Hayward Tyl Share Discussion Threads

[cerrito] 01/2/2017 17:39

If my reading of the rather convoluted RNS on financing arrangements is correct, no surprise that share price is down.
I read this as they cannot get away any more 7% 2020 notes and all they can do is to get 1 year finance(which they have said on Dec 21 is not what they need) for a very small amount at a high interest rate.
Thus zero financial flexibility and in the hands of RBS.All at a time when odds are that the increased order book will be demanding working capital
An equity raise does look on the cards and as others have said will there be an open offer a la Kromek last week or no open offer a la ITM last week??
Having a CCO seems sensible..on the face of it for me, the increase in order book encouraging.

[cockerhoop] 01/2/2017 13:27

Hmmm.........couldn't find the money to pay the bank back on 31st Jan. Order book up but no mention of meeting FY expectations.

[p1nkfish] 30/1/2017 19:34

I am thinking the same.
Hope they offer to holders too.
Did similar in CRX with Trident (Mills), Sneller and a couple of other names.

If HAYT want a loyal holder base they should offer to PIs too.

Another reason to buy was just in case there is such an opportunity. Bit of a gamble but it smells right.

[rogerrail] 30/1/2017 15:29

Yes UK PLC does need to support businesses like this to grow , though judging by the history of the past 50 years, I don't have any faith whatsoever in the UK politicians to deliver the necessary proactive industrial strategy.

What do you think will be the likely Government reaction to the following statement by RR in their SMR proposal? I know what China & India would do.

"We believe that all of the SMR plant,with the exception of the steam turbine, is capable of being constructed in the UK by UK supply chain".

[p1nkfish] 30/1/2017 13:37

For better or worse have taken a position. Was in once before but exited on various concerns. Doubt I have bought the local bottom but will ease in and look for a 3-5 year hold all being well.

I'm taken with the product, market segments served and the need for the like of HAYT to prosper for UK PLC to survive going forward. We need more of these unique manufacturers.

Will look to add on further weakness towards 50p.

[rhomboid] 29/1/2017 20:02

Hi Cerrito
Yup I'd spotted that from Kromek, I'm fascinated to see how this pans out as I'd not be comfortable as a customer until they either deliver the H2 they've promised or sorted out their balance sheet. The next weeks are crucial and for the sake of the workforce I hope they pull it off.

[cerrito] 29/1/2017 18:40

I guess this week we will find out what has happened to the RCF and no doubt there will be news of a further note placement.

[p1nkfish] 29/1/2017 14:14

The market is full of cleverer people than I am so when I see this type of price action, although tempted to add to my portfolio, I ask "what do they know that I don't or can't see?".

[p1nkfish] 29/1/2017 14:11

Breaking 70p is a concern.
Interested to know if a large holder is lightening up or is it PIs?

Friday looks like more buys but previously a lot of dribs and drabs on the sell.

There is an order shortfall to make up and I wonder if smarter money knows it's too much of a stretch and some disappointment due so they are spooling out stock.

Well below 200 dma and momentum still to the downside.

I like the look of the Company, products, market segment but the price action is shouting much caution needed.

[jeanesy] 27/1/2017 20:27

Plunging to new lows !

[p1nkfish] 16/1/2017 07:51

Yes and the £ will help. If anything HAYT could be a net beneficiary.
However, the chart looks ominous and all information to buyers/sellers is in the market (including any £ and EU benefit) so it is a concern. Falling knife etc.

It might turn round on a six pence or not.

[cerrito] 16/1/2017 00:10

At least HAYT will not get too impacted by leaving the customs union if we do as in the last full FY just 10% of revenue was from Europe-ex UK.

[p1nkfish] 15/1/2017 23:18

It's tempting but the price action doesn't instil confidence and with end of tax year approaching there could be more tidying-up to come.

Breaching the 70p level doesn't look healthy.

[rhomboid] 15/1/2017 21:12

Hi Cerrito

good points but I'm waiting to rebuy until either they hit their "book & fill" target ( 5% chance imho) or they recapitalise, risk is too elevated for me atmo

[cerrito] 15/1/2017 20:48

It is true rhomboid that their balance sheet at the interim stage was not a thing of beauty( just look at the negative current ratio) and as a holder I hope that their bravado in increasing their dividend is justified-bearing in mind that they must have a tight cash position as they need to repay £3m of the RCF by month end and given their increased order book have demands on their working capital. I hope and assume that they will be able to get away the final tranche of the 7% notes.
My current reading is that they will be able to get along without an equity raise but I appreciate that their financial flexibility is reduced.
Your question about why people would give them mission critical orders is fair enough. The fact that they have been around since the year dot helps; remember their financial position is much better than 4 years ago; also I have shares in two companies with week balance sheets who are getting orders for mission critical equipment-TPG and ITM- so perhaps in the real world this is less of an issue.

[p1nkfish] 14/1/2017 17:44

Excellent point unequal adjacent sided parallelogram.
Voted up.

[rhomboid] 14/1/2017 09:11

Q for me is at what point does the poor Balance Sheet stop customers ordering such long lead time lumpy mission critical kit? Fund raising needs to be ASAP imho

[topvest] 14/1/2017 08:35

Yes, interesting. Still on my watch list. Better to await the poor results and likely fundraising before reassessing in my view. 2017/18 could be much better I guess.

[alter ego] 12/1/2017 22:31

Impressive. Thanks RogerRail.

[rogerrail] 12/1/2017 16:51

Interesting time lapse of recent steam turbine build:



those that poo pood the rns on the order delivery should note that it was a significant milestone to ship this , not sure of the value of the contract perhaps someone can enlighten use, but my estimate is around the $10? million ballpark give or take. If I am not wide of the mark final stage payments on which all profit is generated could be quite significant.

[investoree] 12/1/2017 14:50

A very pleasant change today from the long term trend with HAYT going Ex Dividend for 0.58 pence and the share price responding by advancing 3 pence. Perhaps news on the Swansea tidal barrier has switched people onto the fact that this is an area of HAYt's expertise. I certainly hope so as being a very, very long term investor who was substantially in profit now find that my rather large HAYT shareholding is well underwater. My small 5K top up yesterday seems to have been timed rather better than some of my other purchases. Good luck to all holders in hope rather than expectation that management will achieve their restated financial targets which have looked to be rather optimistic!

[topvest] 11/1/2017 21:06

Pretty impressive when everything is reaching all time highs! The market has twigged that they are running out of cash.

[jeanesy] 11/1/2017 19:15

Now at new lows !!