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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Srt Marine Systems Plc | SRT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 24.00 | 08:00:17 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 24.00 | 23.50 | 24.00 | 24.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 24/4/2024 16:52 by lavalmy “The sudden creation of SRT-France a month before the second bidding; the permission to SRT-France to participate in the bidding despite knowledge that will have to depend on SRT-UK’s technical, professional and financial capabilities; the sudden termination of the award to SRT-France for some baseless reason; and the immediate request for the cancellation of the French Laon by DA-BFAR in order to remove the French-related conditions–all these paved the way for SRT-UK to participate in the bidding – a bidding for a project with an expanded scope and increased project cost,” the OMB also said in its resolution.This is part of the Ombudsman's reasoning. We all remember that there was no sudden termination of the award to SRT-France for some baseless reason but rather because the French refused to honnour their commitment. I rather think that such terminations are by nature sudden. As is the creation of a subsidiary. It should not be surprising either that the BFAR acted to replace the French loan with local funding as soon as it became apparent that the French were not going ahead with the loan. The EU had been waiting since 2015 for action on vessel monitoring after all. The overarching thrust seems to be that the three defendants conspired to have a bigger contract awarded to SRT in the UK by firstly causing the French loan not to be provided. It is quite clear that they were trying to get the French loan to finance SRT-France's bid. The Ombudsman's position is so similar to our pal Victoriano's counsel in style and in logic that it seems obvious to me at least that they have been bought. |
Posted at 24/4/2024 12:06 by extrader Hi all,Hat tip to rwh3ue on s'pedia for this. The link at the end is very informative. SRT Marine Systems (LON:SRT) I hold ST is one of my largest holdings and I follow events closely. I too read and contribute on ADVFN where some posters are extremely well informed and their opinions worth listening to. The current news flow is all about the negative stories of misdeeds around the contract for vessel monitoring in the Philippines. To understand what is going on you need some background. SRT, as is always their modus operandi, spent years gaining the trust of the customer and an understanding of what they required. When the tender for a vessel monitoring system VMS was issued much of the detail was based on the known capabilities of SRT's offering. These included the fact that the operational cost was significantly lower than any competing system and the functionality was superior. In an obvious attempt to influence the contract award, the French government offered a loan to pay for the system as long as it was awarded to a French company. It just so happens that CLS (French) were also keen to provide a system. When SRT were awarded the contract, the French withdrew the loan offer. Despite this the Philippines stuck by their decision and found it possible to include the cost in their budget. The project went ahead and was successfully implemented while President Duterte was still in post. The next big step was to be the roll out of transponders to all of the fishing boats in the country, I think up to 50,000. That is when it became a big political issue There are vested interests that do not want to be regulated. They are the big commercial fishing companies and the families that control them. In essence they want to continue to fish waters within an exclusion zone of 15km. They are able to do so now because there is no official monitoring. The new VMS would change that. Small fishermen depend on the fish that the big boats take and that is why current President Marcos wants to proceed with the rollout. The EU have a role to play here as they can issue a so called red card if fish exported from Philippines cannot be shown to be compliant with IUU regulations. It looks to those who follow SRT closely that battle lines have been drawn and that the commercial side are using the allegations of impropriety as a weapon to maintain their ability to fish inshore. It is no coincidence that some parties in a position to decide matters are related to people who own the commercial fishing companies. From my perspective, SRT acted properly and have nothing to hide, but the vested interests will use their power and money to try to prevent a mechanism designed to stop illegal, unreported and unregulated fishing. Don't just take my word for it. Read this article in Rappler who investigated the story and published on 5 April. hxxps://www.rappler. See also part 2 hxxps://www.rappler. If the EU flexes its muscles, this mess may get sorted out, AFAICS. NAI, DYOR etc GLA |
Posted at 24/4/2024 10:30 by eagle eye Today's RNS:SRT MARINE SYSTEMS PLC Response to reports in Philippine press SRT notes the recent share price movement and reporting in the Philippine press with regard to the IMEMS fisheries project. SRT wishes to clarify that the IMEMS contract was won following a competitive international tender, which has been successfully implemented and is operational. On Monday the Ombudsman confirmed that both SRT and Richard Hurd are cleared, but has recommended further investigation into Simon Tucker and other individuals outside of SRT. The Board is fully supportive of Simon who is now working to clear his name. Our work continues as normal as we carry out our contractual obligations to ensure a first-class fisheries monitoring and management system capability for the benefit of The Philippines. Trading remains in line with market expectations. |
