Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Bear in mind that Michael Rowan is a crook who will bleed the coffers dry as long as he can.
Let's not forget he went behind the shareholders backs and handed over $1m to Player, after informing the markets through official RNS that Player would finance the plant entirely.
Michael Rowan should be in prison for fraud!
His goal is not to get as much return for the shareholders.
They have £2.5m tied up in Aplha Prospects
https://www.alpha-prospects.com/shareholder-information
Last year they floated the plan to move to a Coalswitch version 3.0 based more on torrefacation.
This came on the heels of the 2 Enviva guys joining AEG. Who bring a lot of industry knowledge.
I believe Player had difficulty with scaling Coalswitch, hence he went out in his own, using steam treatment but not explosion. I think this is were the relationship broke down, we were just kept in the dark for a long time.
I think the company still has life, but may be headed in a slightly different direction. Not sure how much of Coalswitch tech they'll incorporate into future fuels..
Young company I believe.
Social media accounts created a year ago.
You can check their LinkedIn via website. Has few posts of dryers they've made.
https://www.omegatsg.com/contact-us
You mentioned 7p as all time high.
2021 high was 1.83p (64p taking rs into account). It just doesn't show on the chart.
The price jumped to 1.83 in 2021 with a plant built in Lumberton and permit approval.
Recent high of 2021 was actually 64p. The chart doesn't reflect the 35/1 reverse split of August 2022, where you see 7p.
2015 high was before my time, unsure if there was a reverse split between 2015 and 2018.
@Deltalo
How can you say there's progress in the background?
Because of the sugar coating statement:
Based on the continuing strong product interest from potential customers, the Board is confident in the significant future commercial opportunities for CoalSwitch?
This only means you know nothing about this company. It literally means nothing. A whimsical promise from a liar. Nothing real, nothing tangible. I'll point out that the company doesn't have a product to sell. Or a means of producing one!
(FYI, according to RNS, there's been a strong interest from potential customers for years now, means jack if there's no product to sell them! :) )
This company is a Ponzi scheme. Michael Rowan paying himself 120k a year for fronting an AIM company that is not profitable, has no revenue and has no product to generate revenue! It's a joke.
@Laura
Why would you expect a large volume day soon? 2 of the largest shareholders dumped their stock for a reason.
This stock is illiquid. It never has high volume days, even on good days. Bad news and exiting shareholders don't equal high volume purchases.
Where did you read that most of that 1.4m from H1 was related to the plant?
Player took this onboard 1.5 years ago. So I see no evidence that it all or mostly came from 2023. It came from the sale of Lumberton and may have been paid to Player in 2022.
Like I mentioned already, Player was supposed to be financing this plant entirely, so why was he handed 1.4m?
Dodgy behind closed door dealings is why.
Fridays RNS was not positive at all! We have little to no cash, no plant, no product & our partner has sailed us up the river with no paddle. If you read any prior RNS you'll see a trend of Rowan sugar coating terrible news with some lame statement.
From July 2022:
"In order to accelerate the supply of production volumes of CoalSwitch, PDI has now committed to take full responsibility for permitting, financing and constructing the first CoalSwitch® production plant in Ashland, Maine (the "Ashland Facility") which PDI will own and operate. PDI has already ordered the parts required for the completion of the Ashland Facility and has confirmed that first production volumes of CoalSwitch® will commence during the first quarter of 2023. Active Energy will sell these volumes of CoalSwitch®, once produced, to prospective customers.
https://www.lse.co.uk/rns/AEG/agm-statement-and-strategic-update-tz1z0nkj2wlj78b.html
The trades did show, in a batch of 6 or 7.
Why do you think the share price will rise dramatically, when one of the largest and longest holding shareholders dumped their entire position?
They hardly think so!
The company had 1.2m cash, 7 months ago. That's all but gone.
Laura, read the historic posts. 70% down is not harsh at all, it's optimistic.
Don't think AEG will be able to recoup these 'assets' easily.
Assets V market cap means nothing when talking about an AIM penny stock!
This is NOT Tesla we're talking about.
I've exited my position with hefty loss today.
Usually I take these opportunities to load up at a discount, not this time I'm afraid.
If it continues to slide to 0.1p, which I expect it to, I may retake my position in the off chance this pulls itself from the ashes. Perhaps then I could recoup my 40k loss with minimal investment. I won't hold my breath :)
Todays news confirmed many of our assumptions, the relationship with PDI is dead. It has also added to my partial speculation that Player is no longer building a Coalswitch plant, but using black pellet technology not related to AEG's patents. Player has stated already he is not building a steam exploded pellet plant anymore. A concern I raised here previously.
AEG will attempt to recoup investment from Player. Don't expect the cheque to arrive next week!
They may well have to sue, if they can keep the lights on long enough.
A few points to note regarding todays statement.
1. AEG, a cash strapped company with no source of revenue, paid PDI 300k for 'future' services! Services not yet received. That's not just insane, it's almost criminal. Certainly not in shareholders best interests, I would say.
2. AEG paid PDI 1.1m towards the plant. That was supposed to be financed completely by Player. And funds retained in AEG's coffers while they took on marketing and sales. This was the agreement made, which would keep AEG alive and kicking while Player readied the plant.
2a. Why on earth would AEG, with minimal cash and no revenue stream hand over 1.4m to Player for a plant he was supposed to be financing?
Remember, Player took ownership of circa 376m shares (old money) and paid 250k cash for it as well as forfeiting fees due etc.
What has actually happened behind the scenes here it seems, is AEG made Player a significant shareholder and gave him back the funds via the 1.1m along with an additional 300k. In the process, they also 100% outsourced the building of the plant and failed to hold the contractor responsible for shortcomings.
3. Rowan has stated that 1.5m worth of AEG components are being used in PDI's plant. So Player has reduced his exposure to the tune of 2.9m! I'll remind everyone, these parts were not supposed to be used in this plant, and in fact, as per Rowan they would be held aside in Ashland for future expansion!
4. Unrelated to today, I'm struggling to find the 2m worth of shares held in Alpha Prospects in the accounts. If it even exists. Curious if anyone can shed light on this..
I know AP took a position in AEG before, 300k I think. I'm unsure of how the deal was structured. I think I read too that an ex employee or director of AEG is linked to AP.
Does Michael think we are all stupid, that we have zero memory?
Wondering what recourse we may have in terms of suing AEG or Michael personally?
For context, the current share price of 0.5p equates to 0.0143p in pre split terms. More than 99% drop from the 2021 high when we were clo
They got the permit from the department of air quality eventually, but Player & Rowan decided to go behind their back and build a cyclone onsite (to be fitted) which they were not permitted to do.
This was noticed during an unannounced audit of the site and resulted in the permit being revoked pending additional emissions data being provided.
This was confirmed to me by the DAQ.
Rowan left Lumberton after that and didn't bother trying to get the permit reinstated.
How did Rowan manage to mess this up?
He is incompetent beyond belief. Going from having a plant completely built in Lumberton to ditching that, handing over all responsibility for construction of a new plant to a non director. Sitting idly by as deadline after deadline was missed, to the point AEG is operating on a shoestring budget, to ruining the relationship with Player.
No money, no plant, no product. But Michael will undoubtedly say 2023 was a productive year!
If he has a morsel of respect for shareholders and any morals at all, he will step down.