Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Did anyone see GFG again on Channel 4 news again today? The dodgy financing is not going away.
SAE is in real trouble.
Another angle over the weekend in the press. Gupta’s financial dealings are coming to light as I predicted. Not looking good for SAE at all. The press, then the regulators, questions in parliament followed by what? Administration and a quick sale at the expense of all genuine SAE shareholders? Then what for Meygen and the other subsea projects??
The Sunday Times article yesterday (21/3/21) is pretty clear in its condemnation.
It is all about Sanjeev Gupta and the financing of the GFG house of cards. They are even calling it a scandal, like I did last week. Great minds…
“Sanjeev Gupta: Anatomy of a scandal… We unpick the chicanery and chutzpah that powered his empire”. The Sunday Times 21/03/21: https://www.thetimes.co.uk/article/sanjeev-gupta-anatomy-of-a-scandal-wz6hts8kl
If you overlay that with the article in the Financial Times about Gupta engorging himself on the trappings of ‘success’ (Belgravia mansion worth £42m; Scottish and Welsh country estates; private jets…) then it is possible to see who Atlantis Resources (as it was then) got into bed with in 2018.
“How Sanjeev Gupta lived large on the back of rickety financing” Financial Times 19/03/21:
https://www.ft.com/content/8d5956d2-33e0-4ab0-a6d9-76cf63929bd9
When Atlantis shares were suspended during the takeover in 2018, the share price was 35.25p. The share price is now 12.4p and fell as low as 6.9p soon after the takeover.
Gupta lumbered Atlantis with the Uskmouth power station when he forced Atlantis to buy it from another part of the GFG empire. It remains an albatross that can bring down the whole of, what is now, SIMEC Atlantis. Three years later and it looks like Uskmouth might fall at the first hurdle – planning permission. That would be disaster. All the talk of who will make the decision to decide who decides is beside the point – the question is what will the decision be?
Meanwhile, in those three years, the subsea turbine section of the company has hardly moved on and the person responsible for its growth and success in the first place has been shown the door. Love to hear his view as to why he was replaced.
We are left with no one in charge who knows anything except financing which is pretty useless given that GFG credit status is on the floor.
Such trouble for SAE.
Interesting article about Gupta in the FT. All about how he has enriched himself personally over the past few years with jets, Scottish estates and houses in Belgravia. https://www.ft.com/content/8d5956d2-33e0-4ab0-a6d9-76cf63929bd9
Seems that Liberty steel are having to cut production in Wales. Thousands of jobs on the line of course, not to mention the £1bn+ tax bill due to Gupta's defaults.
No problem though - Gupta is going to be moving into Belgravia soon.
It isn't going to end pretty, whatever the alter ego Myles McWhatever says. Don't forget that link to an article of his a month or so ago that referred to the new CEO as Graham Bell and used the name Atlantis Resources instead of SAE. Now I see he is trying to differentiate between SIMEC and SAE. What does the 'S' stand for in SAE I wonder? Such lack of basic knowledge is a real sign.
I agree with you Strangy. People who don't own shares and post on here is so annoying. Luckily you cannot be referring to me because I own shares.
I do however think this company (SAE) is in real trouble and will be sold for a song. Gupta has taken it and destroyed it. He has got very very rich on the back of us as shareholders and tax-payers. Yippee.
I think what annoys me more is when rampers sign on with multiple accounts and start 'talking' to each other. Even if one person did actually own shares (which I doubt) then it is a very sad thing to do. Really sad and quite disturbing. That is, unless there is some payment to make such posts.
Interesting 'conversation' this morning before 9am. Nice to see 'other posters' from AVCT turn up (again) to agree with Stangy a few minutes after he posted. No difficulty in working out how this came about - early on a Sunday morning too :-;
Hi Luke. Nice to see another person coming over from the AVCT board to make their first post in full support of Stangy.
I think we all know why the coincidence ! :-;
The future of GFG and the collapse of Greensill talked about on C4 news today. Just to think that not so long ago those who talked about the GFG default were abused and libelled by you know who.
It seems that the £ 1bn taxpayer cost of the GFG debacle may well be an under-estimate - looking like it might be towards £ 2bn.
