Share Name Share Symbol Market Type Share ISIN Share Description
Trackwise Designs Plc LSE:TWD London Ordinary Share GB00BFYT9999 ORD 4P
  Price Change % Change Share Price Shares Traded Last Trade
  8.00 3.17% 260.00 43,472 16:35:05
Bid Price Offer Price High Price Low Price Open Price
260.00 270.00 275.00 249.00 265.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment 2.91 -0.13 -0.32 57
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:05 O 10,000 250.00 GBX

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Date Time Title Posts
04/12/202018:19Trackwise Designs Plc (with charts)393
02/10/200714:12Trade Winds Ventures and Associated Co's10
17/1/200722:02Trade Winds Ventures, Gold Explorer on TSX7

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Trackwise Designs Daily Update: Trackwise Designs Plc is listed in the Technology Hardware & Equipment sector of the London Stock Exchange with ticker TWD. The last closing price for Trackwise Designs was 252p.
Trackwise Designs Plc has a 4 week average price of 225p and a 12 week average price of 101.50p.
The 1 year high share price is 370p while the 1 year low share price is currently 69.50p.
There are currently 22,113,622 shares in issue and the average daily traded volume is 76,286 shares. The market capitalisation of Trackwise Designs Plc is £57,495,417.20.
fez: Nice to see some normality return to this board...and a slight rise in the share price too. SCE great comparison with TWD...they share some shrewd investors also. I'm in both but happen to think the potential for TWD is far greater...many more markets open here... Good luck everyone with your excess entitlements.
fez: W T Tutte, It is evident that the need for cash to provide capacity for the Arrival deal put TWD under pressure. I had (wrongly) assumed that the SCL deal had freed up enough IHT capacity at Tewkesbury but obviously not. The immense size of this deal (and I think the CEO said he expected it could be much larger than quoted) requires this expansion. Without this money, TWD would struggle to cope with the existing and future demand. If the largest shareholder, the CEO, is happy with the deal - and he stated that he is more excited about the future than ever before - then so am I. Remember this is an illiquid share. Today just 47,000 shares traded (just over £110k) has wiped 10% off the mkt cap (£5M). I suspect this is PI's selling to take up their rights. Not much arbitrage there for £11m institutions. If I wasn't a shareholder I would be seriously interested in buying at the current price.
timbo003: The comparison of the two fund raisings (Mirriad and Trackwise) is certainly interesting These are the two statements from the placing announcements used to justify the discounts Mirriad The Company intends to conditionally raise approximately £23 million (before expenses) through the issue of the Placing Shares at the Issue Price, which represents a discount of 5.9% to the closing middle market price of 42.5 pence per Ordinary Share on 25 November 2020, being the last practicable date prior to the announcement of the Fundraising. Trackwise Issue Price of 200 pence represents a discount of approximately 7.9 per cent. to the volume weighted average price of 217.17 pence per Ordinary Share for the period of 18 September 2020 to 19 November 2020, being the date on which the Company recently announced a new manufacturing agreement with an EV OEM through to the Business Day prior to the announcement of the Fundraising. Why does one broker (Finncap) use a Volume weighted average to justify the price and the other (Cannacord) use a closing middle market price from the day before the announcement? Is this the usual methodology used by both brokers? It would be worth checking if Finncap routinely use this volume weighted average method, or whether they sometimes use methods akin to that used by Cannacord in the case of Mirriad. Generally speaking, I think a volume weighted average over a period of time before a fund raising announcement will work better in most cases as it provides more certainty for the placees and the company on the fund raising and it avoids any nasty surprises for existing shareholders if there is sudden irrational spike down in the share price in the days immediately before the placing announcement.
amt: The dilution at 3 quid would only have been 15% vs 21% at 2 quid. Might not sound much but at 3 quid thats 6% of 78m market cap which is 4.7m so even if the underwriting costs had been 20% it would have been a better deal by 4.7m minus 20% *12m equals 2.3m cheaper. The dilution has a more dramatic account of course the further the price rises unless existing shareholders get a part of the deal. The way this has been structured at 2 quid, the buyers makes 12 million if the share price gets back to 4 quid. Exiting shareholders get 20% less than they would have done without the raise. How is that? , basically existing shareholders are giving their profits to the 2 quiders.
