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So this popped up on weekend on IQE website. Results are go on Tuesday.
'IQE response to FCA guidance on financial results reporting
IQE notes the guidance issued on 21st March 2020 with regards to companies due to report their full year results over the course of the next two weeks.
The announcement from the FCA states that companies are requested to defer the publication of their preliminary financial statements for at least two weeks observing that, due to disruption caused by the outbreak of COVID-19, companies’ external auditors may not have had the necessary time to complete all of their auditing work.
Because IQE’s external audit work will be fully completed by the reporting date, we have taken the decision to proceed as planned with our results and will publish them at 7:00am on Tuesday, March 24 2020.'
'Coronavirus
20 March 2020
In the last 24 hours, the State of Pennsylvania, USA has directed all non-life-sustaining businesses to close in response to the Coronavirus outbreak. However, this directive does not apply to IQE, which is classed as a ‘sustaining business’ under the category of ‘semiconductor and electrical component manufacture’.
IQE therefore continues full operations at its Pennsylvania site, adhering to the US Centre for Disease Control (CDC) guidance. Production at all of IQE’s global facilities remains unaffected thus far.
As per our previous Coronavirus update, the total impact of these conditions and risks on IQE’s markets remains unquantifiable at this point in time. While we are prepared for the increased risk to revenues it presents, it remains that IQE has not yet experienced any resulting impact on its orders from customers.
Above all, ensuring the health and safety of our people remains our primary concern. Our business continuity sub-committee continues to monitor risk indicators and external guidance, and has formulated policies and potential actions in readiness for different scenarios. It is also ensuring regular and clear communications with our staff and other stakeholders.
IQE is continuing to monitor the ongoing situation with regards to the Coronavirus and will update this page periodically.'
https://investors.iqep.com/coronavirus/
Hardly a short squeeze. Most were in well above 50p. That information was out there yesterday. Still a real risk apple will reduce orders. Worldwide this could last 12+ weeks more. Suggestion if 300m cases in India.
Coltrane have reduced on 18th by 0.46% to 0.81%. 0.31% more and they won't be on the short list anymore.
One trade over 1m today. Probably Coltrane. Guessing 3.2m trade yesterday was them . I think they will be clear before the results. 5.34% shorts left above 0.5%, Even with them clearing all those shares were still at 20p.
20.06p UT close.
Coronavirus
19 March 2020
IQE is continuing to monitor the ongoing situation with regards to the Coronavirus.
It’s clear the spread of the Coronavirus will negatively impact global GDP and, more broadly, significantly affect macroeconomic conditions in 2020. As national governments around the world take strong action in response to the spread of the virus, there is also an increasing risk of business disruption.
As per our previous Coronavirus update, the total impact of these conditions and risks on IQE’s markets remains unquantifiable at this point in time. While we are prepared for the increased risk to revenues it presents, it remains that IQE has not yet experienced any resulting impact on its orders from customers. Production at all of IQE’s global facilities has also been unaffected so far.
Above all, ensuring the health and safety of our people remains our primary concern.
Our business continuity sub-committee continues to monitor risk indicators and external guidance, and has formulated policies and potential actions in readiness for different scenarios. It is also ensuring regular and clear communications with our staff and other stakeholders.
https://investors.iqep.com/coronavirus/
They won't announce anything before the results. Chances are they don't know all the answers till client reduce orders. At some point UK will basically be in lockdown.
Looks like T Rowe Price bought about 240k of shares . They need to buy millions to make share rise. They have lost millions here.
There is a big push to move this below 20p.
No big surge yet. The main reason is shorters still have a firm strangle hold here. That or people still selling here. I popped an email to IQE about the shareholders page. Hopefully it will get past their spam filters.
I am going to assume they meant 28th Feb 2020. As the number of shares listed seems correct. The date is a year out. Why revert to figures from a year back?
https://investors.iqep.com/investors/major-shareholders/
Hargreaves Lansdown down 4.3m,
Shroders back at 5.01%.
Interactive down about 2m.
Barclays down by about 1.2m.
Axa back above 3%.
Overall no major holder ditching their stakes here. Share has recovered to 26p. Albeit still heavily down based on Corona virus.
So many countries/continents will soon be in lockdown. Be it Europe, America, Middle East or Asia. Most new cases in China now from other countries. How do you protect 1.2bn without having whole country in Lockdown and closing all borders? Same for India. Every country in world is gradually becoming infected and it's spreading with ease. The few countries that are not are either in Africa or on an island tucked away somewhere. The government graphs suggest this could go on till October. We are 1-2 months from peak in the UK. Stay safe all.
I would like to be positive and say this stock is already heavily discounted. However so many unknowns. Can they make a profit? Forecast was 3m from Edison for 2020. I doubt they will make that. 30p is not terrible value. Shorters still trying to push for 30p barrier. Need to compare when this was last 30p. The company is gradually retracing 2016 footsteps. Except they are losing money.
There was another article in media section too today.
Compound Semiconductor Centre helps drive the ‘electric revolution’
https://www.iqep.com/media/2020/03/compound-semiconductor-centre-helps-drive-the-%E2%80%98electric-revolution%E2%80%99/
'Coronavirus
11 March 2020
IQE continues to monitor the situation with regard to Coronavirus.
It is becoming increasingly clear that the spread of Coronavirus will negatively impact Global GDP and significantly affect macroeconomic conditions in 2020. In addition, there is an increasing risk of business disruption associated with the necessary measures being taken by national Governments to contain or delay the spread of the virus.
The impact of these conditions and risks on IQE’s markets cannot be quantified at this point in time.
Nevertheless, while there is an increased risk to near-term revenue, IQE has yet not experienced any impact from Coronavirus on our orders from customers and production at all of our Global facilities remains unaffected.
Above all, ensuring the health and safety of our people remains our primary concern.
IQE has established a business continuity sub-committee to respond to this evolving situation. The sub-committee is monitoring risk indicators and external guidance and has formulated policies and potential actions in readiness for different scenarios. It is also ensuring regular and clear communications with our staff and other stakeholders.'
Agreed not looking great. For 2020 to be a success they need new clients to the tune of 13m in revenue. That is to turn a profit of 3m. Right now it seems unlikely. Feb sales for Apple in China were down 63% or so. Globally their sale must be taking a battering. Italy has closed down for 2 weeks. This will reduce orders short/long term.
Ennismore increased their short by 0.07% to 1.95% yesterday. It's highly likely shorters are more active here now. Especially with no one buying. If 2020 does not result in a loss I will be amazed. Sooner or later a factory IQE or one in their supply chains will be forced to close for 2 weeks. Matter of time?
See what happens but shorters could force this lower. Long term investment? If anyone takes it over they will likely close a number of the factories to save costs. That or merge up with their own facilities. In these market conditions it would seem very risky.