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Accounts submitted to companies house yesterday
https://find-and-update.company-information.service.gov.uk/company/13236308/filing-history
So we should be getting a return from suspension request pretty soon I’d expect
L.
Thanks for that useful update Lazygun.
I’ll have to doublecheck that dissolved thing. MYbe I was seeing things lol.
Anyways,cut and pasted from advfn board…
Just got off the phone with David Scott.
shares remain in suspension pending release of accounts which will cover period up to march (so before the suspension in may).
Accounts are apparently with their auditors for finalisation. David has indicated an expectation of a few days…..
Also looks like ikonia fintech may be expanding its services to include more activities on the corporate advisory front (which is David’s area ).
This is the information David S has provided me with.
So, now we wait….
L
Great analogy Hedgehog.
Thanks.
"Ikonia Capital (UK) Ltd is an active company incorporated on 24 June 2022 with the registered office located in Leigh-on-Sea, Essex. Ikonia Capital (UK) Ltd has been running for 4 months. There is currently 1 active director and 1 active secretary according to the latest confirmation statement submitted on 24th June 2022."
"Mr David Alexander Hill Scott
British • Director • Born in Sep 1965"
https://suite.endole.co.uk/insight/company/14194225-ikonia-capital-uk-ltd
Thanks Lazygun.
I've followed your link, and I can't see any mention of that company having been dissolved on 22nd. June.
It actually says that it was incorporated on 24th. June 2022.
It's a bit of a minor side issue though: Ikonia (David Scott) is just NZI's Corporate Adviser, and Ikonia's financial position etc. isn't that relevant.
David's position as Ikonia's Head of Corporate Finance wouldn't mean that he would use that role for NZI.
Axis Capital Markets (NZI's broker), and Alexander David Securities (an NZI company advisor) would presumably be the ones charged with fundraising for NZI.
https://nziplc.com/shareholder/#targetid
Re the suspension: I'm not even sure that it's necessary or appropriate for the company to return from suspension at the moment.
Note that when NZI's RNS was issued on Friday, they had yet to apply to the FCA for a resumption of trading.
Such an application and trading resumption can sometimes take weeks.
In the meantime, NZI could potentially arrange a new RTO ... so potentially there may not even be (much) time to desuspend in the interim.
Even if there was, there could be wild swings in the share price, and a 'false market' due to lack of info., susceptible to manipulation by derampers and rampers.
Personally, if I had a near 30% shareholding here like Rupert Labrum, I would be looking to get a grip on this situation.
Hopefully that's what he is doing!
I only say this because David Scott is presented as being head of corporate finance, and when you look at the ikonia fintech website, you can see all the main people there, and he isnt on their list - you'd have thought as head of corporate finance he would be....
oh, and the ikonia capital dissolved in june 22 - a month after nzi was suspended too......
(paranoia working overtime lol)
L
Im not sure that ikonia fintech is the right company.
I've found this one :
https://suite.endole.co.uk/insight/company/14194225-ikonia-capital-uk-ltd, and this one actually does have a david scott associated with it.
The bad news is it says the company has been dissolved, so it makes me wonder where David Scott is working now....
I think the ikonia fintech might be coincedence.
Still - I'll ask him when he gets back to me
L
Another possible contact is NZI's largest shareholder, Mr Rupert Labrum, who holds 29.65%:-
https://nziplc.com/significant-shareholders/
He is also Executive Chairman at Primorus Investments (PRIM):-
https://primorusinvestments.com/about/the-board/
And he posts on the LSE PRIM board as PrimForAll :-
https://www.lse.co.uk/profiles/primforall/
Although he's not a NZI director, as the largest shareholders he may have easier contact with its directors, and indeed may carry some influence.
I would be interested in his views on why NZI doesn't RTO TCP now, without raising funds, and the raise more funds next year.
Note that 'pre-existing' main-listed shells that listed by 2.12.21 (i.e. including NZI) can still arrange a sub £30M. RTO (minimum only £0.7M.), up until 1.12.23 completed FCA submissions; after that they can still arrange RTOs, but subject to the £30M. minimum.