Posted at 05/4/2024 16:44 by lavalmy Well I suppose you can't blame ExactEarth for using it, but it is very lazy for the fisheries people to claim that it is their estimate.I think that SRT buys and will buy satellite data from whomever is competitive on quality and price. And ExactEarth have a good product (or had, given the rate of obsolescence and new entrants). SRT buys by geography, so all the transmissions received from a particular area. But the seller doesn't know anything about the encrypted ones, even basic information about the number of vessels transmitting. All they can decypher is a start flag, i.e. that there is an AIS transmission, but not the content. Given that Class A transponders transmit every 2-10 seconds and SRT's encrypted Class B's at whatever rate they decide works for their customer, the satellite provider simply does not know what they are selling to SRT nor what the value might be. Start flags are identical so the number of unique vessels is unknowable by the provider. They also miss many of the Class A signals but get corrupted parts of them which further confuses the picture. |
Posted at 03/4/2024 20:29 by goodapple While the share price languishes awaiting news of UKEF or other positive contract developments, I offer a little shaft of sunlight from across the Pond.I mentioned a while back that SRT's new main distributor in the USA has a website which provides daily updates of best selling brands and products. SRT transceivers have featured fleetingly (yes, yes..) a couple of times over the last couple of months, but this week is the first time they have held on to top spot for a couple of days. If you check it now you will see Em-trak A200 Class A in pole position. And next on the grid is a SI-TEX model which is clearly SRT rebranded. It's just nice to see something dynamic reported in the otherwise silent SRT world. ( Yes it's time for another Gallery photo at least ) So for those still interested - and awake, I offer: CWRdistribution.com >Marine Navigation & Instruments > AIS Systems Enjoy the moment - I did. |
Posted at 15/3/2024 14:09 by lavalmy I don't think this argument about SRT not providing enforcement assets holds any water. These Coast Guards do have floating and aerial assets and are perfectly capable of ordering them to investigate an issue. They certainly don't have as many as they want and are constrained mainly by lack of finance. That constraint is partly overcome by bilateral assistance tied to buying the assets from one of thgeir companies. Accordingly they end up with kit from all over, Japan, Spain, France to name a few. So there is no one stop shop.A further point is that SRT is successfully competing against the likes of Airbus which is an integrated defence company. Their customers do not want to buy from them either because SRT's kit does or SRT have persuaded them that does what they want. Lastly, in the Philippines where they have their fishing system, the problem is not lack of enforcement. They know perfectly well who is fishing illegally - the 2,500 vessels that refuse to install transponders becasue they fish in the municipal waters reserved for smaller fishermen. BAE could do sod all about that. It is up to Marcos to stop dithering as he is reportedly apt to do. Sure SRT does not have the clout of BAE or Airbus and they are pretty inexperienced with export finance and the like. |
Posted at 01/3/2024 08:37 by countryman5 I suspect that the biggest problem for SRT is finding the right people to drive this fast growing company. Following the recent fundraising, cash is no longer a problem. We know that there are two contracts which are ready to go. The initial kit is waiting in the UK. However, we need the final paperwork to be completed. The £145 Indonesia contract requires signing off by UKEF.It is coming to the year end and there must be doubt if everything will be over the line, with cash in the bank by the end of March. The year end is an arbitrary line in the sand, which in a way is irrelevant, but it is what the market looks at. If the year end was one month later the figures would truly be in the bag. As always the company does not define contract dates.ST spends most of his time living out of a suitcase and the company desperately needs one, or possibly two people like him to drive the numerous contracts forward. How to find such people? They need gravitas in order to be taken seriously by the customers, but they must not be arrogant. They have to sell their soul to the company and be willing to fly anywhere at the drop of a hat. I suspect that the only way to find such people is a targeted head hunt. I also suspect that agencies are useless. I imagine that the best way would be an 'in house' head hunter being guided by Neil. There are so many opportunities out there with countries recognising that they need a maritime system. ST will only visit a country if he believes that they are serious and this means that they know where the cash is coming from. Following the Indonesia contract which is being underwritten by UKEF, this source of funding would appear to be the way forward for many contracts. Obviously wealthy countries like Qatar and Kuwait have plenty of loot and other countries will get support from the World Bank, which will fund upto 50% of a contract. The World Bank is very important for fisheries contracts. The contact person from SRT, who works with a Country has to gently educate about the merits of the SRT system. It is so important for the SRT person to build a personal relationship with the decision makers. They have to understand the ways and customs of the Country. The SRT person also has to find the very important in-Country partner. Nursing a potential contract forward will require numerous visits over a possible eighteen month period. SRT is now very fortunate that every Country looking for a system knows about an existing successful SRT system, as a point of reference. Where are these potential contracts coming from and what is their size? We know that there are many countries in the M E and S E Asia, but I suspect that ST is also a visitor to countries in Africa and possibly S America. However, the World is truly SRT's oyster. Every Country which has a coastline and has access to finance will eventually need a system. What size are the contracts? We know that one coastguard is planning a 1 $ billion contract, spread over 10 years. I suspect that many are in the $200 to $300 million contract size. If SRT achieves its 25% net profit, we could be talking of £50 million profit per contract. Louise's side of the business probably services at least half of the company overheads. This has tremendous potential to grow as soon as DAS and Nexus orders start arriving. which US President said 'You ain't seen nothing yet' |
