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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Surface Transforms Plc | SCE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.365 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.365 | 0.365 | 0.365 | 0.365 | 0.365 |
| Industry Sector |
|---|
| AUTOMOBILES & PARTS |
| Top Posts |
|---|
Posted at 02/10/2024 03:53 by gclark I had an order to buy sce at certain prices which j forgot about on the day if the results. Ugh, already sold some at 50% loss. UghA lot of negative vibes, and I share the view that things aren't great. But, the order book is what could save things. The customers, some big manufacturers, want the product and I understand have designed aspects of new cars around sce braking. They won't want sce to fail. If they see that there is a route to profitability, they must be considering funding sce through, most likely taking a stake in the company. It may be more expensive for them to change car designs, loose usps they were relying on than putting in funds. That's why I'm still holding some. |
Posted at 01/10/2024 11:12 by joe say A lot of talk about how the customers may help SCE out but if you were a supplier to SCE what would you do now?I for one would potentially be looking at upfront payments and at the very least an insistence that SCE pays to terms. The idea that further credit would be extended would be ridiculous imo |
Posted at 03/9/2024 13:32 by thiopia Hardman & Co analyst interview | Automotive componentsQ&A on Surface Transforms (SCE) | Strategic moves and market potential Surface Transforms plc (SCE) is the topic of conversation when Hardman & Co analyst Mike Foster speaks to DirectorsTalk Interviews. In this interview, Mike Foster discusses the recent developments at Surface Transforms plc, a company known for manufacturing carbon ceramic brake discs. The conversation covers the company's production challenges, its financial outlook, and the significant opportunities it faces in the automotive industry. Foster highlights the steps Surface Transforms is taking to overcome operational difficulties, expand its production capacity, and improve its financial performance. He also provides insights into the company's order book, market position and future expectations, making this a compelling discussion for those interested in the automotive manufacturing sector. Listen to the interview here :- |
Posted at 31/8/2024 13:20 by tomtrudgian What I actually said on 30 Aug was: “I have no evidence that the capex loan has yet been drawn down, or is affordable”. The capital repayments plus interest, on a total of some £10m would be kill SCE, so I hope I am right. That does not mean I am.fft replied saying (for the first time as far as I am aware): that people have had emails from management confirming that part of the capex loan had been drawn down. I hope not, but show me copies and I will apologise. LV apparently believes: “Using other people’s money is better than using one’s own!” I replied on 28 Aug: “The only AFFORDABLE solution is a further substantial share offer”. Ok, so what actual facts do we know? 1/ No part of the capex loan was drawn down before 31 Dec 23 (FY 23 accounts page 20, Loans). 2/ The interest (Note 15, Future Loan Funding, in the financial statements) is now just under doubled to 12.15% if drawn down in 2024. Some four times inflation, plus undisclosed capital repayments. Why nearly doubled? The European Regional Development Fund’s (ERDF) subsidised support finally ended on 31 Dec 23, following the European Union (withdrawal) Act 1918. SCE had plenty of time to organise a subsidised capex loan. 3/ The socialist Liverpool Combined Authority (LCA) is now the sole provider of a capex loan. In the LCA’s first Covenant Test Point of 2024, SCE was found to be in breach of the capex covenants(Financial Statements page 54, paragraph 4). The terms of the capex loan were accordingly formally revised. What the new terms are is not disclosed. 4/ In the 19 July 24 Operational Update, nothing about any draw down or revised capex terms was disclosed. Perhaps the partial drawdown was very recent. So, what’s the good news? The management are certain SCE will succeed, as we all hope. They are also well incentivised through bonuses and share options to do so. I do understand the vitriol levied against me, but why shoot the messenger? Or call me a liar? I well understand that shareholders think my posts may not help the short term share price, but is not reducing cost more important to SCE’s survival? The waste of £500k (Financial Review, Other Non-recurring Costs, page 19) due to “allowing the fixed price electricity contract to lapse” was quite disgraceful. How onerous the new capex terms are is not known. Neither is how expensive paying for sales invoices to be paid early will be. However shouldn’t shareholders actually PREFER a further share offer instead, in their own interests? |
Posted at 17/8/2024 11:31 by tomtrudgian geco5trade. It certainly sounds excellent news, prima facie. However OEM’s need to know the actual number of CONSISTENT and SALEABLE output for many months, and also SCE’s prices.Hopefully, they will then decide that SCE’s output will be produced at a sufficiently reliable volume, including stocks. Provided of course both that they are indeed superior over Brembo and can be priced to provide sufficient profit for the OEM’s to be able to justify making all the changes they then need. Mr Bundred could so easily have mentioned yields, or that the output had increased further since the (admirable but insufficient) doubling in the four weeks ending 12 July, or given the number of saleable discs now in stock. Or surely at least whether SCE was now making an EBITDA profit. Time to consider substantial investment still seems to be only after the audited FY 2024 results are published. |
