The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
My expectations were low and even those were missed by a country mile.
Range of attendees too widespread for a 90 min session and had no cohesion in achieving any objectives.
Were any objectives of the session stated?
NO CEO TO REPRESENT PHE,a massive own goal ( no several) to direct proceedings to the OWNERS of the solution to the ocean problem outlined at the beginning i.e. PHE.
PHE are bobbing around in the business ocean with no direction, ownership, or real purpose at the moment.
Linde can be discussed until the cows come home, they are in the frame to clean up the syngas, which is not a massive commitment from them.
Will someone please take PHE by the scruff of the neck and give it some direction and purpose!
Piltick:
Regarding Financial Closure - I get what Dr.A says about the February date, as that was my first conclusion but I feel that date is just another "hoof it down the road" tactic.
If the delay is all around the DMG project now being tied up in Peel's objective of developing an integrated Plastic Park, then I suspect that FC will be a lot later than February next year.
The planning application for the Park (21/04076/FUL), made on 7th October, is pretty extensive and is for two plastics recycling facilities, a polymer laminate facility and a hydrogen refuelling facility, which I think will take at least 6 months to go through the planning process. In addition, when approved, these facilities will then join Plot 10B in needing funding and then becomes subject to Peels financing plan i.e. partner(s) for the Plastic Park or individual facilities.
Coupled with the above, we need a CEO firmly in place to be part of the funding discussions, IMO, so I would be well surprised if FC is concluded by February next year.
For me, the RNS yesterday wasn't a project update, it was just an admin tidy up.
Also, as before with TY, people are playing a little fast and loose with regard to the term "site", when meaning Protos Site but leaving it open so it could be inferred to mean Plot 10b......... just my little gripe.
Val: Regarding your 20.01 post and Peel takeover of PHE:
I would imagine its all about risk and reward for Peel and until the FOAK has been proven for commerciality and scalability, the likely cost prior to FOAK is outweighed by the present risk.
If a buyout is their intention, with the delays around financial closure for Protos, they are not putting too much credence on the possible progress that HUI could make with PHE, because if tangible deals are done in Europe then the price for Peel to pay just escalates, IMO, and the buyout gets more complex.
Just think the issue with Peel is that they have been slow in getting their Plastic Park strategy together (e.g. fragmented planning applications) and that has delayed the firm financial commitment from themselves and potential partners. Still think Progressive Energy may be in the frame to partner with Peel to fund the Plastic Park, we shall see.
Previously I was of the opinion that the stepping down of TY would facilitate the conclusion of the financial closure, but as things stand, with the lack of appointment of a CEO, the FC is somewhat further into the future than the end of this month, IMO.
I would imagine that Peel and potential partners for the Plastic Park, will want to see the whites of the new CEO's eyes before committing to a finance deal.
In addition, the planning application for the additional elements for the Plastic Park have only been recently submitted and it could be that Peel are waiting for the outcome of that planning, before committing to financing for any element of the Park.
IMO, Peel were slow in transitioning their strategy from stand alone processing to a fully integrated Plastic Park, which has resulted in more and more delay to the funding of a DMG.
Running in parallel to this PHE have had the CEO debacle (12 months nearly, since DR announced his stepping down) whilst the media is full of climate and plastic discussion, leading up to the annual climate conference being held on our doorstep, without a leader to promote PHE's cause.
Dr.A's approach for waking up the company is up for debate but they do need a severe kick up the arse IMO, as the communication regarding what is actually happening at Protos and the real reason for delays is being kept under wraps and will just lead to more speculation.
Very poor show from PHE considering they are sitting on global climate changing technology when almost all the world is becoming acutely climate aware.
Operastar:
I think you past Plot 10B and headed for the main activity (Plot 8) and were met by the barrier and security adjacent to Plot 9B heading towards Plot 8. See Protos plan below:
https://www.protos.co.uk/site-availability/
Plot 10B can be viewed from the road on two sides and from a footpath on the third side.
Pleasant day here in north Cheshire, so had a walk down the marshes to view the latest on the Protos site.
Regarding Plot 10B itself, no change. Still a fenced off overgrown shrubland.
The work on the shared access road (to Plot 10B and Plot13) appears to have ground to a halt, with little change from 9-10 days ago i.e. compacted aggregate stage, waiting for kerbing and asphalt to be laid, I suspect. There is one excavator parked up adjacent to Plot 10B.
