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(STAR) Starcom plc Share Chat

Discussion in 'General Share Chat (STAR)' started by bonker99, Feb 6, 2017.

  1. Groucho

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    RNS Number : 5998O
    Starcom PLC
    31 January 2019

    31 January 2019

    Starcom Plc

    ("Starcom" or the "Company")


    Appointment of CFO to the Board and

    Change of Nominated Adviser and Broker


    The Board of Starcom (AIM: STAR) is pleased to announce the appointment of Igor Vatenmacher to the Board of the Company as Chief Financial Officer, effective 1stFebruary 2019.Mr Vatenmacher has been the Company's Chief Financial Officer in a non-board capacity since December 2017.


    Mr Vatenmacher is aCertified Public Accountant inIsraeland has a Bachelor's degree in Economics from Ben-Gurion University of the Negev and an Executive MBA degree with honors specializing in financing, banking, capital markets and financial engineering from the Hebrew University inJerusalem. He began his career in 2009 working at Ernst & Young (EY) before moving to Ceragon Networks Ltd where he worked as Internal Audit Manager. Mr Vatenmacher has previous experience as a Financial Executive, from his years working at Avgol Ltd., a public industrial manufacturer, where he was responsible for a variety of financial aspects including treasury and internal audit. Mr Vatenmacher joined Starcom in December 2017 and has been working closely with the board of directors since then.


    Michael Rosenberg, Non-Executive Chairman of the Company, commented:"We are delighted to welcome Igor to the Board. He has proved himself to be a highly competent and hard-working CFO since he joined us and we look forward to his contribution at Board level from now on."


    Appointment of Nominated Adviser and Joint Broker


    The Company is pleased to announce the appointment of Allenby Capital Limited as the Company's new nominated adviser and joint broker, with immediate effect. Peterhouse Capital Limited remains as the Company's other joint broker.


    Regulatory disclosures


    Igor Vatenmacher, aged 35, is or has during the last five years, been a director or partner of the following companies and partnerships:


    Current directorships/partnerships

    Past directorships/partnerships

    · None


    · Hagshama Simtat HaShiloach

    · Hagshama Gabso R"G
     
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    31 January 2019

    Starcom Plc

    ("Starcom" or the "Company")


    Receipt of down payment from North African Distributor



    The Board of Starcom (AIM: STAR) is pleased to announce an update on its North African distributor agreement, details of which were initially announced on 7 November 2018.


    The Company has today received a down payment from the distributor for a significant portion of the initial $1.1 million order, which is for the delivery of the Company's Helios Advanced units, together with BIO CAN fuel sensors. This is the first time the Company has deployed this technology in a major project. Delivery of the products by Starcom is due to commence after receipt of a further amount by the customer and the Company will provide a further update once this has been received.
     
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    7 February 2019

    Starcom Plc

    ("Starcom" or the "Company")



    Update on strategic Kylos Agreement


    The Board of Starcom (AIM: STAR) is pleased to provide an update on its agreements with Xplosive Solutions Pty Ltd ("Xplosive") inSouth Africafor the supply of Kylos units for the monitoring of cattle.


    The Company announced in October 2017 that it had entered into a supply and support agreement with Xplosive to sell Kylos units.However, in July 2018 the Company announced that the agreement was delayed whilst Xplosive developed a collar for the cattle and pending local negotiations with regard to connectivity with local telecom providers. As a result, no revenues were generated under the original agreement.


    The Company has now entered into a new agreement with Xplosive (the "Agreement"), pursuant to which Starcom will supply Kylos units directly to Xplosive. The Agreement is for a 36-month period, over which Xplosive will pay a monthly fee for each Kylos unit, to cover the product cost and ongoing SaaS fees. The monthly fees are higher in the first six months, reducing thereafter. Over the term of the Agreement, the Company expects to receive approximately$500,000of revenue.



