IX..L Share Chat (IX.)

I agree the remuneration of the ceo has been rather generous. Especially if you consider the prices at which mr. Lindström has been able to convert his bonuses to shares, which have been far below NAV an have led to significant dilution.

2022 bonus: 160,772 GBP exchanged for 1,948,748 shares issued at 8.25p

CEO signing bonus: 401,929 GBP exchanged for 4,871,870 shares at 8.25p

2023 bonus: 325,561 GBP exchanged for 1,550,293 shares at 21p

In terms of 2023 year end NAV this amounts to 8,370,911*1.37 = 11,468,148 GBP

On the bright side: at least his interests will be aligned with shareholders going forward.

It will be interesting to see at what price future bonuses will be exchange for shares once we are delisted.

Not sure whether anyone who is staying in here has read the accounts?

Although there is a massive gain on Wastefuel a few things caught my eye.

There is a going concern qualification which is not good. They seem to use a very small firm of accountants

I also had not fully appreciated just how much the executives and NEDs get paid. One director is on £1.5m in FY23.

Finally, OB has written 2 articles on this but doesnt seem to have mentioned the Lion Point put option which will cost £5m. Looks like the are having to take on a loan to settle it

I think Agricore must be biased either as a superfan or closer to home, because every post he makes relates to Oak Bloke. So lets take a pinch of salt on that one.

As for this pick, even before delist notice this had dropped by a third YTD. Virtually every other pick of his has absolutely cratered. I genuinely do not know of a UK stock picker - at least one with an ego big enough to think his thoughts are worthy of publication - with a worse track record. Do you?

Very true, Oakbloke wouldn't have been predicting a delist, as that screws most shareholders.

I saw and read the results RNS first and was gobsmacked why the SP had dropped so much, then I saw the intention to delist...

I know. Picking a stock that only delivered a 125.9% increase in NAV in today’s results - what a numpty.

Oak Bloke must be nearing the worst stock picker in history

Https://theoakbloke.substack.com/p/happy-christmas-reader

Though a strong day for energy stocks. Not sure whats behind the rise but then again I wasn't sure what was behind the fall except a retrace after a spike. Let's see if it can move up again.

After the recent spike. Dribbly sells pushing down the Sp out of kilter with volume. Looks a decent prospect though I hate buying in on spikes. I have been incinerated before by waste fuel companies so hoping for a genuine investment here. Let's see.

Nice find Agri just confirms everything we've posted here since May

Https://theoakbloke.substack.com/p/should-you-say-nein-to-ix

Their also a sponsor of a Reuters event in Dubai soon

https://www.linkedin.com/posts/upstream-intelligence_energymena2023-cop28-activity-7125785030403985408-ddDw?utm_source=share&utm_medium=member_android

Another IX portfolio company Context Labs just got a thanks from a senior exec at Microsoft for teaming up with them

https://www.linkedin.com/posts/darryl-willis_microsoft-ai-azure-activity-7123689066545479680-1EKc?utm_source=share&utm_medium=member_android

Back up to my original 150k share here can't buy anymore above £500 any higher and it's NT

Peter the new CFO and President should be at COP28 and looks like WasteFuel competitors are dropping like flies FULCRUM BIOENERGY INC VELOCYS POWERHOUSE ENERGY EQTEC etc..

Unfortunately non of the above competitors have the equity partners WasteFuel has ie BP $10 mill a few months ago AP Moller Maersk and many others

No negative surprises - really solid results.

Of particular note, was not only are BP an investor into WasteFuel but also are providing:

"....a technical collaboration to improve bio-methanol production efficiency, yields and economics. As part of this agreement, the business will be able to leverage bp's proprietary technology to help optimise and improve its low-carbon, bio-methanol production."

Interesting to see the Enphys SPAC is slowly ticking upwards - up 4.7% YTD

https://www.nasdaq.com/market-activity/stocks/nfys/latest-real-time-trades

IX owns the Mgt Co for the asset while the SPAC + Debt will be used to buy the asset(s) - where we know at this stage it will be a South American biofuels business.

This company has Enphys as it 5th biggest holding just below Spotify they have a proprietary spac technique which started in 2020

https://stockzoa.com/fund/radcliffe-capital-management-lp-formerly-rg-capita/

Here's the company website

https://www.radcliffefunds.com/

They recently got a equity stake by kudu $94 bill AUM at 25 partner firms

https://www.kuduinvestment.com/

I like the look of this one Agricore it's spun out of a university of Brazil in 2020 regarding 2nd generation ethanol and acquired American biomass technology (long established Brazilian company) in 2021 technology looks advanced compared to the basic plant oil presses out there currently

http://www.brixbrasil.com.br

Happy too Agri with this and a deal in principle signed good news

Could the acquisition be one of these?: https://www.mordorintelligence.com/industry-reports/brazil-biofuel-market

What I found really interesting is that biofuels in Brazil are neutral to gasoline at $50-$60 crude. In other words biofuels at today's $70+ are at an advantage (let alone the tax benefits/penalties - which skew this further)

https://www.iea.org/articles/how-competitive-is-biofuel-production-in-brazil-and-the-united-states

IX is down presumably because of the longer completion date. But it feels like a positive to me that we now know there's a specific deal in the making.

