Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Further to the announcement on 3 May 2013 which detailed a £5 million fundraising for the Company, the Company can confirm the receipt of all of the unconditional funds and that the received funds are sufficient to meet its working capital commitments as set out in the announcement on 3 May 2013. Further, following receipt of these funds, the Board is pleased to announce that the suspension of the Company's shares will be lifted and trading will recommence at 8.00am on 10 May 2013.
You're right. looks like cfu is over a barrel
Check out the type of deal that CFU SHOULD have got. 6.5% and a premium on the price, instead CFU got a deal that favours the bosses other company, go figure!! http://www.investegate.co.uk/iofina-plc--iof-/rns/successful-arrangement-of-us-15m-convertible-bond/201305080700121828E
Well done Brian. Clear honesty, as hard as it is, is much better that blind stupidity and wishfully hoping (I am a cfu shareholder). Maybe someone will take over the coy ......
Spotted by someone on the Aussie BB. As they say, this could potentially be a conflict of interest, as Alasdair Locke is a 6.56% (big holder) holder of Arden Partners. No mention of that in the RNS!! http://www.arden-partners.co.uk/shareholders.html
Figure on another £5m fund raising in 5 months time on the same basis as today's. By the time CFU reaches break-even(supposing they do in mid-2016) it will have run up debt of £50m which will take at least another 5 years to pay back from the profits.
"The Company expects that, with the addition of these funds, it will have sufficient working capital to meet its needs through to the end of calendar year 2013." On 31 March 2013 they had cash of £2,458,535. Add the £5m placing Add tax rebate of £3.3m Total £10,758,535 Current cash burn rate is £8,541,465 in 6 months (March quarterly report). £1,423,577.5 burnt per month £10,758,535 will therefore last 7.5 months But they will need to raise cash at least 2-3 months before they run out, so the next rund raising can be expected in just 5 months time!! I expect to see the same fun and games for holders around 2 October 2013! From and including: Friday, May 3, 2013 To and including: Wednesday, October 2, 2013 It is 153 days from the start date to the end date, end date included Or 5 months including the end date I will be sure to pop back and give you my thoughts at the time, but for now I suggest you all go back through the past 5 years of RNS and see how many times you can spot the same bullish statements from CFU, that have not yet transpired into the blue sky they promised. Good luck, you still need it by the ship load!! "Having proved the commercialisation of our technology we are now rapidly moving towards a major increase in the volumes sold by the Company. This fund raise will allow us to meet the working capital requirements of the initial phase of this ramp up and the Board considers that it would be in the best interests of shareholders to raise these funds in this manner to allow the Company to take advantage of these opportunities."
Well done to CFU for getting a NOMAD. Next up the suspension of the stock will be lifted in the UK, then we will see how many holders want to run for the door. The price should be set to open at the UK equivalent of the Aussie price through arbitrage at 2.98p, a significant drop from the 3.75p it closed at when it was suspended. £5m of debt, that won't help the SP at all. Dreams of 10p, yeah right, keep dreaming. Below are the MCap's of all the new NOMAD's stocks, not very big list and not many big MCap's in there. 7 12 14 14 18 22 22 24 24 39 49 51 55 63 87 98 99 117 123 137 147 170 201 225 283 320 322 368 392 555 593 623 1700
..... The Loan Notes may be converted into New Ordinary Shares at any time by the Loan Note Holders. The Company has the ability to convert the Loan Notes in whole or in part from 3 November 2014, provided that the average share price of the Company's Ordinary Shares has been above 10 pence per Ordinary Share for a period of at least 20 consecutive business days. Is this 10p wishful thinking, Briansmith????
Good News here IMHO http://www.energy-company.nl/files/Article%20Maritiem%20LNG%20-%20BlueGen.pdf "Efficient generation of electricity from LNG with innovative Fuel cells. There is a need today, and in the future, for secure and highly efficient generation of electricity with significantly lower greenhouse gas emissions. BlueGen® is the latest in Solid Oxide Fuel Cell (SOFC) technology to deliver highly efficient electricity. BlueGen® utilizes the latest Gennex™ fuel cell module that offers the highest levels electrical efficiency in the world: 60% net electrical efficiency. It produces more electricity from the same amount of fuel compared to traditional small scale electric generators. Furthermore BlueGen® requires modest space (600x660x1010mm). BlueGen® is fitted with an integrated heat exchanger to recover the heat from the fuel cell module. A separate water tank can be connected to the unit to increase the total system efficiency up to 85%. With the current trend in the Maritime industry to utilize LNG as a cleaner and more efficient fuel, producing your own efficient power with a fuel cell, fueled with pure methane from LNG, is a small and logical step. A Skipper and his family can produce enough electricity (13.000 kWh/ year) and hot tap-water ( 200 liter/day) with one BlueGen® connected to their own LNG supply. This means quiet and clean power in the Harbors without the need for expensive ‘’wal-stroom- contracts” or noisy diesel-generators. There are interesting investment possibilities utilizing the Dutch EIA, KIA and MIA arrangements." Would work well for also replacement for Diesel Generation on Oil Gas Rigs as I recall management are keen on this, sell some to Shell for a floating LNG project. Cheers Rg DYOR
GLA
You are now appointed official unofficial cfcl bb advisor. As I said earlier, one should not fear negative comment on the bb's! I will keep my eye open for your comments on other bbs too. Maybe the 'bigs' are hoping the coy will go into administration to pick up the ip on the cheap?
