Member Info for BeanCounting

We all know that the corp has no money and needs millions for the trial, just raise cash and move on.

Powerhouse end H1 2024 with £729k in cash, after spending £1267k on overhead cost and £471k in investment during the first 6 months of the year. With a similar cash burn in H2 2025, its estimated that the company will have around £850k in cash by year end. With a 6-months cash burn of around £1700-1800k the company would have no cash left by end of March 2025. The cash situation must be addressed well in advanced of actually running out of money.

After watching the new Proactive interview I don wonder what has happen to Vlad and Peter energy, feels like they have lost more battle than Napoleon had in 1815.

They should just do the placing and get on with it, at best the raise will be at 250p.

If they want to do JV better to do that from position of strength and raise first.

I guess now is the perfect time to fix the balance sheet as the technical centre is close to completed.

Going into 2025 with £1m in cash is not ideal.

Fundraise coming?

KOS trading down 15%, clear sign that KOS shareholder dosent want this deal.

Feels like high chance of KOS walking away.

All resolutions passed

Lets start the printing machine and issue some more share so the trial can begin

I guess next news is start of commissioning or a further delay

To start the trial they need cash and its a lot of cash. Next step is a big raise.

EGM later today for share consolidation and right to issue 50% new share. Placing later in the week at 0.5p?

Isn't it typical, last business day before the EGM to allow the issue of 50% new share the company puts out RNS with 'breakthrough' but not a single detail what they have done. Ramp and then massive discounted placing.

Its just the same waffle from Roach as we have heard so many times the last 18 month as soon as he need more money. No real indication that Canmax will support the resolution.

Jaglith, Canmax voted down a very similar resolution on the EGM 12th Nov 2024, that is less than a month ago. Why would Canmax suddenly change their mind, no indication that’s happening.

If Canmax wants Zulu, the easiest and cheapest way is to vote down the resolution on the upcoming EGM. PREM will be left with the option to do an open offer to raise funds to pay the $6.4m of payables which are overdue. Its impossible for PREM to raise $6.4m from an Open Offer when the largest shareholder is against it and no real investor would underwrite this.

The failed open offer will result that PREM will be bust, the company may even be bust before conducting an open offer. Canmax can than go to Zimbabwe regulator and PREM bankruptcy administrator and ask for the key to Zulu. As the Zulu sub owe Canmax +$50m in prepayments.

Not a word about Canmax in last evening RNS, I guess it means that they are not supportive or have not said anything.

I think Canmax plan is vote the resolution down as they know that PREM is bust than. Then Canmax can take Zulu without putting in a penny more in PREM.

If EGM resolution is not passed the company is liekly insolvent. If its passed 15bn new shares will be issued.

Looks like EPP largest shareholder is getting concerned and starting the dumping.

https://www.londonstockexchange.com/news-article/EPP/holding-s-in-company/16793958

I would think that they will funding before the trial starts. You dont want that negative overhang when they are running the trials.

DrAl,

The H1 monthly cash burn is all based on PHE interim report:

Net cash used in operations of £1267022

Net cash used in investing of £474160

Total cash used in operations and investing = £1741182

Equivalent to £290k/month and than there was lease and financial costs

Its all in the interim report:

https://www.londonstockexchange.com/news-article/PHE/half-year-report-for-six-months-ended-30-june-2024/16672838

Based on H1 cash burn and continued cash burn in H2, the company is estimated to only have app. £700k in cash going into 2025. This is obviously a very low cash balance when considering that H1 cash burn was £316k/month.

There was plenty of information on the people behind the £5.1m green loan agreement on X yesterday. After reading this I do wonder why EPP wanted to engage at all with these people and very much doubt that this loan will be available.

From the loan RNS:

Commenting on the update, Ben Clube, CEO of EnergyPathways, said:

"We are very pleased to have secured this green loan facility with GGAF, CSM Securities and Jexium Ltd - innovators in cleantech and renewable energy financing.

CSM Securities and its leadership are defendant in big bond fraud case. What is worse is that is that Stewart Ford seems to be behind CSM Securities. The guy is banned for life to work in finance in the UK

https://www.theguardian.com/business/2015/may/26/investment-firm-founder-fined-record-75m-fca-stewart-ford-keydata