Today a few sales with value £10k cause a SP drop of 10%. AIM pricing is not fit for purpose and the volatility is a major turn off got PIs. No wonder so few companies are listing in London nowadays.

Https://www.linkedin.com/feed/update/urn:li:activity:7099669039433588737?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A7099669039433588737%29

Maiden voyage using green methanol nearly complete South Korea stopping at Singapore to refuel Suez Canal

https://www.linkedin.com/posts/methanol-institute_oci-global-completes-first-european-green-activity-7102329026748309504-Fhwm?utm_source=share&utm_medium=member_android

Https://www.linkedin.com/posts/averda_healthcare-recycling-zerowaste-activity-7102263018012434432-epKm?utm_source=share&utm_medium=member_android

Https://www.linkedin.com/posts/methanol-institute_xcmg-deploys-more-than-350-methanol-powered-activity-7101985339145134080-mDwH?utm_source=share&utm_medium=member_android

Https://www-sustainabilitymenews-com.cdn.ampproject.org/c/s/www.sustainabilitymenews.com/amp/story/sustainable-finance/6-uae-banks-allocated-us52-billion-for-investment-in-green-initiatives

Https://www.linkedin.com/posts/nicholas-kolesch-b9042320_i-visited-a-landfill-today-in-central-java-activity-7100092677278343169-MmQE?utm_source=share&utm_medium=member_android

Not just bloomberg saying how much green methanol is needed rueters now

https://reut.rs/47DDAvz

Https://www.linkedin.com/posts/methanol-institute_green-methanol-makes-a-splash-in-quest-for-activity-7099739996818976769-wi8v?utm_source=share&utm_medium=member_android

WasteFuel and BP are definitely in the right place at the right time working together on green methanol

https://www.linkedin.com/posts/methanol-institute_opinion-the-future-of-renewable-fuels-isnt-activity-7099845442183598080-iZug?utm_source=share&utm_medium=member_android

Haha yeah done the splits a few times over the past years trying to get up of the floor and ended up with badly bruised balls

BTW put them bruised things in heavy on MIRI results tomorrow fingers crossed

Same to 2phevs

we need it,we're in a brutal market atm.,its like swinmming in grease.lol.

Yep this could be a gem GL m8 whatever your in Troajan

28p paid there on cnbc 2phevs

To present at Sustainable Investment Forum

https://www.linkedin.com/feed/update/urn:li:activity:7097255187907514369?utm_source=share&utm_medium=member_android

About biofuels

https://www.linkedin.com/posts/bp_what-role-can-biofuels-play-ugcPost-7097882767232782336-KncB?utm_source=share&utm_medium=member_android

And to think this has a mcap of less than vls eqt and phe unbelievable value not one of the aforementioned has had NetJets Maersk and BP invest and become shareholders

WasteFuel is part of a small group of six highly regarded companies, including CIMC ENRIC, European Energy, Green Technology Bank, Proman, and Ørsted, from which Maersk will source its sustainable fuel.

NetJets Invests in WasteFuel, Commits to Purchase 100 Million Gallons of Sustainable Aviation Fuel Over the Next Decade NetJets The World’s Largest Private Jet Company Buys a Stake in the Production of SAF

bp has expanded its investment in bioenergy as bp ventures committed $10 million (€9.1 million) in WasteFuel, a California-based biofuels company that will use proven, scalable technologies to convert bio-based municipal and agricultural waste into lower-carbon fuels, such as bio-methanol.

WasteFuel deploys anaerobic digestion (AD) and methanol production methods to convert said waste into clean fuels.

A lot more than 26p share must be having a slide ruler being run over it around 150p as a pure special divi

Great Post Agri

Talk about Buffets swimming quote IX new CEO is an ex Olympic champion at swimming

Been following the head people at IX'S portfolio companies and their likes show good morals and commitment to net zero

People seem to be getting more than a little confused as to what the current NAV and NAV per share is.

Current NAV (unaudited) is $157.12m or £123.42m

There are 85.88m shares. So NAV per share is £1.44 (1.437)

Comprising:

+ $63.84m NAV 31/12/22

+ $84.78m B Series UpRound of Waste Fuel RNS 6/7/23

+ $3.9m Enphys Uplift to NAV via Enphys Mgt Co to 30% ownership RNS 7/8/23

+ $4.6m Carbon Engineering Uplift to NAV due to Sale to Occidental RNS 16/08/23

Today ended on an bid/ask of 25p/27p. 27p is now "only" an 81.2% discount to NAV. (It was 84.3% discount a few days ago)

Where in the past 41 days, 3 out of 3 times that NAV has proven to be TOO LOW. Why? NAV or Net Asset Value uses fair value methodologies but in the absence of anything else an investment will be on the books at its book value (its buy price). If you sell an investment for more than you bought it then you recognise the gain. If you have a funding round (like WasteFuel did) you can recognise the gain. Otherwise, generally, you can't recognise the gain.

