Previously writing on Trackwise Designs (TWD), just over a month ago I wrote results delay shares suspension ahoy… and will they come back from suspension? – concluding again hopefully my prior warnings were heeded and, natch, still avoid/sell. Today an “appointment of administrators” announcement.
Previously writing on printed circuit technology products manufacturer Trackwise Designs (TWD), last month with the shares falling to below 0.60p I questioned is a material and timely sale and/or material orders from the ‘pipeline of sales opportunities’ really likely to arrive to bail the company out now? And concluded, having already had a desperate bailout equity raise as recently as January, again hopefully my prior warnings were heeded and still avoid/sell. Today from the company a “Delay of Results and Trading Update” announcement. Uh oh!
Previously writing on printed circuit technology products manufacturer Trackwise Designs (TWD), in March with the shares down to 0.65p I noted “Contract and Trading Update” disastrous, cash crunch AHOY!. What now of a “UK EV OEM Contract Update”?
Previously writing on printed circuit technology products manufacturer Trackwise Designs (TWD), in January I noted its 1p per share equity raise and concluded that its still-remaining financial challenge meant it remains that hopefully my prior warnings were heeded; avoid/sell. Today a “Contract and Trading Update” announcement…and the shares are currently more than 40% lower at 0.65p, so what’s the situation now?
Trackwise Designs (TWD) has announced that its “pleased to announce” equity raise has been approved by shareholders at a General Meeting and that it has “raised, in aggregate, approximately £4.76 million (before expenses) through the placing, subscription and open offer… the total number of ordinary shares in issue will be 513,864,212”. So what next?
Previously writing on printed circuit technology products company Trackwise Designs (TWD), last week I noted a 1p per share equity raise bailout despite the shares having previously closed at 12.65p – and that the best broker finnCap could apparently do. It included a proposed £1.5 million open offer though I concluded, as the shares slumped to below 1.5p, that with still “it is likely that the group will need to raise additional funding by the end of the third quarter of 2023”, it’s good luck with the open offer! And hopefully my prior warnings were heeded… avoid/sell. At 1:09pm today a Stock Exchange Notice, “Trackwise Designs plc - Suspension”, so what’s going on now?
Previously writing on printed circuit technology products company Trackwise Designs (TWD) as the shares more than doubled to above 17p and a £6.5 million market cap I concluded that ‘I retain concern on the additional funding options in the current admitted massively challenging macro business environment. As such, I currently continue to avoid’. The company though today commences an announcement with that it “is pleased to announce a proposed conditional placing to raise gross proceeds of £3.65 million”. Admittedly, the shares last closed at 12.65p…but at least a ‘pleasing’ price in relation to that then?
Trackwise Designs (TWD) has announced a “New Agreement with UK EV OEM” and the shares have currently more than doubled to above 17p, so what’s the detail?
Whilst Trackwise Designs (TWD) describes itself as “a leading manufacturer of specialist products using printed circuit technology”, I noted in July with the shares at 36p what about the going concern uncertainties?!. Now a “UK EV OEM contract update”-titled announcement... and the shares currently down to 11.5p!
Describing itself as “a leading provider of specialist products using printed circuit technology”, Trackwise Designs (TWD) states it “is pleased to announce its preliminary results for the year ended 31 December 2021 and to provide an update on trading for the six months ended 30 June 2022”. So why have the shares currently responded to 36p, more than 19% lower?!
Describing itself as “a leading provider of specialist products using printed circuit technology”, Trackwise Designs (TWD) has issued a trading update including that it “expects to deliver FY22 adjusted operating profit, and adjusted profit before tax, in line with market expectations… Cash of £3.2m has been received this month relating to asset financing for capital equipment now on site and commissioned at Stonehouse… will significantly increase Trackwise's production capacity to meet expected demand for Improved Harness Technology across its target markets”. So why currently a more than 18% share price fall below a 50p share price?...
Trackwise Designs (TWD) has announced it has received valid applications for 3,065,069 open offer shares, including 2,648,010 under an excess application facility, with CEO Philip Johnston stating “we appreciate and recognise the continuing support shown by existing investors and welcome new shareholders to Trackwise. This open offer has allowed those shareholders not participating in the earlier placing and subscription to continue to invest in Trackwise and we are delighted with the interest shown”. However…
Provider of specialist products using printed circuit technology Trackwise Designs (TWD) “is pleased to announce that it has conditionally raised gross proceeds of £6.0 million… Oversubscribed… This fundraise will enable the delivery of a step change in our IHT commercial proposition”. An oversubscribed growth fundraise... so a good price then relative to a last closing 145p share price?...
Previously writing on printed circuit technology products manufacturer Trackwise Designs (TWD), with the shares at 225p I concluded with the bottom-line delivery needed to reasonably justify the valuation and what I still consider fundraising shame, I currently continue to avoid. The shares last closed at 226p, but are currently below 200p on the back of updates including full-year results...
