Member Info for Bella6532

Thanks chaps for your input/responses. Much appreciated.

part 2
(If Vanchem has been producing and selling their electrolyte to VRFB manufacturers, then surely that would be a huge foot in for BE).
https://polaris.brighterir.com/public/bushveld_minerals/news/rns/story/xl5gqpw

So far, I haven’t managed to come up with any info regarding Vanchems electrolyte sales volumes so the above is more of an observation than fact.

Alfacomp - 'I presume that you are aware that Bushveld Energy is targeting 200MWh VRFB Electrolyte in the short term and 1000 MWh in the longer term.' Yes, thanks, and a couple of comments in the last two BE RNS's had been a little puzzling when it comes to time scales. I'll try to explain below with their quotes and my comments in ( ). Any thoughts on this would be greatly appreciated.

June 2018
‘Vanadium electrolyte accounted for ~2% of global vanadium consumption in 2017, projected to grow to >20% by 2030 as VRFB deployments gain momentum’
‘Supply electrolyte samples to VRFB OEMs and secure interest in electrolyte offtake globally’
(At this point this appeared to be a long term goal).
http://www.bushveldminerals.com/wp-content/uploads/2018/06/Bushveld-Minerals-Junior-Indaba-presentation.pdf

29 November 2018
‘Environmental Impact Assessment ("EIA") for East London Industrial Development Zone ("ELIDZ") electrolyte production facility has commenced and is expected to be completed in H1 2019;’
(Again still a medium/long term project).

‘Discussions with potential electrolyte customers ongoing with Bushveld Energy expecting to supply samples in coming months.’ (Coming months is short term isn’t it? – so who are they commissioning to produce this electrolyte made from Bushveld vanadium? – and why are they starting to sample now with the BE Electrolyte production facility still such a long way off?)
https://polaris.brighterir.com/public/bushveld_minerals/news/rns/story/xovz2dr

27 March 2019
BE Q4 (a tad later than anticipated!!...why??)
‘After promising pilot results at laboratory scale, Bushveld Energy procured two tons of vanadium for conversion into vanadium electrolyte. The scaled-up conversion process is currently being executed.’
(Do we know who is doing the scale up/producing the electrolyte? Is it at all possible that this work is being carried out by Vanchem??? – BMN must have been well into their acquisition talks at this point, so knowing what was in the pipeline, would it make sense for BE to commission this work through Vanchem rather than another 3rd party?)

‘If proven successful, samples from the produced electrolyte will be provided to battery companies for suitability assessment. There is significant expressed interest from VRFB manufacturers for vanadium electrolyte and appetite to add long duration energy storage to power systems and renewable energy projects in Africa overall. This suggests that there is sufficient market demand for vanadium electrolyte to support the installation of a 200MWh capacity facility in South Africa.’
The electrolyte production facility is being co-developed by Bushveld Energy and the IDC.’
(Again they seem to be pointing back to the BE electrolyte production facility, but if there is significant expressed interest from VRFB manufacturers already for vanadium electrolyte, why wait for this plant, why not get the ball rolling through the Vanchem chemical facility first.)
c

BBN...many thanks for your time spent researching and composing such excellent and informative posts.

Regarding: "Bushveld Minerals Limited has conditionally agreed to acquire, through a South African subsidiary, from Vanchem Vanadium Products (Pty) Limited (“VVP”) the Vanchem Plant"
'So they are already (understandably) employing a subsidiary to make the purchase.'

Could Bushveld Vanadium be a South African subsidiary of Bushveld Minerals Ltd?

Any thoughts regarding the Vanadium Chemical side of the acquisition?
A vanadium chemical plant producing various vanadium chemical products..including electrolyte.
Potentially how much business might come with this side of the acquisition?
The same with Ivanti...albeit on a profit share for 12 months.

I think 'synergy', 'locally produced/available' and 'one stop shopping' are definitely the operative words for this deal...