Thanks for that info. Lazygun.
Personally, I wouldn't worry if some of the contact details haven't been updated.
Details do sometimes change, and updating isn't always a priority.
Ikonica's registered office is in Germany, but their operations are in London:
https://ikoniafintech.com/
"The Directors of NZI still aim to effect a transaction in the renewable or
clean energy technology sector, in line with its existing acquisition strategy
in the new year."
The New Year isn't far away.
Normally if a shell with NZI's market cap. and cash said that it it could effect a RTO shortly, you would expect a nice s.p. uplift in anticipation.
I have also previously seen directors come in to buy shares after an aborted RTO.
So a dip at trading resumption could provide a real buy opportunity, from an already depressed s.p.: the market cap. of £1.34M., at 2.2p, is already very low.
Moreover, the market cap. & cash numbers here are similar to CRES, which has a proposed RTO at a shell value of c. £2M.: for NZI that would equate to about 3.3p/share.
That's above its IPO price of 3p last year - shells like to RTO at a premium to their original float price.
Well,
I've sent Michael text messages, and also tried to contact David Scott of Ikonia, and also Kamran Hussein at Axis Capital Markets to find out more about when they are returning to the market.
Michael texted back saying he would get David to contact me soonest.
The number for David on the RNS is an incorrect number. Ikonia are based in Europe, and the number on their website is also an incorrect one - which does give me some cause for concern considering they are supposed to be NZI's corporate advisers....
When I got through to Axis, a dealer from their trading operation answered, and also said he'd get Kamran to give me a call.
It's not looking great.....
L.
Thanks Hedgehog100.
Now I know why a few on here were posting about a no deal. Shame on this website again.
Feel that both parties have missed a trick here.
Oh well.
Not long until the new year unless TCP change their mind.
GLA
Gazala,
For some reason, LSE (London South East) isn't showing yesterday's NZI RNS.
But it is on the other LSE site (London Stock Exchange):-
https://www.londonstockexchange.com/news-article/NZI/termination-of-acquisition-talks-trading-resumption/15721068
https://www.londonstockexchange.com/stock/NZI/net-zero-infrastructure-plc/company-page
A related sticking point to fundraising though is likely to have been valuation.
It's hard to believe that a nicely profitable company, with exciting growth prospects, could not have raised a reasonable amount of money at float, even in current markets, IF it was modestly valued.
But it could be that TCP was asking for an unrealistically high valuation for fundraising in current markets.
Its noticeable that NZI's 19th. May proposed RTO RNS didn't include a proposed RTO share price, or equity split, which have often already been agreed by such a stage, and are in the RNS.
Even so, although TCP obviously wanted to raise funds for expansion, that still doesn't explain why they couldn't have RTOed now, without raising funds, and then raised such funds later.
Surely it's not too late for the two sides to reconsider, and I would urge them to do so. It seems such a waste otherwise.
NZI have said that they have "reluctantly withdrawn from talks", so they're obviously ambivalent about the decision.
Markets could potentially recover very quickly in the New Year, and an already listed company should find it easier to raise funds than one still to list.
Confused .com
Why are posters talking as if the RTO is dead and buried?
Serious question.
"The Directors of NZI still aim to effect a transaction in the renewable or
clean energy technology sector, in line with its existing acquisition strategy
in the new year."
The New Year isn't far away, so perhaps NZI already has a replacement lined up?
Something perhaps that they feel is even better than TCP?
Yes, and it doesn't really make sense to me.
TCP, the target, is nicely profitable, and NZI has quite a bit of cash, so I don't see why they would need to raise funds immediately.
They could have RTOed without raising more funds immediately, and then raised more when market conditions improved: it's easier for a company to raise funds once already listed.
I don't suppose there's any chance that NZI will reconsider!?
If not, then there are other shells which might well be very interested in TCP.
