Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
So Administrators have been appointed and Cenkos has jumped ship as official Advisor. Nasty smell?? If the company does not appoint a replacement Advisor within a month then the listing is cancelled under the AIM rules. This suggests that those who misled shareholders for many years can simply slink away with their pockets stuffed with all the money they squeezed out of the company in inflated salaries, expenses and wildly extravagant bonuses over many years. This is not right and there should be a formal investigation by the authorities into the demise of the company before the listing is simply cancelled. Anyone have any views??
Apologies for the silence, I am travelling and presently find myself in the insufferable traffic jams of the south east of our beleaguered Isle. Yesterday afternoon the M25 was its usual dysfunctional self, stifling the economy and frustrating everyone.
Thank you anyway for your open and frank explanation of your later share dealings in Flow. I can sense the anguish and emotional effect of such a financial loss. I am not so badly wounded as I bought all my shares at an average of 10p and then, later on a few more in my wife's name in the middle teens. At one time, when the price rose to the high 40's I was showing a very handsome profit but failed to take any of it. I did not add to my holding in the later dilutions so the family average is below 13p. The possibility of an RTO is of course very remote but, as you say, the tax loss is fairly attractive to the right budding business. As a one time broker on the London Stock Exchange I am very aware that the most difficult skill to hone is that of being a canny seller! It's always easy to make a case for buying something but being willing to take a good profit is more difficult for some reason.
I am encouraged by the remarks of el.toro in his 10.38 post below. Anyone with tangible evidence of the unreadiness or dysfunctionality of the Flow boiler at the time of the bullish statements from the BoD and senior management, either in RNS form or in statements at share presentations, should be prompted to come forward. Dishonesty for the purposes of personal gain and misleading shareholders is a despicable practice and should be punished.
I wish you good luck going forward.
I have been wondering. Did you eventually sell your shareholdings and establish a specific loss for tax purposes? Or do you still hold the shares as beneficial owner? I still hold all the shares that I bought and have never sold any, so I have a large but as yet un-established loss. I have no particular justification for not having sold the shares but suppose that if, by some miracle, the was an RTO and some whizzy company took over the quote I would still have a (seriously diluted by now) vested interest. It doesn't change the fact that I lost a large sum of money overall and have been duped by untruthful statements and claims by a greedy BoD and senior management
I'm sorry I would not be able to join you (if invited?) as I too would enjoy such a natter. Sadly, I live too far away from the Mitre, but not as far as Pop suggested in his earlier post; I am in rural Shropshire which is a pleasant spot in this beleaguered Isle, where English is still fairly widely spoken!
I would be interested to hear any meaningful action plan that emanates from the nattering.
So Flow is finally dead after so much money has been blown away and so many hopes extinguished. No trades yesterday and no bickering or speculation on the chat board since last Monday. And it looks as if those responsible for the whole charade will get away with ripping it off for about 10 years? What a sadly corrupt and dishonest world we live in? I was a member of The Stock Exchange, London many years ago, long before the birth of the 'AIM' concept but resigned and emigrated when I realised what a dishonest and corruptible institution it was becoming. And that was in the middle 1970's. 'Dictum Meum Pactum' has become meaningless and pulling the wool over honest investors' eyes is now seemingly an acceptable occupation, without fear of punishment. RIP the Flow MCHP Boiler.
This company is now dead and this board is dying very rapidly. I am wondering if any real progress has been made with initiating an investigation into the way senior management and the BoD appear to have manipulated investors into stumping up many tens of millions of pounds by making false or inaccurate statements concerning the development of a 'game changing boiler that pays for itself' over a period of about 10 years. During that time they seem to have paid themselves massively inflated salaries/benefits and bonuses. Has tm1978 any further news on the investigation that she initiated quite some time ago?? Has anyone else made any meaningful complaints (other than on this board) to any organisation able to investigate such dishonesty?? I did telephone the FCA recently and essentially got the brush off, but I do not think it right that those concerned should get away with so much blatant dishonesty and feather their nests with so much hard earned money from innocent investors.