timbo003: I do not think it would work like that, the company would pay a 20% (at least) underwriting premium so they would receive 20% less cash than they would have without having to pay an underwriting premium. There would be little appetite among existing shareholders to fill a £12m fund raise at £3/share, so they would sell their rights for a few pence or just let them expire underwater and receive a nominal sum from the underwiter. The underwiter would have no desire to hang on to the shares that they were forced to takeup, so would be most likely to dispose of their stake up to a discount of whatever the underwriting premium was (20% minimum), so in that event shareholders would be out of pocket by 20% on the share price (at least), plus the company would have 25% less net proceeds due to underwriting costs, listing costs and prospectus costs which means that they would not have sufficient to execute their plan, unless of course the fund raise had been for even more, (say £15m) which would of course exacerbate the problems outined above.
amt: timboo3. I don't agree the share price is only falling back towards 2 quid because nobody would buy now when there are institutions buying at 2 quid who might sell chunks at £2.20 or £2.50 for a guaranteed profit. If the rights were at 3 quid the share price would head back towards 3 quid. So underwriting with a 20,% discount shouldn't be expensive. Remember the share price was flying towards 4 quid and there must have been some knowledge in the market of a large cash raise also. Without that the share price could easily have got to 5 quid plus. A 3 quid offering would have been massively oversubscribed I am sure. Now I see it stuck below 3 quid for ages unless the institutions are prevented from selling. Its no wonder the share price is falling.
74tom: I'm afraid the negatives outweigh the positives for me. Even with this new factory, they will be at maximum capacity this time next year, as per Finncap's note. How are they going to satisfy additional demand? I wouldn't have had as much of a problem if they had raised £30m+ at £2 so they could buy a much larger site, but with the 20 day VWAP at £2.88, raising enough for one new site at a 30% VWAP discount is incredibly unambitious. It's ironic that yesterday I was discussing the potential for an equity investment from a third party to help commercialise the technology, using ITM Power as a comparative. In October 2019 ITM Power raised £52m at 40p a share, comprised of a £38m strategic investment from Linde, a firm placing of £14m and an open offer of £6.8m. Prior to this AMBITIOUS deal, they had 341m shares in issue, so the pre money valuation of the business was £136m. The placing was at a 7% discount to the closing mid market price. We all know what happened next with the share price, and today they have a market cap of £1.7b. No company worth their salt should raise at a 45% discount to the market price, as it sends out all the wrong signals to the market. Why didn't they use the buzz in the aftermath of the Arrival IPO to go on a funding roadshow? The II's are well aware of who their major customer is, so they should be paying a premium based on yesterday news alone. Instead they get an instant 50% profit. Disgusting behaviour, and indicative of the malaise in the British markets, in complete contrast to the US.
timbo003: What a delightfully small fall (so far) in the share price considering the magnitude of the discount. I guess that this is one of the reasons they have only given existing shareholders a few crumbs from the table. Had the open offer been for a larger portion of the overall placing (say one new share for ten existing shares) then you would probably have a significant number of existing shareholders selling around 10% of the shareholding in order to bank a profit and fund the purchase of replacement shares, but at 1 for 44, it will make much less sense.
someuwin: It's not just EVs though. TWD tech can be used in almost limitless applications... Automotive (Electric Vehicles), Space, Radar, Defence, UAV's, Aircraft (Both civil and military) and also medical devices (which I think could justify the current share price on their own. Who knows what other applications will emerge.
74tom: It's tough to say! Usually when comparing two companies with markets caps of £70m and $6b I would say it's obvious which has the most upside, but in this case I'm not sure it is. The big question is whether Arrival will use TWD's IHT technology for all it's future vehicle production. If the answer to that is yes, then I think TWD is the better buy. It would also raise the question of whether they may look to acquire TWD, especially with TWD having patents that are valid in the major markets until the mid 2030's... I guess it all comes down to much competitive advantage the IHT tech provides. My feeling is it's quite significant - Arrival emphasise the importance of being able to customise vehicle size etc, so having unlimited length circuit boards in a world where everyone else is limited in size is quite a radical change for the better.
Trackwise Designs share price data is direct from the London Stock Exchange
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