Member Info for NelsontheDog

Even Del Boy and Rodney made it in the end - who is to say that Eddie and Malcolm wont make it one day....

Just visited their site and seems they have had some advice on profitability and enacted it with the recruitment of Ben Profitt - Be (i)n Profit - Lol.

"Any thoughts on that from serious invetors here?"

I am a serious investor and I think here is a strong possibility of onshore success leading to revenues sooner than 10 years but we need to hit a drill now. Even then I assume its going to be a while to build infrastructure to realise onshore sales, but in my head this was 1-2 years rather than 10 years.

Interesting you rue not selling at 20p but not at 14.5p when you were saying the directors were only in it for themselves and the onshore would all be dusters (in hindsight this jumps out as a shockingly good call so far). As a serious investor I did sell around then - I was worried at the sudden jump to onshore - but I have since bought back in in the 7's as I do think the onshore could now be fortuitous and the offshore looks in a better place too.

*sliver

Thank you for all the digging and information shared on the board today. I am trying to stay leant back in my seat till there is a piece of real news, but I can only think that the PAT team dont want to file the claim till after the auction so there is no claim in the paperwork to deter bidders - presumably with an eye to gaining a quantum of the Bhukia worth via the bidding process prioir to submitting the claim.

Not quite as long here as you Edhellas, but around 3 years and a sliver lower average buy price.

TG - see your post of 9.19 - it seems that if there is a hill and a prophet you are 50 yards down the path doing your best life of Brian featuring fake goaty beard and shawl to boot.

Who administers the cointracking company v who produces the annual report. If in doubt I would defer to the annual report as we know this is produced by the company. For perspective BTC holding you mention is considerably less than 1% of KR1NAV so I am not going to get vexated either way on this one.

*agreed

Hi Slugmum,

Thank you - I see where you are getting your train of thought. However to my way of thinking the two comments are separate

1.They are still looking for more money

2.Burning through cash at the rate of knots.

Yes to 1 - greed from the RNS but point two is you inferring they are spending more - they may be going slower to remain within budgeted parameters. There is a difference between wanting to go faster and actually going faster.

In the last accounts didnt they have an element of income for SP - my assumption is they are trying to stay within that spend envelope.

This next point, shows my weakness of knowledge. I thought Cycleflow Capital were investing in Nabla - this is an AMM on Pendulum but I thought was a separate entity to Pendulum and therefore SatoshiPay. I know the whole PEN ecosystem is looking to Nabla but technically Cycleflow arent giving any capital to SP as I understand it. Happy to be corrected here - so apologies if i have this wrong.

Thanks CM & TC,

CM, I agree - I think it is a special vehicle. I think what is clearly missing is the Financing aspect - buy in credibility? via a new hire / partner role CFO?

TC - Debt finance facility would be great but as you and CM say, need credibility - if you cant demonstrate it, you buy it in- for me it needs that strong Finance relationship holder. Then Cliff happy focussing on development and market happy there is a wider commercial hand on the projects. If it could be done, it could be a very very strong model.

My current view of TEK:

1. Ability to spot winners and agree initial terms for their success - 9/10 (Only Lucyd seems poor)

2. Ability to finance the ongoing growth of fledgeling companies - 2/10 (Core issue- these companies need investment)

3. Ability to install management of companies - 8/10 (Seems good)

4. Ability to IPO - 5/10 (Lucyd an embarrassment)

4. Defined exit strategy - 1/10 (not clear)

For me its the ongoing finance that is the missing element and this is also holding back the share price (as is the lack of defined exit strategy).

In the short term I would suggest a partnership with finance for businesses that are going to continue to need cash, if SALT succeeds at some point this wont be necessary (as long as they retain cash and dont give dividends).

IMHO we need a new TEK company strategy document for prospective shareholders that clearly defines, exit policy, working capital investments expectation and where funds will come from. The tough to replicate bit is picking the winners and Cliff et all have that seemingly in place - its Financing the whole thing that is the blank page at present.

Interested to see if peeps agree - I would suggest the addition of a very very good CFO / COO (probably not a family member) - if partner with Finance this person could come from that organisation - to do better cash requirement forecasting.