You can read around the subject, and look at progress, look at key appointments, listen to commentary (2Phevs has recently done some excellent work in this area), and ultimately trust the skill/capability/honesty of the management team. Or not.

There's a famous saying by Warren Buffett - I have it on my wall - only when the tide goes out do you discover who's been swimming naked.

But, equally, you also discover who's clothed. And 3 out of 3 times the tide's revealed hidden value... swimming trunks you might say.

I'd very glad I doubled down on the recent pull back, and have averaged up further today. Just because BP Ventures and Maersk have thrown in $10m doesn't mean that's it in terms of NAV accretion for WasteFuel. Given the number of methanol powered ships and converted to methanol ships coming on stream there will be a Series C funding round to put some serious money behind expanding Waste Fuel. A funding round which I think will be in large 9 figures if not 10. Perhaps with some Middle East state's involvement. Why? It has to be to meet their 2030 targets/ambitions and shipping uses 5% of global oil (5m barrels/day). At today's $81 a barrel that's $405m spent on fuel. PER DAY! Investing a day's worth of fuel in the scale of things is not that inconceivable.

Source:

https://cen.acs.org/environment/greenhouse-gases/shipping-industry-looks-green-fuels/100/i8

IMO sage this is a huge tick for WasteFuel

https://globalventuring.com/corporate/people/maersk-growth-jorgenson-wastefuel/

Sage

Raised £10 mill at Ipo Feb 22 @76p

£6.2 end of Dec 22

Current mcap £22 mill

NAV with today's news just over $150 mill

Morning - I am a new holder of this one over last 6 weeks and nibbled this am further

My knowledge is limited - only this board and RNS’s

Pleas keep the comments coming with any overview of the nav or comments there on always gratefully received

It looks like one to keep in the bottom draw

What is total cash now v market cap ?

Rns just come through looks like additional $4.6 mill rather than $3 mill

Additional $3 mill to NAV

Just announced by bloomberg that's around £5mill for IX'S smallest holding RNS should come soon

Https://www.linkedin.com/posts/thinkmultigreen_warren-buffett-betting-on-big-homebuilders-activity-7097507374025867264-8zhe?utm_source=share&utm_medium=member_android

GL here David good timing though probably go back into eqt when Italian plant refinanced do like what they do and have

Thanks for comments. I already made a start with 50k shares last week. I still would like to see some timelines with Wastefuel plans.

With reference to EQT I think their technology is good and will come through. Delivery is another matter and where they have failed to meet expectations or their own timelines. It is being better supported in France and hoping this will work out as a showcase as I hold a chunk of shares for some years.

Not forgetting Marc Benioff (Founder of Salesforce) is also an investor in WasteFuel.

(Source:

https://www.crunchbase.com/search/principal.investors/field/organizations/num_investors/wastefuel)

Current NAV (unaudited) is $152.52m based on NAV 31/12/22 of $63.84 + B Series UpRound of Waste Fuel $84.78m + Enphys Uplift via Enphys Mgt Co to 30% ownership $3.9m

>>They need to prove what they say they can do.

Firstly, WasteFuel will have had to prove their technology to clever people in order to secure Series B investment! And to previous investors too. As 2Phevs says this is backed by smart money, not by a lot of sparkly eyed PIs as might be true elsewhere.

Secondly, while not an investor, its partnership with Averda is significant and this will be the "proof" of the technology i.e. its first plant. They announced this partnership at COP27, and a 1st plant in Dubai, and it's reasonable to think there'll be a further announcements and showcasing at COP28 (in Dubai). Averda employs 14,000 people has annual t/o of $349.2 million, and collects 4.1 million annual tons of waste across Africa, India and the Middle East.

They do say be greedy when everyone's fearful. How much more fearful can people be about investments like this? Today's market price is at an 84% discount to fair value which suggests extreme fear.

Plentiful supply of feedstock as well David

https://www.linkedin.com/posts/vojtechvosecky_wastemanagement-circulareconomy-sustainability-ugcPost-7092578887712272384-_tF8?utm_source=share&utm_medium=member_android

IMO the disconnect is just the current market indifference with hydrogen efuel saf biomass etc companies. I have no idea when sentiment will change but the US inflation reduction act will start being felt very soon.

Https://www.washingtonpost.com/climate-environment/2023/08/14/youths-win-montana-climate-trial/