Silanis Share Discussion Threads

[russman] 01/10/2014 19:35

Only the management (Georgian) and Northleaf VC participated in the fundraising. This gives the operating company a notional valuation of $50m.
I think this is toppy but stranger things do happen in the tech market.

[russman] 03/7/2014 22:52

I was hoping that the considerable investment in Sales/Marketing/R&D would have produced more revenue growth.

[varies] 03/7/2014 10:40

Russman
I agree that the figures are very dreary.
One would never guess from the web-site (aimed at customers) that Silanis Technology had such a modest balance sheet and such poor trading results.
You and I can do little but hope for the best and do not even have the consolation of an allowable loss unless, of course, one holds the shares in a trading company which I do not.
Quite soon the outcome of the recent share offer should be announced and, perhaps, a revised statement of the capital structure.

[russman] 02/7/2014 21:06

I have received the Annual Report; very dreary figures.

[varies] 01/6/2014 18:53

Russman,
Thanks.
I have written to Matt Lane seeking elucidation on several points and will let you know if I get a reply.

[russman] 01/6/2014 00:15

Okay I am with you now. Very strange structure for a relatively straight forward transaction.

[russman] 28/5/2014 19:27

I do not follow, the subscription cheque is to be made payable to STI. There is a list of SIL shareholders (down to the last share)in the Appendices. They can create as many classes of shares with differing conditions as they like. The structure always has been and still is too complicated for no benefit. The same management control both companies.

[varies] 28/5/2014 15:52

Answering my own question after a little research, I reckon that in June 2013 SNS had in issue 28,250,000 ord shares (21,750,000 + 6.500,000 issued on exchange of ES), 58,807,000 Exchangeable shares and 4,489,000 options on ES at prices between 11p and 25p. The ES seem to be exchangeable on a one for one basis into ordinary shares.
Of the ord. then in issue insiders held some 70%. I expect they also held most if not all of the ES.
So we, the outsiders, hold about 8,500,000 shares out of about 91 million that would be in issue if all the ES were exchanged and the options exercised.
I have not been able to find out whether any conditions are attached to the exchange of ES into ord. but do not suppose they are very restrictive.
It would certainly make for a tidier position if the ES were all exchanged and the SNS shareholding in Silanis Technology distributed to SNS shareholders in specie but we have only a small voice here.
Furthermore Sil-Tech has several classes of share.
I will write to Matt Lane all the same.

[varies] 28/5/2014 14:37

Russman
The more I look at SNS, the more confused I become !
I thought we were being invited to subscribe for Class A Pref shares in Silanis Technology at 31p but now read the offer as being of new SNS shares. SNS would then use the proceeds to subscribe for the Silanis Tech shares.
A further complication is the existence of SNS Exchangeable shares to which I referred in a post nearly a year ago when SNS cancelled its AIM quotation. At that time Exchangeable shares were converted into about 6 million new SNS shares. My impression is that the Exchangeable shares are owned by associates of Silanis Technology management.
Can you cast any light on these ?

[russman] 27/5/2014 18:47

I have suggested a dividend in specie of SIL's shareholding in STI.

[varies] 27/5/2014 09:18

PS.I agree with you that there seems no reason for SNS to continue in existence. We would be better offer holding shares directly in STI and I am going to write and ask if an exchange offer could be made.

[varies] 27/5/2014 09:11

Russman
I too have been studying the terms of the Silanis Technology Inc (STI) offering and wonder if you have reached the same conclusions as I have, namely that :

Our company SNS is offered the opportunity of participating by subscribing for up to 25% of the new STI Class A Preferred shares at c.52cents or 31p, a total of 2,373,086 shares, but is passing this across to its own shareholders pro rata and will not be subscribing itself, having no cash available.
So, if I owned 1% of SIL, I could subscribe for 23,730 new Class A Pref. shares in STI at a cost of £7,356.

The share structure of STI is complicated enough already and I suspect that few UK resident SNS shareholders will wish to add an unquoted and unmarketable holding in STI to their indirect interest held through SNS. Certainly I won't.
I see this development as moderately encouraging in that STI has been able to raise $5 million on terms that will not dilute the SNS interest too drastically; I have not yet worked out by how much.
No proposal is made for SNS shares to be convertible into STI shares and I do not read this announcement as suggesting that our SNS shares might be worth 31p each. I wish they were and that some means were offered of cashing them in !

[russman] 26/5/2014 23:40

It appears that S.Tech is having a $5m rights issue. Our Co-Chairman is supporting this and also letting us buy shares at 31p. I would not be surprised if the squeeze is put on minority shareholders after this. I cannot see any reason for S.Intl to exist.

[russman] 17/1/2014 12:20

Did we know about this Doxim Partnership deal for the Canadian market.

[varies] 27/12/2013 10:36

Russman
I have received these too. The figures are dreary but the accompanying letter quite cheerful. One can only hope for the best.

[russman] 20/12/2013 21:38

I have a copy of the Interims. Do not get carried away.

[russman] 26/10/2013 16:32

Me again. I have been informed (by the company) that Interims will be published to shareholders. I will let you know if I get a copy.

[varies] 15/10/2013 23:32

Russman
Thank you for your posting; we are all in need of as much encouragement here as we can find.
The results for 2012 were truly dreadful and we must hope that the figures were presented in the worst light possible so that subsequent figures might look better.
I am not sure whether Silanis intends to produce results every 6 months or every 12 but the figures for the 6 months to 30 June 2013 should be out soon if they are to be issued at all.
It seems more likely that we will need to wait until May 2014 for further news but, since we cannot sell our shares, the point is academic.
We or our heirs may yet recover some of our money. In the meantime let us take as rosy a view as we can !

[russman] 07/10/2013 17:00

This Pivotal Payments deal appears to be a major step forward.

[russman] 17/7/2013 21:29

[e-mail] CFO would send you a copy.

[the ghost who walks] 17/7/2013 20:10

Is there a link to annual report?

[varies] 08/7/2013 22:17

Russman
It is evident that you had a better picture of how things stood here than I did;
the figures struck me as horrid and would have justified a sharp fall in the share price if it had not collapsed already.
I hope to receive a hard copy of the annual report before long and shall look, rather forlornly, for a few glimmers of encouragement.

[russman] 08/7/2013 18:05

The 2012 Annual Report did not tell me anything that I did not already know.

[varies] 27/6/2013 10:17

The ghost..................
Although we cannot deal in the shares, I hope we can maintain this thread a little longer as I would be interested in your views and other's on such developments as there may be.
www.silanis.com published news yesterday of a contract with a truck delivery system.
They have not yet published the results for 2012 promised us "by the end of this month".

[the ghost who walks] 15/6/2013 07:52

Varies that is much appreciated. I am willing to hold my stake for several years. Will see what happens. Thanks again.