Alphawave Ip Share Discussion Threads

[dividevil] 19/5/2023 07:58

Taras73,Yes a loss PAT but still a profit after adjustment. Keep up the negativity though because I want to buy more when it trades again.

[trader465] 19/5/2023 07:56

it could have been better, a lot better ;-)

[fellasc] 19/5/2023 07:54

it could have been worse, alot worse ;)

[m w] 19/5/2023 07:54

That's why they sacked the chief financial officer hopefully that's the end of it and we can now move on

[taras73] 19/5/2023 07:46

Really little change?? From saying that was a bunch of typographical errors and now showing that there is a loss rather than profit on PAT. Very strange and dishonest

[dividevil] 19/5/2023 07:20

Trader465, like I said; a very little change from the prelims.

[trader465] 19/5/2023 07:10

Were the AWE bean counters trying to fudge the numbers?

“The changes listed above, including the recalculated income tax expense, have resulted in US$7.6m less profit for the year. Adjusted EBITDA has changed from US$53.8m (or 28% margin) to US$46.8m (or 25% margin)”

[dividevil] 18/5/2023 23:06

Hi Kenny, It's a remote possibility that there will be no RNS tomorrow but more likely that there will be one. If there is one, it will hopefully announce the full audited results with very little or no change from the prelims. However it's not impossible that it could instead reveal a further delay and I even don't discount the possibility it could reveal or hint at issues with the financials of one of the acquisitions. We'll just have to wait and see.

[kennyp52] 18/5/2023 19:01

If there is no RNS / audited figures by tomorrow then imho it indicates the company may be in dispute with the auditors over a valuation of part of the business . Been there done that ! Hope it’s not the case as the share price could suffer badly . Not very good so far is it ..

Chip company floated on the 13th May 2021 at £4.10p

[casholaa] 18/5/2023 13:20

Depends how much skin one has in the game! I need it to not to tank!

[adamb1978] 18/5/2023 12:15

I'm not sure that another '...but but but we need more time...' RNS tomorrow would go down brilliantly Casholaa...!

[casholaa] 18/5/2023 11:56

I'm now hoping that they delay until the end of next week, there's no need to rush these things.

[dividevil] 18/5/2023 11:12

kennyp52,

If there really was a black hole scenario here then surely the CFO would have been dismissed instantly rather than remaining in place until the issue of the audited results.

The company reporting an expected date of 12th May at the latest simply means that the external auditor is underestimating the time to complete the work.

I think it would have been wiser for the company not to provide an expected date and to have simply said the audited results will be published as soon as they are available. Easy for me to say in hindsight but hey, hopefully they'll live and learn from this.

[kennyp52] 17/5/2023 09:11

As Trader465 points out “expected̶1; has been used before .. CFO gone in the meantime . Is there a black hole here ? They issued an RNS that the figures would not change materially so we just have to wait and see as we cannot trade ! Auditor may be the problem … if so sack them for next year …..

“According to the semiconductor intellectual property company, Daniel Aharoni, would step down from his post after the publication of the company's full-year results which were expected by 12 May at the latest.”

Notice “at the latest”

[casholaa] 17/5/2023 08:36

Hoping for Friday as the markets aren't too good today.

[trader465] 17/5/2023 05:17

“It is expected that the audited 2022 financial results of the Company will now be published in the week commencing 15(th) May 2023”

Week commencing 15th gives them until Friday, and note the word “expected”

[pphome] 16/5/2023 23:19

15th came and went but still no update or restoration of trading. Trying keep optimistic here but not easy!

[dividevil] 11/5/2023 13:29

Personally, I think looking at other examples of shares that have gone through suspensions is no bad thing and there are lessons that can be drawn from them. Obviously, share suspensions often happen for companies in some form of distress and the outcome is often one of disaster for shareholders.