Still, as least NZI is modestly valued, and looks to have enough cash to complete a RTO.
The company has more cash that the shell company PNPL, which on Monday of this week closed at 6p, up from 1.55p on 13th. October.
PNPL currently has a market cap. of £3.4M. at 4.75p, despite having less cash than NZI's.
"Trader’s Café with Zak Mir: A Week In Small Caps, Saturday 12th November 2022
Abm November 12, 2022
In last week’s Week In Small Caps, I suggested that we may have reached “Peak Doom”. Therefore it was rather pleasant that Thursday saw a 1,200 rise on the Dow, one of the biggest in recent times. ...
Pineapple Power
One of the big risers of the week, Pineapple Power (PNPL), and perhaps one of the mysteries here is why the stock has not been flying for some months now? This is for much of 2022 we have been in a cash crunch on the London market. Therefore, it would be logical to assume that cash shells should be amongst the most sought after and valuable vehicles on the market. After all, if you can no longer raise cash for an IPO, the obvious place to look to do a deal would be to knock on the door of a cash shell like Pineapple, or hope that the cash shell knocks on your door. It may be the case that some in the market are waking up to this concept. Indeed, it could be that other SPACs, there are not that many around, may feel the benefit of this realisation.
Clean Energy
One of the plus points of Pineapple is that it is a cash shell in the clean energy space, an area we were reminded of in the wake of COP27. What was noticeable is that the event did cause something of a bounce in companies within this sector, with ITM Power (ITM), Ceres (CWR), and Hydrogen Utopia (HUI) all benefitting. Powerhouse Energy (PHE) received decent validation from Manchester University at the end of the week, something that made it one of the most followed stocks on Vox Markets. We shall presumably be able to see whether there is further momentum from COP27, via the share prices of these stocks and others related to saving the planet. ..."
https://www.share-talk.com/traders-cafe-with-zak-mir-a-week-in-small-caps-saturday-12th-november-2022/
rather disappointing.....
l
Back to waiting then …..
L
I note on the advfn bb there’s mention of Nzi presenting at the mid November event.
Has anyone else heard this?
L
Similarly, in ARA's recent interim results statement, a month ago, the company noted that the current energy crisis was boosting renewable energy growth:-
7th Sep 2022 7:00 am RNS Half-year Results
"Interim Results for the period ended 30 June 2022
7 September 2022 - Aura Renewable Acquisitions plc, a UK-based company, whose objective is to invest in the global renewable energy sector supply chain and thereby build shareholder value, announces its maiden interim results for the period from the date of incorporation on 4 November 2021 to 30 June 2022. ...
John Croft, the Chairman of Aura commented:
"During this initial financial period the Company joined the Standard Segment of the Main Market of the London Stock Exchange on 8th April 2022 and raised gross proceeds of £1,000,000 from a placing and subscription.
"Since listing, Aura has begun to explore a range of potential targets in the UK and overseas which could offer the opportunity for significant growth in this exciting and fast-moving market sector. We have also been in discussions with the Board's extensive professional and business networks to raise the Company's profile and highlight its intentions and objective to this large potential introducer base.
"The current worldwide economic and political uncertainty caused by supply chain issues, inflation, interest rate rises, hostilities in Europe and further afield, the lingering impact of Covid and climate change, have had a dampening impact on capital market activity and fund raisings during 2022.
"Despite these uncertainties, the growth in renewable capacity continues, with solar capacity leading the way. Installed renewable energy capacity around the world increased by 6% in 2021, despite post-Covid delays and rising raw material costs of 15%-25%. The International Energy Agency (IEA) expects 2022 to create further growth of 8% in installed capacity, not least as countries that have relied upon oil and gas from Russia are now accelerating the expansion in renewable energy capacity in response to the war in Ukraine.
