Wandisco Share Discussion Threads

[owenski] 04/5/2023 14:30

Indeed, so what role was fatso Millar playing as the CFO

[strange1] 04/5/2023 13:35

None of this single employee nonsense makes sense. Before revenue is recognised under IFRS 15, finance would need to analyse the specifics of the relevant executed agreement. With agreements come NDA's, redline drafts, legal involvement, etc etc. It is inconceivable that one rouge sales person could undertake this. And then what about the fact that actual cash wasn't being received or operationally migrations weren't happening. Its clear that this was discovered as part of the audit, so we must conclude that nobody within WAND (execs, finance, operations, legal etc) saw any red flags. I don't but it.

[dr biotech] 04/5/2023 12:03

No chance of a relist at 200p. 50p at most. Its clear that the company is over bloated, has been losing money rapidly over the last few years and has burned through a lot of its cash, its been defrauded and has little chance of ever turning in a profit. I'd value it at remaining cash at best - if it ever relists.

[phowdo] 04/5/2023 11:14

Do remember Richards has cashed in millions from this company that wrapped a bit of code around open-source Hadoop and mug punters fell for the story that they somehow added "value". But like Luke Johnson of CAKE and many others he wont be seeing the inside of a cell. He wont even get a slapped wrist because the City of London protects its own. First thing you are advised when becoming a director of a co on the LSE is always be maintaining plausible deniability...

My prediction: This will relist at 200p and then there will be a huge scramble by punters to get out the exit. It will close the day/week at 14p. Which is still 100% overvalued.

[owenski] 04/5/2023 09:39

Richards and fatso Millar did very well out of this scam. No cash coming in should've alerted fatso if he was doing his over paid job.

[albert zog] 04/5/2023 09:28

The 'rogue salesman' theory may or may not be BS. I'm dubious. What the FCA uncovers re the pump and dump PR strategy employed by WAND in 2021/22 hopefully will lead to criminal action. That was signed off at the highest level.

[intoodeep] 04/5/2023 09:11

Was Richard Bobath (aka purchaseatthetop) working for this company as their salesman, after all he has got form for that kind of activity?

[purchaseatthetop] 04/5/2023 08:52

It does make you wonder. There were a number of salesmen and one of them was generating 90% of all the revenue? How does that work? Surely the guilt party must be the highest level sales person. The Sales Director.

[edmondj] 04/5/2023 08:08

Slashing the headcount - being the sole upshot of a re-organisation, as presented - makes it sound as if they are in a bid for survival than 'positioning for long-term growth' (a sop).

It also suggests a hatchet man in charge, maybe what the business does need just now (assuming it's still a business).

[terminator101] 04/5/2023 07:37

This is a sure fire short if it ever returns to the market. If you get anyone stupid enough to give you the borrow. Even a 95% reduction would still see it massive overvalued.

[spectoacc] 04/5/2023 07:09

Seems somewhat less bullish this time:

"Further to previously issued announcements, the Company has continued to trade in the ordinary course of business. Activity also continues to progress on various workstreams with the objective to lift the suspension of the Company's shares as soon as is practicable"


RNS'ing a 30% reduction in headcount - can see where at least one employee could be lost.

Accepting the need to reduce costs, what exactly were the 30% of employees doing - servicing the fake hundreds of millions of contracts??

[scabre] 02/5/2023 12:56

Well who do we suspect the "one senior sales employee " to be ? Shouldn't be hard to narrow it down

[spectoacc] 30/4/2023 14:38

@ammons - what I find curious is that even with the fake figures - heady growth, huge contracts - it was surely never £863m.

Take away the fraudulent numbers and you've got next to no growth in anything except the losses.

And yet the co now sound v optimistic, have found new management, and are seemingly working all out to relist.

Guessing the major holders throw yet more money at it to see if anything can be recovered, and that dictates the price it comes back at (if it does).

[ammons] 29/4/2023 10:36

spectoacc, suspended market cap was £863 mil (above). your valuation is £10 mil tops.

suspension price was 1324p so your valuation is approx 15p? you could well be right.

[cerrito] 28/4/2023 21:45

I was interested to see that in the Enquiries Section of this morning's RNS no WAND person was mentioned.
On balance I think it is good that there is someone of the experience of Ken Lever as executive chairman though I appreciate he is a busy boy.

[bamboo2] 28/4/2023 21:32

Not just wand having staff issues

A former Apple employee who swindled the company out of more than $17 million with a scheme that double-billed for parts was sentenced to three years in federal prison and ordered to pay nearly $33 million, prosecutors said.

[tickboo] 28/4/2023 20:36

Nailed on. Check out DVRG.

[spectoacc] 28/4/2023 16:17

Just been back for a look over the RNS of 3rd April, which they reference in today's RNS as being confirmed accurate.

"...Revenue(s) of $14,936,215 for FY22 are false and that sales bookings of $115,461,616 recorded in FY22 are also false. Accordingly, revenue for the financial year to 31 December 2022 referenced in the Trading Update dated 11 January 2023 should have been $9.7 million (unaudited) as compared with not less than $24m (unaudited) and bookings should have been $11.4m (unaudited) compared with $127m (unaudited)".


So $24m was actually $9m (this is revenue, not profit - there are no profits), and "bookings" actually $11.4m, not $127m.

How $11.4m and $9m gets anywhere near a market cap in the tens of millions of pounds I don't know. Previous year (to end 2021) was $7.31m revenue, and a loss of nearly $39m. If you think that's a fluke, the year before was revenue of $10.5m, and a loss of nearly $36m.

To go back to those December 2021 results (as being the last ones that were genuine?), these were the headlines:



· Revenue for the year of $7.3 million (2020: $10.5 million)

· Cash overheads1 of $41.5 million (2020: $36.9 million)

· Adjusted EBITDA2 loss of $29.5 million (2020: $22.2 million)

· Statutory loss from operations of $37.6 million (2020: $34.3 million)


Even with the fake numbers, I've no idea how this was the price it was. If I just gave you the figures above, you'd value it at what, £10m tops, being 1.5x revenue?

There is and was no exponential growth, even if the fraud made it seem like there was.

Edit - also curious what those cash overheads are.

[bookbroker] 28/4/2023 16:17

This could reprice at an attractive entry point, £1 would be very interesting, £2 take it back to last summer. Imagine there is still potential within the business, although still loss making, and seems to have been reliant upon raising cash to continue.

[tickboo] 28/4/2023 16:11

Agreed. 200p as suggested is not far off 150m market cap. 100p or so for sure.

[owenski] 28/4/2023 15:31

Probably sub 1 quid in short time.

Without the inflated fraud figures, this would be over valued at 200