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SED Saietta Group Plc

0.00 (0.0%)
30 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Saietta Group Plc LSE:SED London Ordinary Share GB00BNDM6X87 ORD GBP0.0011
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 17.25 200,591 08:00:00
Bid Price Offer Price High Price Low Price Open Price
17.00 17.50 17.25 17.25 17.25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Motor Vehicle Part,accessory 2.41M -27.81M -0.2704 -0.64 17.74M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:19:20 O 1,143 17.49 GBX

Saietta (SED) Latest News

Saietta (SED) Discussions and Chat

Saietta Forums and Chat

Date Time Title Posts
28/11/202314:49Saietta Group Plc with a share price chart1,348
28/7/202111:09SAIETTA - (EV) Electric Motor Maker21
13/9/201208:36Saltus European Debt Strategies Ltd. (SED)13

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Saietta (SED) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-11-30 16:19:2117.491,143199.91O
2023-11-30 15:01:5517.44692120.68O
2023-11-30 13:42:0417.442,300401.12O
2023-11-30 13:19:5217.49111.92O
2023-11-30 13:05:0917.441,500261.60O

Saietta (SED) Top Chat Posts

Top Posts
Posted at 30/11/2023 08:20 by Saietta Daily Update
Saietta Group Plc is listed in the Motor Vehicle Part,accessory sector of the London Stock Exchange with ticker SED. The last closing price for Saietta was 17.25p.
Saietta currently has 102,832,147 shares in issue. The market capitalisation of Saietta is £17,738,545.
Saietta has a price to earnings ratio (PE ratio) of -0.64.
This morning SED shares opened at 17.25p
Posted at 14/11/2023 17:15 by dave2608
It was probably a good time to buy yesterday knowing that the bait was likely to be taken with buyers coming in. I'd imagine SED are monitoring the share price, waiting to see where it levels, then comes the fundraise RNS. Nice little 10% discount thrown in for good measure. They probably were / are hoping for a lot more than the 24.5p it's currently at. Whether they get it or not is another thing. All IMO of course.
Posted at 20/9/2023 17:44 by swiss paul
Saietta Group plc (AIM: SED), the electric vehicle drivetrain ("eDrive") specialist, announces the appointment of David Woolley as Chief Executive Officer ("CEO") with effect from 2 October 2023. Tony Gott, who has been acting as interim CEO since April 2023, will continue as Executive Chairman until the end of the financial year when he will revert to his previous role as Non-Executive Chairman.
David John Woolley, aged 61, brings a broad base of experience over a 35-year international career in leadership positions. David spent 10 years between 2011 and 2022 as CEO of Concentric AB, a Swedish NASDAQ listed company which is one of the world's leading pump manufacturers, focused on reducing emissions and maximising performance from diesel engines. Since 2017, he has focused on the transition from the internal combustion engine to EVs, specifically in the development of motors, controllers and software for eTrucks, eBuses and eMachines.

Most recently David spent 17 months as CEO of VIE Kapital AB, investing in technology-based manufacturing companies primarily focussed on electrification and decarbonisation.

Tony Gott, Executive Chairman, said:

"We are pleased to welcome David to the Saietta team at a key time for the business as we move into series production of our innovative eDrive solutions at our manufacturing plant in Sunderland, UK, and at the new production facility in Delhi, India.David brings unrivalled experience from across the industry including a deep understanding of Saietta's strategically important Indian market. His experience in driving the transition to electrification will be invaluable for the development of our future strategy and product portfolio."

Commenting on his appointment, David Woolley, said:

"I believe that Saietta's innovative technologies have a pivotal role to play in delivering electrification, especially in the lightweight vehicle sector. I am delighted to join the team at such an exciting point on its strategic journey as we ramp up production in the UK and India and strengthen our product portfolio for the future. I am looking forward to working with the team to deliver sustainable, profitable growth."
Posted at 15/4/2023 10:29 by southernsong
Thanks tightfist, owenski and graham.

