Member Info for iWantThatOne

I guess the respective Boards or sub-committees need to review the results, then approve, then get the lawyers to finish it all off. There’s bound to be a bit of delay. Can’t be long!

Good point, customers of CDE might be feeling uncomfortable right now and putting pressure on them to resolve the situation.

It’s entirely possible that CAP-XX will seek to be conciliatory with CDE and Ioxus and look forward, with a robust but fair licence agreement, rather than look back and enforce a penal settlement. That could include royalties for products sold since those companies were informed of their infringements, which seems only fair. There was certainly a complete lack of crowing about the successful enforcement of patents with TDK, which indicates either that there was no such infringement, or that CAP-XX is comfortable to keep things low-key.

Totally agree, Iwgrod, the EBITDA (cash) loss for the year was A$1.6m. The loss of lthe AVX license payment of £750k (say A$1.4m) will make this worse, other things bring equal, but even so, cash at 30/6 plus R&D rebate would cover it, though tight. The Board expects a strong year, so lower EBITDA loss, and the Board could always try to negotiate an up-front license payment from new licensees if necessary. A little tight, but suggestions of capital raising are far too premature IMO.

Just to say, we don’t know that “TDK hasn’t paid anything for the CAP-XX license”. We’ve been told that royalties are in line with AVX and Murata but also that other financial aspects aren’t being disclosed. A license payment, or a “fee” for having infringed patents, is quite possible. But anyway, whilst I agree this is a long term play, I also think there is the potential to double in value fairly easily. Just £3m profits (1p per share) could realistically value the shares st 20-30p each (PE 20-30). Of course that requires an extra £4m or so to hit the bottom line annually from where the company is now, but some big design wins and AVX/TDK getting motoring could eat chunks into that.

Btw, I do feel we’ve been poorly-served by AVX to date. After 2+ years we’ve seen very little by way of royalties (not clear from FY results but certainly true in H1) - though admittedly we’ve had the up-front fees. II know we’re waiting for Prizmacap and that will then turbo-charge the income. I’m assuming TDK will effectively hit the ground running if we’re receiving royalties on their existing products (those covered by the license) as well as new ones yet to be developed. So the royalties figure could increase very significantly this FY, on this basis - even more so if CDE signs a license agreement soon covering existing products too.

I think the RNS paints a picture of a confident company making good progress but, as we’ve noted, it’s a long-term game. New licensees to come, 3v and more design wins, so all moving in the right direction. Large automotive is clearly frustrating them but would be a massive win if and when it drops.

Revenues of A$3.35m or so for H2 will include AVX’s final annual license payment (£1m?) plus royalties plus direct sales, including the large order referred to (not quite sure if that meant Spire or the large cans order previously mentioned). So I don’t expect massive growth in royalties - probably fairly steady. We know AVX improved considerably in H1 “from a very low base” but as Prizmacap hasn’t been seen yet, I can’t see their total being meaningful yet.

Nearly $184m NJ sports betting in September, up from $96m in August.

In the Interims we learned that "AFC Energy also achieved a world first this year where it successfully integrated and generated power from a prospective, innovative new hydrogen generation technology. As part of this integration, we transported one of our fuel cell systems to the United States for the week-long testing programme where, in parallel with commercial discussions, we were able to demonstrate the potential for clean, localised power generation". Maybe that was with those US professor-lab-people? We shouldn't dismiss any of these leaps forward, they can happen quickly sometimes.

I know there has been much discussion on this recently but I was just reading the (very old) CAP-XX patents referenced in the CDE litigation. They do seem very basic, in that they refer to "one electrode here, anther electrode there and a separator in between" - that kind of thing. If they have actually managed to patent something more or less inherent to many supercap designs, well - ding dong.

Well we know what the financials are, pretty much, for the last financial year - they were given in the 20th June trading statement. It’s the post-year end update and the forward looking statement that’ll be interesting. If that’s good, I’d expect a spike....

But BGO hasn’t been built on hype, has it, Munters? Solid figures built on real business in a growing market.

Bumble, yes I sent an email on behalf of the four PIs here who contacted me (plus me, the wife and kiddie). As several others had written last week, I've done no more than that at this stage. No reply as yet.

I can't help thinking something is about to happen here. Surely there would have been a communication by now about the SP fall ("we know no reason" etc.) unless they don't want to look stupid when it's followed the day after by another RNS. With good news I hope - Southern + mass manufacturing, rather than the expected placing.

On the hydrogen licenses, does this not refer to partnerships with innovative hydrogen producing companies, such that AFC agree to use or license the hydrogen production so that they can present a single solution / package to the end-customer? I guess the hydrogen producer could be paid, say, 1c per kWh with AFC taking the remainder of the contract revenue. That sort of thing. Seems very sensible.

Fantastic update! Well done AVO.

* pitiful COMMS!

I’m trying to take some comfort from a parallel with CPX - no real news for about a year, shareholders despairing, then yesterday they announced a big license deal. There’s plenty of work going on in the background at AFC, we know that, and an announcement could be made any day. It’s the pitiful comma causing the problem. If I were brave I’d stuff more money in at these levels but I’m in so deep already....

Hell of a drop today on the back of some selling. Never look a gift horse in the mouth, I say, so another top-up.

Yes, true OS, I was getting carried away with the year-end date. The next interims should reveal more about the TDK deal.