Member Info for crh1

Have a look at our website timetoactplc.com. In the Investors section you will find, under Presentations, the IPO pitch deck and, under Corporate Documents, our Admission Document. Lots of information in there.

Don’t get dispirited. That was just a sighting shot to get JG to reveal his position, and he and his mates have had to stump up £250k in warrant exercises. That will keep the lights on for a few more months. What if I’d bought 25% plus found an extra 15% of the votes and had then lost the GM vote anyway. Now I have a better view of his concert party, and the Company's funded for another year. I am close to signing up with a competing (real) Stirling engine company and can then properly evaluate options. Game on.

Oldblue1973 - I have always tried to make my intentions clear and have given my personal mobile number and email address for those that want to make direct contact, but I won’t respond to people who just like making stuff up (which is libel by the way). Thanks for your previous support.

Hi Misterfluff

I have just one main aim which is to make money as an Inspirit shareholder. My problem is that I can't see that happening with the current insipid Board who I fear will continue to fritter away the potential value in the Company. The first thing that I can do therefore is get on the Board and try to turn things around. By the way, Andrew Hall who is my co-nominee, was previously the CFO of Siemens Gamesa, the world's largest wind turbine OEM - he is much more credible than I am; all I know how to do is to kick butt in underperforming businesses. The second thing I can do is to introduce two real applications for Inspirit technology in furnace waste heat recovery (we are the world's largest coater of tubes and pipes for hydrogen steam reformers and run a 70 tonne 6MW gas fired furnace which throws off up to 2MW of waste heat) and in wind generators (our generator design runs "hot" and so in a 20MW configuration would produce 2MW of heat). So I don't want to "get" their technology, I want to explore a co-development relationship - but I need the Company to be willing to talk to me rather than just frustrate me. Third by a long way is an RTO. I'm not convinced by AIM. We played around with the RTO idea a couple of times and the Company was desperate a year ago and I have subsequently made some structuring proposals. But we have, depending on our working capital cycle, between £0.5-1.0m of cash and headroom and so I'm not desperate. We have three other discussions underway to acquire heat recovery technology and so, again, I'm not desperate. I personally think that injecting a business with a revolutionary wind turbine generator and a world-leading coater of hydrogen plant components into a pedestrian Stirling engine business would turbo-charge the equity story and the share price but I'm not desperate and JG doesn't "get it". We are better served by a primary IPO than by reversing into something which can't be bothered to show if it has value or not (an RTO is no cheaper than an IPO and only works where the share register is a strong one - I'm not sure that JG and his mates tick any boxes in that regard). And please don't fail to observe that the working relationship between JG and myself is only getting more and more confrontational with the passage of time.

Hope that helps. My email address and phone number are on previous RNS statements so please call or email if you want more. I'm not going away - I own ~9% of this Company and will continue to demand that they play ball.

When a product - the Charger - fails certification over four consecutive years, I think any reasonable person can justifiably paraphrase the result as “it doesn’t work”. The Company’s tech is not the Charger. The Charger is a gas burner (a “boiler”) surrounded by the Company’s tech - which is waste heat recovery and conversion of heat to electricity through a Stirling engine. I have no idea whether this tech is any good or not but have bought ~9% of the Company in the hope that it is.

And, no, I’ve not said I don’t like the boiler mCHP. It just doesn’t work unfortunately.

There are two sides to every story. I suggest that everyone reads the GM Circular for the Board’s interpretation of my intentions and my interpretation of the failed dialogue to date with JG. In addition, consider (a) if I and my “mate” have two seats on a Board of 4, how do I control that Board (when typically the Chairman anyway has the casting vote in a deadlock situation), (b) that some low level discussion started with Inspirit over a year ago after which they tried to railroad me into a RTO when they felt that they needed extra support to move the technology forward, (c) that I reverted to them earlier this year with a structure that would help fund the business and be the first move towards an RTO but which JG failed to understand, (d) that he saw this structure as “dilutive” without any value being discussed and yet I’ve just watched a ramp to get some of the highly dilutive warrants exercised, (e) that he has blocked every request for information with technicalities so I’ve had to approach the AIM panel and others to get those questions answered, (f) that INSP is a PLC with certain obligations to all shareholders of which I am just one, (g) my main interest as a shareholder is in a higher share price, (h) that I was tracked down on LinkedIn some months ago by the sole INSP employee who then didn’t want to respond to me. Without help, this Company is going nowhere. I am not promising miracles but I want to be a shareholder in a Company that can make the most of what it has. If I do get voted onto the Board (which is going to be a big ask with ~9% vs ~30%), the first Board Meeting will be quite the most uncomfortable Board Meeting for JG in INSP’s history. Perhaps he will resign and take NJ and the engineer and their automotive division with him. Nuff said.

If your shares are held through a dealing account (Barclays, Hargreaves, etc) you are best advised to contact the nominee (in reality they should contact you) and request they vote IN FAVOUR of a corporate action. They are well set up to do this. Failing this, fill in and return the proxy form on the INSP website. Your support is much appreciated.

As a very rough rule of thumb, a new technology finding its feet with commercial application should be worth £3-5m, £20m when growing into a real business at proper revenue stage and can be hyped to hell to get to £100m. A good benchmark is £1m per employee (and I don’t count JG).

