Member Info for foxm

DPExplorer, when the OO shares are admitted you would think that would cause the SP to drop slightly, there will be 7% more shares in circulation. But at the same time the company will have an extra £1.5m in the bank, which should add that amount to the market cap (about 7%). So it will probably even itself out. Plus the £1.5m also secures the company's future for another 6 or 7 months, which can only be a positive thing, given how close they were to being wound up.

It was only 70% subscribed, but I don't think we needed the whole amount anyway. I think 6 months cash would be more than enough to see us though to another fundraise at a much higher price. Or funds raised through debt. I never thought that we would have to wait until October to get our first commercial contract.

Peter, the Bid price last night at close was 2.45p, if it stays the same this morning sell approximately 10.5% of your shares and use the money to buy back your 10% allocation in the Open Offer. Even with the dealing costs included that should be enough to cover it, you will lose 0.5% of your shares and it won't cost you any money.

I had to sell a few to take up my full allocation, I only had enough cash to cover about 70%. I didn't have to take up the complete amount, 70% was an option, but I have a significant enough holding that I wanted to support the company by taking my 100%, so I sold a few to make up the 30% shortfall.

The result is expected to be next Monday. The end of today is supposed to be when the offer is withdrawn by your broker I think, the latest recommended time anyway, but I had to apply and have the money in my account by the end of last Thursday. They took the funds out on Friday. We might see a bounce back into the 3s if it is over-subscribed.

Sell 11% of your current QFI shares at 2.31p, keep the proceeds in your trading account and subscribe to your 10% allocation in the Open Offer. You will obviously be paying a slightly higher price to buy them back than you sold them for, but by the end of the transaction you'll only have lost about 1% of your current shares, it won't cost you any money and the company will benefit from the the funds. I can understand if you don't want to throw more good money after bad, but I would rather lose 1% of my current shareholdings than potentially 100%.

I can't see it lasting that far, it depends on cash burn though. We had £2.2 million in cash at the end of June, add a £million or so from 50 million new shares at this level, not much chance of seeing us through until the end of 2019, I think cash burn is still about £225k - £250k a month. They would need to do an open offer IMO. Or finally land us a bloody contract, we've been waiting long enough.

The maximum size placing they can do is 50 million shares, unless it's an open offer. Not much use at this price, lucky if it would cover 5 or 6 months of running expenses. I would expect positive news before any placing. But if news comes and it's a contract, they could probably get a finance deal, so a placing might not be needed.

Venezuela? It doesn't get more outlandish than that.

So when Mike said the MMU had been installed and commissioned for the KSA trial, you thought it was the MMU in Cepsa? That one had been commissioned 18 months before. It was misinformation. Almost everybody thought it was in Saudi.

If they were interested in saving a billion dollars a year, we wouldn't be back to almost square one after TEN YEARS of trying to persuade them. How long should we give them, how much more money should we waste on them? Maybe in 3 or 4 years time we might eventually get a commercial contract? It's a shame our money runs out in 6 months time.

We all choose what we believe - yeah and we were all stupid enough to believe that the trial had to start once signatures were obtained because the MMU had be installed and commissioned in the Saudi refinery. They wouldn't waste all that money and time for the MMU to sit there idle in the desert, would they? Then we found out there was no MMU anywhere near the Middle East, the fuel was going to be produced at Cepsa. BIG DIFFERENCE.

I admire your optimism Fyoz, but the Saudis aren't interested. If they were, we wouldn't still be at this stage. From the 2009 Final Report, so almost 10 years ago we started working with them -

Substantial progress was made in the key oil burning power markets of Saudi Arabia and Mexico and quantitative case studies have been prepared for evaluation by the Company's client counter-parties.

10 YEARS!! Maybe the next 6 months will be when we get a breakthrough though. Let's be optimistic.

Fyoz, we wasted 8 or 9 years and probably millions of pounds trying to get into Saudi, it's dead in the water. Unless you have large enough brown envelopes stuffed with cash which can be directed to the right people, it's an almost impossible place to do business. If QFI can survive and become a profitable business, let the Saudis come crawling and begging to us in a few years. Until then I wouldn't waste another 5 minutes trying to deal with them.

Forget Saudi, it's dead IMO. Given what has happened in the last few weeks, it might be a silver lining that we got dumped when we did. I would personally be happy if we didn't have to deal with these people ever again. There are other significant markets in the world we can hopefully do business with.