    Avi Hartmann, CEO of Starcom, commented, "In an industry worth overUSD 2 billion, and with cattle herds containing thousands of heads, cattle theft has become a serious problem in the South African market. Starcom has worked with Xplosive to develop a cost effective and reliable solution to offer security and theft prevention to the South African cattle industry, as well as to speed the process of rounding-up cattle which graze over large tracts of land. This is yet another example for how Starcom can creatively apply its advanced technology to meet tracking and security challenges in various vertical markets."
     
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    26 February 2019
    Starcom Plc
    ("Starcom" or the "Company")


    Launch of Electric Motorcycle
    with Integrated Helios System

    The board of Starcom (AIM: STAR) is pleased to announce that a new range of electric motorcycles incorporating Starcom's Helios tracking and monitoring technology was launched simultaneously in Amsterdam and New York on 25 February 2019 by one of the world's leading electric vehicle manufacturers, Zero Motorcycles Inc. ("Zero").

    Zero is a California based company that produces high performance electric motorcycles. Zero's new motorbike, the SR/F, is described, in Internet of Things (IoT) terms, as, the 'first connected motorcycle in the world'.

    The SR/F is utilising Starcom's Helios monitoring system that allows Zero and the rider to track the motorcycle's condition in terms of various parameters, including range, battery utilisation and location. In addition, it allows Zero to perform software upgrades to the battery and engine management systems remotely, thus potentially prolonging the life of the propulsion system.

    Zero and Starcom have been working together for the past 18 months on the development of this product and Starcom has previously announced that it was working with a motorcycle manufacturer for the integration of the Company's Helios solution into their new model without being able to name the manufacturer, until now.

    Zero will purchase the Helios units as part of its production process under an OEM agreement with no minimum order stipulated in the agreement. Online SaaS will be included free to the bike owner at Zero's cost for the first two years, with an option for the bike owner to connect directly to Starcom's global tracking system for a monthly fee thereafter. Initial sales are expected to be relatively low in 2019 but the Directors of the Company consider that there is a significant growth opportunity in later years as the market for electric motorbikes increases.

    For more information on Zero Motorcycles and its range of electric motorbikes, please go to: https://www.zeromotorcycles.com/eu/

    Avi Hartmann, CEO of Starcom, commented, "This collaborative agreement is another example of how the technology developed by Starcom is being adapted for use in many new sectors. Our Helios unit is incorporated into each motorcycle during the build and we have had to develop a higher specialised and customised product for Zero to fit their purpose; a process which we believe will open more doors for us in the new market of communications to vehicles."
     
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    18 March 2019

    Starcom Plc

    ("Starcom" or the "Company")



    Final Results


    Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, announces its audited results for the year ended 31 December 2018.



    HIGHLIGHTS

    · Revenues increased 10% to $6.0m (2017: $5.4m)

    · Gross profits increased by 16% to $2.4m (2017: $2.1m)

    · Gross margin rose to 40% (2017: 38%)

    · EBITDA loss significantly reduced to $8,000 (2017: loss of $193,000)

    · Net loss after taxation reduced to ($0.9m) (2017: net loss of $1.4m)

    · Strong pipeline for 2019



    Avi Hartmann, CEO of Starcom, commented, "I am happy to report that the Company achieved a further reduction in losses in 2018 and that EBITDA was close to breakeven for the year. It is pleasing to see that the higher margin and software service revenues have increased to approximately $2.0m compared with $1.7m for 2018, being an increase of some 18%. We believe that Starcom continues to be acknowledged to be amongst the technological leaders in various fields of tracking, monitoring and IoT technology."


    CHAIRMAN'S STATEMENT

    I am pleased to report that the Final Audited Statement for the year ended 31 December 2018 shows further improvement in the Company's financial performance. The main financial achievement of 2018 was that the Company approached EBITDA breakeven, finishing the year with a small EBITDA loss of $8,000 (2017: EBITDA loss of $193,000).


    Revenue for the year increased by 10% to $6.0m (2017: $5.4m). Net losses for the year were reduced by 32% to $920,000 (2017: $1.35 million). Gross margin improved to 40% (2017: 38%).



