Member Info for Bigwil7

Key Highlights:

Pyebridge Revenues and 2nd Genset Refurb Progress Update

· Record high revenue for September 2024 increased by 10% to c. £95,000 (up from c. £86k previously reported) following receipt of Embedded Benefits;

· Preliminary revenue for October 2024 of c. £65,000 before receipt of Embedded Benefits;

· Average revenue per MW per month for July to October period increases to c. £23k;

· Pyebridge 2nd (of three) 2.7MW genset's overhaul process is progressing well and according to plan, with the refurbished long-block having been shipped and arrived from the supplier in Austria;

· The 2nd genset overhaul process has now entered its final phase, with commissioning of the newly refurbished genset on site expected by around the end of November and commercial production starting shortly thereafter;

· Following the completion of the 2nd 2.7MW genset, Pyebridge will have 2x 2.7MW (i.e. 5.4MW) in optimal commercial production and generating income, effectively doubling the site's trading revenue generation capacity;

· Expected that overhaul of 3rd and final 2.7MW genset will officially commence soon, and once completed the site will have its full 8.1 MW total generation capacity in optimal production;

· Extended period of low winds send UK power prices to 2-year high, with the intraday price for electricity surging to c. £329 per MWh on 5 November 2024; and

· In addition to the benefit of higher electricity sales prices meaning higher revenues, the low winds also substantially increase the demand for flexible generation, and resultingly the revenue and profitability of Pyebridge.

RNS today all positive - good news.

Toplou Monastery: Court postponed for bankruptcy application - Dozens of olive producers unpaid

The trial of the case with the bankruptcy application of the company ORGANIC FARMERS SITIA SA, in the courts of Neapoli, was postponed yesterday to January 15, 2025.

There Dozens of affected olive producers gathered to demand payment As they complain, they remain unpaid, while they gave the organic product and cut the relevant documents.

Representatives of olive producers noted to Cretalive that they fear that the other side "will not assume its huge responsibilities and will never repay us. Our only request is our immediate payment"!

As olive growers have publicly denounced:

"We believed the requests of the President and CEO of the company, Abbot of the Toplou Monastery, Mr. Amvrosios Skarvelis, who Mainly using his ecclesiastical capacity, he communicated personally with them and persuaded them to extract their oil so that they could fill out an order he had for conventional oil. After he was seconded olive oil was sold without ever paying them back and without ever being able to respond to the continuous communication efforts of both themselves and and their accountants even for issuing the required invoices."

Sitia News 12/11/24

Crete: Organic farmers in Sitia in despair after the "cannon" of "Organic farmers" (Video)

In complete despair they are biological olive growers in Sitia who have been unpaid for two years, for olive oil they have given to a company that fired a cannon, which has president and managing director the abbot of the Toplou Monastery

"Storm" of reactions has break out in Sitia focusing on organic olive cultivation and cannon fired by the company with President and CEO abbot of Toplou Monastery.

It's about the company "Organic Farmers of Sitia S.A.", which under the burden of the bankruptcy application filed at the Neapolis Court of First Instance, leaves 30 unpaid producers, while others under the same conditions as reportedly, they received a sum of EUR 1 million and were repaid Normally, no one has so far made it clear how and with which criteria were made for this choice, which resulted in some people being covered and others to stay exposed.

The producers from Sitia and the Olive Oil Cooperative from Apidia, Sitia, have been waiting for two years now with debts exceeding 500 thousand euros and from producer to producer Vary. Only in the cooperative the debt reaches 170 thousand euros, with the situation smelling of gunpowder, as members who have allocated their oil is unable to meet their obligations, while the Quantities of their oils have long been sold and money has been get into the company's coffers.

At Another case: three individual olive producers stay in wait for debt of a total of 120 thousand euros, having already started a court case struggle against the abbot of the monastery and president as well as director consultant of the company. As for those who were paid normally? According to the same sources, there are 10 producers and 3 Cooperatives.

The situation in Sitia is reminiscent of "a cauldron ready to burst", since it is, as they say, a question of survival for the unpaid producers, but also for olive oil suppliers to the company, for on behalf of which the abbot of the Toplou Monastery operated, convincing them to deliver quantities to fill orders buyers and collect normally, while leaving them Unpaid.

The issue was recently highlighted in Parliament with a timely The MP for Heraklion of the KKE, Manolis Syntihakis, asked reason also for unpaid workers.

Under these conditions next Wednesday, November 13, to be discussed in the Courts of Neapolis the bankruptcy application of the company, unpaid Producers will hold a protest rally outside the Courts, sending a message that they will not let the Their trouble, they will claim their payment and will not put in adventures the lives of their families, while taking on and a debt that does not belong to them.