That really is quite some collapse - it will take time to unpick Gupta's financing arrangements, but with private litigants and government wanting their money back we can be sure of some very unwelcome news when we find out more.
That is even more dire than my prediction of 10p there SBuild. Why do you think 5p? Are you a chartist investor? Interesting to see when you think this might stop falling.
I do hope you are wrong but can see there is nothing really left now that Gupta has wrecked it.
Watch yourself on here though. There are people who don't like negative comments and I see you have not provided any "research". Apparently you can only post on here if you pass through the Stangy vetting process of accetable 'reasearch'.
Good to see you OldTramp. Tell me about your research. I am so eager to learn. You haven't posted on here for a while. You stopped quite abruptly after all those months of 'positive' posts - just at the same time as Harry when he stopped. You must have sold out too like him. I got rid of a few at the top too. Good for you if you made a good load.
I have always wondered about one of your posts on here to someone called Bolgas. What was that about, because 'Bolgas' has never posted on here as far as I can see. Were you confused with things in all the excitement? Interesting to see.
Did you also get it on good authority like Harry that planning permissionwas not going to be granted? You no longer hold, so must have sold out at one point. Was is just before the share crash? Like peas in a pod.
Another day tomorrow for me and you. How much do you think a buyer will get for SAE when it is sold? Outfits like GFG cannot be too choosy when the creditors and tax man are after cash. Fire-sale?
Alas it is not I that shows confuddlement.
I said "As it stands, planning permission is yet to be granted." Then I said "He [Harry] has not answered questions as to exactly on whose “good authority” he received the information, the day before it was officially announced, that there would be no planning permission."
At no point did I say it was refused. 'Yet to be granted' and 'an official announcement of no planning permission on the day' are correct and do not tantamount to me saying there was refusal. Was that a deliberate 'mis-read'?
Perhaps the eagerness of your joint-selves to prove me wrong led you to read something that wasn't there.
Quite sad really. But another example... On a positive note, good to see you all working so hard.
I did like the questions posed on 12th Jan 2021 from you there Strangy. My answers are directly below.
“Just thought I would drop a quick teaser for people.
1. What do people think the chances of getting the EP completed by deadline is?
2. If you think this will happen do you think the SP will increase 10-20% less or more?”
Answers:
1. There is very little chance of getting to the stage of EP. As it stands, planning permission is yet to be granted. That could easily be a no so the question of EP becomes superfluous.
OriginalHarry was given notice “on good authority” (his words) that it would be refused. He has not answered questions as to exactly on whose “good authority” he received the information, the day before it was officially announced, that there would be no planning permission.
2. The sp opened at 22p on 12th January when you posted. Since then the sp has fallen ~50%, and not increased as you suggested. 20% on top of 22p would have been 26.4p but alas the sp is 11.25p.
That really is a significant error in prediction. But that doesn’t stop the ramp. It is incessant from you.
Those who were saying the UPS was problematic at the time in Jan were personally abused by you Strangy.
Just admit that you were very very wrong and that you know little or nothing about the company or products.
At the same time you might be able to explain why you were all over the UPS a few months ago but now think the future is tidal.
When did you change your viewpoint?
Casap.
That was well put. Others think that GFG are just fine and dandy on here, but you are right. It in in terminal decline - I read about it in a proper newspaper.
It is likely that SAE will be sold for a song. Sp collapse to continue.
The question then is what the new owners will do.
UPS is pretty much gone, it was only to service a Gupta steel plant anyway. No Gupta, no steel, no need for UPS. Who says the end of GFG is not linked to SAE??
Yes Welshy, I think I agree. Freedom of speech is so important. Attacking someone just because they have an opposing view is the sign of a very weak and feeble person. It shows no ability to make an argument as it is based on tribal emotion. When people abuse others like that they negate the value of anything else they say. All they are doing is being disagreeable for its own sake. When they then change their shaky viewpoint, it makes them look rather silly.