That's a particularly good write up on the cleantechnica website. Very pleased to see this initial volume order coming from America, of all places. And good that Ayro themselves are vocal about the deal.

Given the strong rise we've seen from the recent lows, the resilience shown in the share price this week has been most encouraging, with buys quick to arrive on any retrace.

Obviously, confirmation of the Purchase Order in the Indian market is the big one we are looking for. If it comes in, we should certainly be looking for a new high for the share price - imho. But as we also know, there could well be other price drivers before then.

The company is putting 'legs on the table'...any one of which could result in establishing meaningful and 'company making' sales channels. Heavyduty, Marine, Final Mile (in Western markets), LightDuty in India or indeed manufacturing of LightDuty in India for numerous export markets.....any one of these could present significant opportunities for the company.

Technological, operational and strategic progress since the IPO has been rapid and impressive. Final supply chain issues at Propel (Marine) to one side, that division in itself is proof of just how nimble and adaptable SED can be (both in terms of adapting the technology and breaking laterally into other markets). In India, partnering with a tier 1, establishing local manufacturing capability and now securing full supply chain with AVTEC.

All in all, things are looking good at present.

To recap, I've retained all my stock since from the lows and will add on any retrace ahead of what we hope will be a spring and summer rich in news flow.

AIMO and NAI. ADYOR etc.
Posted at 04/4/2023 09:57 by southernsong
Agree with your post 763, owenski.

Very relaxed about SED with no pressure or sense of urgency to sell on this initial rise; the share price has merely picked itself up from the floor from finding itself in a heavily oversold position. I'm pretty straight and upfront when it comes to sharing when I'm buying, holding, adding or selling. For me it's a hold and add and I'm confident further news over the coming weeks and months will take it higher and possibly significantly so.

The gap back to the c.150p level is wide open.

This should be a wholly realistic target if the company can deliver on a few more of the price drivers we all know are there imo.

I concede I did not envisage this update re. AYRO, so it's a very nice bonus ahead of what should be a rich period of news flow. As I posted yesterday and as owenski rightly points to, the news is hugely significant over and beyond the initial purchase value.....which in itself is impressive enough. And also great that it has come from the USA, where SED are already involved in developing a scaled HeavyDuty product with ConMet (who are a player of global reach / significance).

With so few shares in issues, and fewer still in free float, I expect to see these move up with relative ease as buying resumes, which it will, imo. The recovery we've seen to date has seen decent buying on any retrace. If the company can continue to prove tangible progress on its multiple divisions and so de risk, the stock should move back to previous levels.

The Executive Chairman, Tony Gott, who now appears to be handling investor engagement, is experienced and credible having had previous roles which include Vice President Jacobs Engineering, Chairman and Chief Executive Rolls-Royce Motor Cars Ltd, Chairman and Chief Executive Bentley Motors as well as Director of Engineering, Rolls Royce and Bentley Motor Cars Ltd.

Listed under his key areas of expertise include: Leadership of high-performing multi-functional teams, Strategic Business Growth Planning and Implementation/Transformation, International premium brand/reputation management, Complex Stakeholder Management and Communications management.

We know that the last fundraising was completed towards the tail end of last year at 138p and as at the end of February the company had around 11M in cash. Since then the company has reiterated the operational targets for 2023 and we can see there is plenty on the horizon, whilst cautioning of course that a target is only that until it has been hit.


* JV established with major LightDuty player Padmini.

* 10+ OEM engagement in the Indian LightDuty division.

* Premises and production line in India completion imminent.

* Confirmation of full Indian supply chain in place via AVTEC

* Contract for 85K units in place, pending Purchase Order confirmation (which should contract the customer to full order roll out). A significant development if it happens.

* Potential to manufacture product locally in India to supply export markets.

Marine (via 'Propel' brand):

* S1 (outboard motor) and D1 (inboard motor) fully developed but delayed full launch and sales due to disruption to supply chain and software.

* Company working to resolve asap and so possibly sell into the 2023 boating season. Updates due.

