Member Info for iWantThatOne

I don’t think I can make the AGM (I’ve not made one yet) but if Wendy IS checking into this site, my main interests are: 1. A brief retrospective - why have there been delays in finalising the supply chain (especially the electrode agreement with De Nora) - accepting that the flow plates had to be redesigned 2. Some sense of the breadth of commercial oppos (whether that’s a MW target in 2020 or the number of active scoping discussions that are ongoing) 3. A comment on the likely speed of appointment of regional distribution partners, and more info on the thinking here 4. And ditto on the move to a licensing model 5. Does the company accept that its communications policy has had negative financial consequences for shareholders and will it now change? 6. And finally, I’d like more info on what the company expects to achieve (not targets!) in the coming year.

Hi Silures, I saw that too but think it’s a typo - they mean 2020. From memory they made the same mistake in last year’s full year accounts RNS.

And how about this: “The Middle East showed renewed interest in alkaline fuel cells during the year. AFC Energy's technology has enabled us to be shortlisted for a series of potential deployments in the region.”? So that’s potential developments in Australia, UK, Middle East, Japan and other parts of Asia at least.

There is still lots to come BB, I agree - Dunsfold is clearly ongoing and could pip Southern to the post as the first proper revenue-generating contract. Those two could come very soon indeed. And whilst not revenue-generating, the De Nora agreement sounds closer than ever, together with AP. Those four would do nicely whilst longer term licensing and PLACE get sorted.

Welcome Andrew - better chances than XTR anyway! :)

It’s busy in the Louvre today. All Bond’s fault.

The convertible bond does though.

Some positives - longevity is at an acceptable level for a commercial product. Funding sorted. Confirmation that Northern are the hold up. A focus on licensing. Oh, and they’ll be looking for regional distribution partners - a prediction I took some stick for a while ago. Bit thin on commercial opportunities.

You may say those quotes are “AB spin”, Rob, but they’re the same kind of words I’d use if I’d developed a pretty significant product that needed further evolution into a commercial one. What else could he say, bar not releasing an RNS at all? He had signaled it was under development, so would equally be crucified if he said nothing after 12 months. On the subject of PLACE, how can the company not have achieved acceptable metrics if the Northern Oil deal is to go ahead? Perhaps not four years longevity but enough to be ready to proceed (or so we’re led to believe).

They clearly feel there’s enough about the electrodes and power delivery to communicate it as “done”. The prototyping is the easier bit, IMHO.

Pleased to see the conclusion of the technical development of this new variant, which was flagged 12m ago as an important foundation to AFC’s business. It was apparent that the large stationery fuel cell was great for certain markets but not others. This should be applauded. I’m not pleased that we haven’t yet seen news of the electrode mass manufacture agreement, PLACE, Northern Oil or funding, but let’s recognize the good news today.

Could just be saving money rather than preparing to demo something.

If someone were to approach AFC on the quiet with a view to potentially making an offer, would that be RNS’able? Any approach may or may not lead to an offer so perhaps wouldn’t be communicated in its earliest stages - a bit like the MOUs that the company has decided not to mention. I was just wondering if this might explain the silence - they’re dotting the i’s on a formal offer (which would clearly avoid the need for AFC to raise capital if the buyer will provide it)?Just a crazy thought.

CH2ARGE wasn’t just a random demonstration of the use to which a fuel cell can be put. They supposedly have potential licensees interested in the product.

Athansius, no, their “targets” or “expectations” cannot be trusted. They repeatedly miss every one. Some of this may be out of their hands, but then they should build in some contingency. But does this mean things aren’t moving forward? I’m convinced they are waiting and hoping for a significant milestone to be hit before they publish the annual results. They must be desperate to have something to say at the AGM - and to lift the SP prior to a placing. . Southern Oil, Covestro, Dunsfold, one of the Australian scoping studies, the de Nora electrode deal, something from the two Japanese companies they’re talking to after they met at the Hydrogen Council, a CH2ARGE license - it could be any of these, or something from left field. There are a lot of plates still spinning, as far as we know. I remain optimistic.

Bizarre. The company isn’t even EBITDA positive yet. Surely any sale now would not reflect the likely value in just a couple of years’ time. Do the majority shareholders want out? This can only lead to an increase in share price ultimately but the long term investment appeal for PIs may have just diminished.

The SP of £2 was when the forward PE was about 16 and further rapid growth was expected. Now earnings are lower and growth is expected to be slower. That said, I think a PE of 10 or so would be a reasonable medium term target once some confidence is restored. That would imply an SP of about £1. The share buy-back helps of course.

Slightly better results than expected with a tick-up in H2. Excellent to see the FY dividend only slightly down at 7c per share, or 5.3p. At the current share price that’s a divi yield of almost 10%. Seems to be a general shift towards a more slowly growing, organic business in well regulated markets that can pay a solid dividend. Good for my SIPP!

Ditto out of focus for me but I do think the layouts look very good - strange how the Report & Accounts appears very professional and accessible whereas day to day communication is appalling - both in frequency and clarity. Thanks for the PDFs, DW.

That’s a very strong set of statements from the Directors there. You don’t guarantee the market that you’ll double EUS (as they did in the RNS) without being certain you will do it, and there we have evidence from ST at IC that they are confident of doing much more. They must have had a good first ten weeks of the year and can see a very strong pipeline for the year (and the total pipeline has clearly increased significantly too). Also a very strong statement about the margin. All looking good to me.