Yet again I am spot on. I said a few months ago that the next fund raising would likely be as low as 2p and it is at 2.14p. Also worth noting they are only able so far to raise enough cash to last 3 months at the current burn rate. If they get the tax refund they should be safe for 6 months but will need to look at raising cash again in 3-4 months. Sales in Q1 were rubbish. Manufacturing cost is still far too high at £18,000 per system and they will only drop around 18% if they double production, but sales are not coming in to make that happen. Best hope is that they get some sales momentum and that the next fund raising is again at 2p, but it looks so risky now that a sell off could mean 1p or less in 4 months time.
The next RNS that CFU holders will be praying for is to say that CFU have appointed a new Nominated Advisor, if that one does not arrive then the next certain RNS will be to say CFU is being delisted from AIM. They might issue an RNS on fund raising before a UK Nominated Advisor is appointed, but that does not guarantee that a UK Nominated Advisor will be appointed, it just makes it a bit more likely.
spred, that has absoultely bog all to do with CFU. http://uk.reuters.com/article/2013/04/27/uk-montepaschi-nomura-idUKBRE93Q03220130427
Italy court rejects seizure of nomura assets in monte paschi probe . reuters
larryh, I have been warning people for years about the cash burn of CFU, leading to dilution after dilution, because they were nowhere near looking like becoming profitable in the past several years that I have been keeping an eye on them. Well I guess today is a bad day because as ianous says, if CFU fail to appoint a broker within a month then the stock will be delisted from AIM (I don't know about ASX though). The reason the broker quit has to be to do with the fund raising, If CFU are going direct to the Chinese supplier for cash again then the broker might be peeved at not getting a slice of the action. If CFU are having a lot of trouble getting cash of anyone then the broker would have lost all confidence in the company and that would have made it quit. If CFU want enough cash to last 2 years (and boy it does NEED it) and was going to get the cash off the Chinese supplier then the broker would see the huge dilution other shareholders would get and the broker would quit before the sh** hit the fan. Whichever way you cut it the broker quiting means there is bad news for shareholders behind the scenes. Bluegen.net is still only showing 265 units installed. Only 20 BG's installed in 4 months, 60 per annum. Still a cottage industry and a heavy cash burning one at that. Investors could be totally screwed now.
or maybe it'll come back with shares consolidated to reduce the number in issue? You're right though. Investing for the long term is very, very risky. I've lost quite a bit of my cash thinking these small companies will come good, but they rarely do. Hope I'm wrong.
You are 100% correct on rule 1, something else I have learnt today! atb
Looks like the broker has lost all confidence in CFU and thrown the towel in. That is usually the reason for brokers quiting on companies. Maybe the fund raising is as I had predicted, a large chunk of stock going to the Chinese supplier and heavy dilution for regular investors that were diluted enough just 7 months ago. At least the stock is suspended so it can't go down .... or at least not until the day they take it out of suspension!!
The same thing happened at NRRP late last year. In their RNS they stated: In accordance with AIM Rule 1, if a company ceases to have a Nominated Adviser, trading in the company's shares will be suspended. If within one month of that suspension a company has failed to appoint a replacement Nominated Adviser, the company's admission to AIM will be cancelled.
Maybe some sensitive information has been passed around which should not have been? Never heard of a suspension for a broker resigning myself, sensitive information is my take on it!
Broker resigned !....suspension just for that? or is it mandatory...? was expecting some amazing news...
NOTICE 26/04/2013 7:30am TEMPORARY SUSPENSION OF TRADING ON AIM CERAMIC FUEL CELLS LIMITED Trading on AIM for the under-mentioned securities has been temporarily suspended from 26/04/2013 7:30am, pending an announcement. Ordinary shares of no par value, fully paid (B0Z5537)(AU000000CFU6) If you have any queries relating to the above, please contact the company's nominated adviser on 020 7776 1200.
Here is the translation see below post of an article about the German company Bruns GmbH, who are CFC's partner - see Saab's article below. Various German state ministers took a big interest in the fuel cell system on show by Bruns GmbH at the 2011 Hannover Fair, so if these guys are interested, then they will be spreading the word around! (I live in Germany).