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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Surface Transforms Plc | SCE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.78 | -62.28% | 1.075 | 16:06:35 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.20 | 0.925 | 1.20 | 1.075 | 2.85 |
| Industry Sector |
|---|
| AUTOMOBILES & PARTS |
| Top Posts |
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Posted at 02/5/2024 15:36 by amt There must be a rule that stops selling in the runup to a funding and then being allowed to buy at a massive discount other than in the market. If not the market is seriously skewed against small investors who can only buy and sell in the market but be given an opportunity to buy a few crumbs in the offer.They should suspend shares at least one month before a fund raising to stop small shareholders being wiped out. |
Posted at 02/5/2024 12:55 by fevertreeman Bones.....I like your rationale. The issue for investors is that Bundred and Johnson have, in the space of 6 months utterly shattered faith in the SCE leadership. The onus is on the 3 remaining senior NEDs - all of whom have impressive CVS - to grasp the nettle, and take a decision to replace Johnson as CEO and internally give him another role. He simply isn't up to the task,and can no longer pretend otherwise.The clock is ticking. The sooner we have a proper leader in place, the greater optionality. At the mo we face extinction or a take-out at 10pc of the price of last raise |
Posted at 02/5/2024 12:51 by bones698 Interestitng fft that looks plausible and could be a boost going forward if they get there. Cash controls need severely tightening up on and not running plants to hard just to keep up with demand, even if this risks losing some customers. It's about survival rather than output atm. This cash has to last them. Until. They can break even or close to and the new machinery is installed and operational.What issues come with that remains to be seen. The board should take reduced salaries and perhaps replace them with shares option s if they believe what they are telling everyone that at least would show they believe what they are telling investors for a start and reduce cash burn in the process. Its frustrating that these things have to be enforced rather than done with AN understanding from the company though and left to late. Investors end up paying for the mess they have made. I would be interested to see if any changes are enforced now as there must be some pretty high holdings once the placing is complete.. Sub 1p buying makes sense at this point, cheaper than the placing but don't see it moving from here for a while now simply too many shares around for it to move and likely many will be sold into the market at that price recouping their investment to some degree. |
Posted at 01/5/2024 13:30 by bones I agree with fillspectre that, if they are going cap in hand back to investors so soon after the “unscheduled&# |
Posted at 26/3/2024 15:53 by damayhill Swiss Paul, I'm happy to set out the counter gloom but I must say that I have already set it out numerous times (probably too many for some!), so a good starting point might be to read some of my posts since the new year. I'll try to summarise it here.I disagree that past performance has not been good. Not sure how well you know your corporate history but Kevin Johnson joined SCE in round about 2006, when I believe turnover was £155k and they secured some small orders from Weber Sportscars and a 12 month contract from Koenigsegg. Bundred became Chairman in 2012, when I believe turnover was £1m and they were providing modest after-sales to a supercar market via third parties. I won't itemise the list of achievements since then but these include breaking meaningfully into a monopolistic, highly 'moated' but growing market with highly relevant benefits and ESG credentials; developing what is by general consensus a superior product to Brembo's; winning multiple high value Tier 1 contracts with multiple major global OEMs, including winning business from Brembo. This now equates to a c.£400m order book and about the same again in prospective contracts and revenue itself was £8M+ in 2023. That is very good progress by any measure. Where they have run into some difficulty is in scaling up a complex manufacturing process at sufficient pace - that's not unusual. And to be honest, it wouldn't necessarily matter short to medium term if it weren't for the fact that, like many modest sized businesses, they will run out of cash. The cash position has necessitated two fundraises in a difficult market. September to December last year was not well handled at all and understandably wrong-footed and displeased investors, myself included. This year's target revenue is £23M (notionally £9M H1 and £14M H2) and that is a level which would begin to generate free-flow cash and therefore avoid a further raise and in theory fund future capital expansion. Despite the impression given by some posters, we currently have no indication of the first milestone along that path (Q1), but we will do in a fortnight or so. We know that Q4 YE22 was £3M revenue. In my books, anything under £3.6m is unacceptable progress, £3.6-3.8M is OK but equivocal, £3.9M+ is positive. The parts that are typically missing in an enterprise of this scale (order book, prospective order book, capital funding) are in place and with the quality of product and emergent position in a growing market, they are arguably in a stunning position IF they can deliver sufficient revenue this year. Investor sentiment should simply hinge on the increasing or decreasing likelihood of a further raise within the next 12-18 months. It remains a big IF. My plea has been not to deliver the verdict before we have any evidence, which has been the tendency. |
Posted at 25/3/2024 19:58 by damayhill bones, you're absolutely right about the echo chamber. The company reports on trading quarterly. We can pretty much pinpoint the dates. Yet there are people on here bemoaning the lack of news and share price action as though there was any reason to expect either. I'm not overjoyed with where the share price is but the share price has been exactly where I (and others should have) expected it to be for the past two and a half months, bouncing around within an established range. Why would it be otherwise?I would ask some on here, if you are sent an invite for a party to start at 7pm, would you turn up at 3pm, 4pm, 5pm and bemoan the fact that there's no party? Because that's what you're doing. You want there to be news and share price action and you're frustrated there is none. But that doesn't mean you have any right or reason to expect any until the trading update in April and even then you may not see much if the numbers are equivocal. The only other potential news this quarter was a further contract announcement and as I've said before, if it came before the TU, it would likely have no impact either. I'm glad it hasn't come yet. It's a couple of weeks until the TU and we'll be able to assess progress then. I'm certainly not waiting for a 'flowery, hopeful RNS'. I'm looking for one number - what revenue has been achieved in Q1? Why? Because I'm an investor. I've set out on here more than once some very specific financial ranges and what I believe they would indicate. Why? Because I'm an investor. Once the TU drops, for those who are interested I will set out my objective thoughts on here and will enjoy reading the thoughts of one or two other contributors (yourself included, bones). Why? Because I'm an investor. I'd love to hear from more investors on here and less from the emotional wrecks! |
