Member Info for Fellwanderer

Looks like a continuation of warrants being exercised, suppressing the SP

Interesting comments (some of which we know already) :-

- The investor had previously converted £0.5m of the first drawdown tranche of £1m into new shares at 8.3p/sh in May which was partially absorbed into the market.

- The Company’s MESH gas storage facility now meets the NSTA's criteria, one of only a handful of energy licence awards in the last two years, with plans to now move at pace to get to FID as quickly as possible in 2028.

“In our view, this financing partially removes the near-term funding overhang on EnergyPathways and confirms that significant private capital is potentially poised for deployment if the UK government awards the applicable licences to the MESH project. The company has already initiated several funding and capacity offtake discussions, which we expect to attract interest from project-based lending banks, infrastructure funds and commodity trading houses for the wider MESH development”

So only part of the first drawdown was converted into shares, which is why we’re seeing some more going through now.

Good to see a nice stream of blue buys now after the early sells.

Thanks for posting Tom, more media coverage and visibility 👌.

….this would explain why we are hitting some price resistance recently, as new shares are issued as the warrants are exercised ……

Having looked at the RNS dated 30/4/2026, I am pretty confident that the two large 500k trades yesterday at 12:47 were warrants that were exercised by the ‘investor’ in the first tranche of the drawdown. The warrants were exercisable at a 40% premium to the Reference Price* which for the first tranche of drawdown was 5.93 pence per Ordinary Share and the warrants were exercisable at 8.3 pence per Ordinary Share. This was the exact price we saw the 2x500k trades at. So I think they were probably buys, but showed up as sells due to the fact that at 12:47 the bid price was around this level. I hope this makes sense, as it does to me.

Fell

If my understanding of an ATM facility are correct, the large sells may well be part of the ATM facility announced in the 30/4/26 RNS and will explain why we have had price resistance recently as EPP raise further capital to fund the project. Happy to be corrected, but might explain why the SP seems to be hitting some resistance.

Fell

Same here kevkan 👍

Hi EGTP. I don’t think they would have been ISA transfers. With an in-specie transfer to a new provider, you remain invested, so the transaction wouldn’t show up as a trade. Fell

Funding to move the project forward, as expected.

Warrants exercisable at 12.24 pence per Ordinary Share. Expecting the SP to rise above that price 👌

Any thoughts ?

……and are the MMs accumulating their inventory, waiting for the inevitable SP rise ⬆️

Are we still seeing the sale of some of the £500k loan conversion shares ?

Might explain the downward pressure on the SP 🤔

Good to see some slow traction back in the right direction 👏

Slat, yes you have a point my friend. My bet is that we’ll get some positive news before month end, which with decent year end financials will help us move in a more positive direction rather than slow drift down.

Given what we suspect is to come, this is sooooo cheap now.

Now where’s those updates on our investments please board ?

Last two trades 200k & 100k were definitely sells as I tried a dummy around that time to test the SP. Good luck trying to short this share 🤪

Get these out of the way and some more volume needed. Still can’t understand why anyone would want to sell at this juncture …

Chris, yes I too have felt that there are background sells holding this one back recently. Once this/they clears, we should hopefully see some upward momentum.

Pass the pipe Bowlers, I want some of what you’re smoking man 😎