Rosslyn Data Technologies Share Discussion Threads

[hastings] 30/9/2023 08:57

Given that they apparently splashed all the previously raised cash (circa £6m) on product development it is perhaps surprising to read the comment below from the recent Broker note. They must be developing some product!Equity funding to accelerate the growth strategy. In order to accelerate the next phase of the growth plan, £3.3m (gross) (includes £0.6m of credit linked notes) has been raised to fund *product development* and to expand the sales and marketing teams. We anticipate the Group will reach profitability by FY2026

[kemche] 30/9/2023 06:44

They will be back for another fundraise within the year. Another consolidation anyone?

[maty] 30/9/2023 02:27

Options granted .. didn't work last time with these guys so doubt it will work again ... who is running this company ?

[daicaprice] 22/9/2023 12:16

The Bottomleys still holding I see, can’t be a huge amount of free float.

DC

[maty] 21/9/2023 17:59

Let's see .. need new business

[daicaprice] 21/9/2023 13:12

2 good size holdings from the fundraise, must be confident.
May dip a toe back in on any weakness in the consolidation price.

DC

[private38] 05/9/2023 09:32

This type of behavior and incompetence should in some way be censored. Surely that falls to the broker and nomad - Cenkos. How they have the moral compass to represent and raise millions of pounds from investors for this completely flawed CEO and CFO is astonishing. As tiny little shareholders, we have little say but let's at least ensure we vote accordingly at the AGM.

[1jki] 04/9/2023 15:03

When this board took over they had £7M in the bank, £7.5M of revenue and were cash flow positive. This certainly has been a turnaround, incompetence is being too kind to them. They have sold off more than half the revenue for £0 benefit. They have no clue how to run a business. I doubt this fund raise, which will be succesful, will make any difference. Noticable that the CFO, CEO and one of the non execs still haven't bought any shares. AT least the Chairman, who is fully culpable, is putting some money in.

[harry163] 01/9/2023 09:24

Agree with Private38. The team are not up to the job and frankly never have been.
They believe that if they waste enough money on themselves and hapless consultants, the sales will materialise. If it was that easy we would all be tech CEOs.
As cloudwars states the CEO came from BluePrism, where he was a middle manager with no credible record of success. To think that such an average person can be a tech turnaround CEO is, as has been proven, idiotic and very costly for all shareholders.
Cenkos forecasted numbers are the usual rubbish they spout out to get a fee. I am surprised they managed to raise any money at all. So well done there.

[boll] 31/8/2023 18:04

I think someone needs to ascertain whether the final proceeds of the sale of Integretie which was sold last November have been received. I don’t have a shareholding as I sold out last year. You can’t believe the cash flow forecasts the company produces as the pipeline of potential orders is taking much longer to convert than expected. That said it’s probable a decent enough product that has a very lengthy sales cycle coupled with all the changes in personnel

[kemche] 31/8/2023 15:19

It's a laughing stock.

[slicethepie] 31/8/2023 15:14

Why would you take on £600k of convertible at 10% in a refinancing like this, the bod are not in charge here, they are being fed a story by their fee driven scummy advisors. Not investable because of this and the chinless ceo not putting a penny of his money in despite getting a free ride with share options.

[1jki] 31/8/2023 12:45

I'm with kemche, at the last AGM we were told the cash burn would be below £100K by May, and that profitability would be achieved within 18 months. Revenues are almost £1M lower than 2021 on a like for like basis when the CEO took over.
A company at cashflow breakeven is now burning £2.4M or more, what a great BOD! I have no faith that they can turn this round with the current team. £10M by 2026, that's 100% growth each year. Last contract reported was a huge £120K 4 months ago..... they need to put a rocket somewhere unpleasant if they are going to achieve this. Who's betting when the next contract win is .. 2 days before the EGM? Let's hope maty is right.

[kemche] 31/8/2023 10:55

"I see Cenkos is forecasting revenue to move from this full year of £2.9m to £10m in 2026!"

I don't know why they do that. Why not £167 million?

Under the tenure of the current BOD they will do the square root of FA.

[maty] 31/8/2023 10:12

Ground work ...how long did that take ????

[cloudwars] 31/8/2023 08:36

They've changed the whole model to a SaaS based partner driven enterprise. These things take time - the CEO is ex Blue Prism and I reckon all the groundwork is now done. The previous management had a business model that was going to become woefully out of date. I'm actually quite excited.

[private38] 31/8/2023 08:06

This CEO has run the company into the ground and without any regard for his actions comes cap in hand to shareholders to bail the company out. Yet not investing one pound of his own money. Leader, manager, visionary, conviction, integrity, sense of duty, risk-taker are just some of what we expect from the CEO of a small tech company. He exhibits NOT ONE of these essential characteristics. This disgrace is shared equally with the Chairman who fired everyone to make way for this disaster he plucked from a big company. If he had a grain of decency he would step aside. This has all unfolded during a period where the procurement and supply chain technology market has never been hotter with plentiful capital and huge demand, yet this shower has managed to miss the entire party. What gets me is their behavior and disregard for shareholders. There is no apology, there is no accountability or responsibility - it is a perfect display of incompetence and selfishness.

[maty] 31/8/2023 07:46

I suspect the CEO will be replaced with someone much better and the share price will rocket if it does .. he is just not up to it in my opinion

[slicethepie] 31/8/2023 07:41

We can all dream with other peoples money! Ceo is a disgrace to existing shareholders and shows the danger of backing someone who has no skin in the game.

[hastings] 31/8/2023 07:27

I see Cenkos is forecasting revenue to move from this full year of £2.9m to £10m in 2026!Now, where is the salt cellar.

[pinkfoot2] 30/8/2023 22:08

I’ve taken a chunk in the Placing-decent presentation and cheap and EIS

[hastings] 30/8/2023 21:13

So, cash burn has reduced from the previous £270k pm to £190k pm. Be interesting to see if they can cut that to a more palatable level over the next year!

[tomboyb] 30/8/2023 21:01

0.50p is my limit if I buy a few, as dilution will be 200% of current equity -

Consolidation may not be a bad thing however the cash burn will have to come down as per RNS -

[hastings] 30/8/2023 20:48

It could have been oh so much better, but then again, a whole lot worse given where we have been at!Consolidation makes sense and if (a big one) they can demonstrate conversion into further and growing contracts they have a chance of turning the pain around.The CEO's absence in the process is however disappointing but unsurprising, although of course we don't know his personal financial situation. Anyway, I really thought I heard the fat lady croaking recently and half expected a de-listing or a giveaway sale, so although a bitter pill to swallow, it looks to have taken it off the critical list!I've kept all of mine (average 4.5p) and had effectively counted them as nil, so I might have a few more on the back of the news.