Member Info for iWantThatOne

Thanks again for all the great feedback reports, especially Silures and Richlist in the last 24h or so. One thing I’m taken aback by is the PEM membrane, the “holy grail”. So there are PEM specialists out there whom AFC has already overtaken in 18m, when this wasn’t even AFC’s core technical specialism? Credit where credit is due but just think what could have been achieved if the need for such a product had been appreciated three years ago. One area in which AB hasn’t shone is strategy. Still, they seem to have arrived at a reasonable place, even if by a circuitous path, so here’s hoping this is a new dawn.

The description of the Thalion investors makes it sound like they may be long-term holders. That would be good news indeed. Or am I clutching at straws?!

Thanks Maine, Beach and others, great stuff. Did you get a sense of other scoping studies, or more potential commercial deals that we haven’t yet heard much about? Any snippets about Dunsfold? And when they said “we have a product!”, what precisely were they referring to - the large stacks, the EV prototype charger, the “shoebox”, what?

Notes, thanks, 3.1 years longevity based on a pretty tough benchmark sounds promising, even though it’s taken them 12m to get there (though some of that would have been testing). When you say the BoD were hanging their heads in shame, was it the lack of comms you were mainly giving them stick about, or lack of delivery too?

Axion were investing at about 85p. They build portfolios for other institutional investors including funds, so it’s possible they are divesting. I’m always wary of “hot money” like this that can go en bloc when a fund decides to switch out.

You CAN say you're only here for the divis....if you buy at 18p and divis are ultimately 5p then (with no further increase in SP) you've locked into an enormous divi yield of 27.7%. Pay £10k today, wait for five years or whatever and then get £2777 for umpteen years.

Could be, Bumble. There a lot of anger today about this RNS but in essence it is mainly directed at not being further advanced. Well, yes, agreed. But it does indicate that progress is being made. I’d like to hear more today about Dunsfold. When’s it going to start?

Unlike others here, I’m pleased about this RNS. It’s the kind of thing the company should be communicating. It shows that this EV charging market is a potential goer, and clarifies that CH2ARGE is now being developed further into a marketable product, sharing costs and expertise with a partner. What’s not to like? The fact that it’s non-binding works both ways - AFC can also work with other players in this market and potentially keep all its options open. What this RNS does do - and here I agree with everyone - is point up the complete inconsistency of the implementation of Rennocks’ communication policy.

That’s my view too, Slowburner, I think no credit is being given for the data as they have no idea of the quantum of the opportunity.

Two further thoughts: the BoD may be hoping they don’t need to draw down too much of the Thalion money, perhaps because revenue will flow from commercial deals soon or because there might be an up-front fee paid from one of tfe regional distributors for exclusive rights. Second, provided there’s good news flow then it’s not the end of the world if Thalion sells into the rises, as we PIs can continue to accumulate at SPs that would be well below “fair value”.

I’d normally say you’re rignt of course but the fact is we don’t know who Thalion really are.

And what’s more Eddie, if the full £4m gets drawn down under the Thalion arrangement at these very low prices (but above the floor), Thalion would own a very significant share of the company - possibly 25-30% or so.

At last, a tiny move up in the SP! I’m surprised there’s not more action here, given the company has invited offers and declares itself to be “substantially undervalued”. If there’s interest then they could already be running their slide rule over it and thinking of a number....

One question for the AGM: the report states that during the next year the focus will be on concluding commercial arrangements with partners. Note - not “customers”. So are we firmly in the development /commercialisation phase still? Despite warm words about being “market ready” and having the “right product”, are they really ready to sign substantial customer contracts (as opposed to a modest 200kW fuel cell with Southern)?

Most investment houses have to pay attention to renewables nowadays, that’s no reason for Schroder to invest. No fund manager would risk his or her reputation on a “punt”. Any investment has to pass their many filters and be justifiable. Fair question about de Nora though - we’ve all been told they’re the ones we need to be in bed with - some pointed questions about why we haven’t achieved 4 years yet would be welcome.

They will! I suspect we’ll need to get to the interims before investors start to get comfortable that the new business model is going well. The EPS then should look good after all the buybacks.

CD, with respect, you’re comments don’t make sense. You say that with a LOM two year extension, HUM will just be back where it started. Ok, in that case it’ll be able to pay the dividends you calculated when you “first ran your slide rule over it”. Second, the company doesn’t need to be debt free before paying divis. Third, the company has made it clear that there will be a series of annual exploration projects with a view to regularly extending the mine further - not just for two years. Fourth, you rule out Dugbe more or less entirely, which is extremely conservative,

I guess it’s possible that the Schroeder investment manager who subscribed to these shares is different from the original one and manages a different fund. I’m sure they’d look across funds at aggregate holdings but the total would be tiny and not result in any overall limits coming into play.

I’m just hoping for a sale of a Dugbe at, say, $50m (10p+ per share). That, together with forthcoming LOM extension, is why these shares can carry on sitting in my SIPP and, in the medium term, are worth much more than today’s SP on a risk-adjusted basis.

Very honest appraisal of where we're at from AK. Clearly the business and the industry are in quite a state of flux, with some doors closing and others opening. The importance of the (clearly German) auto IOT deals shouldn't be underestimated, IMO, nor should the consideration being given to a European centre. You only even consider this (with all the attendant cost and hassle) if the market is there for your products. Continuing record enquiries, bla bla - well at least it's good to hear it repeated. The IP legal stuff - we knew it was long term, no news here. Shame about Spire. The new licenses will come, I've no doubt - my concern is whether the royalty model works here, as the revenues are still pitifuly low.