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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Actual Experience Plc | ACT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.425 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.425 | 0.425 |
| Industry Sector |
|---|
| SOFTWARE & COMPUTER SERVICES |
| Top Posts |
|---|
Posted at 07/11/2023 07:16 by tomboyb Actual Experience PLC Intention to Appoint Administrators & Suspension (5593S)07/11/2023 7:00am UK Regulatory (RNS & others) Actual Experience (LSE:ACT) Intraday Stock Chart Tuesday 7 November 2023 Click Here for more Actual Experience Charts. TIDMACT RNS Number : 5593S Actual Experience PLC 07 November 2023 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) ("UK MAR")). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED IN UK MAR), AS PERMITTED BY UK MAR. THIS INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT. THEREFORE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION RELATING TO THE COMPANY AND ITS SECURITIES. FOR IMMEDIATE RELEASE 7 November 2023 Actual Experience plc Company Update, Intention to Appoint Administrators and Suspension of Trading in Shares Actual Experience plc (AIM: ACT), the analytics-as-a-servi Introduction The Company disclosed in its unaudited consolidated interim results for the six months ended 31 March 2023 (the "Interim Results", released on 12 June 2023) that, based on its latest "base case" assessment, and in the absence of cost reductions or significant commercial progress, the Company was forecast to run out of cash by December 2023. As part of the Interim Results, the Company's board of directors (the "Board") also prepared a severe, but plausible, downside scenario based on significantly more pessimistic sales forecasts, with corresponding reductions in controllable costs. In this scenario, the Company was forecast to run out of cash by November 2023. Current Trading and Financial Position During the financial year ended 30 September 2022, the Company reduced ongoing expenses from GBP680,000 per month to GBP460,000 and expenses have been maintained at this level during the financial year ended 30 September 2023 ("FY2023"). During FY2023 and subsequently, the Board has been constantly reviewing the Company's cost profile and organisational structure, however, the Board also formed the view that the Company had reduced headcount and its operating cost base to the lowest viable level while still retaining the ability to deliver commercial objectives regarding order acquisition and customer support, as well as developing additional required product features. Although the Company made commercial progress during FY2023, securing new revenue contracts and significant sales has taken longer than expected and, as a result, trading has largely tracked the severe, but plausible, downside scenario announced in the Interim Results. This, along with additional costs exploring strategic options as outlined below, has resulted in a depletion of the Company's cash reserves and without new funding, the Company would have inadequate funds to continue trading after late November 2023. Strategic Options The Company also announced in the Interim Results that if it were unable to secure an appropriate combination of new revenue contracts, cost reductions, and/or further funding, then the Company may not have sufficient resources to meet its liquidity requirements over the foreseeable future. As described above and at the current time, the Company has been unable to secure significant new revenue contracts or cost reduction and so the Board has been exploring an equity fundraise to increase the Company's cash reserves and has been in active discussions with existing and potential shareholders over the last few months. On 14 August 2023, the Company submitted a letter to HMRC seeking advanced assurance under the Income Tax Act 2007 that it is eligible to issue shares to investors that would benefit from relief from taxation under the enterprise investment scheme ("EIS") regime, reflecting the Board's view that receiving advanced assurance from HMRC provided the greatest chance for a successful equity fundraise. While exploring an equity fundraise, the Company has been in discussions with various venture capital trust and EIS funds along with other potential investors. Despite the Company submitting information and replying promptly to queries, HMRC have not, as at the date of this announcement, provided a formal response regarding the Company's application within HMRC's published timescales for responding to applications for advanced assurance. It is the Board's view that it is now highly uncertain whether any formal approval regarding its application could be expected from HMRC within the required timescales, having regard to the Company's rapidly depleting cash reserves. Alongside progressing a possible equity fundraise, the Company has explored other strategic options with the assistance of FRP Advisory Trading Limited ("FRP Advisory"), including an accelerated M&A process to seek an acquirer of the Group's business and assets, and contingency planning. In relation to accelerated M&A, FRP Advisory contacted a number of potential acquirers on the Company's behalf, however received no firm indications of