by a steady trickle of sales. Understandable in tricky markets when a company has no earnings, but Haydale, though still relatively 'early stage', is being invited to dine at fairly rich tables, such as Huntsman, and the relationship with NATEP has huge potential.
timbo003: Not sure what's driving this one up, volumes traded seem to be minimal yet the share price has doubled since the December low. I am now actually making a small paper profit if I take into account the up front tax relief Average purchase price without tax relief: 92.8p/share Average purchase price with EIS tax relief: 71.8p/share I'm hangin' on in there.
timbo003: The Haydale AGM was held on Wednesday December 3rd at the Offices of the Company’s Solicitors: Field Fisher Waterhouse, 2 Swan Lane, London EC4R 3TT. There were around 20 attendees which included the BOD, around 6 shareholders and a number of AGM functionaries. The Chairman John Knowles kicked off the meeting with a welcome and introductions, this was followed by shareholder questions and then the voting on the resolutions. There were only a few shareholder questions (mostly mine) asked in the formal part of the meeting and I asked several more after the meeting had officially finished. Ray Gibbs (CEO) fielded most of the questions. My main questions concerned the current IP situation and how this might affect the Haydale’s prospects, in particular progress (and possible third part infringments) for Haydale’s two patent applications concerning their current graphene technologies and “know-how” WO2010142953 WO2012076853 I also enquired about other third party patent applications which could potentially restrict Haydale’s freedom to operate. I do not think it is appropriate to go into detail of what was discussed regarding the IP on this public bulletin board, suffice to say that the EPO have so far looked favourably on the Haydale European patent applications. The Haydale BOD appear to be very alert to identifying and protecting any IP which might arise from their development activities. Furthermore they have regular meetings with the company’s patent attorneys (Mewburn Ellis LLP) and IP issues are discussed at every BOD meeting. My concerns regarding Ian Walters and Perpetuus have abated somewhat, based on what was discussed. The Perpetuus web site certainly appears very showy: ...but is it a case of all mouth and no action or deliverables? Has anyone connected with the industry or anyone connected to academic groups working with graphene actually seen any of their product? I don’t know the answer to those questions, but I guess time will tell. As previously pointed out earlier in this thread, The BOD confirmed that Perpetuus do indeed have 5 priority patent applications in the pipeline: The first of which publishes in May 2015 and it remains to be seen exactly what these applications disclose. The BOD seemed more concerned with what other third party Graphene specialists had been up to than with the Perpetuus activities. One company singled out for a mention was Vorbeck, apparently they might have claims on some broad IP concerning one particular graphene application (printing inks?). However, it sounded like Vorbeck’s IP might have more potential to restrict Haydale’s potential customers, rather than Haydale themselves. I asked about future fund raising, the response was that none was envisaged unless an unexpected opportunity came along such as a compelling acquisition. The directors seems perplexed by the low share price and market cap (not far off money in the bank), I opined that some sustained director buying might go some way to fixing that and said that I was tempted to buy some more at these levels, but thought they would go lower before they went higher with a nadir probably at the end of the tax year (due to usual small cap investor end of tax year dynamics, i.e. stale bulls balancing losses on losers with gains on winners to use up CGT allowance). No one seemed to disagree. I asked whether any action was being taken against the previous broker Hume for the chaotic after market following the IPO. The BOD stated that they were reasonably pleased with the money raised and the fall in the share price was due to IW selling off his stake. As far as the BOD were concerned the matter (with Hume) was now closed, although I sensed that some others (shareholders?) may wish to take things further on that issue. Before the meeting finally closed, I had a chance to talk individually to the Technical Director (CS), one of the NEDs (RS), the company broker (PJ) and one other shareholder (CB) all of whom gave me various helpful insights into the company’s history and prospects. It was particularly useful to hear the rationale behind the EPL acquisition, which initially seemed like a change in direction when first announced, but now looks like it is a very good strategic fit with the core graphene business. In conclusion, I’m glad I went along to the AGM. The risk / reward profile is looking increasingly attractive although I suspect the shares will fall further in the next few months. I will therefore look to top up as we approach the end of the tax year in April, but I'll probably keep my powder dry up until then.