Orders = totals for the qtr based on my own monthly sub order numbers.
Estimate = estimated total revenue for the qtr based on a multiplication factor.
Actual = total revenue for the qrt reported by PXS.
Not sure if H&B orders are filled using same order number sequence or not..time will tell.

Initial Stock Approx £41K (£135K Sales Value) - see PXS financials.
H1 16/17 (3 months only)
Orders 2367 x 2.67 Estimate £6320 Actual £7000

H2 16/17
Orders 8497 x 2.67 Estimate £22687 Actual £22000

H1 17/18
Orders 10546 x 3.224 Estimate £34000 Actual £34000
(Approx £22K worth of stock remaining = approx 72K sales value)

H2 17/18
Orders 12604 x 3.224 Estimate £40635 Actual £39000

H1 18/19
APRIL: Expiry date extended for another 12 months.
SEPT: NEW STOCK ARRIVED/deal with H&B
Orders 14430 x 3.224 Estimate £46522 Actual £47000

H2 18/19
Orders 17129 x 3.224 Estimate £55224 Actual ?????

Apologies if already posted:

'15 May 2018
Redox Flow Batteries for Fast EV Charging and for Hydrogen Production for FCEVs
A service station for electric vehicles (EVs) and fuel cell EVs (FCEVs) has been constructed based on a vanadium redox flow battery (200kW-400kWh). This battery is used to fast charge EVs using a DC-DC converter operating at 80kW.'
https://ecs.confex.com/ecs/233/webprogram/Paper107811.html

September 17, 2018
Tenfold improvement in liquid batteries mean electric car refuelling could take minutes
https://phys.org/news/2018-09-tenfold-liquid-batteries-electric-car.html

Instead of charging the battery of an EV using electic charging points, there appears to be growing research into putting a Redox battery into the EV and simply replacing the electrolyte at filling stations. So instead of pumping petrol each time you need to refuel, you pump electrolyte.

https://www.miningreview.com/bushveld-minerals-world-class-vanadium/
'Bushveld Minerals: growing to be a world-class vanadium business'

https://www.facebook.com/MiningReviewAfrica
'AIM-listed integrated vanadium producer Bushveld Minerals’ ambition is to grow into one of the world’s most significant, lowest cost and vertically integrated vanadium companies.'
http://bit.ly/2BxhWM6

https://twitter.com/miningreview
'?@MiningReview
#BushveldMinerals: growing to be a world-class #vanadium business @BushveldMin_Ltd
http://bit.ly/2BxhWM6'

Bobbie Hilliam left Cenkos April 2018 became Head of Corporate at Canaccord Genuity Limited
in August 2018

31 Jan 2018 PXS RNS both Bobbie Hilliam and Camilla Hume listed as Cenkos contacts.
25 June 2018 PXS RNS just Camilla Hume listed as Cenkos contact.

Perhaps this has more to do with changing Nomad/Broker from Cenkos to Allenby.

https://uk.linkedin.com/in/bobbie-hilliam-7a57b6b

Wheelds - 'New collaboration deal with a new company to produce new Fruitflow products in China' ...really?

From RNS 06/04/17 By-Health MOU and product launch for Fruitflow:
' It is envisaged that the Company, BY‐HEALTH and a third party Chinese research organisation will sign the research and collaboration agreement later this year, with the bulk of the research programme to be completed in 2018.'

Not a new deal...just confirms it's somewhat later than originally envisaged.

Having read the AGM RNS, it is basically cut and paste with a couple of tweeks,

From a reseach point of view, I would have thought it more useful to dig a little deeper into the information provided, such as:
'BY-HEALTH intends to make the relevant blue cap submission to the CFDA by the end of 2018,...'

' If CDE/CFDA issues no queries within 60 days (around two months) from submission, the application is regarded as approved. '
file:///C:/Users/roy/Downloads/2018-May-Regulatory-Focus-China-Messmer-Davidson-Wang.pdf

and

,Compared with registration duration, the technical evaluation (in 60 workdays), CFDA approval (in 25 workdays) on-site inspection if necessary for registration (in 30 workdays), re-test if necessary for registration (in 60 workdays) could be saved for filing.'

http://www.cirs-reach.com/news-and-articles/difference-between-health-food-registration-(big-blue-hat)-and-filing-(small-hat).html

Is it 'Blue Hat' or Blue Cap'....lol!

