Here's a reality check Still no FD (big red flag) - the vacancy remains unfilled 6 months on...No CEO - was he pushed or did he see the writing on the wall ? NOT ONE announcement of any new work since the placing last AugustBurnt through over £750,000 since that placing.Estimate of month on month losses minimum £50K meaning without any new work another placing will be needed during the second half.This is 2p for a reason! |
“Made me chuckle to see our old ceo arrested on tiktok”
One of the things I least expected to see! There is some justice around then ;-) |
Someone or more keen to buy. No idea if it’s leaked news or a tip or nothing but rumours. |
????????????????????? |
Made me chuckle to see our old ceo arrested on tiktok |
Published on 20th March so a definite large sell |
2.2 million trade at 1.8p. |
New lows and into oblivion. |
We've been saying that for a long time. But the lack of any new paid work and by that I don't mean collaborations ( 2 years?) suggests that shareholders are more impressed with what the company has to offer than the exploration companies whose silence is deafening. |
Shame because the core business is in such a good area...... |
Still no FD in place nearly 6 months since the previous one left No permanent CEONo new work for such a long time What is actually going on at the company ? |
I’m sure their Data would be worth 3p alone. |
Battlebus,
What do they have that is worth selling? |
Should put themselves up for sale before it’s too late. |
The most announced announcement ?300K out of the proceeds will have lasted them 3 months at current cash burn ratesOne floor of the building on a 12% per annum sale & leaseback termNo proper new business of any kind for 2 years ?No FD.CEO forced outShambles. |
Astonishing that they spent £3m on that property over 20 years ago and they end up with just £250K after continuing to borrowing against it to keep the business afloat.
"On completion, a portion of the net proceeds will be used to repay the balance outstanding on the Company's bridge loan facility (c. £420,000) and other transaction fees," |
I find the lack of FD unsettling 4 months have passed. Why are they struggling to recruit to the role? And do we take at face value that Andrew Darbyshire's departure was his decision to move on, from what was Frankly a very well paid role that he did from home most of the time. |
We've heard it all before Chris Jepps has been at the heart of the failures of the company for years so I am not sure how he being in charge will change anything And we still have not appointed a FD. What's that all about ? And still lose making despite promises to the contrary. We need concrete announcements of real new work - something they haven't been able to do for a long long time |
Lots of tidying up has taken place, core business has always been a good one, let us hope the new CEO seizes the opportunity, he certainly knows the business....... |
Back in summer the house was marketed as a 10 year sale & lease back at auction with a yield of almost 12% and failed to sell I would guess that to get a deal where they only lease half of kitson house, they may have had to pay more - maybe 50K interest a year? I assumed having spent 500K of the placing money by year end, that must have gone on paying off the 500K bridging loan they had to secure when the house didn't sell. But that loan is being paid off now using the kitson money. It would seem they are nowhere near cash flow positive despite repeated assurances from the former CEO. |
They've told us about this already in the previous TU and give the figure of £300K of net proceeds against the original purchase price of £3m.
I would question why no details on the sale and lease back perhaps it's well above market? |
The saga ends with Kitson house. Explains the tick up yesterday. £720k minus c£420+charges. |
Yes it was a basket 🧺 case but it’s not looking good. |
No doubt like his equally useless predecessor Copus he will get a full year's pay off - circa 250K |
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