interest in response. The Board therefore terminated this process due to the lack of interest and the significant ongoing costs involved. Having considered the Company's rapidly depleting cash position and the lack of progress regarding an equity fundraise and the other strategic options explored, it is the Board's view that it is unlikely to be able to secure the funding that it requires or complete an alternative transaction in a timely manner to secure the Company's future and so is now taking action to protect value for the Company's creditors and other stakeholders. The Board has therefore regrettably resolved to file a notice to appoint administrators to the Company with such appointment expected to take effect later today. Resignation of nominated adviser and joint brokers As a result of the Company's intention to appoint administrators, Singer Capital Markets Advisory LLP and Turner Pope Investments (TPI) Ltd have informed the Company of their resignations as nominated adviser and joint broker and joint broker to Actual Experience plc respectively, effective immediately on the release of this announcement. Pursuant to AIM Rule 1, if a replacement nominated adviser is not appointed within one month of today's date, the admission of the Ordinary Shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement nominated adviser. In light of the above, the Board announces that it has requested a suspension of trading in the Company's ordinary shares on AIM with effect from 07.30 a.m. today. Further announcements will be made in due course . Enquiries: Actual Experience plc Tel: +44 (0)207 Iain McCready, CEO 129 1474 Steve Bennetts, CFO Singer Capital Markets Advisory Tel: +44 (0)207 LLP 496 3000 Shaun Dobson James Fischer Turner Pope Investments (TPI) Tel: + 44 (0)203 Ltd 657 0050 James Pope Andy Thacker Flagstaff Strategic and Investor Tel: +44 (0)207 Communications 129 1474 Tim Thompson actual@flagstaffcomm Mark Edwards Andrea Seymour Anna Probert |
Posted at 27/9/2023 11:00 by softmallow Come on get your act together. News please. |
Posted at 23/8/2023 14:06 by ged5 After seeing your post about ACT on another thread I checked the annual report and results and it looked a little bit different to anything I've seen before. It looks to me they're offering is what is required in this digital age.Noticed the directors have skin in the game. Salaries not too outlandish although I do think far too many directors in most companies are overpaid. Several known institutions although I notice Ianjan is a little concerned one might be selling. Saw the cash at March which would give a price of about 1.4p so thought .8p and below was an absolute bargain. A few contracts and 1.4p might prove to be a bargain. Was warned against this. |
Posted at 23/8/2023 12:50 by someuwin As I pointed out before, Workday Inc (NASDAQ:WDAY valuation $60bn) purchased Peakon for $700m in 2021.Peakon just allows periodic staff feedback (i'e on a quarterly or monthly basis) ACT's product suite on the other hand, offers almost real-time engagment monitoring, much more applicable to today's hybrid working patterns. Helping to maximise staff retention and productivity. This could well develop into a very valuable asset very quickly. Obviously it might not, but at less than £2m current valuation can you afford not to have some ACT just in case it does go to the moon? |
Posted at 29/7/2023 11:37 by david56920 Actual Experience ACT new group on telegram. |
Posted at 12/1/2023 15:45 by zen12 New CEO news is also due:CEO Recruitment ProcessThe Company continues to work with an executive recruiter to evaluate external and internal candidates. This process is close to completion and a further announcement is expected to be made early next year. Until this time, Steve Bennetts remains as Interim CEO (in addition to his CFO duties), and Kirsten English continues to act as Executive Chair. |
Posted at 21/9/2022 12:13 by tomboyb Sums up the sales for ACT -I don't think anyone really wants them TBH - |
Posted at 03/8/2022 14:48 by tomboyb I don't know anything about ACT Except if you had the ability to short it you would be fairly wealthy -I'm surprised as Prof. pits is a fairly intelligent guy, very big on his electronic engineering dept of which he used to re-iterate to students, me inc, that it had a 5.0 / 5.0 rating - |
Posted at 03/8/2022 13:51 by timnicebutdim The problem with Actual Experience is, its software that was designed to be installed on desktops that were left running 24/7. Which was fine for the types of organisations that ACT targetted - large corporates and potentially Government departments, but then along came Covid and everyone started working from home, PC's were not left running all the time, laptops were deployed configured so employees could work on their home broadband with some sort of Zero Trust Client installed, the Zero Trust vendors such as Illumio, Appgate, Z-scaler and Palo Alto all have their own tools for measuring performance. Hybrid networking is here to stay, which i think is more than can be said of Actual Experience. |
Posted at 20/6/2022 10:29 by mally6 1 small contract terminated by no fault of act no panic worth a hold to see if any further contract can come |
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