Share Name Share Symbol Market Type Share ISIN Share Description
Fireangel Safety Technology Group Plc LSE:FA. London Ordinary Share GB0030508757 ORD 2P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 34.50 8,340 08:00:00
Bid Price Offer Price High Price Low Price Open Price
34.00 35.00 34.50 34.50 34.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 37.59 -5.89 -9.80 26
Last Trade Time Trade Type Trade Size Trade Price Currency
11:46:37 O 2,780 34.10 GBX

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Date Time Title Posts
10/7/201915:18FireAngel Safety Technology (formerly Sprue Aegis)293

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Fireangel Safety Technol... Daily Update: Fireangel Safety Technology Group Plc is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker FA.. The last closing price for Fireangel Safety Technol... was 34.50p.
Fireangel Safety Technology Group Plc has a 4 week average price of 34.50p and a 12 week average price of 31.50p.
The 1 year high share price is 83p while the 1 year low share price is currently 18.50p.
There are currently 75,935,365 shares in issue and the average daily traded volume is 22,186 shares. The market capitalisation of Fireangel Safety Technology Group Plc is £26,197,700.93.
dangersimpson2: Does seem strange that NED's are so keen to buy, but then they will have been in a close period since the 29th January and the share price was 39p then, so in reality not a big premium compared to their last purchase opportunity.
glaws2: I'm afraid to say that Neil Smith is one the major reasons why I can't re-invest here; within 8 months of his arrival the precipitous fall in share price began and the man at the top has to bear most of the responsibility for the litany of banana skins.
glasshalfull: I think precisely the same bullet aunt Pleasing to see the new FD utilising his ISA allowance. This is in addition to the RNS of a manager adding a small tranche yesterday. Both purchases are at a +80% premium to the recent open offer & placing which is a bullish sign IMHO. It follows on from new Chairman JC buying stock recently with other members of the management holding a decent percentage of the company. The one negative I’ve always held though is the small holding of CEO Neil Smith. He made a 10,000 share purchase a year ago & duly took up his 6,538 share entitlement under the open offer. This holding only equates to £6k. I hoped he might wade in following the depressed share price. Kind regards, GHF
glasshalfull: Good morning folks, Nice to see the share price responding positively. Makes a change! I speculated last week that BRK may not have taken up their entitlement under the open offer...but I reckon I was incorrect. The significant shareholding’s have been updated on the FireAngel web site which indicates that BRK remain on 23.4% HTTP:// However, while disappointing if the case I’m comforted that Downing & British Growth Fund (BGF) have a combined holding in excess of 25% with management also holding 10%, so I’d be surprised if any opportune bid by BRK would gain much traction. Disclosure After the open offer I retain a holding >1% of the equity. Kind regards, GHF
glasshalfull: Interesting take spannferkel FA. - FireAngel Safety Technology 🔥 I’ve mentioned previously that the shares have come off just a touch in the last 3 years. The shares hit 352p & m/cap c. £162m in Dec 2015. Fast forward to Friday, they closed at 23.5p mid & with 45,935,365 shares in issue this provides a m/cap of £10.8m. This represents a share price fall of (-93%) in 40 months. Quite an astonishing collapse! With a further 30,034,661 to be issued per the open offer this will results in a share count of 75,970,026 following the placing and a m/cap of £15.2m at the 20p placing price. Where will the share price go from here? Having considered the open offer, spoken at length with management & other significant FireAngel shareholders I believe it will be very supportive of FireAngels recovery & expedite the company’s return to profitability. That in turn should translate into a recovery in the share price (...typed with crossed fingers🤞 7995;). The placing provides a significant injection of cash which removes the uncertainty which has seen the shares continue their downward trajectory incessantly over recent months. The raise reassures customers, suppliers, HSBC & shareholders at a stroke with a recapitalised balance sheet...especially when the open offer is aligned to FireAngels stronger Q1 performance with sales ahead of budget. It’s important to consider the open offer in context of the current backdrop. * Refreshed Management - key hires by the company & a re-energised management team with the introduction of a new Chairman, Finance Director & experienced Operations Director in the last 4 months & the overall team now far better structured to deliver. * Legislative Drivers - beneficiaries of legislative drivers to growth and we are witnessing this in Scotland 🏴󠁧󠁢󠁳[7603;󠁴⏘31; , with the Housing Scotland Act making it mandatory to install