    PRODUCT REVIEWS


    The revenue mix in 2018 improved on 2017, with the higher margin and recurring Software as a Service (SaaS) revenues increasing by 18% to $2.0m (2017: $1.7m), representing nearly 34% of total revenues (2017: 32%).


    In hardware sales, the more profitable products such as the Tetis, Kylos and Watchlock represented over half (52%) of product revenues (2017: 42%), demonstrating that the Company is becoming less reliant on its original, lower margin, Helios products which had dominated the Company's revenues in previous years.


    Helios

    The Helios product range, designed for vehicles, contributed 48% of hardware revenues (2017: 58%). Whilst the Company's reliance on the product is slowly decreasing, it was still a core area of growth, with a number of long-time customers, as well as some new clients, placing orders. This is trend is expected to continue. New features and adaptations to the Helios have maintained demand in our core markets and now allow the Company to offer a more efficient fleet management solution for its end clients.

    Helios successes in 2018 included a contract for $1.1m with the Company's North African distributor, announced in November 2018. The first payment was received at the beginning of 2019 and, whilst some software revenues have been recognised in 2018, the hardware will be shipped in the new financial year with the majority of the revenues recognised accordingly. The agreement also provides for the potential supply of further equipment on similar terms during 2019, but no firm order has yet been received for these.


    Kylos

    The Company has been working with a number of companies in the agricultural sector to develop a range of products to help improve productivity. One such strategic relationship in this industry which the Company developed further in 2018 is with CropX. A key milestone was achieved during the year when the CropX Kylos gained certification from Verizon which is expected to provide greater traction of sales for the product in the US market. CropX is currently undergoing a fund-raising process and, once this is completed, the Company should have better visibility on how the strong foundation it has established with CropX may be leveraged to yield growing orders.

    The Company continues to collaborate with Bosch Connected Devices and Solutions GmBH in the German manufacturer's development of its IoT product range, which it launched during 2018. Whilst no significant orders have been placed to date, the Directors of Starcom believe that this relationship still has the potential to develop and could also provide opportunities with similar companies, leading to new streams of revenue in the future.


    Tetis

    During the year, the Company succeeded in developing a new and longer life battery pack for Tetis, which is now being actively promoted in the container and cargo delivery sectors. The Company's commercial agreement with WIMC Solutions Inc. ("WIMC"), announced in January 2018, is just one example of Starcom providing a bespoke solution for the issues WIMC needed to overcome.


    The Company's relationship with Contguard Ltd, which was established in 2012, remains strong and the board expects to see further orders from the company in 2019. Contguard is one of Starcom's most strategic customers and, through its customer facing relationships, regularly passes on product feedback to the Company, which is crucial in R&D development.



    Watchlock

    During 2018, the Company launched the Watchlock Cube and succeeded in obtaining several orders for this product. However, the Company is focused now on the more advanced versions of the Watchlock in order to remain ahead of the market, as further informed below.


    SaaS

    The Company continued to develop its cloud-based software that clients subscribe to and connect with in order to utilise the rich data communicated from the end units - the Helios, the Kylos and the Tetis. One of Starcom's competitive advantages is its ability to offer a comprehensive solution that combines the hardware and the SaaS components. The higher margin SaaS revenues increased by 18% to approximately $2.0m (2017: $1.7m). The Directors anticipate that, as the number of products sold into the market increases, the associated SaaS subscriptions should also increase.


    R&D

    The Company is working with a number of companies, some not yet customers, to develop products to fit their specific industry needs and thereby creating new solutions as yet not seen in the market.


    Examples of this include; an upgraded Helios unit to support the latest cellular networks (4G, LTE) and reducing manufacturing costs, enabling the Helios with Bluetooth Low Energy accessories, designing systems to integrate Helios with mobile printers and cement truck computers. The Tetis Dry is having an upgraded battery to support longer journeys, whilst Kylos Connect is being tested with a variety of new sensors to expand its uses in the IoT sector.



