Wandisco Share Discussion Threads

[kinwah] 15/5/2023 17:58

Kemche, I never met John Armitt who's had an impressive career because my main contact was Alan Lovell who made a name for himself trying to rescue insolvent building contractors. I think WAND could be salvageable. I think it's just a question of getting in cheaply enough.

[spectoacc] 15/5/2023 11:44

Thanks John.

[kemche] 15/5/2023 11:07

Kinwah, I worked under John Armitt on the turnaround there many many moons ago.

I can safely say that I have NEVER met such an intelligent, focused, inspirational, dedicated leader ever. And I have met countless CEOs. No one compares to him.

Sir John Alexander Armitt CBE FREng FICE

[phowdo] 15/5/2023 10:44

Existing shareholders will be very lucky if this fundraise is done at anything more than pennies per share. No fundraise and it is gone within 10 weeks.

[kinwah] 15/5/2023 08:16

I've been involved in rescue financings in the distant past such as Costain which was even more bust than WAND. I would expect the existing equity to be valued in the range of £5 million to £25 million giving a post raise valuation of £30 million to £50 million. This would be followed by a second fund raising about 6 months later at a higher level once they can give investors more confidence that WAND is a real business. It might be a decent punt. Who knows.

[cc2014] 15/5/2023 08:11

They plan to raise cash towards the end of June, one month before they run out of cash and whilst the shares are suspended.

Implies the share suspension is not going to get lifted any time soon or at least not until the very end of June or more likely July. Lifting the suspension requires a set of accounts and perhaps other things.

I cannot see any city institution putting any money in without a set of accounts, so those must be on the way... perhaps.

It all feels pretty desperate to me.

[nimbo1] 15/5/2023 07:35

I sat in meetings with some of the institutional holders. I think a lot of 'clever' people are feeling really very stupid and angry. If there is a way out where it can be covered up as just another huge loss rather than a huge career blemish it is probably appealing.

[spectoacc] 15/5/2023 07:20

They seem determined to relist after June, and surely they've spoken with major shareholders before RNS'ing this $30m target.

[nimbo1] 15/5/2023 07:17

I was expecting to loose 100 percent here. To loose 95 percent would be a bonus.

[bigbigdave] 15/5/2023 07:14

Funniest thing I've heard in ages!

[spectoacc] 15/5/2023 07:12

Ought to present this without comment:

"Launch an equity fundraise.....in order for the Company to take advantage of the significant opportunities ahead".


Lol. Is that why they're having to raise $30m?

[bones698] 15/5/2023 07:11

So a fund raise and they are desperate . Be I geresting to see on what terms they manage to raise 30m and at what price . That will dictate where the share price goes .

I suspect it will be well under a quid as the city will want a big pound of flesh for the risk taken . Mkt cap is ludicrous and wil he t decimated in its reinstatement . News soon though and see what happens but I'd be very wary of investing in this after what happened

[spectoacc] 12/5/2023 08:34

It's definitely interesting - everything says zero, except for the keen appointments, which says there's a business hiding behind the previous fraud.

Got to laugh at the belief WAND can do $500m of revenues tho - the more revenue it makes, the more money it seems to lose.

[lingeringsmell] 12/5/2023 08:32

Oh the irony. David Richard’s attempted ousting was lead by ex-Sage Paul Walker, and then Richard’s is to be replaced by ex-Sage Stephen Kelly. Good appointment - you’d think they must be confident of a discount raise from some city investors to fund the ex pay bill, or this is going to go pop quite quickly - you’d have to think they need to raise another £20m to keep the lights on for another year to try and get it back moving. Price and dilution is going to be horrible thou.

[dr biotech] 09/5/2023 12:56

New CEO has a decent track record to be fair - presumably before the appointment he was an investor here (link below is quite interesting).

hxxps://blocksandfiles.com/2023/03/14/svb-wandisco-crisis/

I don't think him saying that WAND can achieve revenues of $500m is particularly helpful, given the recent events. If it relists, I can't see it being worth more than cash, which it is still rapidly burning.