I telephoned the Financial Conduct Authority out of interest to see if it is interested in investigating wrong doings by directors and senior management of businesses listed on UK Stock Exchanges. The answer seemed to be that they do investigate but only in the case of businesses offering financial services or products to the general public. I outlined the situation in which we as shareholders in Flow Group find ourselves and was told that it was not their area of concern and that I should more properly call the London Stock Exchange or Action Fraud (which is a branch of the Police seemingly). The person that I spoke checked their records and said that Flow Group does not appear on their records.Make of this what you will. I shall perhaps telephone the London Stock Exchange when I have more time but as a one time member of that august body I am not confident that it will help our cause these days.It may be that there is not in fact a body (with teeth) to whom investors in our situation can complain. Its a bit like so called 'Estate Agents' who are largely unregulated and can behave as they wish.
I telephoned the Financial Conduct Authority out of interest to see if it is interested in investigating wrong doings by directors and senior management of businesses listed on UK Stock Exchanges. The answer seemed to be that they do investigate but only in the case of businesses offering financial services or products to the general public. I outlined the situation in which we as shareholders in Flow Group find ourselves and was told that it was not their area of concern and that I should more properly call the London Stock Exchange or Action Fraud (which is a branch of the Police seemingly). The person that I spoke checked their records and said that Flow Group does not appear on their records.Make of this what you will. I shall perhaps telephone the London Stock Exchange when I have more time but as a one time member of that august body I am not confident that it will help our cause these days.It may be that there is not in fact a body (with teeth) to whom investors in our situation can complain. Its a bit like so called 'Estate Agents' who are largely unregulated and can behave as they wish.
Is the listing of Flow Plc now cancelled? If so what a shame! So much expectation, so much investor's hard earned money and so much dishonesty and deception. There should be a way to stop such waste happening again.
Your 17.15 post. No. I never met Tony Stiff Your 17.03 post. First prototype Flow boiler installed in March 2014 - heat only function. Fourth and last prototype installed summer 2017 - generating function. Your 15.50 post. My question about the rating of the boiler was posed on behalf of my brother who was going to have Flow boiler in his house. He never did have a Flow installed. The survey on my house was done in autumn 2013 and first prototype installed end March 2014. Does that answer your niggling questions?
Pop, I have not deserted but have been out all morning to include an early lunch and I do not use my mobile phone save to make phone calls. Call me old fashioned. Re: your questions I would reply briefly as follows. The first generating boiler installed in my house was, as I said, unacceptably noisy. It might have been alright in a detached garage but it was in the utility room at the back of the house and could be heard pretty much throughout, especially for the first 5 to 10 minutes while it warmed up to full operating temperature. This was readily acknowledged by the Flow engineers who down graded it to heat only pending 'extensive work being done to overcome this problem'. The next boiler was fine and the noise, although slightly louder than a conventional boiler, was perfectly acceptable. The engineers seemed genuinely proud of this as to some extent I they had worked on this new version (at Capenhurst I believe). At this point I did believe that the boiler now functioned properly but never saw any proof that it was generating electricity according to spec. The enthusiasm of the three engineers who came to my house was palpable - as opposed to the rather negative attitude of the last pair of Calor chaps who opined that it would never work acceptably. I was always enthusiastic about the boiler but, looking back, I can see that senior management/the BoD were somewhat economical with the truth when engaged in fund raising exercises and diluting the shareholders equity. They also appeared to hide facts and exaggerate expectations to suit their objectives. The friendly Newsletter was stopped and shareholders were kept in the dark or misled about the effects of the possible VAT changes etc. My confidence was badly dented at this time and I now regret not having taken my loss at this time. I am not, per se, accusing anyone of having their fingers in the till beyond the exorbitant salaries/bonuses/perks that they all paid themselves. This was clearly wrong for a company that had never come even close to generating any earnings. But the longer they could drag things along by keeping quiet and not keeping shareholders informed, the greater their personal benefit. Until the balloon popped!! I now believe, looking back, that a number of the RNS statements were designed to deceive rather than inform. Again looking back, I believe there were a lot of problems with the boiler right up till the last one I had installed last summer, that were not spoken about publicly but rather hidden away. I am still surprised that Jabil didn't speak out as they must have been aware of the issues?? I hope this answers your questions? I am amazed how the Trolls and Rampers on this board have ignored my post. Facts seem to confuse them?
