GOTCHA: the Fat Lady to gig at Saietta Group

Just over a week ago, though admitting should it not have made refinancing progress by the end of the next week that it may need to commence planning for an administration, it was also stated from Saietta Group (SED) that “the board continues to believe in the quality of Saietta's products and the compelling market opportunity and accordingly remains hopeful that a solvent solution for the company can be found”. I noted, though, would an interested party not just wait for the administration and do a deal from there?, and concluded that hopefully my warnings from as far back as last summer here were heeded. Today “Intention to Appoint Administrators”…

Saietta (#SED) – “intention to appoint administrators” and shares suspended, hopefully our prior warnings were heeded

Saietta – as I warned, shares further crash. “Strategic Review and Formal Sale Process” desperation as possible end-of-next-week planning for administration!

Writing on Saietta Group (SED) last week, I noted the shares slumping by a further more than 50% to below 7.5p but still a Sell as I questioned for how much longer is this group ‘commercial’. Now an intra-day (uh oh), 1:40pm, “Strategic Review and Formal Sale Process” announcement.

Saietta – shares crash again on “Commercial Update”. For how much longer is this group ‘commercial’?

Previously on electric vehicles technologies group Saietta (SED), in December I wrote interims “as it enters… exciting phase” or as it’s a ‘no-one watching’ day? – concluding that further funding in a highly challenging funding environment is required soon then! At a down to 17.5p share price, £25.4 million market cap, natch still avoid/sell. So what of today a “Commercial Update” announcement?

Saietta (#SED) – unable to reach a contract manufacturing agreement, to sell the production line for some desperately-needed cash

Saietta – interims “as it enters… exciting phase” or as it’s a ‘no-one watching’ day?…

Describing itself as a “multi-national business which designs, engineers and manufactures complete eDrive systems for electric vehicles”, Saietta Group (SED) states that it “announces its unaudited interim results, covering the six-month period ended 30 September 2023”. Hmmm – not even pretending to be pleased to announce the results?

Saietta (#SED) – ‘no-one watching’ day interims, £8.2m loss and funding only until end-March

Saietta – “pleased to announce” equity raise, how ‘pleasing’ is it? Keep selling!

Saietta (SED) “is pleased to announce that… the company has conditionally placed, in aggregate, 39,649,604 new ordinary shares, raising proceeds of approximately £6.7 million (before expenses) at an issue price of 17 pence per share… and… an option to Canaccord to allow for the issue of up to an additional 5,882,353 new ordinary shares at the issue price”. How ‘pleasing’ is this?

Saietta – just the time for a ramptastic “Secures Major eDrive Order” announcement?…

Describing itself as a “multi-national business which designs, engineers and manufactures complete electric drivetrain (eDrive) solutions for electric vehicles”, Saietta Group (SED) has announced a “Second Major eDrive Order From Mainstream Indian Client” for its Indian joint venture.

Saietta argues since listing “in 28 months… has transformed” – financially now for the much worse!…

Saietta Group (SED) has announced full-year results commencing that “since floating on the London Stock Exchange in July 2021, in 28 months Saietta has transformed from being just an axial flux technology R&D company into a designer of a range of complete eDrive solutions for vehicle manufacturers, secured a major global OEM as its launch customer for a range of their vehicle lines, established leading manufacturing facilities in both Sunderland and Delhi and appointed high quality local supply chains”. That sounds good, but a share price down from 120p on the listing to previously 38p and now 25p suggests there is also a different story.

Saietta – trading update states “confident… sufficient funding to meet its current requirements”. How long for are those “current requirements” then?!

Electric vehicle drivetrain group Saietta (SED) has issued a “Full Year Trading Update ahead of AGM” announcement including “turnover (sales and grant income) increased 40% to £6.0m… Cash as at 31 March 2023 period end of £7.3m”. However, turnover is vanity and why approaching six months after its year-end still only a trading update for the year?

Saietta (#SED) – end-August cash down to £1.2m, argues “sufficient funding to meet its current requirements for its focused AFT eDrive production plan”

Saietta – “Update on Company Share Incentive Schemes”. A Remuneration Committee Roll-Call of Shame...

Saietta Group (SED) has announced the grant of new share options and cancellation of existing options “in order to appropriately incentivise key employees in the company's next stages of growth”. Hmmm – where’s the evidence that they “appropriately incentivise” and why the options replacement?

Saietta (#SED) – £23m placing at 138p per share, £2.3m broker option

Saietta (#SED) – trading statement, why no balance sheet update?