Posted at 11/8/2024 10:08 by tomtrudgian In short bagpuss67, Yes. That does not mean that I do, or do not, believe SCE have a current practical ability to succeed in accessing further capex funding from the Liverpool City Region (LCR).I never said that “some Europeans Fund” had lent (or frankly would lend) to SCE at a discount rate. The belatedly reason given by SCE for the 2023 application refusal, namely that the capex was not pre-approved, may not have been the only one. I now need to be really restrained in what I write. For the avoidance of doubt, I am not suggesting any fraud, illegality or misleading by anyone. You will remember that the FY 23 audit was forecast for mid April 24, then end May, and was finally signed by the auditors at the last time (end of June) before the AIM listing would have had to be suspended under the six month LSE rule. The arguments were lengthy and the audit fee was doubled. The auditors’ FY 23 report included a schematic graph indicating “management override of controls” as a principal audit concern. They also wrote of a “significant risk of material error due to fraud and error”. Now the curious one: A new (24 Jan 24) PDF charge at Companies House shows that the charger (SCE) had opened a blocked (ie charged) Nat West (SCE’s bankers) deposit account that they “should have delivered to the chargee(LCR)”. The audited SCE cash and cash equivalent was given as £6.06m at 31 Dec 23. |
Posted at 19/7/2024 11:53 by cyberbub I think people are getting too worried about this. Almost any company in SCE's position would get such a qualification by their auditors. Essentially it's because they can't be 100% sure of not running out of cash and/or becoming insolvent. In reality I don't think this is likely, the company should be able to raise cash through further placings if they're desperate, albeit at sub-1p prices which would further hit investors. There are potless, revenue-less minnow companies in much worse positions than SCE, who still manage to raise cash. Auditors are forced to insert these comments firstly due to their professional requirements to alert investors, and secondly to cover their own a*ses.I'm encouraged that there don't appear to be any suspicious selling volumes in the last few days, implies that the SCE ship isn't leaking bad news.No advice intended of course, I haven't got a crystal ball. |
Posted at 15/7/2024 13:13 by tomtrudgian Following the UK leaving the EU, the 1918 European Union (withdrawal) Act, as amended in 2020, continued the possibility of the soft (7.25%) interest capex loan for SCE from the European Regional Development Fund (ERDF), but ending outside the EU on 31 Dec 23. SCE duly applied for a 1.4m capex loan in 2023 but was refused.This was due to: The expenditure being ordered without prior ERDF approval. Without satisfactory audited accounts. Without the supporting going concern or covenant support. Possibly other matters not disclosed to shareholders. The UK Ministry of Housing, Communities and Local Government however can continue support for loans only if already approved by ERDF. However, as bagpuss67 pointed out, at a much higher interest rate. The possibility of a loan from SEC’s Nat West bankers, the Liverpool City Urban Development Fund on its own, or from other sources, remains if SCE’s difficulties are temporary. |
Posted at 04/7/2024 16:09 by quemaster If someone was to try and takeover SCE the order book, the many years of getting a safety critical product accepted, the amount of money it has cost to get SCE to this point which doesn't include the initial development cost spent by ICI would become much more relevant.There is no other alternative for a competitor to get it's place in the market with a superior product with one competitor in a rapidly growing market without buying SCE, they know they would have to pay many multiples of today's valuation. Having SCE in the market has also helped Brembo, the OEMs have said that having only one supplier had restricted the adoption of ceramic brakes in the past so Brembo would be harming themselves by buying SCE. |
Posted at 01/7/2024 10:35 by geko5trade Yes shareholders will support if it were to happen. It’s the old Lucy/Charlie Brown scenario. I can’t believe you did it again and I can’t believe I fell for it...!The fact is next time around PI’s have a slightly different scenario. They had already been wiped out the first time so actually chose to invest from scratch. They didn’t all think of it that way because they were already so involved with the company. Really the choice was shall I put say £50k into SCE or put the money into bonds/ equity and get a much safer return. Next time their stock will probably still be worth something so it will really be a case of lose something significant without further investment. So my point is if they invested when they had all but lost everything they’ll definitely invest when they still have something to lose. Furthermore SH’s didn’t use the opportunity to force change at the top. They allowed this incompetent board to survive and get away with a load of flannel. Except one major shareholder that we know of who appears to have cut his losses. Having said all that I too have a bet on SCE making it. I see it as a coin toss. |
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