Member Info for iWantThatOne

Just bought £5k's worth. The current share price is ridiculous - mcap of c$300m, forecast FY EBITDA c$45m. Go figure.

Ah contraire, I disagree with Snaffleman completely. We knew communications were to be curtailed, with the Chairman saying so. We knew testing would take several months, so little to say until now. Given what the Chairman said, it is not surprising at all that we have had no RNS. As for Gene Lewis and the subsequent Chief Technical Officer, there was plenty of discussion here along the lines that they may have taken a wrong turn, technically, which is why it became even more important to get De Nora on board. The fact is that AFC continues to knock over the technical challenges and get ever closer to having a commercial product. As for dilution, yes of course there will be more but then the prospects look more exciting than ever IMHO, with a range of potential addressable markets including some (eg diesel replacement) that weren’t talked about much, if at all, several years ago. As for Snaffleman’s claim that there are plenty more, better investments elsewhere - well possibly, we can all make up our own minds on that. At a market cap of just £35m or so, AFC seems as good as any at this price, especially having seen how the share price responds to good news - up to 18p in Q4 and 14p in Q1 - again IMHO. People are naturally concerned at the share price sliding, as am I, but nobody’s making “huge losses” until they sell, and I suspect most people are holding on for a good surge following a positive RNS in the near future. We were told at the AGM that money didn’t need to be raised for six months - why are some people getting nervous about one now simply because there has been no news? It seems to me that fear and distrust is filling the communication vacuum. FWIW, I continue to hold in the expectation that my investment will do very well in the next six months, even allowing for 10-20% dilution from a similar fund raise to the last one.

News of successful Stade testing soon, I reckon, to be followed by a series of RNS in coming months on warranty and electrode production agreement, Alkammonia, BoP mass manufacturing, hydrogen supplier partnerships, and - dare I say it - a commercial contract. Bond didn’t do himself any favours promising newsflow throughout 2018 when it’s the electrode sign-offs that fire the starting pistol. Just about there, surely.

Yes Andrew, you could read it that way. I think more likely just a complete misunderstanding of the contractual arrangements by Joel or whoever wrote the RNS. My previous post was incorrect of course, Explorator’s share was not 320k, it was just claimed to be. Anyway. Bring on the hard rock.

Jamesie, the Jan RNS didn’t say that Explorator had income of 801k, it said that “Combined contractor income” was that much. As if we cared. The quoting of that number is what caused all the confusion. Explorator ‘s income was 320k, Xtract’s one hundred and something. Because of the poor wording most of us believed it was Xtract that had earned 320k net income.

Aren’t they just saying they they COULD have written the same amounts of business (so stable) but instead have decided to reduce lower margin stuff - leading to broadly same EBITDA from lower revenues. So earnings barely changed and the forward PE ratio after the drop is very attractive. The question remains why profit growth has eluded them this year - agree that Australia is not a good reason; not sure about the EU issues.....

Dear God, a bit of depressing posting here in the last few days. Come on folks, we know there’s little to say until the current Stade testing is complete. And I’m not sure why some expect AB to buy shares when he’s going to be awarded shed loads of free ones under existing share options soon. Let’s talk instead about the pent up money on the sidelines just waiting to be invested once the final steps are taken this year - I’ve got meaningful amounts waiting to go in but, given how deep I am already, I’m waiting for results first. Anyone else?

Much as we all love to criticise Colin Board here, the reason why the SP has tanked in the last few days is all the selling that's gone on - not because he's made yet another terrible decision. And the reasons for the selling? All we learned from the results RNS was that Moz may exit (not really news) and that a decision on FB HR may be a bit later in H2 rather than imminent. So when people say CB has destroyed value - OK, but also look at yourselves too, folks. I do appreciate CB has created the environment for such a sell-off, though. Let's hope we have now reached the bottom. For the last month or so it's been generally agreed that "it's all about the hard rock". Well that's all still to play for. The market won't give any real credit for FB until we get an RNS on its financing and operation - but if and when that comes out, the SP will surely rise. And remember - if it's a fully outsourced operation then CB can't mess it up!

LW, if we take15-20% of FB as indicated, then that is 2-3x where we are today, share price wise. Too many emotional sells here today when the economics still say hold. I appreciate the lack of confidence in Bird - I’m holding only to get back to a better figure.

The news in the RNS absolutely does not warrant the drop we’ve seen, which is not a result of significantly more sells than buys. The Mcap is now c£5m, which ridiculously undervalues the FB hard rock, let alone anything else.

OS, I can’t agree with your sentiment that AK is somehow under no pressure to achieve. Yes he founded the company but it’s now publicly owned - shareholders can hold him to account by putting pressure on the BoD - who I’ve no doubt have their own view of how well he’s doing. I’m sure he has options and bonuses linked to performance. If contracts aren’t yet dropping, I doubt it’s because he’s not putting in the effort. There are many AIM lifestyle companies but this isn’t one of them - IMHO.

Little we didn’t know already in the RNS today - just confirmation that alluvials are a sideshow now (though possibly more profit if XTR is actually prepared to do some work rather than outsource everything that moves). Fact is, the FB HR open pit is still worth 3-4p working with the “”Chinese contractor” at 15-20% - with plenty more once underground resources are added to reserves and can be reflected in the share price. That’s the deal we need to see now.

This company only needs to make annual profits of £3m (c1p per share) to be worth somewhere between 15p and 30p IMHO (i.e. a PE ratio of 15-30 - perfectly reasonable for the electronics sector and a fast-growing segment). £3m is nothing! We’re not there yet but it hardly seems an insurmountable obstacle.

Athansius, I'm surprised to hear you say there is / was insufficient evidence of this going anywhere - when you spoke to someone at AFC at the end of April we had just had the Final Results, the Report & Accounts and the AGM, with all the discussion going on around that. Personally I was heartened by what I feel WAS evidence of things moving forward nicely, albeit with some way to go. What in particular have you been expecting to see at this time?

Athansius, I'm surprised to hear you say there is / was insufficient evidence of this going anywhere - when you spoke to someone at AFC at the end of April we had just had the Final Results, the Report & Accounts and the AGM, with all the discussion going on around that. Personally I was heartened by what I feel WAS evidence of things moving forward nicely, albeit with some way to go. What in particular have you been expecting to see at this time?

The Moz situation might be a blessing in disguise....if Explorator take it on themselves using the modified plant, then 25kg per quarter is gross revenue of $4m pa. Nothing payable to Nexus as Explorator isn’t a contractor (??). And the margins must be large for digging dirt.

Me and Mrs IWTO - 1.0m

Not nervous but just desperate to get on with it, Silures! This development phase is boring the wotsits off everyone. The oft-quoted 1400 hours should be up round about now, so I certainly would like to hear something by the end of June / early July.

Surely the technical know-how resides mainly with the 10-20 highly qualified engineers who actually design and make the supercap solutions at CAP-XX and do the R&D that forms the basis of new patents? AK and fellow Board members have the strategic vision, sales and leadership experience but that would simply be supplied by by the leadership team of any purchaser of CAP-XX working in the same field. So a sale of the company seems viable to me. I doubt the BoD would be seeking that though - both the company and sector still have a long way to go to maturity. If Kongats wants out now he can simply arrange a sale of his shares and a new CEO would be appointed.

On 7th June last year we got a trading update for the year. In lieu of anything else, will we get one this year, within the next few weeks?