Member Info for iWantThatOne

That bodes well, Notes. They’ve clearly beefed up the security to protect the world-leading technology.

All will come out in the Results shortly. If any up-front license fees have been paid they will be in there, and identifiable from a combination of the total royalty figures and the commentary about Murata and AVX. Any exceptionals such as a dispute resolution fee would also require commentary in the notes section.

If TDK have been naughty and ripped off little ol’ CAP-XX then that’d possibly explain why the financial details are partially withheld. A payment based on their sales since 2016 plus a one-off agreed “fine” would be a welcome windfall.

A cursory look at TDC's website shows they developed a 0.45mm EDLC very similar to Thinline in 2016. So a thin-form alone doesn't seem to be what CPX is bringing to the party. Better science for such products, perhaps, or actually the technology for a different set of products entirely? Remember the basic cans were improved recently and have supposedly led to at least one large order.

Here's the Top 100 list of Global Electronics Components Brands I was referring to: https://efy.in/top100/

OS, you have no idea how much up-front / annual fees are being paid by TDK, and so can't make the statement "Any llcence money will only replace that of AVX". I wouldn't be surprised if initial fees are higher, given how the market has moved on since the original AVX deal and with the opportunities available to TDK, given its size. Time will tell. I do tend to agree that the upcoming results will not be wonderful but I still see this as a long-term play, even after being here for some years. I'll mainly be looking for an update on the pipeline (70 projects, £20m p.a.). Things are starting to come together.

According to the online report I've just found, TDK are the 11th ranked global electronics component manufacturer. AVK and Murata are 52nd and 59th respectively. TDK is almost 10x as big as the other two. Bodes well!

Yes I understand Eddie, I'll just see what responses I get first.

OK, so those who feel it'd be worth considering a collective communication to the AFC Chairman/CEO to express our concerns about the lack of newsflow, please drop a line to me at afc.energy.pis@gmail.com, which I've just set up. It would help if, when writing, you would state how many shares you hold. If the total is a meaningful number then that clearly adds more weight to any communication. Thanks in advance, IWTO.

Thanks Notes, Chippyjo. Having checked my family’s shareholding’s, 25 like us would equate to Schroders’ holding. I’m happy to participate in some “investor power”, or at least see if we get any hearing at all.

Many R&D companies give regular "Technology Updates", without revealing commercial sensitivities. Surely that'd be possible for AFC? There's a difference between John Rennocks' "fake/no news" and updates that indicate progress towards key milestones (without guaranteeing success), or give broad timelines for completion. Would it be worth totting up our share-holdings and writing a collective communication to the Company? I bet 20-25 of us, for example, could together exceed Schroders' shareholding, which should carry some weight.

Can someone provide Wendy’s email address please so I can add my bit to the clamour for news and an Investor Day, thanks.

Sorry. I can’t see why Italian state finances might significantly affect XLM. What am I missing? Crazily cheap at these levels. A trading update later in Q4 would help settle any nerves and give confidence that things are back on track.

i noticed that too, Tom! I've checked back and it's definitely a tweak on the previous wording. Signs of some momentum maybe.

If the recent Spire news tells us anything it’s that things are still moving slowly in the supercap business. That follow-on order was expected 12m before it’ll actually happen. Ditto automotive and credit cards. We’ve had solutions for problems that didn’t really need supercsps, or at least, the case had to be made. Then we have very lengthy development and testing timelines. Annoying I know, but I think things will eventually start to move in the near future.

Good to see the 155p price target reiterated by GPSL Research today.

LITC, I suspect the 10% discount rate was purely “finger in the air” - agree it’s not a WACC figure. For such an early stage project it needed to be a reasonable level to allow for the risks, but arguably it now looks toppy. Of course the good thing is that today’s NPV automatically increases by 10% pa simply due to the unwinding of the discount rate!

With a discount rate of 10% pa you’ll know that the cash flows beyond the first ten of fifteen years add very little to the NPV, so the “50 years” point is rather moot.

Coming back to the $4bn Google Play migrations, if they all convert and generate 0.5% margin (say), then that’d be c£15m to add to a slightly negative EBITDA currently. Knock off c£2m depreciation / amortization/ share based payments (per current accounts) and that gives c£13bm profit before tax, with no tax to pay for a while I expect. Divide by 70m shares and you get earnings per share of 18.6p. Multiply by a PE ratio of 20, say, and you get an SP of 372p. Clearly the above is just one optimistic scenario but it demonstrates to me the potential upside here.

Ah, so Axxion is part of the de Vere Group. I came across them a lot during my long time with an international life insurer. They have lots of high net worth clients round the world. Possibly de Vere’s Financial Advisers are simply seeing lots of value in XLM at the moment and placing discretionary client money there? Or one of Axxion’s fund managers sees similar value at the moment? Good if that’s the case, though that money can easily move on once better value is seen elsewhere.