Member Info for Artji

Re-calculated. Not much change. No take up then dilution 58.75%, take up your open offer entitlement and the dilution will be 52.5%.

According to the RNS dated 2nd January there are currently 191,067,307 shares issued. If the fund raising completes in full, including the open offer, I calculate there will then be 437,118,707 shares in issue. So if you don't take up your entitlement in the open offer your dilution will be about 56%, whereas if you do take it up your dilution will be around 50%.

Yep, you were right, Troy.

Michael Laurier could sell on that date because when I last checked he owned around 24m shares, so nothing to stop him selling then. If there is strong demand at this price then someone may have been willing to buy them from him at the offer price. I think we'll see a second release detailing his purchase once the offer is completed.

Wasn't impressed by the other directors lack of enthusiasm for the offer, either.

Good luck with emailing the company. I tried this once and got no reply. It'll be interesting to hear the clarification, if you get one.

I sold out of this a while ago at 3.63p, taking a significant loss, but no regrets so far. Surprised nobody has mentioned the director dealing at the bottom of the RNS. Michael Laurier has pre-sold his subscription at the issue price of 3.5p, so he's put nothing into this. A bit sneaky putting it at the end of the release.

Stuart Ritchie's response, might provide a bit of reassurance to holders:

Your query re why I had not purchased shares was forwarded to me by my marketing colleagues who monitor this inbox. Unfortunately due to circumstances beyond my control I have not yet been able to buy shares. As you will have noted from recent announcements we are shortly to sign our first 1Streetworks deal. Until the deal is concluded and announced to the market I have been unable to buy due to my position. The process has taken a few months - longer than I had hoped for due to circumstances, again, beyond my control.

It’s a great pity that you chose to sell your shares but I wanted to respond to you directly to confirm that as soon as the deal is closed, I will be buying shares.

Kind regards

Stuart Ritchie

Sold my holding today. In the last 2 webcasts Stuart Ritchie has stated he'll shortly be buying shares, in the last one he said definitely before the end of the year. Both statements have proved to be false. An untrustworthy CFO is a big red flag for me so I'm out. Gonna contact SPA and let them know my feelings also.

... to GB and his mates. They run Deepverge into the ground with their b.llsh.t and then cherry pick the assets for 3/5 of FA.

Who says crime doesn't pay? And you're right, the FCA seems to be totally toothless or else it doesn't give a toss for us small investors. That man's making himself some seriously bad karma though.

Serial deramper?? Get a life. All I've posted on here and other boards is my opinions (and corrected uninformed posts such as yours and the earlier one that stated Pinnacle were a Saudi backed outfit). You guys are simply conspiracy theorists who see plots where they don't exist. If someone posts something that doesn't totally agree with you then they're a deramper. So sad.

And why am I interested in AMTE? I follow a lot of small cap stocks, mainly in the environmental space (which I include AMTE in). If there comes a time when I think they're worth investing in then I will, but that's not know as I think it would still be too much of a gamble. Once their future has become clearer I may change my mind.

And you're still wrong about Pinnacles ownership. Crestbridge are simply providing administration services to them, which includes a UK contact address.

Quant, you stated that "PINNACLE INTERNATIONAL CAPITAL CORP is/was owned by C/O CRESTBRIDGE UK LIMITED who were bought out in July by US Private Equity fund GEN II https://gen2fund.com/" based on the fact that their UK address is C/O (care of) CRESTBRIDGE UK LIMITED. Crestbridge provide regulatory, administration, accounting and financing services to the alternative investment funds community and corporate entities (from their website). This is what they're doing for Pinnacle, they do not own them.

According to your logic, Pinnacle are actually owned by RAWLINSON & HUNTER LIMITED as well, since their contact address in the BVI is c/o them.

Some simple maths

Placing 80,000,000 shares at 0.5p

Warrants for 880,184,436 shares at 0.5p

Subscription 147,058,824 shares at 1.7p

So average price paid for 1,107,243,260 shares, assuming all warrants exercised = 0.66p. So it's nonsense to talk about a 1.7p/share investment. The other nonsense being spouted on here is that Pinnacle International Capital Corp is a Saudi entity. Pinnacle Capital is a Saudi investment company. They are not the same thing.

One thing we haven't considered is that this placing is to several investors, not just one, which is usually the case when a bookbuild and placing is carried out by a company. The fact that there are joint bookrunners/brokers would probably support this as you wouldn't need 2 if the placing was all going to 1 buyer. Certainly looking forward to RNS's giving more information on the new investor(s).

Doug, you make some interesting points but I don't think your conclusion is correct. If this buyer and the potential equity investor are one and the same then why are they holding off on the second investment while they complete due diligence, or to reverse that, why have they made this investment before completing due diligence? I still think that this investor is an existing shareholder due to the CEO's statement, "We are very pleased to have the support of existing and new shareholders as we look to put in place the Initial Recapitalisation Plan and progress towards restoring the Group's financial foundations". The justification for the placement is then that they are seeking to protect their current investment. Arena are another possible alternative.

