Member Info for iWantThatOne

So who manufactures LDOs, cos they’ll be the companies threatened by this new approach, over time?

Good news. To those who say little ‘ol CAP-XX can’t compete on the world stage, I think this demonstrates further that their leadership credentials in supercap technology development are very strong. Does anyone know more about the markets for this development?

Cheekyboy, sounds strange, I’m with HL too and my Bed&ISA has gone through fine - just a tiny spread on each line of stock but also with a fairly modest fee taken off each by reducing number of shares. I also had this approach confirmed by phone when I called to check about two months ago. Good luck.

Thanks all, I think the moving longevity targets are certainly part of the confusion. So perhaps they’ve hit one year (2017 target met) but not the longevity targets for full commercial rollout, AND the cost metric remains to be signed off? Who knows. I can’t wait to be in a position where this is all signed off, the sp is on a new, higher, stable level and we all know where we are. Three months time, hopefully.

I think there’s something to be said by bringing in an experienced and respected full time CEO, with Colin taking a small step back as Non-Exec Chairman. That might help bring a little more confidence in the company. XTR has the feel of a one man and his dog operation, which is not appropriate for a company of the size it aspires to be. I’m sure some of these deals would have gone quicker, and comms Ben more frequent, if he hadn’t been fulfilling his obligations with other companies. I don’t hold with this idea that it’s just about deals at the moment and therefore we only need Colin.

Agreed Notes, but then from the FY Results RNS: “AFC Energy fuel cell system now achieving majority of P.L.A.C.E. (Power, Longevity, Availability, Cost and Efficiency) commercial metrics, positioning 2018 as an important year in taking the product to market”.

PLACE isn't complete: once again some loose words have been used here and there by the company to imply it is whilst at the same time acknowledging elsewhere that it isn’t. Very frustrating. I’m sure there will be a biv fanfare when it finally is signed off. I was hoping PLACE could be deemed met after the 10kW testing at Dunsfold (accepting that Kore still needs to be tested for other purposes), but it looks like Stade testing completion will now be the confirmation point. Still surprised we haven’t heard that that testing has started - I guess we’re still in early April and it could be any day now. Or delayed.

Would you expect any offer for HUM to include Dugbe though? I’d have thought the big gold miners would want Yanfolila and Cora only at this stage. I wouldn’t be happy giving Dugbe away for free. And 45p is too cheap even for Malian assets alone.

OS, no, come on. Revenue from CAP-XX’s direct sales is broadly twice that of royalty revenue so the forecast growth will equally derive from a growth in the former as well as royalties. This is all basic stuff. Look at the last FY results.

My mistake. Official forecasts don’t take account of potential new licensees or large orders. However my forecasts do!

OS, I don’t believe the forecasts are predicated on “royalties going through the roof” (I don’t recall them being separated out in Allenby’s report), but a combination of increased royalties, entry fees from new licensees and more direct orders for the company, of which “large orders” play a major role. There are plenty of reasons why each of those areas could see significant increases.

OS, serious answer to your question - Murata and AVX will meet the needs of new customers who CAP-XX themselves wouldn’t have come across or been able to work with, eg for reasons of scale. It’s not a case of CAP-XX’s revenues being replaced much lower 5% royalties - for the most part, these will be additional revenues. So it’s not all a case of direct sales being cannibalized.

Agree, Andrew, that 20p per share could represent fair value once all activities are up and running at full steam - though I doubt the market will give full credit, rather the SP will inch up over a lengthy period. 20p, or 28c, equates to c$100m mcap. FB could provide 42m on a 50/50 share, alluvials 30m+, Moz stake 15m, other hard rock 15m, less overheads 5m - all summed over 5 years 7 for FB). Just needs good execution and, as LittleWing says, no unnecessary dilution.

Reading too much into it? Maybe things just take time in China.

Seeking answers to these questions has a real purpose and goes well beyond curiosity - they may add detail we private investors are not currently aware of and thereby inform our investment decision, whether that's to hold AFC shares, buy more or sell. That's why I'd like to hear them. This is different from what would be reserved for communication in an RNS.

I’m desperate for Moz to put in some reasonable figures for March, given how poorly they started and the kick up the pants they’ve had with the fines. For me that’s as important as Sino’s figures - which I agree should be at least $500k for the quarter.

Some from me, thanks, BB: 1. Does the proposed manufacturing agreement with De Nora cover just electrodes and, if so, who will manufacture BoP and any other elements of a fuel cell package? 2. How will manufacture of fuel cell systems be financed, esp. with a view to minimising equity fund raising and related dilution? 3. Does AFC anticipate becoming a manufacturer in the diesel-power replacement market or is licensing the technology more likely? 4. What is the expected outcome of forthcoming testing at Stade (e.g. PLACE being declared met?) and when are we likely to hear the results? 5. What are the implications for the company's structure of the different end-user markets that are now being explored? Thanks a lot, IWTO.

Me too Eddie, happy to see questions coordinated and to share contact details.

You know AFC is affecting your mental health when your waking thought on a Saturday morning is about asking AB questions at the AGM about dilution and commercial contracts.

Did you see in the results that AB was paid £100k bonus? Just pointing that out.