Since my Easter Red Flags at Night piece things have got progressively worse for AIM-listed Modern Water (MWG). At the time of my Easter piece the shares were 5.75p but it has been a ski-slope downwards ever since and this morning the company announced a placing at just 1.25p to raise just a few 50p coins for the electricity meter: £141.696 – and that was before expenses!
We are told that:
Previously writing on Modern Water (MWG), earlier this month I noted “world-leading technologies” hey, but that previous update including “cash flows have been slower than anticipated from the Membranes Division and, consequently, additional working capital will be required in the short-term” and concluded the seeming lack of progress despite the issue being obvious for a while, sees me again concur with Nigel’s original analysis. Still a sell. Now another intra-day (this one 1:27pm) update!...
“Further to the board's announcement of 7 June 2019, Modern Water (MWG), the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring, announces a further update in relation to its funding discussions and working capital position”. Hmmm – “world-leading technologies” hey, but that previous update including “cash flows have been slower than anticipated from the Membranes Division and, consequently, additional working capital will be required in the short-term” and now another intra-day (this one 3:31pm) update?!...
Its previous coverage on this website was Nigel Somerville’s Easter Red Flags at Night: Modern Water FY results a washout – SELL!, now an intra-day (10:55am) “Trading Update” from Modern Water (MWG). I’ve got a feeling this ain’t going to be a positive update!...
Here haven’t been so many diabolical after-hours announcements as there used to be, but ahead of the Easter double bank holiday – at 6.19pm on Thursday evening – AIM-listed Modern Water (MWG) showed that the tradition is alive and kicking. Its investors might have gone home but ShareProphets was watching….
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