However, the access road adjacent to Plot 4 heading for Plot 8 has kerbing laid and waiting (I think) for final layer of asphalt.
Buildings now erected on Plot 8 (Covanta), and not talking garden sheds. These have taken approx 6 months from initial foundation piling to the construction of buildings superstructure, so Covanta are cracking on with it.
Piltick/Dr.A/Occy: Cheers
Occy: The only cats I see are p**sing in my back garden and don't belong to me.
Dr.A : Busy at Protos at the moment, with the ongoing work on the "rear" access road that runs at the back of Plot 4 to Plot 8 (Covanta) with foundations laid ready for surfacing, as I see it.
Foundation piling finished on Plot 8 and big cranes in place starting the real construction, but will need to get the binos out to get the detail. So quite a hive of activity.
Not been paying much attention to the BB over the last few weeks, since it became occupied by sp dreaming Mystic Meg types, but the rise in sp caught my eye, so had a trawl through the recent posts.
Piltick: Still here, mate and thanks for your concern, but I am somewhat disillusioned with PHE as it stands at the moment.
The recent leadership has been dreadful, since DR announced his standing down and the company has been rudderless, with senior members coming and going on a regular basis and no replacement CEO yet, and a key milestone of financial closure due in about 12 working days, and not a word mentioned from the company.
The technology is sound but getting it to market has been and still is painful, with little commitment from Peel. I don't give much credence to what HUI are doing, not until something tangible has been attained e.g funding, planning permissions etc.
As V-I-I mentioned, too many similarities with the W2T set up, and look at what that cost us in shares.
So, for me, PHE is pretty much at arms length at the moment.
Some progress on site, with two excavators working on the common access road to Plots 13 and 10B, and having to go deep, by the looks of it (it is marsh land afterall), but new drainage culverts now in place and new road foundation stone going down and being compacted. So we may see some concrete and tarmac in the near future.
From V-I-I :Hydrogen to be produced down the road at Essar (Stanlow refinery) via the Nynet consortium, which is being by developer Progressive Energy.
Progressive Energy are also developing Plot 4 at Protos for a Bio-SNG plant..................now could it be that Peel are trying for a partnership with PE for the Peel Plastic Park, of which the DMG (plot 10B) would be a key constituent part ???????
NutHazard & 6913ro55:
It may appear to be sh*t to some but there are representatives of the local communities who have a responsibility to ensure that due process is carried out, regarding Planning Approval for developments in the local area.
It may not be the Cotswolds around here but we do try and protect what we have .
Some of the issues raised may appear to be of little overall significance but this is set against a background of drastic development change in the area (Elton & Ince) over the past 50 years. I'm sure Kenny will do a bit of digging. I've lived here for more than twenty years and witnessed the removal of Ince 'B' power station. There has been:
Stanlow Oil Refinery (Essar)
Thornton Research Centre
CF Fertilisers
Quinn Glass
Now the massive Protos development
Rumour has it that Quinn Glass was recently built at over 50% larger than the first approval and needed retrospective approval. So the representatives of the local community are a little wary and don't want to see any project creep going through.
The planned size of the overall Protos development is to cover a considerable area which was (up to about 12 years ago) open marsh land with public access to the Manchester Ship Canal and River Mersey. People live, work and send there kids to school around here and I don't think anyone would vote to have Protos half a mile from there front doorstep, if they could avoid it.
Most people I have discussed PHE with, on my walks across the marshes, are fully supportive of the climate benefit principle, and appreciate the overall objective, so don't dismiss their viewpoint too readily.
I risk life and limb on the push bike, going down Ince Lane with the petrol tankers going into/out of Essar so all issues should be given an ear, IMO.
It is what it is and people around here live alongside a major development, but don't dismiss their concerns out of hand.
Jeeez, we've even lost the bus service we used to have..........................don't start me on that one.
Apologies if it came across as a bit of a lecture.
Dr. Anamoly:
Good to hear from you, you've been quiet recently.
Agree, that W2T gave up their exclusivity rights to Peel but were Peel aware of how it was all going to settle down regarding management structure and TYs role?
Plot 10B has certainly got embroiled into Peels overall vision of a "Plastic Park" and has no doubt contributed to the overall delay, but now we have the vision and the Planning OK for Plots 13 and 10B (with conditions and additionals) and Planning is being prepared for the additional plots, it feels like the bottlenecks are being removed, IMO.
