@ countryman
So are you going answer my question about your statements?
Many shareholders? |
LaValmy - I nearly always vote against pre-emption rights as a matter of principle.
I find myself in a grouping of less than 10% more often than not so would welcome your company |
I, along with many shareholders are nervous of O I owning 24% of the company, when warrants are exercised. Re previous post, do SRT critics have a suggestion of where the Kuwait bond should have come from at short notice?
Come to the AGM and put your questions to our new NED, Oliver Plunkett |
I haven't a clue what's going on but it sounds as if smaller shareholders have been shafted There's a surprise. |
LaValmy
Perhaps if you’re that unhappy and not in paper loss, it might be better to sell, seeing as you think its all mismanaged.
You could then spread the risk amongst other shares - I note you only post about SRT.
Just possibilities - no advice intended - all generic stuff. |
@countryman
“The share price has been kept low”
State your source.
Have you never noticed that prices normally drop into placing prices and often fall below afterwards for a while.
Quite frankly, I’m thinking of filtering you because of the long posts that are half fact, half supposition stated as fact. |
Well, if the business is being run at all in shareholders' interests, then it would seem to be on a LIFO basis.
If I am present when or if the issue next arises, I will vote firmly against any motion to disapply pre-emption rights. Sure it is late to do so, but it has led to the latest shenanigans and has encouraged perennial mismanagement of shareholders funds and last minute fundraising to keep the lights on. The board have been pusillanimous. I note the chairman still does not own any shares but assume that his options will be repriced to reflect the loss of value from this latest dilution, whereas we FIFO shareholders do not enjoy such charity. |
So do Airbus and Leonardo have similar systems ready to go?
(Seeing as you say Kuwait is pushing to start.)
You seem to have information that nobody else has.
Or can’t you resist making stuff up to pad out your posts?
“Banks would not lend”. You know that as well?
Perhaps they weren’t even asked.
Some investors have said SRT needs access to another shareholder with big pockets, rather than running up debt in a high interest period.
Take your pick. |
 Kuwait was pushing hard for an early start for their contract, $21.3 ? was required upfront to secure the contract. SRT had limited options. I. Raise the finance. UKEF required time to make decision. Banks would not lend. OI was the only game in town willing to take the risk. 2. Walk away and let Airbus or Leonardo take contract, who would then take the lead for the rest of the ME. What decision would SRT critics have taken? Clearly SRT risks being taken over by stealth, but O I will have to acquire 51% to control company. We have some major shareholders who control ? % of company. I suspect that they will require a fair price before rolling over. How many small shareholders will support the major shareholders in resisting a 'give away'? I am conscious of 'concert party' rules. We have an AGM in January and this might be a time for a group of like minded shareholders to identify their shareholdings and agree a common approach. The 'FOR SALE' sign has been placed beside SRT but it will not be sold if 51% of shareholders say no. I am fairly certain that O I and other potential bidders read this board. It is only a matter of (short) time before various parties recognise the takeover potential of SRT and start trying to take positions. The share price has been kept low because of the potential to buy shares at 35p. The market also awaits the detailed broker's note to give guidance .
Interesting times lie ahead. My only surprise is that any shareholders would sell at these very low prices. |
Was just about to say the same. Having underwritten the whole issue, OI seem to have restricted the amount issued to individual shareholders to 10.9% of their holdings, rather than letting them have all they requested. OI then pick up the rest ! Nice way to run a fund raise. Suggest it is now more than likely SRT cannot make future payments and OI get issued more warrants (as per previous RNS) and take over the company by stealth. |
Totally agree, sham exercise
Raising £0.95m at a price of 35 pence each.
When :
Total demand under the Retail Offer was c.£2.5 million, however allocations were made to existing shareholders applying the principles of soft pre-emption. Shareholders were allocated 100% of their soft pre-emptive allowance(1) when their order matched or exceeded their soft pre-emptive allowance. |
Where has the “tremendous pressure from Kuwait” been disclosed?
Or is someone just adopting some sort of story-telling prose?
Big contracts are scary if you’ve never been involved in them. |
More topically, there's this :
13 Nov 2024
The Philippine coastguard is set for a transformative upgrade with the planned acquisition of 49 new ships from France and Japan, as it seeks to bolster its ability to defend the country’s maritime sovereignty amid escalating tensions in the South China Sea.