As far as I can see the Company make a pretty good effort to keep shareholders well informed of the progress, whether good or not so good, that is being made. They appear to be a little overdue this time but on the whole their efforts to keep up the momentum that is starting to be built here is quite refreshing. Their business updates are posted by RNS first thing in the morning whereas holding RNS can be posted at any time during the day.

DAVID.M

Have just listened to the "Midweek takeway podcast featuring Pieter Krugel" dated Sept 12 where we were told that the 2nd genset was in for refurbishment and would take 8 - 10 weeks in total. He anticipates it to be fully operational end of October /early November.

Here's hoping we should hear sometime next week that that is the case.

Will

It was Pieter Krugel suggesting that this was an investment opportunity four months ago on "Midweek Takeaway podcast featuring Pieter Krugel " that caught my attention. His comments relating to this were about the asset value of the Pyebridge site - the land and gensets (then -ie prior to refurbishment) coming out at £4M.

Now that at least one genset has been refurbished and is producing a healthy monthly income my estimate of between £6M and £7.5M may be a bit high, however the present market capital of MED is very low at £640K. Therefore I feel that the share price needs to improve to at least 1p per share as opposed to 0.15p per share.

Incidentally IMV 3% of the company would now cost you less than £20,000 and could potentially be worth in excess of £127,500 which is where the investment opportunity lies in my opinion but DYOR.

It would appear that the Market capital is far too low at 640K.

Bear in mind that there are two sites where MED own the freehold at Pyebridge and Rochdale. The Pyebridge site is worth circa £4M alone and together with all the other assets the company must be worth about £6M -£7.5M. In addition to this there is now a valuable income achievable from the genset(s).

Therefore 0.15p per share is far too low imv.

From Riverfort's web site ( 20/08/24 )

Mast Energy Developments

RiverFort’s strategic funding powers Mast Energy Developments Pyebridge growth with £1.14M investment

Mast Energy Developments PLC (MED) is making significant strides at its Pyebridge flexible power generation site. The recent commencement of the second genset overhaul at Pyebridge represents a critical step forward in the site’s performance optimisation, made possible through a carefully structured financial package. This latest phase, backed by a further drawdown of £1.14 million under the February 2024 project financing facility with RiverFort, underscores the importance of targeted investment in unlocking the full potential of MED’s assets.

Our latest injection of capital, which amounts to a gross total of £1,137,190, represents a pivotal element in MED’s ability to fast-track the overhaul of the second genset at Pyebridge. The funding is structured with a VAT component, which, once reclaimed, will reduce the net amount of the advance to approximately £839,658. This approach not only accelerates project timelines but also ensures cost efficiency in the use of funds.

Our role as a strategic funding partner has been instrumental in MED’s ongoing development. The Pyebridge site’s first genset refurbishment, which generated approximately £57,000 in its first month, set the stage for this next phase of investment. With the second genset now undergoing a complete overhaul, our financial backing continues to play a crucial role in scaling up the site’s operational capacity.

RiverFort’s funding has provided MED with the liquidity necessary to execute its refurbishment plans without delay, leading to faster revenue generation. The swift approval and allocation of this third advance have enabled MED to capitalise on favourable market conditions and improve the Pyebridge site’s revenue potential sooner than initially anticipated.

Pieter Krügel, CEO of Mast commented:

"MED's funding partnership with RiverFort has been instrumental in enabling and fast-tracking the work programme at Pyebridge, which has already resulted in increased revenue generation sooner than expected. RiverFort's ongoing support to MED is invaluable and much appreciated.”

Conclusion: A Future Built on Strategic Investment

The latest £1.14 million funding round from RiverFort marks a critical juncture in MED’s expansion at Pyebridge. By breaking down the funding into VAT reclaimable components and net advances, the financial strategy demonstrates both precision and foresight.

The partnership between MED and RiverFort exemplifies how targeted funding can drive growth in the flexible power market. With this solid foundation, MED is well-positioned to continue its upward trajectory, delivering value for both its investors and the broader energy market.

DAVID.M

He was a little more specific in the RNS dated 1/10/24 where "Pyebridge second 2.7MW genset refurbishment progressing according to plan" but I get your point as in this case we need to know what the "plan" for the refurbishment actually was!

However, I would have thought that by now the second genset would have finished being refurbished, would be installed and also earning a nice monthly income for MED. The lack of news suggests that this process hasn't quite reached fruition,

Will

Still no news , would have thought that we will hear on Monday/ Tuesday at the latest. Maybe they are waitting for details of revenue for October to come in or the acquisition is close to completion??? One can only speculate when ones expectations are not met.