* S1 is already an award winner (red spot design award) and is competitive on performance.

* D1 has already sold £1.5M worth on launch, prior to supply chain disruption.

* Distribution Agreements in place in the UK, Ireland and various in Scandinavia.

* Stringent and imminent European legislation coming into force regarding ICE outboard engines in the leisure boating industry, with a rapid shift to electrification expected.

* Potential to license S1 and D1 into the huge US market.

* Electrification of this sector has already seen significant and early investment and buyout potential as existing ICE manufactures seek crucial exposure to electrification. See Torquedo, PureWatercraft and Epropulsion as examples: Deutz acquired Torquedo for 100M euros and GM invested $150M for 25% of PureWatercraft. Arc raised $30M and Epropulsion raised $25.5M. These are all relatively 'early stage' entrants.

* We await news on Propel's supply chain issue and hopeful resumption in sales.


* Joint Development Agreement with ConMet, a USA based global player in Heavy Duty truck powertrain and generator development.

* Locations globally with an OEM customer base including familiar blue chip companies (think Volvo).

* Early end-customer engagement via ConMet, with SED jointly developing solutions in electric drivetrain and onboard generation.


SED have achieved a lot since their floatation and have rapidly grown from a company with employees in the tens to now hundreds. The technology is modular and scaleable and easily adapted into different applications / divisions. IP is thought to be around both the stator (the inner part of the AFT motor) and the manufacturing of it. These advances are thought to be key in bringing AFT technology (Axial Flux) to the LightDuty sector specifically, where previously it was considered too expensive for this application. Advantages include lower power consumption, greater distance / range (+10%), higher torque and better driving experience.

In the Indian LightDuty sector specifically, SED will, in collaboration with the AVTEC supply chain and produce a complete 'edrive' not just the motor, but also the inverter, software, gearbox, final drive and control unit. The margin on providing this solution is thought to be greater and is thought to be ideal to the OEMs as it suits the rapid 'bolt in and go' adoption of mainstream production lines.

We look for news on all of the above throughout 2023.

The company and the various opportunities it now has on its books are still speculative and of course first have to come good, but yesterdays purchase RNS into the USA is very encouraging. As owenski rightly states, the order RNS prises SED away from being an interesting R&D technology company, into one that is now actively manufacturing and fully commercialising what they've developed.....all at what can be considered an early point / stage in the electric vehicle market.

It's a very positive step forward.

An update on Marine (via Propel) - which I think WILL come - should further validate the company and its ability to develop laterally and penetrate the market.

I may have missed things. Written to the best of my understanding only.

ADYOR and NAI etc.
Posted at 31/3/2023 15:29 by owenski
"Entry point"

Worth getting to grips with some research about the business and then forming an opinion on the potential prospects with a view to some kind of rough market cap it could aspire towards.

Good to be in early and ahead of 'the game', but it's not binary, all priced in on one or two days of price action, it's still early days in my view at least.

The share price seemed to be trashed but that was against a general market malaise and flight from all stocks, especially small caps and AIM.

There was possibly a divergence from the CEO's enthusiasm and the reality being delivered with some delays showing up, this may have caused an acceleration of the selling here.

However, the recent interview (links have already been posted on this BB) addressed the business prospects and the 'concerns' and together with the recent supply chain news, perhaps showed that the valuation here was severely adrift from the operational prospects. Also, the funding issues were addressed and the result was a very credible update.

I think it was inevitable that this recent rise took place and is merely a reality check from a destroyed valuation.

Worth remembering that they raised cash at 138?? a few months back and still have 11m of that on the books, of which they were very clear, would take them to EBIT positive.

138p raise and we're at 40p ish, for a business still very much going places, I'd say with the promised market update news flow promised, those who bought at 138 (mostly institutions are expecting a lot more than 138p, obviously such increases are over a future time horizon with proof of delivery etc, yet here we are in the 40's.

