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 |
What a mess, CEO Richard Bennett has resigned. They haven't even replaced the FD yet ! Very much beginning to feel like a sinking ship |
Unbelievable |
Director annual salaries now represent 15% of the total market value of this company. |
I'm actually a bit shocked that they have only 900K left out of Augusts 1.7 million and are reporting a loss of 0.5 million when only in August we were told break even would be reached. More importantly not a mention of any significant new work. |
The first sale all went towards paying the mortgage so Nicholson was debt free with a value of 850K so the total net from a property with a book value of 3M is just 300K.
What is concerning was this a sale and rent back and are we now paying above market fixed term rent? |
Wasn't it mortgaged ? |
They told us Nicholson house was worth 850K but said today it's sold for just 300K |
Thank goodness Nicholson House is finally under offer |
Cavendish have accepted reality and slashed their target share price to 4p which is still wildly optimistic. |
Interesting article, worth reading. "Small-cap stocks, long overlooked in favor of large caps, are staging a comeback and may be at an inflection point after years of lagging their larger peers."https://twitter.com/drgrahamcooley/status/1880938285050269725?s=46 |
Year end imminent and in the absence of any trading update, I assume revenue in the second half has been in line with estimates set out by Cavendish in summer, which is encouraging. |
They buy bombed out micro caps in a scattergun method eventually they will strike lucky I guess and it pays for the dead wood:
Just for sh&ts & giggles let’s announce another collaboration agreement with NOG 😂
Would you follow the Estate of William Black or Amati who are probably on the other side of the trade?
They will perhaps wait until the close to put the Amati RNS out knowing them as I do.
Christmas payroll time at GTC and the deadline for their expense claims for this month's management trip to South America but I do object to claiming for strava subscriptions, that's just a bit cheeky! |
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