Member Info for NFL2018

So what happens now.? Can't go into admin as the directors were prepared to sign a solvency statement in July. . After spending $50m people won't be lining up to put in further money.

Maybe just "reflect" and wait for AIM to kick them out for not filing accounts and CH to strike off for the same?

Wow - a negative comment from Seattle. That about sums it up.

A cynic might say that the only reason they are going for the MVP is so that the directors can appoint a friendly liquidator, rather than an administrator or new owner who looks at the liability of the directors.

Under CA85 a plc is required by law to file its accounts at Companies House within 6 months of its year-end.

RNS 20/6/24: The Board will set out in the Circular the proposals, should the Proposed Cancellation become effective, to put the Company into a solvent members' voluntary liquidation pursuant to the UK Insolvency Act 1986.

RNS 28/6/24: The preparation of the Company's financial statements for the year to 31 December 2023 has been placed on hold due to cash constraints on the business

So if the company is solvent as per the RNS of 20 June 24 why are they unable to prepare the financial statements due to cash constraints?

Seems there’s not going to be a ARA for 2023. Wonder what the highlights would have been:

Total fundraising since MR became Chair in 2016; $50m

Coalswitch produced: 0

Other operations/achievements: 0

Value of company: $0m

So if "It remains the Board's belief that CoalSwitchÒ has the potential to become a market leading, next generation renewable biomass fuel that can transform current coal consumers including coal fired power stations, heavy industries and its use can be extended toward the existing biomass industry and its current dependence on the use of white pellet fuel resources."

How could it possibly be true to say that

the BoD " believes that it will have no option but to consider a members voluntary liquidation, in order to return capital, if possible to shareholders."

21 September 2017: Active Energy Group …Agreement with Lumino Capital LLC for the Commercial Roll-Out of Revolutionary Biomass CoalSwitch™ Plants…. has entered into an agreement with California based Lumino Capital LLC ('Lumino') for the financing, development and operation of eight CoalSwitch™ Plants across South East Asia)….Vertically integrated agreement to procure finance, develop and operate an initial eight CoalSwitch™ Plants located in Vietnam, the Philippines and other South East Asian countries

Enquiries: Michael Rowan, Non-Executive Chairman

2 march 2024: Plants constructed in SEA: 0

5 April 2016: MR in Chair

28 November 2016: Active Energy Group plc…Funding for First CoalSwitch Plant Secured ….US$6 million five-year unsecured loan facility to fund the construction of a 35,000 tonne per annum commercial reference plant in North America ..Opens up a significant revenue stream for AEG Coalswitch with rapid payback credentials

2 March 2024: CoalSwitch actually produced: 0

19 Nov 2018: Active Energy Chief Executive Officer, Michael Rowan, said that the approval of permits in NFL, " is a significant achievement both for the Company and Newfoundland and one which will bring rewards for all parties in the years to come....We are also making solid progress towards establishing our first CoalSwitch™ plant in North Carolina on a now identified site adjacent to our JV partner Georgia Renewable Power LLC's operation in Lumberton. We anticipate achieving first commercial production of CoalSwitch™ early in 2019..."

15 October 2018 Michael Rowan, Chief Executive of Active Energy, said, "I look forward to providing further updates as we install the first CoalSwitch™ plant at GRP's Lumberton facility in North Carolina in the coming weeks."

2 February 2021 Michael Rowan, CEO of Active Energy, said:

"The Fundraise and the CLN Restructuring represent significant milestones for AEG and will allow AEG to progress and accelerate its business plans for CoalSwitch™ and the Lumberton site. Construction work is underway to complete the commissioning of the up to 5tph reference plant and to fulfil our first order for the Coalswitch™ product to PacifiCorp. The principal focus is to develop the unique Lumberton opportunity and establish a significant production facility at the Site in North Carolina. In the long term, the Company aims to build a business that is a global provider in next generation biomass solutions and services. We look forward to providing all stakeholders with regular updates within the coming weeks as we progress towards commercialising and producing AEG's next generation biomass products."

8 July 2019 : Michael Rowan, Active Energy Chief Executive said, "This £3.4 million funding will enable us to accelerate the construction of our 5 tonne per hour plant and the subsequent delivery of first commercial CoalSwitch™ product, which will drive revenues in the short to medium term and mark a watershed in the Company's development. "

Not sure where you got the 120k/year CEO salary from. I get $1.5m 2016-22.

11 March 2016 SP- 196p

Q2 16: MR becomes chair

Current sp 0.045p

Decrease in value: 99.9%

Total raised since 2016 ~$50m

Coalswitch produced: 0

Other operations: 0

03 August 2016 £2.05 million Placing to Support AEG WoodFibre Expansion Strategy

28 December 2016: US$2 Million Debt Draw Down to Commence Construction of Revolutionary CoalSwitch Plant in North America

28 November 2016: US$6 million five-year unsecured loan facility to fund the construction of a 35,000 tonne per annum commercial reference plant in North America

15 March 2017: Issue of £11.57m Convertible Loan Note to fund the construction of the Company's first commercial scale CoalSwitch production plant for Active Energy's revolutionary CoalSwitch biomass fuel.

1 November 2017: Raises £1.75m to Accelerate the Commercial Roll-Out of Revolutionary CoalSwitch™ Biomass Fuel

30 November 2018: Equity Placing to Raise £1.495m to Advance Expansion of Revolutionary CoalSwitch™ Biomass, Forestry & Related Projects

8 July 2019: Raises £3.4 million To Accelerate Development of US Focussed Biomass Business.

22 June 2020: £800,000 raised through the issuance of CLNs with the proceeds immediately deployed to accelerate the development of and increase production volumes at AEG's Lumberton facility

20 August 2020: Conditional Placing to raise £1.510 million to progress construction of the 5tph CoalSwitchTM reference plant

2 February 2021: Confirmation of successful Fundraising of £7 million

9 December 2021: confirmation of successful Fundraising and Subscription raising £3.0 million

11/3/16 SP: 196p

5/4/16 MR in chair

26/11/23 SP: 2p