[yamscat] 09/5/2023 12:13

Kelly reckons WAND has "potential to become global market leader with $500m revenues"...

[givmesunshine] 09/5/2023 11:49

Not sure how this can come back .. what you you value Wand at now ? On paper 9mil turnover - £19million loss and cash out by the end of year .. someone is going to have to stump up serious money to keep this going -say £20million - but with those numbers WAND story is blown and was total fiction - £30million Mark cap would seem expensive - terrible situation.. still cannot believe it's possible for a single employee to do this .. CEO would be meeting with these companies.. smooshing .. celebrating .. jail time on the way for some IMO

[weatherman] 09/5/2023 09:31

How was this ever valued at over £800m ?

[albert zog] 09/5/2023 08:14

Stephen Kelly new CEO. He’s no mug. Skin in the game too.

[bigbigdave] 09/5/2023 08:13

He will be able to buy some very cheap shares when they exit suspension!

[cerrito] 09/5/2023 08:03

I take my hat off to Ken Lever for getting stuck in and this appears a good appointment.

[eeza] 09/5/2023 07:21

RNS - new interim CEO

[fuji99] 05/5/2023 12:14

Another to probably bite the bullet AWE. Waw.

[hamidahamida] 05/5/2023 07:51

MM on LinkedIn It's been a busy week in the City..... First, the City is reforming itself to attract more Founders and Boards to list their companies in London, instead of overseas. I was asked to contribute to the study undertaken by Lord Hill and welcome the changes. That said, these changes alone will do little for the LSE. Every company listing in London needs full approval on all aspects of the business, including Governance and Related Parties. From THG's own bitter experience, even though you receive these approvals, anyone not adopting the 1930s-style LSE practices of old is fed to the meat grinder. Hedge Funds, with the help of friendly Pundits and Analysts, argue any deviations as bad practice, wrongdoing, or an evil force. It's laughable. Where were all the Hedge Funds, Analysts and Pundits ahead of Tesco's £250m accounting scandal a few years ago? Or when BT recently had a similar issue in its Italian subsidiary? How did these LSE governance structures prevent the 2008 banking scandals, PPI or Libor rigging? And WANdisco a few weeks ago - really? There are barely 200 companies on the LSE with at least £1bn market cap, and none of the "highly skilled" City professionals noticed the alleged massive fraud in WANdisco, as one of London's 200 most valuable. It's not like it's a complex business – after a decade on the LSE it had c£10m in revenues, and then suddenly announced revenues didn't exist after all. And so, the idea that the standards on the LSE are above other markets is ridiculous. Amazon, Meta, Apple, Google – have they really had more scandals than our old economy companies that dominate the LSE? Not even close, and yet each one is many times bigger than the whole of the LSE combined! But hope is not lost. Yesterday the FCA announced it's reforming itself and pledged to do better in tackling bad actors in the City. There were well over 2,000 allegations of foul play lodged with the FCA last year, with the FCA's own survey finding the vast majority "extremely dissatisfied" with a lack of action or engagement from the FCA. Instead, whistleblowers now often turn to the US regulator as a means of bringing an action in London. Many doubt real change can happen while the FCA continues to be closely supported by an advisory panel made up of the very people it is policing in the City. Turkeys don't vote for Christmas.And so maybe the key lesson we should take from the US isn't more rule changes, but giving our regulator the resources to tackle the well-known bad actors using the LSE as their private piggy bank. Doubling both staff pay and the team at the FCA would be the best investment we could make in London. A regulator that protects Founders, Boards and Investors alike, instead of shielding Investment Bankers, Hedge Funds and Pundits, is what it takes to make the LSE attractive once again.Hey, but what do I know - other than being a customer of the LSE and the target market for city reforms

[hamidahamida] 05/5/2023 07:50

WANdisco, as one of London's 200 most valuable. It's not like it's a complex business – after a decade on the LSE it had cGBPP10m in revenues, and then suddenly announced revenues didn't exist after all.MM on LinkedIn