timbo003: The Directors of Haydale note the recent decline in the Company's share price and admit that they were too greedy when pricing the IPO. They now realise that they should have responded to feedback from potential placees and priced the IPO at a lower price/share to encourage more new investors and discourage less selling from existing investors. The directors acknowledge that had they priced the IPO at a lower, more realistic share price, they would have raised the full £10M and the placing would not have been undersubscribed, furthermore, they would have had a more stable share price following the IPO. They now admit full responsibility for their actions and they have agreed to forfeit any bonuses due to them in the next 3 years as an act of attrition to make amends for this gross example of director avarice. For further information please contact: Haydale Graphene Industries plc 01269 842 946 John Knowles, Chairman Ray Gibbs, Chief Executive Officer Cairn Financial Advisers LLP (Nomad) 0207 148 7900 Tony Rawlinson Paul Trendell Hume Capital Securities plc (Broker) 0203 693 1470 Guy Peters David Lawman Hermes Financial PR 07889 153 628 Trevor Phillips
edcrane: Response to press comment The Directors of Haydale note the recent decline in the Company's share price and the continuing press speculation concerning possible legal action against Hume Capital Securities plc, the Company's broker. The Directors confirm that they have no current intention of pursuing any such legal action.
timbo003: Oh well, at sub 146p, that's the initial EIS tax benefit gone for IPO investors. With the benefit of hindsight, it would have been better to wait until now and buy unencumbered second hand shares at 140p or thereabouts, rather than new shares at 210p with the tax benefits. I suspect one of the reasons for the fall has been share sales by ex-directors and ex-employees, who owned around 19% of the share capital prior to the recent fund raising (see slide 21 from the investor presentation slide set, dated March 2014). The prospectus shows that most recent pre-ipo share issues (from June 2011 onwards) have been at 93p/share. Before June 2011 the issue price was 62p/share (both prices adjusted for bonus issue). Therefore there is still plenty of scope for pre-IPO shareholders (including ex-directors) to sell for a profit at the current price (circa 140p/share). This section on page 38 of the prospectus is illuminating: Competition risk The Group may face significant competition from organisations which have developed competing products and which have greater capital resources than those of the Group and this might have an adverse impact on the Group. There is no assurance that the Group will be able to compete successfully in the marketplace in which it seeks to operate. The Directors believe that there is ample room in the market for competition should this arise and that any competition in fact enhances the value of the Company by validating its technology and market appeal. Although all inventors of Haydale's patent applied for process have assigned their patent rights to the Company, any former directors or employees of the Group (one of whom, Mr Ian Walters, is listed on the patent applications as the inventor or co-inventor of these processes), or future leavers who are no longer bound by their confidentiality and non-compete restrictions could potentially, establish a competing business providing they do not infringe Haydale's process technology where patents are pending and providing they have access to sufficient capital and technical input in order to develop a reactor that is capable of functionalising nanoparticles. The Directors believe that certain former director/employees may seek to compete directly or in directly with the Group. For example, one of the Company's former directors, Mr Ian Walters, was recently mentioned in an article in the Engineer Magazine published on 10 March 2014. Whilst the Company is unable to verify the contents of the article, it states that "Ian Walters..... has since [founding Haydale] founded another [company called] Perpetuus Carbon Technologies, near Swansea. Perpetuus.... uses a top-down method to make GNPs. Powdered subjected to treatment with a plasma of high energy ions generated by UV light and a high voltage from a specific arrangement of electrodes."Whilst Haydale also uses a top-down plasma technology, its proprietary process would appear to differ significantly from that of Perpetuus Carbon Technologies, for example, in that it does not involve the use of UV light. Additionally, since acquiring Haydale in 2010, major changes and improvements have been made to Haydale's equipment, process and procedures. The Directors believe that Haydale currently has first mover advantage in terms of business development including IP filings, commercialising the Group's activities and Admission.There can however be no assurance that others (including ex-directors and employees) have not developed or will not develop similar processing technology, duplicate any of the Group's technology or design around any patent applications held by the Group and that such competition may have a material adverse impact on the Company's business. The Company is protected by post termination legal obligations owed by former directors/employees and the law generally and will, if necessary, enforce its legal rights in relation to patents, trade secrets and other confidential information. A google search on Perpetuus, suggests that to be that they will compete directly with Haydale and they have a tie up with Gwent Group for some of their product line: It would certainly be perfectly understandable for any former employees of Haydale, now working for Perpetuus, to use the IPO as an opportunity to dump their shares. All things considered, I suspect that the shares will trade lower in the next few weeks, with the benefit of hindsight and a dig around, I believe the directors were too greedy (no doubt egged on by the nomad and broker who wanted to maximise their fees) and priced the IPO too high. As a result, the IPO was undersubscribed and shareholders who subscribed for shares pre-IPO have understandably taken some profits. Sentiment cannot have been helped by an ex-director (and presumably other ex-employees) setting up in direct competition, they too might have been recent sellers of shares. Pricing the IPO too high, is likely to come back and bite the directors in the derriere, they are now underfunded and they will have to raise further funds (next year?) against a back drop of a disappointing IPO and a share price way below the IPO price. The end result could well be that the directors may now face greater dilution, than they would have done, had they priced the IPO sensibly in the first place.
Haydale share price data is direct from the London Stock Exchange
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