 Skinny, thanks. It's not crystal clear but it looks like the word 'may' suggests Magna can insist on repayment as opposed to being obliged to convert at 11p. These CLN's generally have all sorts of caveats. In reality, they are likely to convert but with a re-negotiated conversion price. It's not completely clear but that's my interpretation but please dyor. I thought at the time the 11p conversion was too good to be true as it was significantly higher than the share price at the time. They have drawn $30m of the available $47.5m and have until Oct '26 before it matures.
"Magna may elect to convert the principal and at Seeing Machines' election, interest outstanding under the Convertible Note at any time during its term, up to a maximum of 349,650,350 shares which, when added to Magna's existing shareholding in the Company, will represent approximately 9.9% of the fully diluted share capital of the Company. The Convertible Note contains standard covenants, and anti-dilution provisions. The interest due at the end of the facility can be paid in cash or converted into equity at Seeing Machines' election ." |
amt- not sure it is anything to do with mkt cap, as Smart Eye capped at £217m (been following for a while and looks suspect, as nothing ever seems to come to fruition). Cash burn is an issue and although SEE state high teens cash for H2 2024 and below 1m cash outflow per mth thereafter, I think Mr mkt is not convinced. Obviously Magna's licence runs out nxt year, so it may be able to do a deal with them. All very depressing, but its always been volatile, but they are market leaders in a huge mkt going forward |
I believe this was the last mention? |
Could any holder clarify whether it's SEE or Magna that has the option to choose between repaying the Convertible Loan Note (CLN) issued to Magna or allowing Magna to convert it at 11p? Clearly SEE can pay it back but they will just let Magna convert if the decision rests with them but can Magna insist on repayment?
From my understanding, it's SEE that has this choice and it would place the company in a favourable position. However, I've come across several posts indicating that the decision lies with Magna. The share price at 4p also indicates that SEE might be forced to pay back. I don't currently hold any position, but I have been following the company for a while. |
Very disappointing. Fortunately I sold half at 5p and bought Bango which is up 25%. The problem is the high market cap and potential need for cash if they don't meet targets.
One of many recent disasters in the market I am afraid. I need a big success and have chucked everything at Bango. Not usually good practice but I am convinced. |
Heading to the 3's now. Something is not right here! It's a slow motion car crash as I said before! Hope I'm wrong though as I do hold from 12p. |
jmoexpress - who knows, I'm now flat - but I've been holding for a decade! |
On the share price, fall since 18 March both Smart Eye AB and Seeing Machines have fallen almost the same % have you compare.
Smart Eye 18 March 2024 100.10 Sek 18 March 2024 77.90 Sek
Seeing Machines 18 March 2024 see 5.05 18 April 2024 4.29
People worry about the share price of both companies but for me, it's the longer-term view. Which company has better partnerships in the Industries(Fleet. Planes, Cars)? Looking at the longer term view SEE order book unwinding which is translating to cars on the road which leads to Revenue and Royalty.
On the entry point 4 pence is low but as the months roll on and results come in people may look back and think.
Happy Investing |
Good entry price then Skinny? |
//t.me/seeingmachines |
Smart eye up nearly 5% today. |
The low today (so far) is 4.04p - I believe the last time it was lower was 20/10/20 @4.03p! |
Apparently there’s a telegram group for seeing. Anyone know how to get on it. It’s private I think |
Masterfly7 I’m the opposite to you I’m topping up at every dip they’ve a great product ,good luck, |
23.5% down YTD. This really does seem to be a one way slide. Everyday it’s red with no respite. I’m out from Monday. |
Based on Paul's statements over the years and the resulting decline in the SP, which is the only KPI I'm interested in, you would have to say Paul is at worst a liar, deceiver, fraudster or a conman and at best a failure, an idiot, naive, thick or just stupid at best.
His catalogue of missed targets and statements are the root cause of where we find ourselves now and trust in him and his leadership is waning. You would think, pray and hope things will come good if for no other reason than the legislation that is coming, but patients is wearing thin which is demonstrated by the share price decline.
We have to thank our lucky stars that legislation is on our side because without it we would not survive. |
gutterhead - I think that clown goes to Martin Krantz of Smart Eye. As for jam tomorrow..........some impressive OEM's and tier1's believe in them. I must admit I thought Lombard would have started buying again by now. Needs news flow, until then momentum traders and waivers have it. |
mm92
7 Apr '24 - 12:37 - 19305 of 19311
Great post mm92.
I think the management are great at their job but perhaps put that before commerciality.
It has been a long time on the market, for investors.
Nonetheless fascinating technology. |
looking a bit grim here share price wise |
I thought the CEO gave a realistic view of why RFQ's where being delayed in the H1 '24 presentation. The mirror solution from Magna has delayed many RFQ's in my opinion, as it has one major benefit over other solutions - it can be installed quickly without major re-tooling. Look how quickly VW group rolled out - SOP extremely quickly and on all its new 2024 models. If other OEM's go down this route, the design in can be as little as 6mths. Manga where happy to value the SEE back in Oct 22 at £380m for a 10% stake via a unsecured conv loan note. Things have only got better since. Will the directors start buying again? Who knows |
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