However, it certainly is not always the case. Carr’s Group (a premium listed company) is an example where audited results (for year ending 30 Sept 2022) were delayed due to a disposal of a division within the Group, and a change earlier in the year of auditors lead to complex issues that meant a separate audit had to be carried out. Carr’s Group announced the anticipated possible delay on November 22 and warned that they expected they would have to suspend trading from 4th January. With no further prior warning, the shares were suspended on 4th Jan with an update indicating results would be issued sometime later in January. On 26th Jan they provided another update indicating a further delay and anticipating a return to trading by 14th Feb. On 10th Feb they issued yet another update indicating a further extension to the audit and that results would be issued no later than 27th Feb. On 21st Feb, the company decided to issue a trading update revealing unaudited full year results (but not classed as a preliminary statement of annual results) indicating [mediocre-ish] performance in line with expectations. On 21st March the company provided an update indicating audited results would be published on 23rd March. Results were finally published on 23rd March and the company applied to the FCA for reinstatement of trading. Trading was finally reinstated on 29th March.

So what happened to the share price during this time?

On 22 November, when the delay was announced the shares dropped from 109.5 to a low of 100.0 but finished the day at 105.75. They ended the year higher at 124.45. On 3rd Jan they finished at 121.50 prior to suspension. It re-opened at 115.0 on 29th March and finished the day at 121.50 again. Today it trades at around 129p.

Clearly, there was no serious panic, and Carrs Group returned from suspension more or less unharmed. There’s no reason to think Alphawave will suffer any dire consequences following its return from suspension other than perhaps some temporary volatility.

[valhamos] 11/5/2023 12:18

All the various views posted here are possible - not that we can do anything about them except wait for the suspension to end.

But it is worth remembering what we have been told about the reasons for the delay: "Company's external auditor has requested more time to complete its internal oversight and assurance processes before issuing its formal audit opinion."

Yesterday's announcement does not give any evidence to the ideas expressed here that "the audit was not as 'substantially complete' as first thought" or that there is something fundamentally wrong with the accounts.

It is inconceivable for the company to have released the preliminary results if it was aware of any issues and to pretend that it wasn't aware - and allow share dealing on the Friday based on suspect results. It is also hard to imagine that KPMG would not have made the company aware of any concerns they had with the accounts prior to release on 28th April or by yesterday's announcement.

There is also some misunderstanding about the nature of audits. They are concerned more with risk assessment and providing evidence for their opinion about the accounts than number crunching. Audit firms are acutely aware that their homework could be marked by the FRC with financial penalties for getting it wrong so they better had ensure the evidence is there and properly recorded to provide assurance around their audit opinion.

We will know soon enough but if there are any accounts issues the company will end up being in a worse situation than if it had delayed releasing any results until the audit was completed. It is difficult to see why it would take that risk unless it was confident the numbers wouldn't change.

[stevedaytrader] 11/5/2023 10:41

Ignore the forum Queen that is Amanitaangelicus- he posts in excess of 60 posts a day under various ID's- he is a pure fantasist who pretends to trade and spends all day and night polluting boards with his waffle and diatribe- he is a total tit- AVOID.

[dividevil] 11/5/2023 10:28

Amanita Angelicus,

“50% share price drop inbound ...rarely ends well ...just the stats that s it.”

What a lovely username you have.

Price dropping by half or worse always a remote possibility.

Listed companies having to suspend indeed ... rarely ends well.

I can provide a list of fairly recent suspensions all of which make very grim reading when digging deeper:

Go-Ahead Rail Consortium
Asimilar Group PLC
Allergy Therapeutics
Mode Global Holdings
Inland Homes
Ince Group
Wandisco

None of these have or will end well that’s for sure. There’s enough horror there to put investors off for life and stick to something like National Savings.

So I don’t blame anyone for being scared sh*tless and fearing the worse with Alphawave. One has to make up their own mind whether the stats are telling the truth. At least some of the stats are independently verifiable and given they went ahead to publish the full results as preliminary, if there was some scandalous information still to be uncovered, it would likely have serious implications for the BOD.

[amanitaangelicus] 11/5/2023 08:16

50% share price drop inbound ...rarely ends well ...just the stats that s it.