Member Info for mimbrit

Ocelot,

“Think the comment about needing to raise before Q2 2026 was made BEFORE they raised the total of £5m.”

I don’t think so, but nor can I be bothered to look; accounts (before any still necessary corrections) suggest the company was in financial difficulty well prior to the placings. How did they manage from March onwards with only £373k in the bank?

Nobody has explained satisfactorily which set of annual accounts the auditors actually endorse. Maybe you should ask them if you are deeply committed here.

Ocelot,

I’m not sure that the notice to strike off is that much of a concern; after all, they only have to submit the accounts and those must have been done BEFORE the group accounts, mustn’t they?

What the various liabilities do mean, however, is that the £4.5m (after expenses) will run out that much sooner, and I think I saw something that said the company would have to raise before Q2 2026 which is a bit of a shocker.

As for suggesting that future partners wouldn’t consider their past track record, I think John McEnroe had very famous response which might be appropriate.

I hope they have some specialist media people preparing this as Mike Buck does have a penchant for telling things warts and all, and tanking the SP.

Simple, ignore him and don’t rise to the bait.

Value will out.

Refinery needs our oil in relatively short order.

Isn’t it rather obvious that we are being primed for a low ball offer?

TenBag - had enough now - into the bin with you.

Please play the ball and not the man.

Confidence would rise if Mike Buck collected all the outstanding monies from PC and they paid us in full for future sales.

UK ENERGY STORAGE: We welcome important update in Chancellor's Budget document, confirming the Government taking steps “to put the UK in a strong position to capitalise on the full economic potential of its hydrogen sector”.

Correct me if I’m wrong, Trish, but I think that phrase is lifted from the ‘North Sea Future Plan’ and not from the Chancellor’s Budget document.

Economical with the truth imho, like UKOG accounts.

Thanks, Simon - confirms Yahoo pricing factors in the consolidation so I was a decimal point out; looks like that was an interesting day on which you made your first purchase but sad that it has been downhill ever since.

>99% loss while Sanderson at the helm…

Thanks, Simon. Yahoo Finance gave the July 2015 SP as 20.25p but it looks from your figures that this was adjusted for last year’s consolidation.

Nevertheless, a mere 99.25% loss is Sanderson’s legacy.

Ocelot - “At 0.0165p, the discount on 1st October's close of 0.046p is 0.0295p or 64%.”

It is also 60% ABOVE the SP to which the share settled before it was suspended.

The difference is the flufftastic MOU announcement to which nothing of any substance has been added since.

If you add in the near total write-down of assets coupled with sets of accounts which don’t stand up to scrutiny, the direction of travel isn’t really surprising.

Merlin “ Honestly, not deramping but I have no faith with this so called management who just get paid for for non performance and just drain investors.”

Sanderson has long been criticised for his (ridiculous) salary - £3.9m over 9 years not counting 2025 - but it appears this largesse extends throughout; an average salary of £124k (not including NI etc) suggests there are quite a few Prime Ministerial level salaries paid for not very much in the way of results.

Merlin “Apologies my mistake- felt like 100 - 1 lol”

You shouldn’t apologise. By my reckoning it’s actually an awful lot worse than that; if you had invested £1250 when Sanderson was appointed in July 2015, it would be worth ONE POUND today.

Have I got that right please, Ocelot?

Yes, jolly, pretty much nailed on.

Not sure why people keep getting suckered here; you only have to look at the chart to see what will happen next.

Any news about the HH planning application on which UKOG is working closely with the council (cough)?

No, jolly, this 3.25bn is the end of their current authority to issue shares. However, not much further down the track, Sanderson will organise the issue of a further 1.825bn to the Employee Benefit Trust which will artificially bolster votes for a new authority.

I’m not surprised at today’s RNS; with absolutely no concrete news, this placing would eventually have been at an even lower price.

For an assessment of what regard Sanderson has for shareholders, see if you can find any reference to them in the interim accounts.

…except the (ridiculous) salary.

Actually, Noswej, that’s interesting because it implies that the company can supply hydrogen. I guess it must be someone else’s as this capability hasn’t t been announced before, has it?

It’s also rather difficult to get to a value when the last interim accounts show admin costs a quarter of historic levels, and the annual accounts show a £1.8m discrepancy subsequently doctored by removing already inadequate estimates for remedial work. Neither version provides the true picture yet both carry identical statements from the auditor.

Shareholders funds are in negative territory and evidently by more than officially declared.

The next annual accounts will make interesting reading but we will not see them until March at the earliest.

I also suspect there may have already been a fairly large dent in the £4m raised.

"UK ENERGY STORAGE: CEO Stephen Sanderson had a productive meeting with Energy Minister, with responsibilty for future hydrogen economy, Michael Shanks in Parliament today. "

Sanderson: “My background is big oil, you know.”

Minister: “Excellent. Here’s the £2.3bn cheque your shareholders have been expecting.”

I thought Wositive would be apt, but what the devil is going on behind the scenes at LSE for him to be closed down in this way?