Member Info for foxm

It’s the best position we’ve been in financially for a long time. £0.7M still in the bank a week ago, add £2M + £1.8M + £0.7M, so by the beginning of October we’ll be sitting on about £5M with a further £2M available from Bergen next year if required. Plus another £2.35M potentially trickling in if all those warrants start getting exercised. Well over £9M, that’s what I would call fully funded. Time to find out what Mr Kirk is planning to do with all this dosh.

Even if the demand for the OO isn't 100% from shareholders, it is being fully underwritten by Peel Hunt, so someone wants as many shares as they can possibly get.

These extra 18.1 million shares to raise an additional £716,800, is this a sort of private placing which has been requested by someone, an institutional investor? That seems to be completely serparate from the 46.5 million shares in the OO. I wonder who it is.

I wonder if it will be possible to apply for excess shares in this OO, like the last time. The fact that the current share price is above the OO price and each two OO shares comes with one warrant, I would expect it to be fully subscribed this time, unlike January's one. Even more so if we have lots of positive news flow in the next few weeks.

New video AND the Ship Insight article, something's brewing.

This was an interesting pararaph in the article:

To get into the ship bunkering business, Quadrise needs an operator to get involved so that a suitable refinery partner can be identified to deliver MSAR at a commercial scale. It would take about nine months to set up the production, Mr Kirk said, but that could be shortened if a dialogue can be started between a refinery and a consumer. “It could be available very easily by mid-2020 at commercial scale,” he said.

The only way MSAR could be available by June next year at commercial scale is if we sign a commercial contract in the next 3 weeks. He's not going to finally do the unthinkable, is he?

Completely agree Rob, maybe it’s just a typo on the figures, maybe he’s missing a zero, 10,000 tonnes a week would be a more realistic number. It can’t be 1,000 tonnes a week, it would take 2 or 3 years to produce all the fuel required at that rate. Some of the LTHs might be dead by then!!

The guy’s figures might not be too accurate, well I hope so. One single MMU can produce 1,000 tonnes of MSAR a day, so 1,000 tonnes a week is a strange amount, is the MMU only going to be running one day a week? Also, when the Cepsa MMU was to be used for the original KSA trial, it was going to take about 4 months to produce all the MSAR required, I think the total required was about 120,000 tonnes, maybe even slightly more. So a positive article but the numbers sound a bit dodgy.

Strange that the share price didn't budge an inch. I would have thought that one 500k buy would be big enough to move the share price, but we had two of them and it still didn't move. When I saw the trades, I thought they looked 100% like a rollover, but if it can be proved otherwise, I would be happy to be wrong.

More significant changes happening, MBS taking more control, not sure if it will affect us in a positive or negative way.

https://oilprice.com/Latest-Energy-News/World-News/Saudi-Energy-Minister-Al-Falih-Loses-Key-Role-In-Aramco.html

https://oilprice.com/Energy/Energy-General/The-Silent-Power-Struggle-Within-Saudi-Arabia.html

The part in the Bergen RNS where the conversion price is split in 2 options is strange, and not normal for these sort of deals I think, I've certainly never seen it before. I'm guessing that it must have been requested by Bergen as a sort of insurance policy, given that they are not allowed to convert for 30 days I believe. It could be a bad deal for them if we got some huge news immediately at the start of the 30 day window and the price shot up to 20p, they would only get 10 million shares. At least with the way it is structured now, they would get £800k at 5.78p, the rest at the VWAP price.

I think that Mike mentioned in the CC that he expected the £800k at 5.78p to be used, he thought that those would be the cheaper shares compared to the VWAP ones. That adds to Rob's theory and certainly hints at some good news coming soon.

He also posts on ADV** as loglorry1. His recent posts there state he's a LTH, he admits it was him who phoned in yesterday, but that seems to contradict his tweets.

His business has gone bust I think, given some of the reviews he got, not much of a surprise. Got to love google.

Rockraven 22 Jul '18 - 22:35 - 23236 of 24720 0 6 0
Is that loglorry (Tim Kempster) - the guy who is forever telling Neill Ricketts how to run a company, the same Tim Kempster whose clients are so disenchanted with the service his company provides?

Posted by turbocharge a few days ago:
And since posted on Twitter by someone Tim has now blocked:

TurboCharge22 Jul '18 - 19:38 - 22747 of 22775 0 7 0
Couple of reviews from Yell.com on the service provided by Thinking-Machine Ltd, the company which TK runs:

BlackRug31, 06 Feb 2018
Daft, arrogant, ignorant owner
Very bad experience with owner Tim. Would recommend that you avoid.

GoldKeys56, 19 Jan 2018
Avoid this company and Tim in particular
Awful communication from owner Tim Kempster, a bad attitude and a nasty character.

Work was of a low quality and research was not only sub par but, expensive too.

Avoid!

Two more from Thomsons Local:

Waseem Shak in Newcastle, 20 Jan 18
Terrible experience. Wasted a lot of money engaging with Tim Kempster. Would recommend people stay well clear

Brian Holland in Scotland, 19 Jan 18
Terrible experience with such a vulgar owner. Tim Kempster's work was terrible and not only that but expensive. AVOID!

