Member Info for jaf1948

'to be' should be 'to me'.

2cvguy,

Happy with your post. Yes, I am sure the plant itself will be OK since it is all new and good quality, as langtro points out.

I am not now, and have not said in the past 6 months, that I think WRES will fail or that it is a bad investment - that is something that is just attributed to be by the MM fan club. All I have said is that it is now too risky for me.

2cvguy,

The main teething problem currently, as I see it, is running late with the full production plan. This in turn may or may not lead to other teething problems, such as cash flow.

Do I mean 'ANY teething problems ? I don't really understand what you are getting at there but I cannot predict the future.

mogwhy,

I have always been concerned about cash flow with any AIM company. None of us on here are privy to the details of WRES's opex - as I said before, I do not even know the proportion of fixed costs to variable costs. All I do know is what the company has told us - that the project was fully funded and yet more money was raised without detailed explanation. Also that six months ago, the company was expecting $15.2m ebitda for 2019 and now is going to get nowhere near that amount.

All these factors taken together meant that in April, I no longer felt that an investment here was a good risk / reward for me. I feel too many people are looking at the revenue but not looking enough at the costs and cash flow.

But, as they all say, DYOR.

Troajan,

For the last time, I did not make that comparison - you did.

Find a post where I say it or shut up.

safety,

Whatever I post, you will assume I am having a go at WRES so I cannot win.

As for the loan, if WRES get through their teething problems, produce what they expect at the cost they expect, then the loan will have proven to be a great achievement and well negotiated. If, on the other hand, things do not turn out so well, the loan may be seen as one of the causes. Only time will tell.

Troajan,

Yet again you make things up. I NEVER compared blackrock's loan to a standard high street one. I said it was not a very good rate and stated it was over 2,000% of bank rate, all of which is true.

You then said something about a miner not getting a loan on the same terms as the high street, which is also true, but it was not something I said - it is something you implied.

Troajan,

You still didn't answer the point about the £15m but let that be.

So what do think the ebitda figure for 2019 will be ?

wasp,

It's not the production figures I want - I am sure WRES will produce somewhere near the proposed output eventually. It's the cost figures that matter. Any company can produce at a loss !

Wasp,

Sorry I didn’t look at slide 6. But it still conflicts with slides 26 and 27.

Troajan,

My post at 09:47 today: 'The June presentation does NOT say £16m ebitda in 2020. It does not mention 2020 - it merely says Year 1, and the figure quoted is 15.2m DOLLARS not Pounds.'

Your post at 10:27 today: 'it says here bud....$20 mill is £16 mill sterling...not your £15 mill sterling.......fact m8'

1. I do not even mention £15m sterling so I do not know to what you are referring.

2. The June 2019 presentation says on slide 26 that there will be $15.2m ebitda in Year 1 and then the next slide 27 says no ebitda for Year 1 and $15.2m ebitda for year 2. There is no mention of $20m ebitda anywhere for either year 1 or year 2.

Anyway, as Kev points out, there are no facts for 2020. There are only projections that the company has made, which up to now have not been worth the paper they are printed on. In the February 2019 presentation, which is now conveniently not on the web site but I have kept a copy, the company was clearly showing for 2019 (not Year1) $15.2m ebitda, yet in 5 months that is now down to zero on the June 2019 presentation slide 27.

Troajan,

All I ask is for people to keep to the facts.

The June presentation does NOT say £16m ebitda in 2020. It does not mention 2020 - it merely says Year 1, and the figure quoted is 15.2m DOLLARS not Pounds.

Troajan,

Of course it's a good presentation - he's issued it three times in the past year just changing a few dates now and then.

Troajan,

I am not a religious person but I am happy to accept the convention that we are in year 2019 based on an unproven birth date of Jesus. Wres, on the other hand, has abandoned that convention and has now deemed some indeterminate period of 12 months to be ‘year 1’ but alas doesn’t tell us when that time actually starts. When it deos tell us, then we can discuss figures.

Well good for you, chaser. I’m looking for a 25 year old blond nymphomanic and will probably be as successful as you.

I quoted the presentation that was the most up to date at the time of Kev’s post. He was saying $40m when the company was saying $15m.

As you know, I go by the company's figures so that is what I quote. Unlike you, I do not pretend to know more than them so any figures I would put forward would be based on theirs.

I am now waiting, like most of the market, for real production and cost figures. Even the company does not know when that will happen, hence '2019' in the old presentations being changed to 'Year 1' now.

I rubbish your figures because they are so wrong. If we all knew that there could be delays (which is what everyone agrees now), why quote a figure for 2019 which was not only more than double the company's figure, but also did not take into account any delays.

Just saying that you can't have it both ways.

Troajan,

Mogwhy asked for examples. I gave examples.

mogwhy,

K3VNC 10 Jul '18 $40m ebitda is what i am looking for in 2019.

At that time, the May 2018 presentation was showing EBITDA for 2019 as $15.216,000.

Is that good enough for you ?

mogwhy,

'I don't recall any "over-hyped high potential EBITDA figures" on here.'. So quoting figures way above what even the company says they can achieve is not over-hyping. At that point, our conversation ends again.