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SCE Surface Transforms Plc

0.41
0.00 (0.00%)
28 Jan 2025 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Surface Transforms Plc LSE:SCE London Ordinary Share GB0002892528 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.41 0.40 0.42 0.41 0.41 0.41 718,021 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Engineering Services 7.31M -19.56M -0.0150 -0.27 5.34M
Surface Transforms Plc is listed in the Engineering Services sector of the London Stock Exchange with ticker SCE. The last closing price for Surface Transforms was 0.41p. Over the last year, Surface Transforms shares have traded in a share price range of 0.155p to 10.25p.

Surface Transforms currently has 1,302,072,638 shares in issue. The market capitalisation of Surface Transforms is £5.34 million. Surface Transforms has a price to earnings ratio (PE ratio) of -0.27.

Surface Transforms Share Discussion Threads

Showing 13326 to 13346 of 14675 messages
Chat Pages: Latest  539  538  537  536  535  534  533  532  531  530  529  528  Older
DateSubjectAuthorDiscuss
13/8/2024
08:39
If the 2mm chip was on the inside or otherwise no prospect of the customer seeing it and it doesnt impact the structural integrity of the disc then it's possible to see why an OEM might accept it.
bagpuss67
13/8/2024
08:12
LV - thanks for that. Some immediate thoughts.

1. AI - I don't see any opportunity here, as I don't think there's enough training data to give useful results. Not to mention the lack of in-house expertise.

2. I don't understand why they have trouble drilling these discs. They're not as hard as diamonds - if they were they couldn't be drilled at all - and people do diamond drilling all the time. My local glass supplier would be devastated if he had 2mm chips, let alone 5mm - that's huge by these standards. I guess the problem arises because of the layered nature of the discs - are they certain they're using optimum processes?

3. Have they given any thought to outsourcing the disc rework? There are many small specialist engineering suppliers in the UK who might be capable of this, and it's certainly worth considering, rather than diverting existing resources to this problem.

4. Did you talk to Easton? Rightly or wrongly nobody believes a word Bundred says these days.

supernumerary
13/8/2024
08:08
Excellent and thanks very much for sharing. Would be very intested in your comments on cash if you are prepared to share those thoughts.
bagpuss67
13/8/2024
05:47
Look forward to seeing what they have said. There are definitely different opinions on how it will work out going forward ATM and with no update until september it's a case of will it be positive or not .
For me they are behind on yield already and that will have hurt the cash position . Plus from what I read about the loan that was due to start being paid back first quarter of this year but they have only recently started drawing on it .

You are correct yield and cash are the dominant issues currently regarding the books ,for me bundred still being in the building is my other major concern .

Look forward to reading your comments

bones698
12/8/2024
18:21
Thanks LV. Nice to see someone of your experience confident to add now. Looking forward to seeing your update if you are happy to share it.
bagpuss67
12/8/2024
18:08
The LSE board seems pretty dead - might be better here? I'm sure we'd all be interested to hear what Bundred is saying these days. Mind, it hasn't done other 'well-informed' holders much good...
supernumerary
12/8/2024
16:25
Latent. Why have you had to if you don't mind me asking. I am at about 1.3% so in a similar ball park..
bagpuss67
12/8/2024
16:07
I have had to accelerate my phase 2 buying (earlier than planned), which was to take me from 1% to 1.5%, following a meeting with the Chairman and Hardman at the start of this month. Trouble is there's at least one other big buyer out there but recent sellers have enabled us to transact around current levels.I was thinking of posting my SCE meeting notes, by topic covered, on LSE for those interested.
latentvalue
12/8/2024
14:20
Surely the answer to questions 2 and 3 in the previous post is yes? There is a substantial query over no. 1 obviously, or else we wouldn't be stuck at 1.5p!I see a decent 2.9M delayed buy has gone through, I was expecting it after the run of sells this morning without a drop. Quite a few of the recent days have had the same pattern... it would be encouraging if a whale or an institution was gradually taking a position.GLA
cyberbub
12/8/2024
12:48
Absolutely true bagpuss67, and thanks for giving us your helpful insights. I guess
the CEO is under enormous stress, and working his socks off to do what he thinks is best. He must be feeling really awful and deserves sympathy. For his lack of candour, less so.

To answer your excellent question, there is no longer an issue. We are well past the possibility of new OEM contracts. That may change in 2025/6 depending upon:

1/ How many saleable SCE discs can be produced in volume in 2024?
2/ If they are, can they be manufactured profitably?
3/ If so, are they sufficiently superior to be retailed profitably?

tomtrudgian
12/8/2024
09:58
I don't think we have to worry right now. An OEM would be one prawn short of a BBQ to trust them with anything new until there is no longer material uncertainty about their ability to keep trading.
bagpuss67
12/8/2024
09:52
God save us from more business!
supernumerary
12/8/2024
08:50
Does the inability to be able to take on/be awarded new business start to become an issue? I wonder where they would need to get to, to be trusted with any further contracts
bagpuss67
12/8/2024
08:47
Interims 27 Sept last year. Given how febrile things are here woukd be great if they could issue as soon as they have August manufacturing stats.. That woukd give us a good sense of where the very important Q3 is heading
bagpuss67
12/8/2024
05:56
No worries Tom... The chargeholder can consent to the cash being used.
bagpuss67
12/8/2024
05:46
I apologise bagpuss67 - “ludicrousR21; was not a reference to you! What seems ludicrous is that either SCE wished to use part or all of the deposit account for expenses, did not realise it was blocked, and so inevitably incurred legal costs and Companies House charges.

Or they were content to earn perhaps less than 2% deposit interest whilst paying over 11% capex loan interest, plus capital repayments. On the £3m many think has been borrowed this year. Possibly an undisclosed total cash outflow of very roughly £200k pa.

Or perhaps more likely and understandable, they were doing what they thought was best, but did not have a clue.

tomtrudgian
11/8/2024
13:59
Brilliant, of course bagpuss67! Why did I not think of that?

Less ludicrously:
1/ Why did SCE wish to withdraw some of their NatWest Deposit days after the year end? I do not know, possibly for investor presentation reasons.
2/ For what purpose did they intend to use the funds? No idea.
3/ What is the legal cost to SCE of this extra registered charge? No idea, but immaterial.

tomtrudgian
11/8/2024
09:25
Surely that charged cash account is just part of the capex drawdown mechanism to protect the lender if SCE becomes insolvent before it's spent all of a draw down.
bagpuss67
11/8/2024
09:08
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.

tomtrudgian
11/8/2024
05:48
Tom. Is your point now not that they dont have a capex facility but rather that it's more expensive than it was when the lender had EU support?
bagpuss67
11/8/2024
02:24
Meanwhile the company continues to make losses ,the disaster of hundred and kj are still running the show and the cash position gets weaker and weaker .

Good points about why a new chairman may be a problem finding someone to take on this mess. You would think a company with an order book of 390m wouldn't have an issue finding someone but they are . The bigger concern is the time it's taking and with hundred and kj still running the show ,placing orders for phase 2 might mean there are more problems coming ,given their abject failure with phase 1.

I wonder if they will update investors with a current cash position in the next results ,that's the thing to look for when they come imo

I said I won't invest while hundred is there and I'm sticking to that wether it works out or not I'm happier with that position than the risks involved while he remains there .

bones698
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