Posted at 13/3/2024 14:28 by damayhill There are a lot of pockets talking here - it's more like a bookies than an investor forum.Johnson and Bundred (who I am not uncritical of at all) take this from a six-figure annual revenue idea to a nine-figure, Tier 1, individual contract winner and genuine market player but as soon as there are any problems, they are amateurs apparently and need to go! Most small firms would have long since failed, where they have so far succeeded. Of course we would all rather there hadn't been production issues and all rather that communications/fundr I suspect that by and large those with the most to gain/lose are those keeping the coolest heads and who also have genuine experience of running businesses, whilst those getting emotional about it have less understanding of operations and some may have imagined a quick trading profit, which hasn't materialised. The company is in a strong position in a number of respects, not least superior product and strong order book. It's all about the cash at present and whether they can ramp up production quickly enough to avoid a further raise in a punitive market. Investors have three options. If you believe this is headed to the dogs and management aren't good enough, get out whilst you can with some capital preserved. If you believe that they will manage this period and begin to generate enough free-flow to avoid a raise, buy at a steal of a £35m MC whilst you can. If you believe that outcome is in the balance at present, then wait patiently for the April TU and re-assess then. That's all there is to it really. |
Posted at 14/2/2024 10:13 by fevertreeman Very good debate here about SCE. Observations from Quazie12 & Fillspectre are spot on.Who knows what happened between 'Holly' Johnson & Cunningham, but it's clear the finance function was in a complete basket case. Maddocks was persuaded to jump ship by her former boss who was doing consulting work for SCE. Whether she was fully aware of the mess, no one knows, but hard to escape the impression that Johnson's management style is a central part of the problem here. Both he and Blustering Bundred aptly illustrate the problems of group think & the bunker mentality that seems to be rife in Knowsley. And clearly the combination of Holly's intellectual arrogance, reluctance to really take on board criticism /advice, antipathy to City investors, poor communications, & lack of operational grip has really taken its toll on investors' confidence. Add Blustering Bundred into the mix with his arrogance & know-it-all bluster & the result has been a perfect storm. The next 2 quarters will demonstrate whether Holly is truly onboard with the new triumvirate structure (Easton & Maddocks) or is still trying to call all the shots. If Easton or Maddocks walks out, then we know the answer. One of the most depressing elements here is Johnson & Bundred's point blank refusal to accept they have made mistakes. Instead we had Holly blaming the customers, saying we were boxed in etc, as if it was nothing to do with him. |
Posted at 11/2/2024 03:01 by bones698 Some good posts food to see some debate and not the usual one sided case as happens quite often .There is a lack of clarity from management here on the issues and the steps taken and if they have been resolved or not . Communication is abysmal is an understatement even the website is very uncooperative for investors and investor relations . Not for the first time I have seen technical people running a company and taken the science upto the point of commercialisation only for things to go badly wrong when they approach the real world and manufacturing . The comment from an ex employee wether true or not certainly points to issues along these very lines and from the performance rings quite true . I also note pinkfoot sudden Absence although I'm sure he's still reading the thread is probably decided to take a step back as his comments haven't been reflected in the shareprice and performance of the management team here . I await the revenue figures in a few months time which I think will be quite low as it will be later this year the new furnaces come into effect . In Nov and Dec they were at 1.15m per month so will be interesting to see where they are at now and if any more info is given out on production issues being resolved . Even if they are at this stage it doesn't mean the new furnaces will come online and operate effectively straight away later this year though . If they have managed to increase output slightly to 1.3-1.4m it would be a good start at least . I don't share the view and ii is selling from watching the trades and how they operate it doesn't appear to be the case . The cash position is still a major concern for me having blown around 7m in a few months . Whilst some was expected this figure seems very high and left only 5m in the bank as of last statement . It also brings in another possible concern that the next results might not get signed off given the losses and remaining cash . As some will be aware to continue on a going concern basis they need to show they can continue for 12 months for them to get signed off . For me I can see another fund raise coming and that why the share price continues to drop m if this is the case I expect to see the drop accelerate when they approach the city and word gets out . There was comment of another deal being announced which might lift the share price but given the order book size already the market isn't attaching much value to this so maybe a muted response even to that . The focus is now on can they deliver on revenues and break even before cash runs out . Until a clearer picture happens a cash call is a big concern imo |
Posted at 30/1/2024 09:38 by fevertreeman Trouble is, ignoring the spelling and general grumpiness, this does have a ring of truth about it. A few more of these and investors will start getting on the phone with Johnson asking about what's happening. Given he clearly doesn't give a fig for investors, it wouldn't be a surprise to learn he has same attitude to the shop floor. |
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