AA
16/17 = £153K
17/18 = £163K

FF+O
17/18 H1 = 34K
17/18 H2 = 39K
Total = 73K

Total Income for Year 2017/18 = £236K

CB
DSM, DSMV, McK, Auditors, Broker, O'K, and a few other PI's I know of have all known where IF and his family have been living for the last 5 years (Sidney) so it's not exactly a secret. The Company House record was updated recently with the addition of the new DSMV chappie and he's clearly shown as resident in France, so IF could have updated his profile at the same time. https://beta.companieshouse.gov.uk/company/05102907/officers

CB. We know H&B is now promoting/selling FF+O in the same packaging as PXS and there's a strong possibility PXS is supplying them direct from their stock. I posted up three links.
The first gives a bit more background into H&B's sales outlets and their substantial investments made in technology/online sales. They state: 'in China we have also launched the Holland & Barrett proposition on Tmall’s local and international websites.'

'TmalI, formerly Taobao Mall, is a Chinese-language website for business-to-consumer (B2C) online retail, spun off from Taobao, operated in China by Alibaba Group. It is a platform for local Chinese and international businesses to sell brand name goods to consumers in mainland China, Hong Kong, Macau and Taiwan. Being one of the world's biggest e-commerce websites, it has over 500 million monthly active users, as of February 2018. It is also one of the world's top 20 most visited websites according to Alexa.'
https://en.wikipedia.org/wiki/Tmall

The second link gives some information on H&B's new owners and how much they have invested in the acquisition.

Based on the information in the two links and the fact FF+O is being promoted by H&B online and in store (allbeit early doors), do you think there may be any possibility that FF+O will ever find it's way into the H&B international marketplace? That's for you to decide/keep an eye on.

The third link was simply to make a point that many companies often don't like to be first to market as the article explains and could explain why hooking that initial 'global' is proving to be so difficult.

As far as dot joining is concerned, it's what many have and are trying to do on BB's...trying to build a picture of the company from information provided by the company and research provided by others on the BB and then trying to get a feel for how the company might perform/grow or not going forward. Individuals can then make their own decisions regarding their investment strategy accordingly. I'm sorry you feel there's some mystery to my posts...or hidden agenda...there really isn't. I simply post up bits and bobs I've found which might be of interest to others and sometimes add my own thoughts/opinions. That's it. So much of what has been said in RNS's hasn't panned out in the way we all hoped either.

From a small suppliers point of view...
https://businessadvice.co.uk/supply-chain/sourcing-suppliers/selling-to-holland-barrett-insight-from-those-with-stocked-products/

and Holland & Barrett Online
We are an omnichannel retailer and have invested c. £30m in recent years in technology that has transformed our online and mobile propositions. Our website is now fully integrated with our network of high street stores providing an easier and more seamless shopping experience for our customers. Building on our existing home delivery service, the launch of click and collect this year means customers will no longer need to wait in at home for deliveries and can order from the convenience of their mobile phone or tablet, collecting from their local store. Our store associates are also able to use iPads to review products and solutions with customers and then help them to choose products in store or to place orders online.

We have also invested in developing online propositions to support our international franchise network. Our franchisees in China, Singapore and UAE are all supported by the local market Holland & Barrett website, and in China we have also launched the Holland & Barrett proposition on Tmall’s local and international websites. India is our fastest growing franchise market and online sales are now available through the website of the local franchisee, Apollo Hospitals.