    FINANCIAL REVIEW

    Group revenues for the year were $6.0m, compared with $5.4m for the year ended 31 December 2017, an increase of 10%.


    The gross margin for the year was 40%, compared with 38% for 2017.


    Total operating expenditure increased by 9% to $3.27m, mainly due to non-cash expenses such as depreciation and share option provisions.


    Net loss after taxation for the reported year reduced to $0.9m compared with the 2017 net loss of $1.4m, while the operating loss in the period was $0.88m, similar to an operating loss of $0.89m for 2017.


    The Group benefitted from the strength of the US$, which resulted in a $0.2m exchange rate gain.


    The Group balance sheet showed an increase in trade receivables to $1.9m, compared with $1.8m as at 31 December 2017, due to the increase in revenues for the period compared with 2017. However, thanks to effective collection, this was only a 7.1% increase versus a 10% revenue increase.


    Group inventories at the period end were $2.0m, compared to $2.3m as at 30 June 2018 and $1.5m at the end of 2017.


    Trade payables at the year-end were $1.4m, compared with $1.5m as at 31 December 2017 and $1.8m at 30 June 2018.


    Net cash used in operating activities in the period was $0.7m, compared with $1.1m for the year ended 31 December 2017.



    POST YEAR END EVENTS

    The Company announced on 7 February 2019 an update on its agreement with Xplosive Solutions Pty Limited ("Xplosive") in South Africa for the supply of Kylos units in the monitoring of cattle. This agreement succeeded an original agreement from October 2017 that could not be implemented then as planned due to delays caused by the local providers of mobile communication. This problem is resolved now and under the new three-year agreement Xplosive will pay the Company a monthly fee for each Kylos unit to cover the product cost and the ongoing SaaS fees. The initial value of this new agreement for the period is approximately $500,000 over a 36-month period but as Xplosive signs up with more local cellular providers it is possible this figure could increase.


    On 26 February 2019, with the Company announced that Zero Motorcycles Inc. ("Zero"), one of the world's leading electric motorcycle manufacturers, had launched a new range of electric motorcycles incorporating Starcom's Helios tracking and monitoring technology. The collaborative agreement was originally announced by Starcom in 2017 and, thanks to the Helios, Zero's new motorbike, the SR/F, is described, in Internet of Things (IoT) terms, as, the 'first connected motorcycle in the world'. Although initial sales are expected to be relatively low in 2019, the Directors of the Company consider that there is a significant growth opportunity in later years as the market for electric motorbikes increases.

    The Company has entered into a framework agreement with Israel Chemicals Ltd ("ICL"), a NYSE listed Israeli conglomerate and a global manufacturer of products based on unique minerals for the agriculture, food and engineered materials industries. ICL is utilising Starcom's Kylos Forever technology to track and monitor its sensitive cargo as it is shipped in tanks around the world. The contract is for five-years with an initial contract value of approximately $600,000.

    Starcom's new Bluetooth enabled version of its keyless Watchlock, which is to be branded "Lokies" will be launched in 2019. The Company has a number of orders pending in respect of the new Lokies and anticipates that this product will be ready for the market within the next two months. Lokies is an IoT enabled padlock that can be opened remotely and does not require a key. Based on the significant market interest in this new revolutionary lock, the Board anticipates meaningful revenues during 2019.

    In February 2019, the Company received an order from Cubemonk, Inc. ("Cubemonk"), a US-based provider of "flying cargo" shipment solutions, which manufactures its own unit load devices ("ULD") specifically designed to load on aircraft. Cubemonk has chosen Starcom as its tracking partner, following a wide range of competitor testing. The Kylos Air was deemed the product which best suits its customers' needs, primarily as it is the only product in the market that can track air freight due to its unique on/off barometric sensors. The Kylos Air is being fitted at the time of build into the ULDs and Starcom has received an initial order of 300 units. The Board considers that there is an opportunity for other container manufacturers to incorporate Kylos to follow this example.