Steady buying throughout October suggests there are others interested in seeing a good future for the company.

Shares in issue only 426M and if you take off the 20% that Kibo offloaded to Riverfort and locked in until 1st Jan leaves about 340M and these are not held in any great numbers by anyone or any company. HBOS Investment Fund Managers hold 15.9% on behalf of individual investors presumably but it only takes less than £20,000 to buy 3% of the company which in future years should prove a very worthwhile investment assuming they reach their target of 100MW capacity or the more ambitious one of 300MW.

Presumably no update today then, Karlvonwise - I was rather hoping you would be right, maybe tomorrow.

Looks like they prefer updating on a Monday/ Tuesday so maybe next week (but could be any time soon ).

Just a reminder as to what we should hear about:

* Completion of 2nd Genset refurbishment and possibly the start of the refurb of 3rd Genset.

* Income receivable from the 1st Genset and 2nd Genset for the month of October ( this should be much higher than the past couple of months for a number of reasons).

*Embedded benefits from the 1st Genset for September.

* Pyebridge Capacity Market contract application submitted for maximum 8.1MW.

*Conclusion of advanced discussions for potential acquisition of company in South West with 10MW flexible power generation.

Plenty going on and if the news is good the potential for a serious rerate of the share price.................

Unheard of!! In all the years I have been posting on here he has always claimed the last word.

Says it all and could this be a significant development for Min?

The previous post "What the price will be at each point" just reflected the potential news timelines ie Waterloo's best assessment of when each event will occur.

Courtesy of waterloo01 1 Nov '24 from the excellent Guild thread on the other BB.

What the price will be at each point?

Next couple of weeks:

Director participation in liabilities swop

Strategic partner invests ++

Target: 1.5 - 2p

Before end November

Foundation deal.

Target 2.5p - 3p

Before end Dec

New hotel group signs up

Construction partners sign up

Banking facility announced

DAGG partial or full payoff

Further strategic investors (if needed, esp Sovereign funds)

Target 4p - 5p

Early new yr

New (Greek) top management team

Confirmation of application for grants/RF funds

Environmental study

Epifania progressed

>5p

1 November 2024

Minoan Group Plc("Minoan" or the "Company")

Reduction of Liabilities and Financing Update

Reduction of Liabilities

On 2 October 2024, the Company announced that agreement had been reached to exchange certain outstanding loans to the Company into new convertible loans.

In addition, and in order to strengthen further the balance sheet, the Company announces that it now intends to further reduce its liabilities by the conversion (the "Conversion") of some of its balance sheet creditors ("Creditors") into equity. Minoan is pleased to advise that it intends to issue up to 78,000,000 ordinary shares of 1p each in the Company ("Ordinary Shares") to settle certain balance sheet liabilities totalling in excess of £1,300,000. Certain Directors of the Company and of Loyalward Limited intend to participate in this proposed Conversion and a further announcement will be made in due course.

Financing Update

As announced on 30 April 2024, the finalisation of the updated Contract on the Company's project at Cavo Sidero (the "Project") will enhance significantly Minoan's ability to accelerate numerous financial and commercial arrangements already in progress as well as to enter into new arrangements. It has been the Company's priority since this announcement to seek to access new equity and debt funding sufficient to allow Minoan to meet its expected Project funding commitments without the traditional recourse to frequent short-term equity placings.

The Company is pleased to report that it is now in advanced discussions with a strategic partner to provide significant new funding into the Company. Whilst there can be no certainty on the timing or terms of any such fundraising, nor can there be any certainty that a fundraising will be completed successfully, both Minoan and the proposed investor have agreed that should such a fundraising go-ahead, completion will not require a change to the Company's current 1p per Ordinary Share par value.

The more I consider it the more this company is in recovery mode. They have the finance now with Riverfort's 4 million to use wisely and I believe the CEO Pieter Krugel is a chartered accountant so he will, or should be, spot on with the numbers.

They have virtually started again with Riverfort's finance and the refurbishment of the three gensets at Pyebridge reaching a positive cash flow from now on. Whereas before they have been running at a loss of 80K approx per month with the 2nd genset it will just improve on the positive cash flow and it will be interesting to see how much of a contribution this makes. Expansion is on the cards too as plans are to turn 8.1MW into 100MW ie revenue from that should be ten times what 8.1MW will achieve.

Don't know Riverfort and therefore have no inkling as to how they operate. But they have given MAST a lifeline and it would seem a future - it all seems positive atm.

those 2.5M amounts showing as sells are imv just someone rolling over 2.5M into another period awaiting news.