Tekmar Share Discussion Threads

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[diku] 16/6/2022 08:08

How the share price has collapsed from 38p to 12p...think something a miss here that has not been communicated...

[indiestu] 16/6/2022 05:49

https://asia.nikkei.com/Business/Energy/China-breezes-to-the-lead-of-offshore-wind-power-raceMaybe the Chinese want it?

[diku] 15/6/2022 21:52

Once upon a time the word investing had a meaning...its a casino now...

[pinemartin9] 15/6/2022 15:55

Shocking erosion of shareholder value. The priority will be to save the jobs - this will be at the expense of shareholder value. 92% down in 3 years ouch.

[cerrito] 14/6/2022 20:40

My reading of the 8.5 put in by Pendal is that on Friday had a holding of 6m shares and as they did not appear in the significant shareholders list before either purchased the full amount of 6m shares or 6m shares less the sub 3% holding they had before.
Is that your reading??

[dangersimpson2] 14/6/2022 17:42

The NCAV of the business comes out at £14.4m as of 31st March. However, the trade receivables 30 days+ past due have absolutely soared and now stand at £6.3m. Although the company don't think there is a problem, they have failed to see problems with their business over the last few years as it has gone wrong. So, given the size of the increase, there has to be a material risk that these will not be paid and are under some kind of dispute.

Also, there are £1.9m of contract assets and these represent unbilled revenue. Again, given the history, there must be a material risk to these being paid.

Taking these off we are left with £6.2m of NCAV. Being conservative, ongoing losses will eat away another £1m or so and a NCAV of more like £5m. Despite the last couple of days' falls then the market cap is still c.£9m, so this doesn't feel like the right level to be buying this as a current asset play and it would potentially need to halve again from here to start to be interesting.

In terms of buyers, anyone buying will want to be sure that the warranty issues with Orsted are ring-fenced. I suspect part of the reason Orsted have not gone after Tekmar for refit costs is that even the legal case costs alone would probably bankrupt them and a bankrupt supplier doesn't gain them anything. This restriction may not apply to a better-financed purchaser tho.

One possible option would be to put the "bad" business into admin and sell off the Pipeshield & Consultancy parts. It is possible these could be worth the current price alone but you'd have to be sure there are no parent guarantees and any issues die with the bad business. All seems a bit risky when there is no guarantee you'd actually make money vs the current market valuation. So again you'd want a much bigger margin of safety than currently on offer.

[tomboyb] 14/6/2022 16:16

13.1p to buy -

[indiestu] 14/6/2022 15:07

Thanks, explains the rise in UK Nat Gas! Guess we can wait for the imminent interest rate decision, tomorrow? Time to sell Coffee Elsa?

[elsa7878] 14/6/2022 15:01

Delay in Freeport reopening in the US - so gas that would have gone to Europe is now staying in the US.

[indiestu] 14/6/2022 14:48

Has the Fed killed inflation? Hope so.

[indiestu] 14/6/2022 14:40

Nat Gas down massively, what's going down?

[diku] 14/6/2022 14:28

Maybe they already have a low ball offer but kept it quiet...who knows the BOD might have got a sweetner by the bidder...

[stemis] 14/6/2022 12:14

It's a test of Tekmar's technical capabilities. If they are a well respected industry player, in an important but niche area, then surely an engineering supplier in the industry would see it as a good opportunity for vertical integration at an attractive price.

[yasx] 14/6/2022 11:22

This has been handled in a remarkably foolish manner.

Surely when they raised recently they ought to have raised sufficient cash to see them through difficult times and/or having raised the lesser sum they ought then to have put themselves up for sale since they would have been negotiating from a stronger position. You don't put the for sale sign up once things are looking particularly grim in terms of finances.

Readers have mentioned that they have never previously seen a Co put itself up for sale or inviting a strategic partner - actually, it is fairly common though rarely ends well. Take recent examples in the form of Sensyne (different nature of business and financial situation I know) which put itself up for sale at 100p but received no offers and all but evaporated. Or a more realistic comparator, Tricorn, which was saddled with debt but could not generate profitability and pout itself up for grabs - nothing emerged and it went bust.

As for Tekmar, it all depends if there is any competitive tension between potential bidders/strategic partners. If so, the current price is extremely attractive. A partner coming on board would strengthen the overall group's finances and the order book appears to be robust from what they tell us so that may attract interest. If, on the other hand, there is only a single entity considering a bid then they would simply wait for it to end up in administration before making a move.

On balance, I think (and assuming interest may emerge from multiple parties) it is worth a risky punt and so I have gone in at just over 17p or so.

Time will tell...

[pinemartin9] 14/6/2022 10:36

Agree - that's the issue here, not having the brains to capitalise and make the idea work. We should be anchoring companies like this in the UK and they should be scaling up and providing products and services into this booming sector for years to come. How/why they have messed up so badly is the crime.

I agree, they've put a for sale sign up and said we need help. Who would be brave enough to put their hands in their pockets? Equally, if you were interested you would hardly rush out and talk to them. They're desperate and have advertised the fact. I'd wait a while and see what comes out of the woodwork. When the pain is highest is when a buyer would get the best deal possible.

Expect this to play out for several months during which time the risk is Tekmar go pop.

[stemis] 14/6/2022 10:14

Currently valued at around net current assets.

[yump] 14/6/2022 10:12

Putting a loss maker up for sale is pretty much a “name your price to buy us” offer. I do hold a few in a pension renewables collection but can see them being worth hardly anything.

Mentioning a weak balance sheet is basically saying they’ll go bump fairly quickly with or without contracts.

Not making a profit isn’t a crime in a small earlyish stage business. Being under-capitalised is.

There should have been a following wind here and a decent UK business. Shame.

[indiestu] 14/6/2022 10:05

So, from the two recent form 8.3's

River and Mercantile up to 2%
Pendal (J O Hambro) up to 10%

In terms of volume absorbed it would be about what PI's have dumped in the market over the last couple of days and may explain why the PI's have been able to sell relatively easily.

Interesting, not sure what it means, but we have not seen any institutions unloading - yet.

[igoe104] 14/6/2022 10:01

Jotoha,id be interested to know how you came to the valuation of 12p ?

Give us your summary ,?

[jotoha2] 14/6/2022 09:56

This will now go for low ball takeover , 12p looks about right , in the meantime they need to trim all those none achievers on the Board .

[diku] 14/6/2022 09:52

Maybe there is more to it then is being known...and some in the know know it...