Cliff is the key to new fledgeling business pipeline that if linked to a tight ship should be TEK's USP , but that is limited by cash and lack of exit strategy. Whilst we dont have the machine behind him he looks poor.

My view above after a few years of being invested. Interested to hear if anyone agrees or disagrees this.

Being negative is one thing- its a projection of the authors viview and all of us can do this. However Slugmum you now say "Satashipay is on its last legs" - what is your reasoning for that statement - I dont have that view at present - they may not be moving at a pace you would like but you now call into question their going concern - based on what if I may ask?

Keith has written the investment off so in his books he is already 100% down and probably moving on. I have not written it off but my investment case is in tatters - however I am not selling as I retain a glimmer of hope for Pendulum. If I felt otherwise I would sell. So I try and look for the positives to come, or sell - there is no money made dwelling in the past failures. Pain is inevitable, suffering is optional I believe - I have sufferred financial pain but I dont need to keep rehashing and picking at it to continue in sufferance.

This rose to just over 17p when Microsalt itself first listed and rose over the 100p level - so even by TEK's own undervaluation history, its currently far too cheap.

I dont think i have ever wanted an electrical item as much as I do now for the control panel since I was 8 and the Big Trac adverts hit the screens pre-christmas. Hopefully Leon is better at delivery than Santa was back in the day!

Hi Ardbeggar - I think you sum up the UK situation well in your write up. Only add on is in UK we have a cpaital gains allowance prior to gains being taxable.

Apologies if this extends the cash discussion. My view on the RNS is that they used general working capital as a catch all pot to be the rounding elements and add some wriggle room for the company in accounting for the requirements. Personally I dont think there was a cash call requirement per se, but name a finance chief who isn't cautious and doesn't want more headspace on cash flow if there is a vehicle to get it going on anyway. I make this point this as I believe that the core rationale for the raise was simply to allow some investors to expand positions or take new positions easily and at a better price than the market - this I believe led the raise size, not what it was needed for and hence the addition of the slush pot reasoning of gen working capital to the other longlist items.

Just my view - I expect the other items were suitably fattened in $ size also to justify the raise - we may never know as the capital usage will probably not be reconciled back once these updates are completed. There will be much more exciting things to spend our time upon.

Agree Setanta - we are 2/3 through a drill that we know the expected striations of as its a sister to an existing drill not many yards away. That must significantly de-risk the outcome and expectation of difficulties prior to the big Kicker that is also known. Equally it should not be a duster on the same basis and expectation (mine at least) is that it will be high pressure leading to good hydrocarbon flows - this is all good and I would have thought lure in more punters.

What I have lost sight of is the next steps. Assuming a successful drill, we would presumably test for 2 weeks (?). What is likely to be the best way to producing from there? Do we need to revamp our gas infrastructure or do we attach to pipeline after some on site shenanigans (technical word used by cost accountants to cover activities of on-site experts).

Whilst we wait, if someone has a view on the next steps to get to production (on an assumptive basis) I would be very grateful.

Thanks Maddog

I understand the average v latest price point. Im simply looking at quick cut impact to bottom line as a result of price - for future forecasting.

Seis your point about RM costs rising as a result is valid and I suppose needs a guestimate factor in the mix overall.

If we are about to see prices rise and rise understanding the hydraulic effect to Net profit is always good.

Thank you both.

As ever, thanks for the costing estimates Seis.

I was wondering if you have the following to hand and if you would share - In terms of each metal, at expected throughputs what is the sensitivty to price?

eg for PGMS, for each $10 rise in price per ounce, JLP profits forecast to rise by $xxxx.

I realise Chrome and copper a bit more nuanced by the expected capacity produced, but I would love to see the quantum of upside relating to the wind being on our back in the rising prices.

Humble request and do ignore if that suits - I am very thankful for your contributions to the board on these areas.

AtB

NtD

Does TEK still own 77% of Microsalt. SALT mcap £43M - 77% X £43M = £33M. tek mcap = £18M!!

This is ridiculous - even if we were to shut Lucyd to reduce any future cash obligation, we are hugley undervalued with Guident not even in the mix.

Super disappointed and TEK management need to address this gap imv if they want people to invest.