Member Info for iWantThatOne

When your product gets a name, you know it's close. Funny how such a little thing in the scheme of things may be the catalyst for share price movement. A new website, a good EV demo, possible news of an EV charger reference site, maybe even a de Nora warranty and Alkamem deal - is that too much to hope for from Santa Bond?

I think you mean 2.1 cents per share, PeoplePower. Not 21c per share.

The data may eventually sit nicely alongside the payments business but it’s got a long way to go. This year, EUS if more than £1bn will generate £6.5m revenue at 0.65% margin (say). Next year that revenue could be £13m from another doubling. Data revenue of c£3m this year comes with a cost of sales of c£2m, due to sharing revenues with the data providers. Next year? Who knows but it’ll be significantly behind the payments revenue, IMO. And Tiger, much of that supposed margin reduction comes from (I believe) not a genuine reduction but instead only recognizing the revenue for certain services (esp subscriptions) monthly instead of up-front - ie it’ll be in next year’s figures.

Key questions for me still o/s are: 1. When will the longevity warranty come - do we need the same length of testing with the scaled up electrodes as the smaller test-bed ones? (hope not). Are all electrodes the same, i.e. are those in the EV charger the same as those in the "Kore", with the same longevity? and 2. What is planned to place the capital position of the company on a sound footing? Drawing down £1m from Thalion every now and then won't cut it. In a Proactive interview in the summer Adam alluded to this, or so I thought. Re the meeting, I've had a message from Sarah to say they'll get back to me to confirm in due course.

I have my name down and hope it will be confirmed shortly. Barring anything that stops me going, it will be great to finally put some faces to names! Well done Chippy, hope you can make it.

PeoplePower, if you’d “done your research” you’d know that CPX was forecast to make cash profits in ‘18/19. As a latecomer it seems that you don’t know much of the history here. Moreover, Ioxus etc haven’t really copied CPX’s products - CPX are relying on their very early super cap developments many many years ago as the basis for their IP defence.

Thanks Silures. But despite what they've said in the past, all it takes is an automotive OEM to say "Hey AFC, we've just become aware you've got a great new small fuel cell - can we talk?". Possibly a case of 2+2=5 so I won't bang on (for now).

Agreed AnneOwl, but the suite of potential products that seem to be building up here is looking very exciting. Coming back to the HPD fuel cell, if it can compete with other small footprint fuel cells, whether in transportation or other markets, then that could be huge. And if there is an additional advantage over other such hydrogen fuel cells - namely the ability to be fed by cheaper/more convenient cracked ammonia - then this puts AFC in a very strong position. Not only could AFC compete in diesel replacement markets, it could look to replace current hydrogen fuel cell solutions - a sort of next generation set of products.

Tiger, I'm puzzled as to why you're puzzled about the cash burn. The company has taken a long time to get going, clearly, but with end-user spend doubling every year for the last few years and for the next couple at least, per management comments, is it not obvious that it's now hit the point at which it starts to generate cash profits and hence the cash burn slows down and eventually reverses? EUS is predicted to be c£700m+ for H2 this year, at which level there'll be £1m+ spare cash generated. And then the data business will add another £0.75m or so of cash, according to forecasts.

Can the HPD be used with ammonia? If so, and it’s of a size that can be used in automotive applications, as the RNzs says, might that conceivably open up a whole new market - e.g. hydrogen (ammonia)-powered buses?

I can't see the point of a £2m share buyback at this point, I don't believe it would have any significant effect on SP. The key thing now, as I've been saying for months, is the LOM. In the interview Dan didn't give me much confidence that this is about to be published. It all sounds very vague, still. So question: if Bert is now spending much of his time as CEO of Cora, who has replaced him (if anyone) and what impact is this having on the non-appearance of the LOM studies - given this is Bert's day job with HUM, as I understand it?

Great work John, I think there is enormous power in saying that the group represents not far off 10% of the total shareholding. Agitators like Bramdean Capital start off with less than that! The company might argue that we’re a disparate group of malcontents, which clearly doesn’t have the same force as a single shareholder. It might be worth considering formally getting an “ Agree” from each member to any future communication so you can say it truly represents the single voice of the group. One for later, and hopefully not needed.

Excellent news today, exceeded my expectations. Puzzled about the volume of sales - possibly connected to the BBC report about the investment manager who invested in HUM for his own benefit, contrary to stock market rules? Not least the personal connection - i.e. Dan being his son-in-law (at least that's who I think the reference was to). Anyway, this gives me a lot of confidence that we'll see a solid 130k ozs for the next three years, per the comment on LOM from some months ago. If supplemented by even just a couple of years' extension initially, that'd be 650 ozs at $600 margin, say - $390m.

We're at 8.8% though - pretty damn close, just need another 8.4m shares. Has someone got £400k to go out and buy some?! Worth tapping up people on the other bulletin board(s)? Love the thought of calling an EGM. Knowing this company, though, they'd go and draw down from Thalion just to dilute our holding....

Chippy, that represents 1/15th of the company and is not far off Shroders’ holding. We don’t necessarily speak as one but the BoD should take the group seriously.

Zoff, agree, I’m not expecting news now until Q1. I’d be hugely surprised if all the components slot together, a switch is flicked and hey presto! It all works. I’m also wondering whether the regulatory process requires some sort of assessment of the integrated components?

Thanks very much Chippy, looks very professional! Look forward to the next steps.

Powerful interview, that. Wasn’t the ultimate internet gambling market estimated at c$5bn by GAN relatively recently - now 2-3x that? And when DS says he expects the company to be in ALL states that eventually permit online gambling (presumably with FanDuel?) - shivers.

The valuation they’ve put on Dugbe in that article is far too low imo. NPV 186m at POG $1300 but they say $20m is best guess for HUM’s final share. Plus I’ve said it before, the energy costs used in the PEA are far too high given the reduction in renewable energy costs since 2013 or whenever it was done.

Really, FSJ? The market already knows that Q3 met expectations. But I hope you’re right. I’m sick of this languishing share price. And where’s the LOM update??