Those 1,000,000 'sells' today are not normal trades though. The Trade Type was "Ordinary Non Protected Portfolio Single protected transaction".

Non Protected Portfolio - A non-protected portfolio transaction or a fully disclosed portfolio transaction. Normally a transaction of a number of stocks dealt with by one market maker at an agreed discount to the market price.

I wonder if our 1 million buyer will be back again this afternoon. It's been around 3pm they've been appearing the last two days. If they're back for a third day in a row then something is definitely up.

Agreed, £112,500 is more than just a punt. Somebody been given a nudge and a wink. Say no more.

Do you believe everything Donald Trump says too?

They've had scrubbers retro-fitted on some of their vessels for over 18 months.

https://www.youtube.com/watch?v=gSRiFKQPthw

I was informed that it would be much cheaper to put scrubber units on all of the E Class ships than to modify for a more friendly fuel. The ships were going to be fitted when they went in for their upgrades.

I was told by a fellow ship spotter who is friends with a Maersk skipper

https://www.cnbc.com/2016/02/04/ship-shape-clean-future-for-shipping.html

With this in mind, manufacturers are looking at ways to mitigate the environmental impact of big ships -- as well as make savings.

One idea being looked at is adding a "scrubber" – an exhaust gas cleaning system – to the huge engines that power the vessels. "The system can remove, for example, sulphur emissions from the exhaust gas," Stensen said.

Stensen went on to add that Maersk was looking to modify and update its fleet to help boost its efficiency and sustainability.

"So why did the BOD of QFI not try and engage years ago with MSC instead of burning millions of £ on a non starter with Maersk ?"

Because it was Maersk who came knocking on QFI's door all those years ago. They came to us asking for an emulsion fuel for shipping, not the other way around, they're the biggest and most important shipping company in the world, why would any company want to knock them back.

MSC probably only decided on scrubbers in the last 12 months. How could the board have predicted that, they're not mind-readers.

I wouldn't call adding $3 billion a year to my company's fuel bill innovation.

I'm glad I sold out of this when it spiked 18 months ago, a very wise move.

It is interesting reading what Wolveshaveeyes reported from the AGM, specifically his first point:

"The Engineering design work for the new 25tpd UHT has now been completed. The amount of work necessary to complete had been underestimated."

That goes completely against what Keith said to me in an email more than 3 years ago, he said that the base units would be 50tpd and the engineering work had already been done. Make of that what you will.

From: Keith Allaun <keithallaun@powerhousegroup.co.uk>
Sent: Thursday, March 19, 2015 4:21 PM
To: XXXXXXXXXXXX
Subject: Re: PHE Africa

XXXXXXX- the G3 units will ultimately be 50TPD units at a base level. We believe that the 50TPD unit is ideal for addressing component sizing issues and allows us to integrate several 50TPD units to achieve larger thru-put as necessary. The Brisbane units will be 3 TPD, however, the engineering and modeling has already been completed for the 50TPD version.
Additionally, we have had several inquiries regarding a mobile version of the 3 TPD to handle hazardous waste commercially.
Cheers,
Keith

Keith Allaun

Keith Allaun
PowerHouse Energy Group, PLC
www.powerhouseenergy.net

+44 (0)20 7079 4407 UK office
+44 (0) 7887 588 941 Int'l mobile

+1 (352) 226 8644 US office
+1 (352) 359 0911 US mobile

LinkedIn: Keith Allaun

keithallaun@powerhousegroup.co.uk

On Mar 19, 2015, at 11:04 AM, XXXXXXXXX <xxxxxxxxxxxxxx************> wrote:

Hi Keith,

Thanks for your reply, that clears up any confusion.

One further query, will the new operational units which are currently being commissioned be large enough to start commercial sales with? The RNS at the start of December stated that the capacity of the unit in Brisbane would be three tonnes per day. Is this still correct and if so, is it large enough to go commercial with?

The old Pyromex system was 25 tonne per day, and my understanding is that Munich was to have two of these, making the capacity up to 50 tonnes per day. Thailand were also originally interested in 25 and 50 tonne per day modules. Will the PHE G3-Uht be able to replace Pyromex immediately with respects to capacity?

Best regards,
XXXXXXXXX.