I also think the potential investors purchase is likely to be at 1.7p, as stated in the 25th July RNS. It's subject to due diligence and certain other conditions, but if that does affect the price then it's most likely to be downwards, which wouldn't be a good outcome for already suffering current investors.

Seems you were right about day traders, they've made their money, sold out and disappeared from this board, at least until the next opportunity arises.

Bid at close 2p, offer 2.1p

scmdcyp “Lots of blue good buy’s coming through I think my 2.5 will be hit today.”

fundamentalanalysis “Agreed looking like 2.5p will be reached comfortably today, and over 4p next week i reckon”

scmdcyp “Good buy’s coming through should see 2.5 later possibly 3p”

real_talk_xd “Definitely oversold”

Latino “lol there are many grabbing with a barge pole! Need to review your investment acumen” and “you’ll have to swallow your pride pill…cos you’re wrong so far and the market is proving this…SP now 2.35p”

GoHigh “Can reach up to 3p by the end of the day”

real_talk_xd “Rab, i know ur mad that u didnt get in earlier, i can feel your hate and jealousy hahhaha” and RE: 3p by the end of day “hope so, then people like rab will be even more ****ed xd. great way to ruin their friday evening”

petroinvestor “This is being pumped by the usual pump-and-dump crews. Stay away, or you will be left holding the bag!”

SmartPunter “Petrol gets the prize for the stupidest post of the week”

GoHigh “Quick sellers are getting out. So, 3p by the end of day looking more likely”

scmdcyp “As I said earlier this morning easy 2.5p today could quite possibly hit the 3p mark let’s see how the afternoon goes. But 2.5p is a easy bet today.”

Gordonbennett1 “See how the afternoon goes but I don't rule 3-4p next week”

HarryPaget “The volume is off the scale. The beauty of this remains it's tiny mkt cap (5p is still sub £2m). I believe this hits it next week”

Guess I'll get some serious abuse for this post but if next week/month/6 months prove me wrong you can all say I told you so.

People still talking as if this investment is by the "strategic investor". It's not, it's a separate fundraising to keep them going while the "strategic investor" completes their due diligence. So this placing, if successful, makes 160,908,680 Ordinary Shares in issue. If "strategic investor" placing goes ahead that's another 147,058,823 shares to be issued, so then 307,967,503 total. At mid-point price of say 2.5p that's still just a market cap of £7.7m.

Makes it an interesting gamble but not one I'm tempted by. Bear in mind that this placing is expected to keep them going until early November, so 2 months. £0.6m to be used to pay off Arena loan, so indicates £1.5m to last 2 months, £750k/month cash burn. If "strategic investment" goes ahead that's another £2.5m, which funds another 3+ months, then what? Another cash raise seems inevitable and it will need to be much larger than these two. Too much of a risk for me.

From my understanding of the RNS it seems to me that some of you are misunderstanding this fundraise. This isn't the strategic investor, who is still doing due diligence on their investment. It's another party entirely. Note the statement in the RNS:

Further to the announcement of the Initial Recapitalisation Plan on 25 July 2023 (the "Previous Announcement"), the net proceeds of the Placing will be used to provide further time for the Company and the potential new equity investor (the "Potential Equity Investor", referred to as the Equity Investor in the Previous Announcement) to complete the proposed initial equity investment of GBP2.5 million (the "Proposed Subscription").

So this placing is in addition to one mentioned in the RNS of 25th July, and I suspect it is by an existing shareholder because of the comments made by the CEO.

Engsolve only actually caused a £106k cash outlay as almost 467K of cash came with the business. The biggest cash outlay over the 12m June to June was admin expenses of almost £2.2m, followed by Engineering Project Costs of £368k.

For 12m to 31/12/22 admin expenses included:

Directors fees of £581k, other employee costs £267k.

Research and development costs £431k

Auditor £44k

Possibility pretty similar for 12m June to June. Where the rest of the admin expenses were spent would be total guesswork, maybe a good chunk on premises.

Suggest TP3 gets his facts right before abusing other posters. The 2022 AGM, held on 9th November last year, resolution 8 authorised the directors to disapply pre-emption rights, it was passed by a vote of 91.46% in favour and expires "15 months after the date of the passing of this resolution or at the conclusion of the next AGM of the Company following the passing of this resolution, whichever occurs first". As the 2023 AGM hasn't yet happened, this authorisation still applies.

For what my opinion is worth...no. The share price will probably fluctuate quite widely and will only settle down when the next fundraising is announced (assuming that's what happens). Then it will settle at around the price of that new fundraise, which I expect will be higher than the 1.7p of this one, but how higher I have no idea. The other financing option is loans but that raises the question of how they can repay them as serious income is some way off yet.

The fact that they're applying for a waiver confirms that there's no intention of making an offer for the whole company. They want to keep the stock market listing.