“Starting 2027, we will be adding at least 49 ships to our fleet. So that will more than double the capability of the Philippine coastguard,” Philippine coastguard commandant Ronnie Gil Gavan announced at the Manila Dialogue on the South China Sea.
On the sidelines of last week’s conference, which was also attended by coastguard chiefs fromIndonesia, Malaysia and Japan, the admiral confirmed to This Week in Asia that the new vessels would include 40 fast-patrol craft (FPC) from France, measuring 35 metres (115ft) in length, to be acquired through a long-term financing deal with the French government.
Maybe Malaysia is a prospect?
GLA |
Defence secretary (Philippines), Gilberto Teodoro recently gave an interview to the FT. He said 'We need to put in a lot of infrastructure in the eastern seaboard (for) air and naval basing'. Last week China summoned the Philippines' ambassador to protest after Marcos signed two domestic laws to define Manila's sovereign rights in maritime zones and sea lanes. |
Extrader - ref 15197, they've made a strong statement of faith in the company - more shares, and lower priority for their debt. Whether it's misplaced or not we'll find out in due course.
My concern isn't the shareholding shenanigans but execution. As countryman says - 'tremendous pressure from Kuwait' - which is not the best way to deliver a large and complex project. And no doubt there'll be more pressure if they sign more contracts.
One slip in execution and they'll need help from their ever-faithful friend OI, with consequences that aren't hard to imagine. |
It's not helpful to state as conjecture matters of fact...and vice versa !
There's no 'appearance' about the Brierwoods transaction, it's stated in the 1st RNS viz .." the Company has agreed with David Brierwood and Sandra Brierwood (the "Noteholders") that the Company will redeem £1,030,000 in respect of principal and accrued interest owing under the Noteholders' loan notes..."
..I suspect that the brokers note will look to undershoot on numbers..
That's a common approach to 'managing expectations', what would be useful would be to have a baseline, showing historic brokers' predictions vs actual outcomes,which would put things in context - including any further discount that their track record might make prudent.
AFAICS |
The auditors will need to see the outcome of the fundraising as part of signing off the accounts. Mr and Mrs Brierwood would appear to have loaned money to the company, no doubt at a generous rate of interest. It would appear that they have decided to forego the interest in order to lock into the 35p share price. Who wouldn't?
At some stage O I will declare their shareholding. Within three years they can exercise their warrants but we will be able to work out their eventual % shareholding.
I am anticipating that the eventual broker's note will be released in mid December. The company is under tremendous pressure from Kuwait to start delivering on the contract. By mid December the company will have an accurate picture of when the various milestones on the various system contracts, will be delivered and paid for. SRT is very conscious that its timing record on delivering contracts has been poor and I suspect that the brokers note will look to undershoot on numbers, so that the June numbers will exceed expectations. |
I wonder what Brierwood threatened to do if they wouldn't agree to convert his debt to equity?
Good Q! OTOH, in so doing he's choosing to move (slightly) down the hierarchy of creditors, AIUI....
GLA |
I suppose the question is how significantly different the two are. They are clearly petrified of releasing the actual results and it is small wonder that they have not bothered to attract any new investors, with undisclosed actual results and no forecasts. Both parts of the placing are with existing investors as is the retail offer.
I wonder what Brierwood threatened to do if they wouldn't agree to convert his debt to equity? |
From the first of today's two RNSs:
CURRENT TRADING AND OPERATIONAL UPDATE
The Company continues to invest in the development of its core SRT-MDA System technology, and to complete the NEXUS VHF/DSC/AIS transceiver. Alongside these core development activities, the Company has also invested in the system contract sales opportunities that are now converting, resulting in the expected commencement of multiple system contracts and the launch preparation for NEXUS. This means that the year ending June 2024 was a year of very significant product and implementation preparation investment, resulting in an expected significant loss for the year. However, in the year ending June 2025, due to the confluence of system implementation and new product launches the Company expects to be significantly profitable. |
Just got home from work after 2pm only to find that ii closed at 1:59. Flipping flippers! |
Note for Philburt re HL:
You will have to log into their specific account and not via a link from your own. Each account will have its own log-in details and password but probably your date of birth!
It should work then (I think). |
No messages on investec althought hey are listed as taking part |
I just got a call form IG, they're not taking part and have asked to be removed from the list !!!! |
Not open with IG. I am chasing them. |
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