"As a result of these market forces, we are more confident than ever that the renewable energy sector will offer excellent opportunities for acquisitive and organic growth for the foreseeable future, and we are committed to ensuring that the Company and its stakeholders have the chance to share in these opportunities." ..."
https://www.lse.co.uk/rns/ARA/half-year-results-sjcwoorehyzonr2.html
In their recent interim results statement, just over a week ago, CINH noted that the current energy crisis was boosting renewable energy growth:-
30th Sep 2022 10:10 am RNS Interim Results and Loan Note Issue
"... The ongoing energy crisis is creating rising demand for secure, stable sources of power, particularly from environmentally sustainable sources as the world races to deliver on net zero targets ..."
https://www.lse.co.uk/rns/CINH/interim-results-and-loan-note-issue-5dp2j30x0lc07na.html
The cash shell TMOR (a similar shell to NZI) announced great RTO news on Friday, and if it hadn't been suspended pre-opening, it would probably have been top riser for the weekend: a proposed RTO at a s.p. of 2.25p, well over double the current s.p. of 0.95p:-
23rd Sep 2022 7:45 am RNS Acquisition - Megasteel and Suspension of Trading
"Proposed Acquisition of Megasteel Limited and Suspension of Trading ...
-- Proposed Acquisition values the current issued share capital of More at GBP2.81 million (vs GBP1.19 million at closing on 22 September 2022) or over 2.3 times the Company's current net cash
Background
Megasteel (www.megasteel.co.uk ), has traded for more than 30 years in the United Kingdom, and is one of the largest stockholders and distributors of high-quality steel for the prestressing and post-tensioning of concretes in the UK. Prestressed concrete is a critical building product used in the UK construction market, from house floors to bridge beams and from railway sleepers to high rise buildings in the City of London. In its financial year ended 31 October 2021, Megasteel made audited pre-tax profits of GBP3m on turnover of GBP19.7m. ...
Nigel Roberts, CEO of Megasteel Ltd added:
"We have built Megasteel over the last 30 years to be one of the biggest suppliers in the UK of prestressing wire and strand, a product used in almost every construction project in the country, and we have been considering a listing of the business for many years. We are pleased to be working with More Acquisitions as the vehicle that will enable us to do this.
Over many years we have been able to grow our sales, generate revenues, make profits and turn those profits into cash which we have reinvested into the business to keep the cycle going. Applied over a long period of time these business methods have produced a profitable business that I am proud to have started. ...
We were attracted to More Acquisitions as our vehicle to list because we liked the simplicity and cost-effective way in which it had been set up with its 'one price for all', no advisory or broking fees, capped listing and on-going costs and no director salaries, the Company and its key stakeholders fitted very well with our views on how a business should be run!"
https://www.lse.co.uk/rns/TMOR/acquisition-megasteel-and-suspension-of-trading-ccsbb9s9yt991oi.html
Taylor’s recent results certainly show signs of growth with a solid underlying business.
As far as potential share price goes, who knows. Rupert Labrum however did buy nearly 30% of Nzi, and it looks like they were all on market purchases around the time when the shares were trading at 3p or above….
You don’t put best part of £500k into a business only to watch the value halve in value……
Be nice to see something ref the RTO get publish during September or October….
L.
Thanks Terry.
These good results should remove one potential stumbling block to the RTO proceeding: i.e. the target business experiencing some sort of concern that raises questions about it.
Looks good Terrytibbs.
Looks really good.
Hoping that NZI get it and I can see no reason for further expansion of TCP sites in time.
Another asset hire business, Ashtead Group (AHT), traded as low as 2.5p in mid March 2003 - i.e. about the same as NZI now (suspended at 2.2p).
AHT is now 4,533p, and it traded as high as 6,450p last November, making it a 2,500-bagger low to high: a real millionaire-maker if ever there was one.
Asset hire is a cyclical business, which make the current dip in the economic cycle the ideal time to acquire and invest in such a business cheaply.
"Ashtead is an international equipment rental company with national networks in the US, UK and Canada, trading under the name Sunbelt Rentals. We rent a full range of construction and industrial equipment across a wide variety of applications to a diverse customer base."
https://www.ashtead-group.com/