So...entry some research and figure.
Posted at 24/3/2023 09:01 by southernsong
In 25 years of investing and trading, amongst the worst shorting 'casualties' I've seen have come from those participants who, after a very good and fruitful winning run, become greedy and fail to close their positions and lock in profits before a stock turns and a bull scenario evolves.

Is 2023 going to be as bearish in its outlook for companies like SED as 2022 was? I think not. Given the fall that has now already occurred here and the turn in sentiment that is, imo, increasingly likely to occur, you would probably have to be mad not to close out on this and take profits. Some of the trading activity since the bottom of the slump might suggest some of the smarter shorts have already upped sticks.

Further, the Executive Chair has just told the market on two separate occasions that the company is about to enter into a fertile period of development and news reporting ....part of which might just include confirmation of significant maiden purchase orders.

If so, it moves SED out of the R&D and tech space and into the supply and manufacturing one.

Over and beyond its Tier 1 partner in Padmini (which isn't 'mini' at all) and confirmation of full supply chain with global player AVTEC, there are a further 10 OEMs the company is engaged with.

Some of these will be bluechip household names.

If these share price drivers do transpire (and I accept it's still an if) expect to see a rapid squeeze on the shares here. There are only around 100M in issue approx half of which appear tightly held.

A few consecutive modest buys here and the price turns to knock on the door of full offer very quickly. I am predicting a price event here this year that will bring SED to the attention of the wider market and beyond the present and limited radar of small cap speculators.

I want to comment more on propel shortly. Did anyone else pick up on the Chairman's words in the recent interview in respect of them resolving the supply chain there? Previously in the update on the 7th we were told that they've effectively missed the 2023 boating season, but if I'm interpreting his words correctly in the most recent interview, it seems the company might have made progress here and that they might be able to resume sooner than thought?
Posted at 20/3/2023 22:24 by southernsong
Hi moonshot3. I've now taken a modest position at these most recent lows.

I have been watching SED since around 165p and the above purchase is my first in the company and so I have no axe to grind in regards to being in from a higher price. I've watched it fall all the way down and have resisted buying at every step. I have also provided a cautionary voice at times during this fall.

My rationale for some exposure here, I hope, is summed up in my most recent posts....but it's mainly due to the headline valuation which now looks just too cheap and SED's continued tenacity and progress in the marketplace...edging closer to a landmark revenue event. A Purchase Order into the Indian market will be less about the headline figures, but perhaps more about proving up the technology and SED's ability to develop, partner, scale, compete on price and deliver. All in all, given the homegrown greentech development perspective, it should be a news worthy event beyond the immediate financial arena/press. SED has received mainstream press attention in the past in regards to what it's trying to achieve, so to have broken into the Indian market is report-worthy. Much lower for the share price and I suspect support for the stock will begin to emerge. So the overall the risk/reward appears to be better now than it has been since the IPO.

If / as / when I go more heavyweight into the stock I'll post on this thread. I think I will 'know', through signs in forthcoming RNS' and the general mood around the shares whether I will be buying significantly more (or not) ahead of any potential Purchase Order RNS. If that arrives (and it is still very much an IF), the shares will move very quickly and probably make up a lot of lost ground in a single IF I'm going to buy more, yes it will be a speculation, and it will happen be before the event.

Until then it's a case of remaining vigilant and making your own call on the likelihoods.

ADYOR and NAI etc

Prior to your question I had logged in to post the following. It's not a bad CV:

Tony Gott

Executive Chairman, Saietta Group plc
Non-Executive Director, Sass & Edge Ltd
Non-Executive Chairman, SaiettaGroup plc
Jacobs Engineering Ltd -Vice President, People & Places Solutions, UK, Europe, Middle East, - Market Director Aviation and Programme and Cost Management Executive Contract Lead for the Restoration and Renewal Programme at the Palace of Westminster, London.
Chairman & Chief Executive Rolls-Royce Motor Cars Ltd
Chairman & Chief Executive Bentley Motors Ltd
Director of Engineering, Rolls-Royce and Bentley Motor Cars Ltd
Key areas of expertise include: Leadership of high-performing multi-functional teams, Strategic Business Growth Planning and Implementation/Transformation, International premium brand/reputation management, Complex Stakeholder Management and Communications management.
Posted at 19/3/2023 22:36 by southernsong
The markets are poor at the moment owneski, agreed. The good news breaking tonight at least is that the Credit Suisse situation looks to have been resolved. Whilst one couldn't say it's a comfortable situation at large, I don't think we are seeing the beginning of the banking sector woes as we saw before, where catastrophically bad sub prime debt was awash and culturally endemic in pretty much all institutions. (And it had been that way for a long time).

Back to SED, most of my extra research / reading was done yesterday. I plan to make calls tomorrow (unable to do so over the weekend due to certain office hours). If you read and google beyond the RNS' (a task not at all insurmountable, given how young this company is) you will find plenty of other relevant information and reading online....especially on Saietta VNA and Padmini (both worth looking into in much more detail).

Whist the share price has not followed, I think it would be harsh to argue that the company itself hasn't made pretty significant and rapid operational strides since the IPO. They have grown, for sure, and the positioning within the market has strengthened - particularly around two of the three main 'pillars' (marine and light duty).

The works 'on the ground' in India with Padmini are real and tangible enough. Saietta are clearly serious enough and given the production lines that are now being built there and the allocation of key Padmini staff, you would like to think they are serious too about the mkt opportunity. The 10 OEMs with whom SED are engaged is a further encouragement. It's worth understanding that they are not just selling electric motors, but instead complete e-drive systems which slot straight in to a variety of platforms. In short, what they've produced suits easy and rapid mass-market adoption (they've made it easy for the customer both in terms of specification and physical implementation).

Is that unique?

Most probably not.....but how many others are currently doing it right now, on the ground, in SED's target market and with the (current) advantages their product offers? So can they grab market share? Agreements for the outsourced components (eg gearbox, final drive etc) are in place with third parties and we are told prices / volumes are all confirmed. SED have done well to reach this point with a partner like Padmini, who have undoubted reach and sales acumen. The product is right, the location and market is right and the partner appears to be right. The hurdles I do see on achieving those transformative Purchase Orders is the potential for customer 'mission creep' on specification and final unit pricing. We should find out very soon if the Purchase Orders are to arrive or not. The vested interests of our Indian partner seem strong enough to help make it happen and so deliver considerable benefits for them, so on info currently available it remains very much a case of 'watch this space'.

I've also looked at the broader market Propel is targeting.

This division of Saietta is particularly compelling.....but obviously it's a real blow they have encountered those immediate supply chain issues. However there remains the very real potential to grow rapidly as soon as those issues are sorted. Both the S1 and D1 look to be superb products, both of which I genuinely find hard to fault. In this instance I also buy easily into W.K's rhetoric / insistence regarding the virtues of these products over the existing competition; he describes them as being in another league and states they were instantly praised to high acclaim by the market. I tend to buy that. The Red Dot Design Award seems well-earned; the S1 looks fantastic and, given the unique position of the motor itself, is as Vic states, probably advantageous in terms of reliability, practicality. Both units have already attracted decent distribution agreements and in the case of the D1, sales hit 1.5M euros on launch and from something of a cold or soft start. So I've no concerns about the proposition and market opportunity offered by Propel. They just need to sort that supply chain asap and also quickly renew that idea of securing a licensing deal into the USA - a market which is truly huge and altogether less seasonal than Europe. I think SED have suggested late Q3 for supply to be resumed so I do not think it inconceivable there could still be some significant upside news coming from Propel this calendar year. Do they have to wait for scale production before securing licensing into the USA? Personally it wouldn't stop me from inking the paper but perhaps they want to prove volume sales first in order to max out the value of a US deal.