    OUTLOOK

    Based on the pipeline of new projects the Company has developed in recent months, together with ongoing orders from existing clients and distributors and the recurring SaaS revenues, the Company looks forward to continued progress in 2019.

    The growth in SaaS revenues, coupled with higher margin sales from Tetis and Kylos as the revenue mix continues to improve, should contribute towards further improvements in gross margins in 2019. The launch of new innovative products such as Lokies are also hoped to contribute to growth in the current period.

    In order to capitalise on the Company's technological strengths with a view to accelerating the growth of the business, the Board recognises the need to intensify the Company's sales and marketing efforts and intends to invest in expanding its business development team.



    Michael Rosenberg

    Non-Executive Chairman

    17 March 2019

    Starcom PLC - Final Results @starcomsys https://www.voxmarkets.co.uk/rns/announcement/256f9d58-0a1c-4f3d-81ca-65d65273e427
     
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    22 March 2019

    Starcom PLC

    ("Starcom" or the "Company")


    Further re. Agreement with WIMC Solutions Inc


    Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, provides an update on the agreement withWIMC Solutions Inc ("WIMC") that was announcedon 23 January 2018for the sale of Tetis units.


    The original agreement entered into was for the supply and support of Tetis units for the monitoring of containers by WIMC, a US-based provider of real-time monitoring services of international container movements.


    To date, WIMC has placed orders for only 1,500 Tetis units under this agreement and these were delivered to WIMC during 2018. Although this number of units is less than previously indicated, following successful testing of the Tetis units in the field and acceptance by end customers, the Company has entered into a new agreement with WIMC, replacing the previous agreement.


    The new agreement, commencing from March 2019, provides for an increased potential order of up to 30,000 Tetis units over a three-year period while at the same time having a slightly reduced unit price payable to Starcom, but still including ongoing SaaS revenues from each unit installed. There is no obligation for WIMC to order any units under the agreement and therefore there is no guarantee that WIMC will ultimately order the maximum number of units indicated under the new agreement, but WIMC has indicated that it expects order levels for 2019 to be up to 3,400 units, which would have an aggregate value of up toUS$660,000(excluding ongoing SaaS revenue).


    Avi Hartmann, CEO of Starcom, commented,"We are pleased to see WIMC indicating satisfaction with Tetis and planning for larger potential orders. Tetis is one of our 'growth engine' targets and this positive feedback from WIMC is reassuring."
     
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    5 April 2019


    Starcom PLC

    ("Starcom" or the "Company")


    Launch of Lokies


    Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, is pleased to announce the launch of its new intelligent reporting padlock, now branded Lokies. This is a major new version of the original Watchlock product line and, unlike its predecessors, it has been fully developed and built by Starcom, which owns 100% of the intellectual property.

    Lokies is an Internet of Things (IoT) based padlock which can be operated remotely and does not require a key. It is an energy efficient, Bluetooth enabled product which can connect to nearby devices and sensors, thus enabling smarter security, longer-life and more effective monitoring of the asset it is protecting. Lokies has a specially designed extendable shackle equipped with proprietary technology which can detect any attempts to breach the lock, making it among the most advanced padlocks on the market. The Directors of the Company believe that there are a wide range of potential security applications for the padlock, including remote facilities, sea or rail containers and retail stores.

    Orders for Lokies have already been placed and initial feedback from customers in the broader security market has been positive. Further orders are currently under discussion and the Board is confident that this product will provide a meaningful contribution to revenues in 2019 and beyond.


    Avi Hartmann, CEO of Starcom, commented, "Our first Watchlock was an award-winning product in the security market but we knew that to bring it into the 21st century we had to make it keyless, due to the nature of where and how it was being used. Lokies is our first product to do this, combining IoT, Bluetooth and our proprietary technology to make what we believe to be a world leading innovation for the security industry."
     