I did see a long running argument between AVCT posters and someone called Scouter. It seems Scouter was right about Uskmouth. He had a name for it that was rather funny. At the time I thought it rather purile, but it turns out that he was right. The UPS is going nowhere and is being challenged because it has little or no green credentials. There is no planning permission and no environmental permit. If you add the problems with GFG then the UPS project is looking more and more of a nonsense.
We all remember the abuse Scouter got. If you look back you can see who it was who thought it OK to make personal attacks - they mentioned his name all the time in their abuse. Never a good thing to do that.
Funny thing is that those who attacked at the time are now agreeing with the very thing they attacked.
I can only assume they hounded Scouter off the board because they knew what he said was correct and wanted to claim the position for themselves. I personally don’t care about Uskmouth as looks like it was never going to happen. Much more important is how Gupta’s debt and tax defaults will impact on GFG, SAE and the whole subsea turbine project.
Hi Strangey,
At 16:16 on Friday 11th March 2021 (last Friday). you posted this: "Eric, Conman".
LSE removed the post.
That is libel. Full square, 100% libel. I am looking at the post.
Please explain why you libelled me on a public bulletiin board Strangy.
The FT have been all over this ‘company’ for ages. Take a read (some links below), it is as worrying for us shareholders as it is interesting how Gupta has got away with it.
GFG is the ‘company’ that defaulted. GFG is a non-incorporated ‘association’ of companies (including Atlantis) that has raised eyebrows in financial and regulator circles.
“Greensill and supply-chain finance: how a contentious funding tool works”. Financial Times 03/03/2021
https://www.ft.com/content/1bbbe94c-9c3d-43d1-bcdd-8add6557c5a7
When GFG defaulted, Greensill lost credit status with Credit Suisse and was unable to draw on a £10bn facility. Greensill is now in administration.
The cause was GFG being unable to repay its loans. Do not let anyone tell you that GFG’s problems are because of Greensill – it is the other way round. Greensill failed because GFG defaulted.
• Germany’s supervisory financial regulator (BaFin) tries to force Greensill to reduce exposure to Gupta’s companies and withdraw loans. This is because it was clear that GFG were in financial difficulties.
“BaFin pushes Greensill Bank to reduce its exposure to Sanjeev Gupta”. Financial Times 18/02/2021 https://www.ft.com/content/44c47737-5d8b-4aca-8ff3-dbcc8349bc04
• GFG tried to borrow from Brookfield. Brookfield said no way Jose. Who would lend to GFG now anyway? Bad news for us shareholders.
“Sanjeev Gupta turns to Brookfield for loan”. Financial Times 23/02/2021. This was followed by a no from Brookfield.
“Brookfield walks away from Sanjeev Gupta loan talks”. Financial Times 02/03/2021
https://www.ft.com/content/33bf4c21-5cda-46a3-ac20-9c408d429456
• GFG has defaulted on tax payments to the UK government.
“Sanjeev Gupta’s metals businesses miss UK tax payments”. Financial Times 09/03/2021
https://www.ft.com/content/cb71988a-e4ba-4bf9-8025-ce26ff355e66
• National and regional government in UK is exposed to Gupta default on loans that they guaranteed guaranteed. In other words, the UK taxpayer will be paying for some of the Gupta collapse.
“UK taxpayer exposed to Gupta and Greensill via £1bn debt guarantees” https://www.ft.com/content/8baceeda-957a-409d-8061-17b70f298fe1
No point hiding with this. SAE is caught up in what is fast looking like a scandal. It is offensive to potenetial investors to keep ramping this up - the company is in trouble and everyone knows it.
Anyone want to buy a turbine or some hyrdo-electric compaies on the cheap?
Good to see another person on here that also posts regularly on AVCT, just like Strangy does. Seems to be quite a few of you from AVCT on here, all with the same message and style. Like the old days of CLON. Coincidence I am sure :-;
Yes, the Financial Times have had success with their investigations into Gupta.
On Tuesday the FT talked about its success in getting the Bank of England to force a Gupta owned lender (Wyelands) to return retail deposits that, apparently, had been 'routinely re-routed' to Gupta's main operation through a network of shell companies.
Then the same article goes on to talk about Gupta failing to pay taxes due to HMRC.