Posted at 24/1/2024 08:52 by countryman5 I find it interesting that there has been little comment / speculation about the presence of Ocean Infinity within SRT. Here is a company with an incredibly rich owner that just happens to want to invest in our company. Don't forget that AC approached SRT. Let us not forget that Anthony Clake has enormous research facilities at his disposal. I suspect that he approached ST with a view to buying the company. ST would have told him that he knows the views of the few major shareholders who own 50% of the company and SRT would not be for sale for less than £000 million. I suspect that AC might have said 'How about we make an investment (you need the money!)and we get to know you better and see if we can justify the exit price that you want.The stock market ignores minnows like SRT, but I suspect that the likes of Airbus are certainly aware of Ocean Infinity and their probable intentions. If I was AC and I wanted SRT I would come in very soon with a knockout bid and reverse Ocean Infinity into SRT thus giving him his stock market listing and avoiding due diligence which would expose his shipwreck activities. Why wait for news of impending contracts which will only drive share price higher. |
Posted at 25/12/2023 10:22 by countryman5 I sent some questions to Simon and he consented for me to share his replies. He prevented directors from participating, even though they wanted to do so. His view was that they have options and he wanted to maximise the opportunity for existing shareholders.His view is that many AIM companies are dying through lack of institutional support. SRT did not raise the amount it wanted, back in the summer. If SRT wanted to go for gold with huge contracts for a very fancy system which has taken 6 years of investment, SRT needed the capital to deliver the gain and the just rewards for all. More to follow SRT recognises the frustration of shareholders, but the reality is that real gov business takes time. It is not in SRT’s gift to lecture any gov on their processes. The process is sure and leads to the contract and payment…. There are no short cuts. OI did substantial DD on SRT including speaking to SRT customers.they see massive opportunity and understand the market and contracts deeply. OI is privately held and nobody is going to see its enormous revenue, for now. |
Posted at 01/12/2023 11:18 by countryman5 As we approach the end of the first financial year providing a substantial profit, it is a good time to take stock of progress and any potential weaknesses. This year’s systems revenue forecast is based on signed and announced contracts.The company is led by a very able management team, which is focused on the way forward. They have developed a range of AIS transponders which are global leaders, with a reputation for quality. Some of the AIS components are incorporated as OEM modules in various maritime brands, such as Raymarine, but increasingly the SRT branded EMTRAK is driving sales via over a thousand dealers, worldwide. The recently launched DAS products fit onto buoys and have enormous potential where they deliver and receive AIS signals to assist the management of ports and waterways around the world. The next product to be launched is NEXUS. This is considered to be a revolutionary development by linking voice communication with AIS. The company has various revenue streams including transceiver and system sales to an increasing number of Countries for both coastguard and fisheries departments. These customers are ‘sticky’ This is a fast-growing company which needs financial resources to fund ever larger contracts. One contract has the potential for being $1 billion. The company has access to two UK banks but these are reluctant to lend money without collateral. Some funding has come from the issue of new shares and also borrowing from a group of private investors. The most recent contract for £145 million was underwritten by a loan agreement with the UKEF. The transceivers business has good YOY growth, but the dramatic growth is coming from the systems business, with an increasing number of countries needing SRT systems. It does not appear that there are any effective competitors for these contracts, but other companies are looking to compete. The other option for them is to buy SRT!! SRT is unusual with its shareholder base. There are no institutions with over 3% but there are 6 or 7 shareholders who control over 50% of the stock. I understand that the CEO has a close relationship with these shareholders and knows their thoughts on a possible takeover. Where to from here.? I am sure that the CEO has a pretty good road map but some of this growth will be restrained by cash. The company currently focuses on surface water activities but the countries buying the SRT system will increasingly want to monitor activities just above sea level (drones?) and beneath sea level (submarines?). Can SRT address these markets? If the company believes that it must make some quantum leaps in moving forward, would shareholders support a strategic partner taking a possible 20% stake in the company? If this were to be considered, there would need to be synergy with the product offering of the proposed company. Many of the coastguard contracts offer the potential for patrol boat / armament suppliers. How about a company which could monitor activities above or below sea level? If a cash rich company is interested in taking a strategic stake, shareholders, especially the few major ones, would need to buy into the offering? Would major shareholders accept 120p a share to a allow for the necessary dilution? |
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