Interesting RNS



Revenue will be less than expected because demand is too high.

Who writes these RNSs?



The fact they haven’t got the capacity to meet demand but soon will have is good news and an enviable position to be in. Not surprised about the City reaction because they hate poor numbers and delayed revenue. Anyhow, I topped up on this mornings drop, just watch it rocket when additional production comes on stream :clap::clap::clap:


One of the Woodford picks in the closed income fund .


You remind me of my failure.

If I recall correctly, I think Woodford is one of the reasons I purchased this stock.

C’est la vie.



Yes and still the sp continues to spiral! :frowning::musical_score:when will it ever end :musical_score:


Lucky limit did not lift last week the mid price is 1.28p today on a 38% fall .
20% spread MM/ Brokers not taking much risk .
Rns re… covenants did that not look good.


Did anyone top up?


Hope this one is different but i experienced this sort of thing with at least two other Woodford picks .
They went bust after a wile.


I bought a shedload at 0.5 late Mon. Hoping for a bounce. TRX is basically a good company which is growing its production ( and hence revenue). It has >£9m in the bank. It’s the low annual revenue which has breached the covenant. And the company is hopeful that current talks will prove successful.
I think Woodford is a side issue.


So, a modest recovery this morning but I guess we will have to wait for news on the talks about the breach of the covenants before it really takes off. I can wait!


I picked up a little as well. Just a punt.

Just guessing that they will revisit the matter after capacity has been upgraded. I think the delay in upgrading has caused this.




Well this news from them looked upbeat .
Just me having my fingers burnt when company’s put out Rns’s mention covenants make me wary

Tissue Regenix Upbeat On Lender Deal On Loan Covenant Breach Forecast
from Alliance News | 11th November 2019 10:32
(Alliance News) - Medical devices firm Tissue Regenix Group PLC said Monday it was upbeat it could secure a solution with lender MidCap Financial Trust ahead of expectations it will fail its debt covenants.

In June, Tissue announced it secured a revolving credit facility and term loan credit facility of up to USD20 million. As of Friday, Tissue had drawn down USD7.5 million of the term loan and USD600,000 of the credit facility.

On Monday, Tissue said it will face financial covenant testing for the loans by the end of November. This test will relate to revenue reported over the 12 months ended October.

“Based on the data available to the company the board are of the view that the company will fail this covenant test,” Tissue said in a statement.

Consequently, Tissue has “proactively engaged” with MidCap with regards the “potential breach” of the convenants.

“These discussions are progressing well and the board is optimistic of being able to agree a solution with MidCap Financial,” Tissue added.

In mid-October, Tissue warned 2019 revenue was set to disappoint market consensus forecasts by between 15% and 20% after planned manufacturing output increases were set to come on line later than hoped.

Shares in Leeds-based Tissue were 27% lower at 1.50 pence in London on Monday.

By Ahren Lester;

Copyright 2019 Alliance News Limited. All Rights Reserved.

corporate actionsnegativecompany outlookAIMfinancingcompanies


Well R94, we’ve had a right roller coaster over the last 48 hours! Down below 0.5 and now over 1p (still far too low)
Managed to bag a good few at 0.5 then some more at 0.73 yesterday. Hanging on now for 3p minimum! Just waiting for a company update on the covenant.
Fortunately, unlike some, I’m not in any particular rush on this one. :wink:


Good on you mate. Selling at 1.11p at time of this post.



New terms agreed with lender. Returned some cash. New agreement from 6/20. Fully funded until at least 3/20. Strong second half will see us through. Extra shift will increase production and revenue. Now see it fly…TP


Up another 45% to 1.64p
Well done theprior.
They say if you keep making the same mistakes again … learn by them…
That’s why i was put off .
Know-one knows nothing comes to mine ( you and Average _Dave the exceptions )


Hi Average_Dave
I was looking at RRR and noticed posts from you there , did you ever hold it ?


I wonder if you chose to cash in at 1.64p, I certainly would have done. But for the fact my speculative bid yesterday at 1.12p did not execute by a whisker, blast. Pretty much the whole issued stock changed hands in one session?

The announcement today has deeply worried me, so I have pulled my trailing bid at 1.09p. At the rate TRX burns cash it will run out in 4 months or so. It has failed to deliver the increased production needed to service its loan, and must still be struggling with delays so MidCap asked for $5.5M cash back immediately. TRX has not published on how and when its production or revenue problems will be fixed. Nor has it said how it is going to fill the hole in its finances.

If it can’t raise or keep the funds raised from its existing financier, where is it going to raise fresh funds from? A company so badly managed it cannot meet forecast demand (or so it claims) is a tough investment call.

What might save it is if a well capitalised competitor or pe steps in. But how much would you pay for a company which after 5 years is still losing about $10M pa (operating loss of £4,220K in 19H1) and presumably most of its book asset value is intangible.

My view is that this is as likely to hit 0.5p as it is 3p. I am not brave enough for that gamble, not at this price anyway. If you are sitting on a nice trading gain why not cash in and move on to a safer bet?


Hi marktime1231

Not that i know anything about successful trading but as you have responded to me .
That is what i would do .
I give no advise.
I was last year maybe ? praised for grabbing Halo cheap … kept it… ended badly .
I hope this is different .


Slight error there Mark. TRX has started a second shift to enhance production. It has also revised its logistics and one or two other tweaks as per RNSs. Second half revenue is set to grow as a result. Whether there’ll be a placing in March is an unknown at the moment.
I think TRX were a bit cheeky drawing down cash when they knew they were potentially in breach. MidCap must have been a little annoyed they’d done this so asked for it back until things are stabilised.
I’ve no problem s with the way the company is run. All start ups take time to become established players and TRX is no exception. Break even can’t be far away now so the sp, having already two bagged since a couple of days ago, is still on an upward trajectory, so you haven’t a cat in hells chance of getting in at your 1.09 :wink: but good luck anyway