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    RNS Number : 5557W
    Starcom PLC
    18 April 2019

    ("Starcom" or the "Company")



    Issue of equity


    Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, is pleased to announce that the Company has conditionally raised£637,500before expenses through a subscription of 51,000,000 new Ordinary Shares of no par value (the "Subscription Shares") at a price of1.25 penceper Subscription Share, (the "Subscription"). The Subscription is being undertaken utilising the Company's existing share authorities and has been subscribed for by a combination of new and existing shareholders.


    The net proceeds of the Subscription will be used to pay suppliers in order to satisfy further demand for the Company's products, including the new Lokies padlock, details of which were announced on 5 April 2019. In addition, the Company intends to use the net proceeds of the Subscription to intensify its marketing and sales effort and for general working capital purposes. The Directors consider that undertaking an equity raise of this size at this stage will place the Company in a better financial position to pursue its strategy and, at the same time, avoid the requirement for more frequent capital raises that it has made in the past.


    In addition to the Subscription and in an attempt to conserve the Company's cash position, the Directors are proposing to receive Ordinary Shares and/or options in lieu of historic unpaid director salaries and future fees as they fall. The details of these proposals are still to be finalised by the Board and any such proposals would be made subject to shareholder approval at a general meeting of the Company. Further announcements will be made in due course.


    Proposed board appointment


    The Company is pleased to announce its intention to appoint Martin Blair as non-executive director of the Company, subject to satisfactory completion of customary due diligence by its nominated adviser, in accordance with the AIM Rules. Martin Blair is a highly experienced director within the software, life sciences and media industries and is currently a director of Kape PLC, Cakebox Holdings plc and Green Biologics Ltd. Further updates will be made in due course.


    Application for Admission


    Application has been made for the Subscription Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will become effective at 8.00 a.m. on 24 April 2019.


    Total voting rights


    On Admission, the Company's enlarged issued share capital will comprise 344,449,513 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares with voting rights in the Company will be 344,449,513. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the voting rights of the Company under the FCA's Disclosure Guidance and Transparency Rules.


    Michael Rosenberg, Chairman of Starcom commented,"These new funds will enable the Company to pursue a more aggressive marketing strategy as we are promoting our new range of tracking and monitoring products, to take advantage of the positive responses we are receiving from existing and potential clients and to leverage our position as one of the world leaders in our technological market place."


    Information for Distributors

    Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Subscription Shares have been subject to a product approval process by Allenby Capital Limited, which has determined that the Subscription Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, investors should note that: the price of the Subscription Shares may decline and investors could lose all or part of their investment; Subscription Shares offer no guaranteed income and no capital protection; and an investment in Subscription Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Subscription. Furthermore, it is noted that, notwithstanding the Target Market Assessment, only investors who have met the criteria of professional clients and eligible counterparties have been procured. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to Subscription Shares.
     
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    3 June 2019

    Starcom plc
    ("Starcom" or "the Company")


    Update on North African Distributor

    Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, is pleased to update shareholder with regards to its North African distributor.

    In January 2019, the Company announced that it had received an initial payment in respect of the $1.1 million contract signed with a North African distributor in November 2018. The terms of the contract required a further payment to be made before any shipments of hardware would be made under the contract. The Company is pleased to confirm that a further payment has now been received and the Company will now ship the hardware to the distributor. Once shipped, the contract provides for inspection of the goods by the end client and, once concluded, a further and final sum will be payable representing approximately 20% of the overall contract value.

    No further revenue is expected to be recognised by the Company under the contract until the satisfactory completion of the product inspection by the client and receipt of the balance outstanding on the contract value.
     
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    We are more interested in the Company’s long-term prospects, and the valuation it could attract were it to successfully execute its growth strategy. Employing our internal five-year forecasts, a discount rate of 10.0% and a terminal EV / EBITDA multiple of 11.0x, our discounted cash flow modelling indicates a fair value share price of between 4.3p and 8.7p. We will detail our modelling in our second note.

    #STAR #HMI #MKA #N4P #SAE
     
    Last edited: Jun 5, 2019
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