interlinked smoke and heat alarms. I’ve commented on this in recent posts but yet again I believe that other countries will implement similar legislation in the medium term...particularly Scotland’s immediate neighbours...England 🏴󠁧󠁢󠁥[7614;󠁧⏘31; * New Markets/ Geographies - FireAngel also indicated winning new business in Singapore 🇸🇬 that make it mandatory for smoke alarms in all new residential homes HTTPS:// In parallel, development of their Connected Home proposition potentially opens up other markets such as the UAE 🇦🇪 where they have introduced legislation to connect ALL buildings to a centralised fire alarm receiving centre HTTPS:// There is also the potential for their recently developed Connected Home Hub, smart panel & modules to be introduced into other markets that are looking for an IoT solution. * Mears Partnership - they inked a significant partner agreement with giant Mears in Sep 2018 that is just coming on stream now. This agreement opens up several prospects for the company in becoming the preferred supplier of smoke, heat and CO alarms to Mears UK portfolio of 900,000 properties AND supplying Mears properties with their newly developed Connected Home system that I mentioned above. * German come-back - it’s the recovery in the important German 🇩🇪 market which could provide a significant uplift to FireAngel in the short/ medium term. This market previously provided FireAngel with material sales at strong margins and I’m hopeful that they will deliver significant growth in this market once again through extension of their distribution networks; benefit from the 10 year replacement cycle (FireAngels first products introduced in 2007-2009 into this market); retrofit legislation and adoption of their connected home technology. * Reorganisation, Restructure & no D.A. Fee - Ongoing cost-saving initiatives at FLEX and also announced a reorganisation & restructure programme that yielded £400k annualised savings. Remember they will also save on the annual £2.9m distribution agreement fee to Newall from this year & onwards. As spannferkel mentioned, “won't it make existing shares harder to sell immediately afterwards as everyone will already have bought en masse at 20p?” Well only EXISTING shareholders are entitled to subscribe for shares under the open offer, not all will take up their entitlement. However, any NEW investors considering the company as an investment or perhaps those with only a small existing holding which they wish to increase will be left with no other option than to buy in the market. Now that FireAngel have indicated a stronger performance & with a repaired b/s, this may be on a few radars as a recovery share. Worthwhile reminding that the open offer is fully underwritten. There will be 75,970,026 shares in issue following the placing of 30m shares which is fully subscribed by Downing & a further unnamed investor. The details of the offer indicate Downing have agreed to subscribe for 17,750,000 Placing Shares. Directors (mainly Nick Rutter, Founder) are also committed to taking 900,000. As Downing currently hold 4,930,874 shares they are entitled to subscribe on the same 17 for 26 basis as other existing shareholders for 3,224,033 would only achieve a subscription of 17,750,000 shares under clawback arrangements should existing holders FAIL to take up their entitlement. It’s too early to speculate what may/ may not happen via the open offer, but I hold >1% of FireAngel equity and will be taking up my entitlement in FULL and I know several other investors that also own >1% & have intimated that they also intend to take up their entitlement in full. So, we could have an interesting aftermarket as there is absolutely no froth in the share price and I suspect only a small amount of retail investors were left in the stock when the open offer & results were announced last week. Summary I never thought the shares would collapse to the current £10.8m m/cap and was too early in re-entering the stock in Summer/ Autumn 2018...far too early! I keep coming back to the historic earnings of the company which suggest they should achieve £5m PBT as a baseline by increasing GM to 30-40% range, of course, with a fair wind from the important German market..and that’s before any contribution from their Connected Home proposition via Mears or any other market opportunities. I happen to think they now have the right ingredients to potentially multi-bag from here now. For me it’s all about selling and improving margins. Sounds simple!!! Disclosure As intimated in my summary above, I hold >1% of equity here & will hold >1% following the open offer as I’ll be taking it up in full and will therefore not suffer any dilution. Please remember, as usual, I’m talking my own book. Kind regards, GHF
tiswas: The share price seems to have been walked down ahead of the placing and open offer but hopefully the strong share price now will mean a high take up under the open offer. This of course means less shares for Downing and "a n other" under the placing because of the clawback.