To get a better handle on the outright market opportunity of Propel, look into the company Torquedo and Pure Watercraft (their buyout multiple and inward investments they each attracted). Given the stringent legislation now coming into force in respect of ICE outboards, the space is already seeing rapid M&A activity for new entrants. This is forcing the old and noisy and polluting outboard players to quickly shift to greener and silent alternatives. Deutz acquired Torquedo for 100M euros and GM invested $150M for 25% of PureWatercraft. Arc raised $30M and Epropulsion raised $25.5M.

The market traction for Propel to datee, and before the recent supply chain issue:

100 D1 units sold for 1.5M euros....a further 500K euros were in the sales funnel.

11 domestic dealers signed up in Holland.

5 OEMs have expressed interest.

Commercial Approach received from a distributor in the UK (100M euro revenue and already covering Mercury and John Deere brands).

Commercial Approach received from a distributor in Sweden (1300 staff, 300M euros revenue and currently covering Suzuki and Honda).

Interest from Spain, Italy, Canada, USA & APAC.

Since the above we've been told: Distribution agreements since signed into the UK, Ireland and Sweden.

So the resounding message to WK and TG on this, has to be 'SORT the supply chain issue and get Propel into the mkt as soon as possible'. It's clearly the right product at the right time and I'm confident it's more than capable of competing in the mkt place.

What Propel does prove to us is both the versatility of the technology and how the team can 'build out' laterally, successfully, at pace, and into varying market segments; it proves to us that they have both decent people and decent technology and can be nimble and inventive in applying it.

The Indian LightDuty market will be more competitive and possibly more prescriptive in terms of spec, but then it is a huge opportunity.

Strip out the cash and at 22p, SED is currently valued at somewhere in the region of £10M.

The last fundraising took place around six months ago at £1.38. At that time T.G. made a modest investment of £30,000 and for that he received just 21,739 shares. The same investment made today would buy you approx 136,000 shares.

Looking beyond the share price graph, these figures bring some clarity and perspective to just how far the shares have fallen.

Note there are a low number of shares in total issue and even fewer in free float.....possibly only around 50M if the significant shareholders list is believed to be accurate and properly up to date.

Any meaningful delivery (ie a purchase order, or a significant development with any of the 10 OEMs in India) should see decent uplift in the share price On the flip side it is perhaps only this news that will prove to the market - especially THIS market - that the shares are just too cheap.

I also researched the Heavy Duty division a little more. I've written enough for now but my feeling over this is that if they had received initial interest from the likes of ConMet, they would have probably been stupid to have ignored it. So to have pursued this opportunity is understandable. Irrespective of SED's involvement, ConMet is worth researching in itself. It's a major global player so to have established a development agreement with them and already scaled the technology into that space so that it is relevant to another marker segment, is again proof of the ability to be rapid and nimble.

All in my opinion. My research is not over and others should do the same for themselves. NAI.
Posted at 15/3/2023 23:52 by southernsong
Pugugly - I think I know what you're asking :O)

We will be doing a complete, root and branch review of SED and a few other similarly marked down companies, over the weekend.

Will duly post if we decide to buy.

Key objective here is, with a conservative eye, to sort the wheat from the chaff and determine the realistic value, across the group, AS IS, and then, again conservatively, determine the likelihood of any price inflection points coming to fruition over the coming 6 - 8 months. It is about being realistic in what you see, and not seeing what you WANT to see.

My gut says this is now oversold and much is in the price. But I wont invest until I've gone back over things.

The share price has certainly taken a hiding and I suspect shorted. The lion's share or 'easier' profits are in, but shorts need to be closed for profits to be realised. Much lower and below a 20M mkt cap and I think we could see the mkt begin to speculate once again and some support emerge.

It's really about reviewing the technology and partners and then determining the likelihood of material updates; if Purchase Orders arrive it will imply a lot and the company will clearly be grossly undervalued and there should be a strong correction. But determining the likelihood of that scenario will be key for the share price in the interim.

ADYOR etc.
Posted at 14/3/2023 22:33 by southernsong
Having followed this company since around the time of its IPO, I've resisted buying up the shares, but have instead sat on my hands...and it has certainly proven to be an interesting watch.

