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ShareProphets Share Tips of the year 2017 Number 8 Steve Moore says Sell Sabien Technology

By Steve Moore | Monday 26 December 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

With prodigious cash burn the focus of my other sell tip of the year, the focus on this one is the balance sheet in conjunction with current trading…

At 30th June 2016 the balance sheet of “manufacturer and supplier of M1G, M2G, and Endotherm boiler energy efficiency technologies” Sabien (SNT) showed cash down to £0.24 million. A net £0.70 million placing followed to keep the lights on (Oops sorry), “to continue growth strategy”, but already at 14th October cash was down to £0.67 million.

A 29th November AGM statement then followed including;

“At the placing in September 2016, the company announced that orders of £500k, expected to be received in June or July, were now expected to be received in the 2nd quarter of the current financial year. Although these orders have not been received yet, discussions with the clients involved indicate they are still current and are expected in the 2nd or 3rd quarters of the financial year to June 2017. Trading in the first months of the current financial year is a reflection of the ongoing discussions with the P35 clients mentioned above. This will mean that the results for the half year to 31 December 2016 will show a loss.”

If it’s cash crunch ahoy again, at what price another attempted bailout fundraising so soon after the previous one? This thus currently looks a bargepole stock of the highest order and a sell at a current 3p bid price.

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