This is so bad - not only is Gupta failing to pay his creditors and govt loans, he is not able to pay his taxes.
HMRC, financial regulators, the newspapers and generally everyone else is all over this collapse. No point shooting the messenger.
The Times and The Financial Times are different publications. Close, but definitely different - like success and failure.
Now it looks like the taxpayer has to fund the Gupta disaster to the tune of £1bn. https://www.ft.com/content/8baceeda-957a-409d-8061-17b70f298fe1
Scottish Highlands, Lochaber and Kinlochleven all get referred to in the article... getting closer to Atlantis by the minute. Looks like the UK and Scots govts have helped Gupta in his little plan. Loan guarantees to the hilt. The writing was on the wall when one of the first things he did was to lease out Lochaber to private capital in London.
Now he is close to going bust. Not an environmental bone in his body.
Expect Gupta to become public enemy No. 1. Destruction of emerging (and re-conditioned) green enterprises at the same time as defaulting on massive loans that had taxpayer suckers as guarantor.
A mention in the Scottish parliament next week?
Atlantis can so easily be dragged into this.
Yep, it was me who first brought the Gupta circus meltdown to the attention of this board and it was me who said this would be closer to 10p than any of the other wild predictions.
Hey, gee, thanks Eric for getting your predictions so right in the past weeks.
Np.
Typical behaviour from some on here, making things up and then ignoring reponses. Then repeat the made up false accusation.
I have stated I am a holder on a number of occassions, but the bullying behaviour continues. To be exected from such a person. Sad.
Looking like sub 11p anytime soon. Not surprising though really. Gupta's call for all companies to be careful with the cash says it all. GFG is imploding and there is nothing he can do about it. Big-time sell on the way for SAE.
It was so nice of Gupta to force SAE to buy a disused power station from another part of his empire. Shame that the white elephant power station is going to drag down what used to exist as Atlantis.
But that is greed for you.
Corrected grammar...
Posted yesterday:
'Anyway, as I was saying on Friday before I was so rudely interupted, it seems the whole of GFG is up the swanny - defaulting like no-one's business. Poor old Greensill out by the tune of £ 5bn. No wonder they have gone under. https://www.ft.com/content/db5bc46a-57cc-4c7d-a6fe-47f5a59412d4
Trouble is with the rampers with other interests is that they automatically respond when genuine holders talk of trouble at mill.'
Hope that answers any questions from the predicted automatice responses. I am a genuine holder like I said.
Always a good idea to read what posts actually say before embarking on personal abuse and attacks.
Posted yesterday:
'Anyway, as I was saying on Friday before I was so rudely interupted, it seems the whole of GFG is up the swanny - defaulting like no-one's business. Poor old Greensill out by the tune of £ 5bn. No wonder they have gone under. https://www.ft.com/content/db5bc46a-57cc-4c7d-a6fe-47f5a59412d4
Trouble is with the rampers with other interests is that they automatically respond when genuine holders talk of trouble at mill.'
Hope that answers any questions from the predicted automatice responses. I am a genuine holder like I said.
Always a good idea to read what posts actually say posts before embarking on personal abuse and attacks.
You are spot on there FS. The company is right up the creek. It all happened when the Gupta took it over. The sp was 37p then - all on the back of Meygen and pipeline subsea turbine projects. The UPS has destroyed everything - but only a few weeks ago the rampers on here couldn't get enough of it. The planning permission was a given... All gone horribly wrong.
You might have thought the great Graham Reid/Bell might have decided to put out an RNS. The fact that he hasn't is bad news. What do you think about that, Myles?
As for people coming on here and posting a couple of times only to abuse - people can see who you are G-11. Whereare your posts about the company? I see you use the same tactic as OriginalH and talk about reasearch. Don't forget that OriginalH was wrong about everything in his links and copy and past 'research'.
And what is all this promoting another company on this board SBuild? Is that IES what used to be Red you are talking about SB?
Why are you providing incorrect data about that other company on here SBuild? They are not steaming ahead - their share price has fallen nealy 50% in a couple of weeks and the 100% increase in sales you mention was all announced last year.
Go away and post on that board.
Come back rampers, all is forgiven ha ha.