Sondrel update : I must admit, the whole thing is very unusual. The shares were on my watchlist and I first bought at just under 8p after Siemens (again very unusually) sold their entire stake in one go at a 45% discount to market. I thought the drop was artificial and the shares looked good value. But then the ceo dropped a bombshell rns saying they can’t pay the wages ! Dumbstruck. I’ve only seen this once or twice before in my investing experience. When you need to raise money the last thing you do is coming up with rns’ like that. Coupled with previous cfo leaving abruptly in Sept and another NED in January , red flags are in overdrive now. Privately though, the co is still recruiting and pushing forwards with projects. I have no doubt that Sondrel has a bright future, the co is no fugazzi and has been going for 20 years with some impressive credentials. But in microcap land it’s absolutely critical that the ceo is on the side of ALL shareholders. I reached out to them, all I wanted was to ascertain whether Mr Curren (ceo) is committed to keeping Sondrel public. Nothing back at all, just a brick wall. It’s still possible they are working on a financing deal in the background so I’ll keep watching how things unfold but on current facts, SND is at a very high risk of going back private as the ceo owns 45% of the co and minority shareholders could be left with nothing. Keeping only a very small holding for now and not giving up on them completely, but unless there is commitment from the ceo and clarity on financing, one has to be very cautious. It’s very important to go into these investments with the eyes wide open.
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I held at much higher level. Guessing the CFO email address, emailed asking if I could drop in to see them. Like you, nothing; so assumed I'd guessed the email wrongly. Then about a month later, received a read receipt, but no response.
So I sold......