Member Info for Lutra

Until we see the next set of accounts, we really have no clue what is still within the company currently trading as TPG Maritime Ltd. TPG has mixed and matched activities across its subsidiary companies in the past and it would be no surprise if it did that again as part of any disposal or JV. The company that was Corac Engineering Ltd briefly became TPG Maritime Ltd (in 2016) before being renamed again and is currently a dormant company called Atmosphere Control International Ltd.

To confuse matters further...the current TPG Maritime Ltd was previously trading as Atmosphere Control International Ltd, before it all got swapped about!

It would be very easy for TPG to transfer any assets into any of its subsidiaries, for retention, sale or JV - or indeed to set up an entirely new subsidiary company to ring-fence and handle any new aspect of the business.

Truro, TPG Maritime's Operating Profit is very much "real money"! As you say, matched by net costs elsewhere in the Group. As a separate company TPG Maritime Ltd reports its accounts separately to Companies House, as well as contributing to overall Group accounts. TPG Maritime contributed about 35% of Group revenue last year.

To me, the current profits and order book of Maritime would suggest a reasonable price of about £50m on any sale, which is more than the current market cap of the whole Group. A sale at that price would raise 6.4p per share. I would value the remainder of the Group at 3.5p per share, giving an overall value of 9.9p. All personal opinion of course and the markets clearly don't agree with me! :)

The most recent annual accounts for TPG Maritime Ltd cover the year to 31 December 2019. These show an operating profit of £5.258m and an order book of £37.943m.

cross-posted with haggis, and, yes, I should have added a big "Yet..."!

Mucksy, thanks, that's interesting. I don't think AFC are in the compact, in-vehicle, stack business, though.

Guys... this is issued as a "REACH" announcement, not an RNS. It is not regulatory news.

Interesting that "This includes racing an Extreme E electric vehicle at Knockhill Racing Circuit..."!

Actually, having posted that comment, above, on "electrolyser or cracker", I see that slide 23 of the Presentation posted by Mucksy says "Hydrogen electrolysed and stored on site.", so I am guessing they mean electrolysed using an electrolyser - rather than using a cracker that operates by electrolysis!

...and we are still assuming it is an electrolyser in that box rather than a cracker. I'm not sure that there has ever been anything specific said on this - just "upstream hydrogen generation".

Interesting that the Guardian article states that the Whitelee windfarm electrolyser will be owned by ITM. I don't think I had seen that before. Do we know if it is correct?

Interestingly, AFC's most recent European patent (in 2019) refers to: "A membrane electrode assembly, suitable for use in a fuel cell or electrolyser..."

interesting article on direct ammonia fuel cells here: https://pubs.rsc.org/en/content/articlehtml/2021/ta/d0ta08810b?page=search

"This loaf has taken 14 years to bake, gone a bit stale..."

Well...the Sp is more than twice what it was in May 2007, so your "bread" has certainly risen.

Bilbo, your local taxi drivers are probably only doing short journeys and probably able to recharge for free at present, so a BEV or Hybrid makes a lot of sense. Of course, it means they can't rev their engine outside to attract attention, though! :)

Aaron, Thanks. I'm not sure if folks are deluded, but I sometimes get frustrated when posts over-analyse movements (or lack of) and ignore what is going on in the wider market.

Aaron, you say "We've seen irrefutable evidence that positive news from AFC (and other firms) can still result in the SP taking a big dive." That is fundamentally wrong - it is not cause and effect. Positive news did not "result" in the SP taking "a big dive". Positive news sometimes simply coincides with big moves in the wider market.

While I am guilty of putting hopelessly optimistic future prices into the calculator, at the moment I am much more focused on when last week's tranches turn positive! :)

Very often you will see the bid and offer prices remain constant for a number of trades, then a single-share trade sets a new bid/offer. I've heard it said that this is the way that the market makers establish the going-rate for trades, like a series of mini-auctions through the day, allowing the bulk of the trades in between these, to proceed rapidly at a known price without negotiation.

Desert, it is that integration role (and the software that controls it all) where I would see the tie-up with Ricardo fitting in - not necessarily on the ABB work, as I would expect ABB to already have this expertise in-house, but for the other potential end-uses.

I would imagine that Elon's lawyers will be sharpening their pencils and rubbing their hands with glee at the fees they will be about to charge, as he is surely bound to take action to defend his stance? Even if he doesn't have the engineering tied up against alteration, the software will be and the brand name certainly will be open to challenge. Hopefully he'll not win, but I'm sure he'll throw some money at trying!