Morning.Jan The agreement gave me the right to choose a boiler of similar capacity and performance. I consulted with a friend who is a local heating engineer and plumber who suggested, amongst others, an Intergas boiler and I did some research as I had never heard of the brand. It is an established brand from Holland with an excellent performance and reliability record and has only a very small number (I think about 5?) moving parts. It also comes with much longer warranties than most other popular brands available in this country.I was impressed further when I found that my son had recently chosen an Intergas boiler for his London house and he is meticulous about such choices. The range is extensive and 'smart' so they work with thermostats that are controllable remotely (Nest, Hive etc) and most models are installable as either 'system' or 'combi'. So, reliability, ease of maintenance, excellent performance statistics, flexibility and word of mouth led me to my decision which was acceptable to Flow and their appointed installer. I hope this answers your question.
I believe that I am now released from the terms of my agreement with Flow Group as a participant in the Mchp Boiler Trial so here is a brief history of how it went. I and my house were accepted as participant in the trial in late 2013 and the first prototype Flow boiler was installed by Calor in March 2014 as a heat only model i.e. it was not equipped to generate electricity. It worked very well and I was told it should be upgraded to generate electricity later that year. This never happened but an improved model was installed on heat only towards the end of the year. The boiler worked really well and reduced my annual heating bill by over 40% compared with my 12 year old Poterton model and monitoring and service were provided by Calor. The first generating model was installed early in 2017 but is was unacceptably noisy in operation so was reduced to heat only after only a few weeks while work was done to improve the noise level. This work was done by engineers from Flow Group as Calor seemed to have been phased out by now. Another boiler was installed in summer and was acceptably much quieter and worked efficiently although I was unable to tell if it was generating electricity as claimed. All monitoring and service was done by Flow engineers who were prompt and polite at all times when they visited. Last autumn events overtook Flow Group and the boiler division was shelved so, in compliance with the agreement, I was given the option to have a boiler of equal performance installed free of cost. I chose an Intergas model and it was installed by a boiler specialist from the Newcastle area as all the Flow personnel had by then been made redundant. The new boiler is brilliant and very economical as were all 4 of the prototype Flow boilers that I had in my house over nearly 4 years of the trial. So, the boiler really did exist and it worked really well as far as heating the house was concerned but during the relatively short period of time that I had an acceptably quiet, generating model installed I had no means of telling how much, if any, electricity it was generating. From conversations with the Flow engineers who installed the working model and attended to a minor operating problem, I got the impression that they had finally made it work after many setbacks and technical difficulties. I am sure that all the trolls and rampers on this board will make of this anything that best suits their purposes and egos, but I think it only fair that you all have the benefit of knowing these facts. I have been an enthusiastic believer and shareholder in Flow for most of the past 4 to 5 years but believe the BoD and senior management latterly robbed the shareholders and deceived them while raising money for their own personal benefit. I think the concept was good but technical problems and greed choked it to death. I have lost a large amount - or do I simply have a massively overpriced Intergas boiler in my home? GLA
In past years there has been a detailed Interim Management Statement issued in late November. So far nothing has been posted. Is there a reason for this lack of information?? Shareholders have a right to be kept informed.
It is now well over six months since we had an operations update so what is going on? Some one seems to be asleep at the switch. Management should always be aware that shareholders are entitled to be kept informed.
There has been a plethora of activity in the recent days but little or no comment on this board. Someone must have some idea about the spark that set off this activity?? For months there was little or no trading and now we see a couple of million shares turned over and a gently rising share price. Politically not a lot has changed, the price of fossil fuels has been none too exciting for producers or explorers so whats going on? Answers on a post card please with copies on this board.
I think 'indecisively' is the word!! I'm afraid I still inherently mistrust the management and wonder what is really going on? Flow, as I suggested some months ago, are doing really well and will continue to do so in coming months I think. The fruition of many year's research and hard work is potentially just around the corner with the full launch of their game changing boiler here in the U.K.. They are well on the way to opening markets in Europe and North America for the future so the upside is enormous if everything goes well. Have a closer look and maybe help yourself?!!