Aaaaahh, now it makes sense, I didn't catch his whole name when I was listening earlier, it didn't click who he was. If he was slightly smarter he could have phoned in as John Smith.

https://twitter.com/DonPabby_93/status/1164438299857104896

https://twitter.com/EasyBrent/status/1161654789933010944

He's not the first we've had, there was some drunk woman phoned in from a bar in Magaluf previously, complaining about the QFI website, apparently it wasn't as easy to add barrels of MSAR to her basket as it was on the Amazon one. Slightly surreal, but quite amusing. The guy yesterday was just a tool.

I agree that there were some positives in the CC dustofnations, but overall I was less positive than I was before I listened to it. Maybe that's just me, my perspective, maybe I just got out the wrong side of bed this morning. But the share price is down over 8% today, so the market seems to agree with me more than you, if it was so positive I would have expected the opposite reaction.

I agree hugh, I was optimistic after the video interview two days ago, but much less so after listening to the conference call this morning. Forgetting about the funding side of things, it was the project status which disappointed me.

JGC, still a slow-burner despite the fact we've been working with them for more than 3 years. I'll probably be in an care home with Alzheimer's by the time we get a contract with them.

Freepoint, who were going to fast-track projects, "they work in days and weeks, not months and years", even Mike admitted he was disappointed that things hadn't progressed as much as he had hoped.

The RNS from Nov 2018 with the European Oil Major said testing of the residue would take place at QRF during early 2019, with the goal of selling MSAR produced at that refinery during 2019. We still haven't received the residue, we're probably looking at Q4 at the earliest before testing can begin, at least another 9 months of delay, par for the course for this company.

China and Mexico are longer-term prospects. PowerSeraya, no mention of them.

Well over two years ago when the Maersk trial was stopped, Mike said he looked forward to using the Interim LONO to enhance their business development activities in the marine market. Well has he? Jason said in the previous conference call that MSAR could ABSOLUTELY have a big share in the Marine market. We have no MMU installed anywhere in the world, 9 months to install one at a refinery somewhere and a further 9 months to redo the LONO trial, so we're 18 months away from getting a LONO. IMO 2020 starts on 1st January, but the switchover and price impacts will start in Q4 this year, 5 weeks away. So we've already missed the first 18 months of the Marine market IMO.

A lot rests on Kuwait, Morocco and KSA, and not much has been happening there because of Ramadan and holidays, I'm sure I've heard that excuse before. Fingers crossed we can get some significant news from there in the next two months, we need something to support the share price and the upcoming conversion price for Bergen.

TW will be along on Friday with the same message he's been copy-pasting for the last 4 years - "Buy up to 80p, huge transformational news coming very soon." YAWN. And people pay him money every month for his hot "tips".

Regarding the part in the latest interview about the Merlin RNS, "using MSAR technology to bring heavy oil assets into development", IMO 2020 might be a benefit to us not only by increasing the residue/distillate spread, making the savings from MSAR much greater, but by crashing the price of the heavier grades of crude.

https://www.bloombergquint.com/business/2019/08/27/heavy-crude-premiums-shrink-as-asian-fuel-oil-profits-collapse

https://www.hellenicshippingnews.com/asian-refiner-profits-hammered-by-free-fall-in-fuel-oil-margins-2/

They're not shorters, they're just trolls. Who do you think they are? Can you not work it out? Do you need a clue? Really? He must think we were born yesterday.

There are currently 931,100,784 shares in issue, £1.5 million at 3.96p is 37.878 million new OO shares. So it will probably be 1 OO share for every 25 shares currently held. Divide your current holding by 25 to see how many you will be eligible for, divide it by 50 to calculate the number of warrants at 7.48p you will get.

Read this earlier Fyoz.

https://www.bergenasset.com/investment-philosophy

Investment Philosophy

Bergen’s substantial point of difference is its willingness to think outside of the box and see opportunities where an investor with more conventional thinking would overlook an asset’s potential.

This creativity is coupled with Bergen’s management’s experience in idea generation, and efficiently and effectively assessing, structuring, executing and managing investments in its ideas in both the U.S. and foreign markets.

Another key component of Bergen’s strategy is its philosophy of win-win – only those investments that deliver value to both Bergen and the existing investors in the prospective portfolio company will be successful in the long run.

Just over 5 weeks until the end of September, so we should be due some Saudi news soon.

-- The first tranche of 5 million warrants will be awarded following signature, prior to the end of September 2019, of a disclosable project milestone in relation to the conclusion of an Memorandum of Understanding or similar with a KSA-based state owned organisation to initiate detailed planning activities for a pilot test for a commercial MSAR(R) trial in Saudi Arabia and will be exercisable for a period of 2 years from the date of the SA.

-- The second tranche of 10 million warrants will be awarded following signature, during 2019, of a disclosable project milestone with associated agreements to commence a commercial MSAR(R) trial in KSA and will be exercisable for a period of 2 years from the date of the SA.

Further news from Kuwait expected before the end of the year too.

-- The second tranche of 10 million warrants will be awarded upon signature, during 2019, of a disclosable project milestone enabling a commercial MSAR(R) trial or study in Kuwait and will be exercisable for a period of 3 years from the date of the SA.