Elektron Technology Share Discussion Threads

[pugugly] 25/5/2017 19:33

BlackSS:> imo this is a form of words that management can use when they do not wish to disclose the exact split of "cenral administration costs" - I have come across it before in a nepotic publishing company. Those responsible were eventually given the boot as the major shareholder put in a trouble shooter to turn the company round. Not saying it is the case here but (imo) it can distort the picture for shareholders in respect of the absolute overheads allocated to each division. However would need a forensic accountant to even have a stab at whether the allocation has been incorrectly made.

[blackss] 25/5/2017 19:04

Hey i'm just thinking out loud and asking a question :-)

The accounts state "The Group has continued to adopt the provisions of IFRS 8 "Operating Segments" International Financial Reporting Standards,
There is no implication that what they have done is wrong just an example of how you have to take all figures with a pinch of salt especially when it comes to allocating losses.

[simon templar qc] 25/5/2017 18:59

BlackSS

You have raised a very serious issue!

If your analysis is right then this looks like its being done deliberately to reduce any losses and or what its actually cost for the development of Checkit.

This needs a lot of further investigation.

[blackss] 25/5/2017 18:45

This aimed at whoever understands accounts better than me which will be most of you...

I notice on the accounts this section under segmented accounts.
Segmented profit represents the profit earned by each segment, including a share of "central administration costs", which is allocated on the basis of actual use or pro rata to sales.
I read this to mean that the (probably massive but undisclosed) level of central charges is allocated to divisions in proportion to turnover, made up of Bulgin sales at £24m, and Instrumentation Sales at £8m, and Checkit sales at a meagre £0.3m,totalling £32.7m can we conclude that Checkit is enjoying a free ride on overhead contribution, so the reported loss for checkit of £3.5m on sales of £0.3m should really be much higher ?
In other words for example if Checkits central charges were say £1m they would show up as
73.7% apportioned to Bulgin
25.3% apportioned to instrumentation
0.9% apportioned to Checkit.

[simon templar qc] 24/5/2017 17:04

Update on further proceedings:

In open court again yesterday to seek an injunction and raise more allegations of contempt.

More hearing coming up and a High Court Judge looking into an application for an urgent injunction.

The High Court has been given serious evidence to consider.

The defendants have gotten away with having to avoid providing any proper defence throughout most of the proceedings, this cannot go on much longer as the gravity of all the issues involved increases.

More and more people being caught up in serious wrongdoing. All is in the public interest to become fully known.

[tilly99] 23/5/2017 14:19

BlackVlty aeg and spsy my stocks of the year ..2017Look at Vlty..growth Daley would only dream ofIf Daley spent less time inventing new LTIP schemes for him and JW and more time concentrating on ekt operations we may have a higher share price!!

[blackss] 23/5/2017 13:33

You can't blame ten years of total failure on one year of court proceedings. Chances are with Daley taking his eye off the ball things should have improved.

[tilly99] 23/5/2017 12:59

Mr TemplarHow many hours do you think our directors spent on the court case with you?Daley used this as an excuse for taking their eye off the ball and for some of the disastrous performance by ekt and its BODIs it right that our directors are paid 100s of thousands of pounds to spend all day fighting your court case Simon?Surely ekt shareholders shouldn't be paying directors spending time on court matters?

[tilly99] 21/5/2017 23:44

Fair enough Simon but if you aren't successful in the courts let's arrange a meeting with D and A and discuss everything that should be discussed We have nothing to lose Daley has been at the helm for far too long in a part time job paid huge money for destroying shareholder value

[blackss] 21/5/2017 22:21

Tilly
There is always strength in numbers and the Backing of D&A or at least to understand what they are expecting from Daley would be my first move.
At the moment you have about 6%, with D&A on side you have 30% which almost out numbers Daley, Kinder and Perloff put together.

[simon templar qc] 21/5/2017 21:55

Tilly hold back.