Piltick:
I think the outline of the required explanation is there to be seen IMO.
If you were in Peels shoes, and after doing the required due diligence on PHE and the directors and Chairman, how comfortable would you feel investing a sizeable sum and forming a watertight partnership with PHE.
It feels like the management structure after the W2T takeover was not to Peels liking and coupled with a possible internal riff between TY/DR, we had the announcement of DR stepping down.
I got the shakes when TY took over some executive duties including "Stock Market Relations" which I thought wouldn't bode well.
Its probable that TY was sensitive to due diligence issues and was preparing the ground for PHE to go it alone at Protos regarding construction and funding, hence fund raising and loan to the SPV.
Now with the recent TY news hopefully clearing the path, we should see appointment of the CEO and the anticipated "financial close" with Peel and possible partners IMO.
Tame2017:
I think you have mis-understood the term "financial closure (close)". It's regarding how the work at Protos will be funded and by whom.
Testpack:
It's actually Plot 9B that has the portacabins on site for the work crews. Admittedly Plot 10B is totally devoid of construction work but a temporary access road has been installed (for site vehicles and to act as a by-pass for farm vehicles), and work has commenced on the permanent access road to Plots 10B and 13.
Wolves:
By my last reckoning TY had 9.2m shares and Mrs.Y had 62.7m. So the statement in the latest RNS, " I intend to remain a shareholder.....................", I think needs to be interpreted very carefully, with the emphasis on the "I", and you can remain a shareholder with only one share.
Sorry if this comes across as cynicism in the extreme, but I just don't trust the whole bundle of what PHE bought into regarding W2T, to the point of, I wouldn't trust them to walk my dog (if I had one).
Piltick:
In addition, in the discussions I had with DR he was a very strong advocate of not diluting shareholders to raise the Capex for construction, hence the agreements and discussions with Peel.
However, soon after DR announced his stepping down PHE went down the equity raising route, as IMO, TY was aware of the potential delay in achieving financial closure with Peel and suitors .
If TY remained at the helm, I believe the shareholders would have been footing the bill for the total Capex required for the DMG construction at Protos.
I really think TYs departure will remove the financial blockage now for the construction.
The announcement of DR's intention to step down last November always struck me as odd, and did rattle my confidence in PHE, particularly when aligned with his accomplishments with the Peel agreements, overseeing the Planning for the Protos site and sorting the mess of who (from W2T) held what shares in PHE.
The 8 month delay between clearing the site and starting serious work on the access road became increasingly curious as time progressed, because we might as well be clearing the site about now , after the bird nesting season.
The delay in starting the recruitment process for DR's replacement, again, about 8 months, also a bit weird, as it didn't provide any continuity/overlap at all, in fact quite the opposite.
During this period of "inactivity" re: Protos, it's been TY conducting the orchestra and then we get official announcement of revised timescales for construction of 2023, which causes concern, and then TY announces his stepping down from his Chairmanship.
Just suggests to me that TY has been the fly in the ointment regarding real progress being made at Protos, which IMO, he thought he could massage through in a politician's kind of way, and still come out of it successfully, but something/somebody or some entity is not playing ball.
So, lets hope the runway to construction has now been cleared and we get a new CEO, financial closure, a DMG built and fully operational and generating hydrogen rather than non-combustible hot air (of which we have had too much ).
Bring back DR as CEO with a good PR person to support (no offence Dave).
Good to see the second Planning applied for, shows continued interest from Peel, but let's see the true commitment in terms of financial closure for the Protos site.
We have the Protos road signs and work on the common access road, lets see the colour of their money.
A couple of updated vids re: Plot10B
https://www.youtube.com/watch?v=8AlTXlucvJ4
https://www.youtube.com/watch?v=1ZfuUumRPcE
Access road been dug out and widened and the Site Manager said the next steps were for a Sonar bomb survey (matter of routine) and then start the concrete pumping to stabilise the peat based sub-soil.
Should be done in a couple of weeks.
New signage on the approach road with Plots 10A & 10B being shown as Peel PTH, I'm assuming "Plastic to Hydrogen", could this little surge in activity and info mean financial closure is around the corner ?
Forgot to mention in the "Start of Work" post from the other day, the footpath around the west side of the plot has been paint sprayed with letter codes for BT, CCTV, water and electric, with a lot of electric positions. I suspect these will be for the services to the plot but also for the likely connections to the new sub-station around the corner on Grinsome Road.