I've posted on it from time to time, and so far have managed to make the right calls.

However, despite the drop - which has become truly brutal - and perhaps BECUASE of it, a lot of interest and commentary continues from the sidelines. The poor performance for those already invested is one thing, but it's a different matter and a different perspective for those with dry powder...and indeed for the watching mkt as a whole. You can't help but feel there is still the potential for strong support, waiting in the wings, should the right RNS' start landing.

The market can be brutal, but it can also turn very quickly.

Although there are things to be critical about, I've aimed to be constructive in my criticism and have been unguarded in respect of my personal wish to see the company ultimately succeed and hit volume sales (and this irrespective of whether I ever obtain a meaningful position or not).

Looking in again today, a quick calculation suggests a market cap of just over £22M. There will be many, both within and outside of the company, who will have never of thought that SED would go that low.

The issue of future funding has always (always, always, always) been a 'given' for me....even when SED was trading well into three figures and freshly minted from its last call, you expect companies like this to go on and raise cash. It's simply par the course. So I have to say, I've been pretty astonished - a kind of morbid fascination - to see it hit just 20p a share.

Therefore, with a valuation of £22M, it now forces the question.........just what is priced in and what isn't?

The last RNS, issued on the 7th and into a weak market, saw capitulation in respect of sell volume, with quite easily the highest daily volume since listing. Whilst there were disappointments in the RNS, it wasn't ALL bad. And on reading it again, and away from the heat of the day itself, we can see the Company is at least cognisant of the need to now focus and deliver in a key area and is being proactive in respect prioritising their energy and working capital. Naturally, in shifting strategy and making these necessary internal changes, they are effectively forced to make statements about pushing back, or sidelining certain other parts of the business. It's a necessary evil and never 'reads well', but it is done in order to most realistically hit meaningful revenues from their most likely and near-term source, ie light duty in India.

ConMet for example, was never going to deliver revenues in a timely manner and it's no surprise to see a roll back on expectations there.

The delay on Propel WAS a disappointment, but realistically, the anticipated 2023 revenues from that division were never going to be of the 'make or break' volume for the group as whole.....(which is why I proposed a licensing deal into the US) but the market has punished this company as if they were.

At 150p SED was a very easy call to make.........but much less so at just 21p.

Some balance is now required in our assessment here.

Putting the share price to one side, the progress within the company itself and since the IPO has been good and rapid. Propel excepted, I don't think I can find criticism in respect of just how quickly they have moved into the lightweight market in India for instance. To have partnered with a tier 1, have secured premises and to be (potentially) on the brink of significant purchase orders is very good going indeed.

Many of us doubt the Chairman's hopes that further external funding will not be required...(he might prove to be correct, but personally I EXPECT it)...and you could say the market agrees, but the company is now valued at just £22M (ie peanuts) and not 150 million, as it was only very recently.

There are still things well within the Company's control that it can do to renew market perception and interest.

Gott has suggest that Saietta VNA could secure its first purchase orders in H1, which would then contract their customer to the volume sales we've all read about. If he's correct, then that release could come within the next three months. It's also worth noting that there are now a further 11 live enquiries from other OEM's. Again, the mkt is now valuing the business as if none of those will advance.

Has the mkt thrown the baby out with the bathwater and has the poor sentiment lost track of any potential value inflexion points? I don't know but these are the questions I'm beginning to ask.

The hiding this company has taken certainly make it more interesting to onlookers than it was and I don't think that will be lost on the mkt for too much longer. Even if further funding is required, 11M in the bank is 11M, and if Gott is correct, the most 'troubling' news is now 'out there' and much better RNS' could follow in the interim.

The first official Purchase Order would prove a lot and should be recognised as milestone by the mkt and I'm sure would settle a lot of strained nerves in the process.

All eyes to see if it transpires.

Will keep watching for now. No position held and just my thoughts only.
Saietta share price data is direct from the London Stock Exchange

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