glasshalfull: You called! No twitter for me this morning...too busy reviewing today’s announcements & questioning the current state of affairs concerning FA. Also busy responding to multiple queries from PIs I regularly communicate with off-board ...including a few calls to investors that post here. I’m only a PI but wonder sometimes about future career opportunities??? 🤔 My tuppenceworth FWIW is that I believe the placing structure the fairest solution under the circumstances. Results were known but delighted to read that trading much improved in Q1 of FY19 and this money removes any uncertainty to suppliers & customers, and also provides them with necessary WC to “hopefullyR21; deliver increasing volumes of sales in their standard alarms business and also the ramp up in Connected Homes. Clear that institutional investors were taken inside in recent times, so they would have been precluded from trading in the stock, hence continual drift in shareprice. A catch 22...investors see the shares fall and sell in anticipation of further bad news and essentially nobody able or willing to mop it up. Successive profit warnings don’t provide any confidence to investors that the bottom had been reached. It’s an open offer so Downing and another unamed institution are underwriting the offer & as posters have speculated, interesting to see if Newall put up or shut up! Will they subscribe, ignore...or is this the juncture where they’d consider a bid for the company? So, overall pleased that the company appear to be on an improving trajectory after an extremely difficult 3 years. Yes, I’m extremely disappointed that it’s come to a placing at 20p - just above my first purchase price 11yrs ago. There are clearly a lot of disappointed investors. I’m one. However, I intend to take up my entitlement under the open offer as I believe that this marks the nadir for the share price. many times have I said that in the last 18mths!!! Kind regards, GHF
glasshalfull: Nice to see some debate return. The relentless share price drift doesn’t provide much impetus to post. Can’t believe FireAngel are now valued at £9m...quite a drop from the £165m valuation 3-years ago! Pleased to observe a few comments on the numbers. I’ll try to provide some context. I think difficult for the company to place a value on the Scottish contract wins due to the different properties that will be covered by each of the Housing Association’s. It is mandatory for EACH property in Scotland to have SMOKE ALARMs in the living room, hallway, landing and any other rooms used for general living. Suggests 2-4 smoke alarms per property. In addition EACH property also requires a HEAT ALARM in the kitchen, plus a CARBON MONOXIDE alarm in any room with gas hob, flue or boiler. Importantly the SMOKE & HEAT alarms must also be interlinked. So that narrows the opportunity to a few suppliers such as FireAngel with their Wi-Safe 2 wireless interlinked product set. Essentially, each of the 6 x announced contract wins with Housing Associations in Scotland since end Nov 2018 will contain a mixture of properties requiring differing numbers of these products. In my previous communication with the company on this topic - and prior to this legislation being enacted - it was suggested to me that Gross Margins would be considerably higher than retail and that each property may require a mixture of products that could amount to an avg. £150 spend per property. I’m unaware if this ballpark figure has changed. The important fact for me is that they appear to be developing some momentum in growing their share in UK Trade and no doubt displacing the encumbent AICO who command a v large market share in this segment. Not only do these wins validate FireAngels product set, but also open up the opportunity for them to up-sell to the Housing Associations & landlords their newly developed FireAngel Connect system for remote monitoring & notification. Hopefully the forthcoming results will finally draw a line under 2018 and help provide clarity on current trading & the opportunities ahead. Ultimately the company require to deliver improving revenues, margins, cash flow & profitability. Nothing else will do. Kind regards, GHF
fozzie: I have emailed both Graham Whitworth and Neil Smith this morning. They must start to put some figures into these RNS or they are totally meaningless in my opinion. How many homes, how many alarms, when will they be fitted and by whom? I want to see some figures or the share price is going nowhere. 165M mcap to under £9M in less than a year takes some doing. I
glasshalfull: Portfolio Update per recent tweet FA. - FireAngel (formerly Sprue Aegis). As tweeted, I sold out completely in April 2018 - after holding for 11-years - & should have waited a bit longer before reinvesting!!! I’ve written extensively on the company (see recent tweets with links) & despite all the issues they’ve encountered in recent years I see significant value here. This will make quite a few chuckle & I suppose the company is the ultimate contrarian play, but the £21m m/cap now finds them approaching the 90% club in terms of share price decline from peak value. They’ve had an incredible -87% wiped off the share price in a little over 30 months So why do I see value I here you ask? Following all the negative updates investors may have forgetten that they retain a top position in a number of markets. The FireAngel brand is highly regarded with 98% of the UK’s Fire & Rescue installing their alarms; they are number 1 in the UK retail market with exclusive contracts with B&Q, Screwfix & Tesco’s; supply British Gas in the Utility Market; developed a Trade product range; retain over +100 patents; manufacture their own CO sensors (securing supply) & operate in an industry with high barriers to entry with further regulation likely. Previously FireAngel were a cash-cow for many years, building up close to £30m cash alongside the provision of a generous progressive dividend. Since 2015 this cash has fallen dramatically due to numerous reasons, one of which is the investment of £15m in product development in recent years which has only just been completed & yet to generate material sales. They indicated they had £3.4m net cash at 30.06.2018 & will no longer require to pay BRK/Newall a £2.9m annual distribution fee. I believe that the shares will rise on one or more of the following: - (a) They begin winning the contracts in the Connected Homes market with the new tech developed & vindicate their approach, delivering a recurring revenue model, stronger margins, profitability & positive cash flow once again. (b) A competitor will acquire them for their techology & market position. (c) The current management team throw in the towel with a new team parachuted in to stabilise the company for sale or delivery on earlier promises. In other words the continual disappointment has now brought the share price down to a level where I see material upside irrespective of execution. Others may disagree...and probably will! Regards GHF
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