Overall, Holland & Barrett ships products to more than 30 countries, well beyond its existing store network covering 14 territories.
https://www.hollandandbarrett.com/info/who-we-are

and finally the new owners of H&B
https://www.carlyle.com/media-room/news-release-archive/l1-retail-buy-holland-barrett-nature%E2%80%99s-bounty-co-and-carlyle-group-

Being first isn't always the easier place to be...
https://www.inc.com/david-glickman/call-it-a-second-mover-advantage-why-starting-second-can-mean-finishing-first.html

If this is the case, then PXS will be invoicing H&B for orders shipped....mmm!!! just hope they continue to have enough cash flow to carry the paper as business grows and I hope H&B is not like other retailers out there who sit on payments and/or claw back money months/years after large promos from their suppliers.

A small point..why hasn't PXS told the markets their registered office address will be changing - especially since the new boxes have already been printed with it on...another case of not engaging with shareholders/customers. If it doesn't warrant an RNS they could have posted the info on as a news item on their websites plus told customers in a nice email and perhaps add another piece of interesting info about FF+O such as SunWeb using FF for recovery in round Britain (assume they still are) and FF could help cyclists with effects of city pollution....how much would it cost to send out an email to the PXS FF+O customer base vs increasing awareness and perhaps generating some more business. If they're not going to promote their own online sales, then what's the point...or has it been set up purely to generate stats as a sales aid to hook companies like H&B. Which side of the fence do they rally want to be on..retail or wholesale...or both?

Alf...if PXS have taken delivery of a new FF+O order (because they are close to selling off the original stock and to service H&B orders (possibly online and in store), then PXS is acting as a Stocking Distributor. James & James are quite capable of servicing H&B online orders (they service orders placed thru Amazon) and H&B stores.

BB .. 'If what you say is accurate ( rather than dot joining ! )'...ha ha...
Afraid it's true and yes I will mention the company house matter to him.

CB.. If you speak to IF, he will be the first to tell you, 'they' (and he means PXS) never in their wildest dreams ever imagined it would take so long to get to this point. 'They' have been extremely frustrated by the whole process. DSM, as you know, made some big acquisitions a few years back and this resulted in changes in personnel and in his words 'they' felt like they had to retrain new people on several occasions. Many of you just post up your frustrations on BB's but I can assure you IF has felt the sharp end of my frustrations in both EMails and verbally. FF is a great product but I have no idea why PXS has such difficulty engaging with their shareholders and customers. The lean and mean model is a good concept if DSM brings home the wholesale bacon for FF and FF+ but what happens if anything should happen to IF? That's my biggest worry right now...he's the bookkeeper, customer service desk, shareholder contact, admin assistant etc etc....

Back in June, Moore Stephens (PXS's Auditors) announced an upcoming move to new premises.
https://www.businessmag.co.uk/reading-moore-stephens.../

The PXS registered address is the same as that of Moore Stephens in Reading - brass plate type registration.
The new FF+O boxes appear to show the PXS address as being the same as the new upcoming Moore Stephens address in Reading.

Alf...my point exactly.

1) If it was DSM's sales team,then it would appear DSM have control over PXS's FF+ wholesale sales since IF is so far away and PXS have no UK based sales team of their own. So in effect (not literally of course) you could say they own us already within the wholesale sector. On the plus side it would show DSM still strongly supports FF and we most likely got this as a freebie.

2) PXS might have used a third party negotiator/company...this is feasible and there is one chap (forget his name) who used to work with i-Health (DSM's consumer arm in the US) who has now set up his own company as third party negotiators. This, of course, would not be a Freebie.

3) McKeeve (Jones Day) advised L1 Retail, the retail investment arm of LetterOne, on its recent acquisition of Holland & Barrett. Did PXS get a little leverage on this relationship...who knows.

4. Buck..IMHO..absolutely no.

So, take your pick...both 1 & 2 could be means of getting FF+ into US...

IF living down under...not a problem - just adds long haul flight costs to expenses.

Finally, for the last three years the Y/E Results were issued on 7 September...mmm!!! not today..yet! I know they don't have to keep with tradition, but....fundraiser perhaps???...

Think this years' AGM could be interesting!!!!...BB, you speak to IF from time to time, I assume you've known for perhaps as long as me...

Puk..old or new box?

Yes, for 5 years now. He moved around the time of the demerger.