I am in court again this week, I am not at liberty to say what its all about its too complex anyway, but litigation will be on-going for some time yet.

It is my intention to ensure all the wrongdoing here be put right and all wrongdoers brought to justice.

[tilly99] 21/5/2017 20:26

So what now? Call a GM?Meet with d and a?Speak to sharesoc ?What can be done?I could sell my shares I'm sure around here but I still think Bulgin is worth 10 to 15p and ekt in its totality 15pSo what can shareholders do?I like mr perloff but for some reason he backs daley..more thru loyalty than anything else as he's v shrewd and I'm sure fully knows the extent of Daleys damage to Elektron

[tilly99] 21/5/2017 18:19

So in 2009 before an electronics boom Daley promised shareholders huge profits growth..now after going backwards for 9 years he is now promising the same but in 5 years time

DALEY

YOU EARN 300K PER ANNUM...YOU CAN AFFORD TO WAIT TWO DECADES...US SHAREHOLDERS CANT

ITS TIME FOR YOU TO TELL ALL THE SHAREHOLDERS AT THE AGM THAT YOU ARE STEPPING DOWN...YES ALL 1 OF THEM...OR SHOULD I SAY 2...YOU AND JW

[tilly99] 21/5/2017 17:10

So what support has Daley got and why??

1/ Institutions
We have no institutional holders
Daley has no support from the institutions
We had two decent institutions with decent sized holdings
They both sold out cos they supposedly hated the direction Daley was taking us and they stated that he had no business acumen
In fact Judy at Downing was minutes away from calling for a GM to remove Daley for his disastrous tenure as chairman
Daley used shareholder funds to buy out Henderson at a 20 pct premium with debt as he knew they would vote him out at GM..that's what was illegal in my eyes

2/ Private investors
They all sold out as Daley refused contact with any of them
He even had a drinks reception after many AGMs just for supportive shareholders
Daley hasn't got one supporter on these bulletin boards as he pays the BOD bonuses and free share options for sub par performance ..REWARD FOR FAILURE

3/ Kinder and Perloff
These two are his only supporters
Kinder ..cos he supposedly went to school with him and is too embarrassed to use his votes to get rid of Daley..it's also petty cash to him imho
Perloff gets rent off ekt so he wants Daley there to get this extra income

4/ The BOD
John Wilson blindly supports Daley as in my opinion he would struggle to get on the Bod anywhere else after 10 years of abysmal financial stats at ekt
19 directors have left either cos they couldn't work with Daley or cos Daley had to kick them out as he couldn't garner their support
He now has two non execs who will look after d and a and Kinders interest
Let's see if they can stick it out for 2 years unlike any other directors

Time for Daley to leave

I will be voting vs the re election of both Daley and Wilson and praying that Barry is successful in the courts

[tilly99] 20/5/2017 14:36

Daley must regret those vindictive tweets as he knows this isn't the behaviour expected of a chairman of an Aim company and he must be praying you don't take him to court again as he has a feeling he could lose the case and end up having his directorship stripped and will never get another job in the city again if he loses the court case Good luck Simon? There isn't a private investor on Aim who would want you to lose as the shareholders in Ekt have been shafted

[tilly99] 19/5/2017 19:48

Mr TemplarDaley hasn't tweeted for 12 weeksVery unlike him He must know that this year is the crunch yearIf Checkit fails I cannot see him staying on as Chairman on 300k

[simon templar qc] 19/5/2017 17:42

With regards to Bulgin the new push and pull connectors were supposed to boost sales one only has to look up the broker notes which FinnCap came up with years ago,

At the same time it was stated what the connector market was worth.

So what do shareholders believe when the company state what the market is worth for their Checkit operation?

Well after 3 years of development and upgrade at that and a revenue stream of £300,000 !!!!!!

Totally shocking!

The proof is in the pudding management have not delivered.

This year is critical so far as I am concerned this is the year when things are going to change so far as management are concerned they have got away with things for far too long.