Fireangel Safety Technol... Share Discussion Threads

[billybunter1970] 18/6/2021 17:16

Any idea what resolutions 9 - 11 mean in plain English?

[gnnmartin] 18/6/2021 16:49

Humph. The AGM was inquorate and will be held again on 30 June.

That was a pretty poor do!

[masurenguy] 17/6/2021 14:06

Ok thanks - here is a direct link.

[harrogate] 17/6/2021 13:50

It tells you on that pdf

[masurenguy] 17/6/2021 13:29

We know that BrileyLoucan - what we don't know is what were items 9 to 11 !

[brileyloucan] 17/6/2021 10:22

hxxps://www.fireangeltech.com/wp-content/uploads/2021/05/FireAngel-2021-Notice-of-AGM.pdf

Items 9 to 11 were not passed

[billybunter1970] 17/6/2021 09:59

I cannot find the AGM resolutions anywhere - maybe only 2 directors were privy to them.

[tiswas] 16/6/2021 13:56

I am travelling today so struggling to find what the special resolutions were that weren't passed?

[tiswas] 16/6/2021 08:09

Not much in the way of holdings rns following the raise.

Downing 18.68 to 16.37
BGF 11.56 to 10.08

New holders? Newell?

[masurenguy] 16/6/2021 07:22

Ahead of the AGM, John Conoley, Executive Chairman of FireAngel, provides the following statement:

"The Company made a good start to 2021 and trading has continued to be on track as the UK eases out of the COVID-19 lockdown restrictions. I am pleased to say that we anticipate that our first half performance to 30 June 2021 will be in line with the Board's expectations. There are however ongoing reverberations from the COVID-19 pandemic still being felt, with some of our markets not yet fully open, alongside global component shortages and occasional international shipping disruptions. So far, we have dealt with the challenges and absorbed consequent extra costs without harming the Group's overall performance. However, we expect these challenges to continue through the current year and we are working continually to address and mitigate wherever possible. Despite the aforementioned challenges, demand for our products and services continues.

I would again like to take this opportunity to thank our shareholders for their support in the fundraising announced by the Company at the end of April. It has provided the Company with the necessary funds to deliver its strategic goals and lays the foundation for a return to profitability and positive cash generation. FireAngel's compelling proposition to protect and save lives with innovative, cutting-edge home safety technology remains strong and the Group is well positioned for future growth."

The Company intends to provide an update on first half trading in late July 2021.

[red ninja] 20/5/2021 13:30

Hargreaves Lansdown have still not announced my allocation. I wonder why.

Result:

I got my full requested allocation ie 3.33 x issued allocation, but had sold my original holding on the news so my holding is the same as the original holding. Thus probably conforms on new allocation not increasing a holders % holding.

[gnnmartin] 20/5/2021 13:00

Ah, thanks IAM, I had not noticed that. I optimistically applied for far more than that cap allows. Chiz chiz.

I see now why they don't just announce the rate of scaling back.

[iamnotanumber6] 20/5/2021 11:53

I work for a wealth manager, and was told from the off I would be scaled back on my personal holding's excess - I queried with our corporate actions dept, and they pointed out there is (unusually) this bit in the document which states you can apply for an excess allocation only up to your percentage stake in the company:

"All applications under the Excess Application Facility will be subject to the
Excess Application Cap, which has been set at a level where it is possible for a Qualifying Shareholder to maintain (but not exceed) its percentage shareholding in the Company as at the date of this document in circumstances where other Qualifying Shareholders have not subscribed for their Open Offer Entitlements in full."

In other words, you can only maintain your proportion of the shares in issue, not increase it. Later on in the document it says if you only take up your entitlement you suffer a dilution of c. 9%, so that's effectively what's going to made up by the capped excess allocation. It's the first time I've come across this, and admit it does seem weird.

[billybunter1970] 20/5/2021 08:16

Maybe 'They' were holding back a large chunk of shares, hoping that one of the large holders would take up their offer shares....Maybe they never showed up.
I wonder if Newell took up their shares?

[jojaken] 20/5/2021 07:46

I was puzzled by the outcome of the share offer/placing. I applied for extra and was *really* scaled back. My broker couldn't really find out what was going on and then to find out yesterday that there was only a 60% take up. Bizarre.

[harrogate] 20/5/2021 07:16

Slightly odd - I wonder why they didn't just apply for excess in the open offer at 18p? There was only 60% take up so assume they would have got them. Still always good to see director buying. These boys really now need to do the business. No more dilution and improve margin and sales.

[masurenguy] 20/5/2021 07:11

FireAngel has been notified that yesterday John Conoley, Executive Chairman, and his wife purchased, in aggregate 127,485 ordinary shares of 2 pence each in the Company @20.48p per share.

[tiswas] 04/5/2021 13:57

sp holding up well considering. I can even sell 100k online above the bid which is unusual.

I did hear from a pretty reliable source that there was good demand so maybe, just maybe...........

[masurenguy] 01/5/2021 10:07

Conoley only became Executive Chairman in August 2019, some 21 months ago when the company had just reported a prior year £6m pretax loss and had just made a 20p placing to raise funds to cover that deficit. He has had clear out the old management and to reorganise the business since then and he probably needs a further 12 months to demonstrate whether that is going to work effectively. The German contract is a promising indicator that progress is being made but the jury is still out on the potential viability of the new business model that has been established.

Conoley's view on the latest placing (@20p once again) was as follows: "The funds we are raising will provide working capital for the next stage of our development, allowing us to execute our strategy, accelerate growth in sales and margin and ultimately enhance shareholder value. The Company has made a good start to 2021 and I believe that there is real momentum in the business."

He now has to deliver !

[fozzie] 01/5/2021 09:39

I’ve held for ever and am still holding. Down 86.11% on my investment so far. It’s always been jam tomorrow and I’m with yasX on this, it’s time management got its collective finger out and did something. I’m not putting more money in as I am already approx £8600 down and am not prepared to punt on this management again. Bottom drawer, possibly forever.

[masurenguy] 01/5/2021 08:58

FireAngel Safety descends after placing shares at a discount

FireAngel Safety Technology Group descended 10% to 20.2p after announcing plans to raise £6.9mln via an open offer. The developer and supplier of home safety products is offering 10 open offer shares for every 33 existing ordinary shares at 18p each, which is a 20% discount to Thursday’s closing price. The AIM-listed firm has also raised £2.9mln via a firm placing and up to £6.9mln via a conditional placing, with proceeds to be used to fund research and development and shore up the balance sheet.
Proactiveinvestors.com

[microscope] 30/4/2021 15:52

If you're trying to get a placing away, you're going to sound as bullish as you can I'd say... this is AIM!

[horndean eagle] 30/4/2021 15:34

They haven't been as openly bullish as they are currently are for a very long period. Feel the tide is about to turn and we could be looking at a multi year growth opportunity.

[horndean eagle] 30/4/2021 15:31

Decent interview which flags up the growth opportunities and the measures they are taking to take out cost. The move to connected products is very encouraging. The German partnership is an excellent validation of FA tech and should provide opportunities to spread more of the r+d spend.