I like my goose cooked slightly pink in the middle and as long as its golden eggs are soft-boiled not hard-boiled. Maybe the problem is that JG doesn’t like people touching his beanstalk without being asked.

Hey buffalo at 16.02. Perhaps he worries I’m Jack and am climbing his beanstalk to steal his goose. I’d take his magical unicorn as well if it lays golden eggs.

Thanks oldblue1973 but here's a long reply. As to the Charger's performance, the point is that we could throw guesses around until we are blue in the face but they'd only be guesses. A real company would put some real data out. What they do say is, as I've said before, "incomprehensible". My guess (no more than a guess) is that the Charger modulates ie. you could have 100% electrical output at 6.4kW and no heat which, with 20kW of gas in, is 32% efficiency and, gas at 3p per kWh, gives you electricity at 9.5p per kWh vs grid at 15p per kWh. Good but not mind blowing and a long payback period depending on capital cost. This also tells you what you do in the summer when you don't need the heat. And when you don't need 6.4kW, you turn it off (like a boiler). Doesn't explain how you'd get 15kW of heat and 3.2kW of electricity from 20kW of gas going in, which is 64% thermal efficiency hence the (ironic) mention of Carnot and the word "incomprehensible". Or "impossible". However, I stick to the view that the Charger is a sideshow. The Charger is just a name for a box of tricks that includes a gas burner (a "boiler"), some pipes, some heat exchanger technology to capture the heat and the tech to feed the heat into a Stirling engine. Take the burner out and you have the tech to recover waste heat from any source and turn it to electricity. That's the interesting bit, the holy grail of the cleantech industry. No-one can do it very well and if you can do it at all well then it's very valuable. We have looked at it for our furnaces and it pays back with 20% thermal efficiency. The problem at Inspirit is that the Board can't spell Sterling [sic.] engine correctly let alone explain any of that. But any company that has spent the last 7 years tinkering around with the technology must have learned something. At least I hope so. So what would I do on the Board? Have a good look, and give them a good hard commercial kick as well as seeing if the know how can be applied to wind turbines and furnaces as a starter for 10. Then improve their communication and tell the story properly.

20% is viable, 30-35% is best in class. Doesn’t that make you wonder how a Charger can generate 3.2kW of electricity from 5kW of waste heat (ie. 20kW gas input, 15kW of heat output = 5kW of waste heat) = 64% thermal efficiency. Carnot would appreciate that.

It all depends on how sneaky they want to be in counting votes. Technically it’s the Nominee that is on the register and should vote, and the Company has turned down various requests that I have made personally and forced a request from my nominee. They are quite able to accept your personal vote if they want to but quite entitled not to accept it if they don’t like it. Which answers the question in my mind. Separately, on whether the Charger is dead and buried, I’ve said it before and I will say it again - this is all about waste heat capture and the thermal efficiency of putting that heat through a Stirling engine. The Charger itself is not part of the value - just nice to have if it works.

The truth will be in the difference between “and”, “or” and “and/or” so choose your words and phrases carefully. And in the difficulty in getting gas safe type certification. Take the gas out and there might be a product.

My take on that: I started with a genuine attempt to be co-operative and accommodating but now the relationship is clearly confrontational. A confrontational Board must be his worst nightmare i.e. someone questioning and challenging every move in what is effectively a private fiefdom. So I don’t believe he will wish to accept anyone standing up to INSP continuing as a one-person company.

My take is that it’s a positive to get any form of third-party validation of the technology but (a) mild interest is a long way short of validation (b) interested counter-parties need to be dragged kicking and screaming over the gain line and a passive Board isn’t going to achieve that (c) disappointed that the Board didn’t have the honesty to own up via RNS that there’s another delay to the otherwise dead and buried Charger

May I just remind all those that would wish to support me in the upcoming GM vote that you will need to contact the nominee that holds your shares (Barclays, HL, etc) to cast your vote. These nominees should really contact you notifying a Corporate Action and asking for your opinion, but most don’t bother in my experience.

Nope, bought a few more today. I’m in this for the long run.

Warrants expire 12 months from conversion of CLNs so end Nov. Pretty pathetic that they can’t even get the day and date correct in their RNS though.

I don’t know how much support JG has but my guess is that he is pretty much alone in voting for himself - probably with his CFO mate holding his hand. I think I cleared his former ally YA Global out of their position to buy my stake. So let’s say JG and his FD mate have maybe 30-33%. The question is what support do I have? My strategy has been to serve to company with a s803 notice which requires them to seek the details of shareholders underneath nominee holdings so that I can seek their proxy support. JG is running scared of this and his lawyers have refused two s803 notices served on the basis of unspecified irregularities. Basically just hiding behind lawyers. So I have served a s303 notice to call an EGM. Which they have also refused so far. Running scared. He obviously knows that he’s on very thin ice and doing everything to protect his position. But I’m not going anywhere. I’ve increased my shareholding a little (still <8%), don’t yet have the shareholder details to seek proxies, but will again call an EGM. The EGM is about checking the lay of the land - who’s going to vote for who and how much work do I have to do before the GM in January to accumulate more votes? At the end of the day, it’s disappointing that a trembling CEO with ~30% of the company is hiding behind his lawyers, but that says a lot in itself.