Member Info for Piemaker

3 more years please, even with 18 more months of outflows AUM will be well north of 8, so a protected income of 8.6% ish over 3. In a controlled ownership system a 50% return on capital is phenomenal. Any sign of net inflows across the fund range could trigger a decent SP.

They are back on Google finance

We all knew, but requesting headroom for even more dilution.

News isn’t out yet, but the buy volume suggests it’s not far away.

And trying to buy has been a challenge, let’s see how long the demand lasts, if it continues for the next few days some news has to leak.

No wonder he is aloof and topping up at these prices, he hasn’t got long.

This is a results business, and the results should show free cash flow, making the discount on these funny. Took another 10k today, can wait a few weeks to enjoy the next high.

· Hydrated lime circuit expanded to four operating units, with a fifth under construction.

Straight from the latest RNS, each is 8t also in RNS, feed on Kiln 1 has regularly been reported as 40-45t in operational updates. Suggestion is it is set up to feed the high margin hydration cells is hardly a leap. Currently price checks suggest 400-600/t. Can go on, they have cash, but not enough, so at some point will need to have some. If they announced a loan tomorrow all our worries are over, but they won’t because the accounts again in the RNS for the aggregates section of the business loses money.

Revenue over cost in my view doesn’t give them quite enough money.

How?

Aggregates lose money.

Max production of Kiln 1 50t as it’s optimised for powder production alongside the 5 soon to be 6 8t cells. Generates up to 1m max gross revenue.

Kiln 2 50-60t of standard lime or max 1/2m year.

In normal times this would be great, however the cost of gas for the gasification plant is the current issue.

This site doesn’t make anything until the four kilns are running and long term supply contracts are in place.

Great they have moved on, yet where the 2m for the final options is coming from is in every LTH mind.

By raising and the mm retaining their % stake tends to be the challenge.

It’s always sun and flowers before the ask.

Defo, £20k a day in sales, is just enough to hit break even over the site. Where the extra 2m come from, is the same as last time, positive news getting the sp to a level, before Oliver Twist make an appearance, saying “can I have some more “.

Management, PE buyout?

Last time I had some of these was 2020, happened to come across them again.

Picked up 10k at a fraction over 32p.

While there is a lot of noise about what’s wrong, how much they owe, and of course the future owner.

A lot of people have lost a lot of money here, resulting in a lack of trust.

The fundamentals place this so far in value territory it’s funny, but the only tangible trust builder is the results. My guess if the man is putting his money in, he has a plan, and whether it goes up or down, ultimately in 6 months it won’t be here.

More like 2028

And that is why the money isn’t an issue, planning permission is a given, that’s my bet on the SP

Final approval stage, lease subject to, plans submitted, approval of planning. It will still take a couple of years to build.

Nothing will start until then. So yes I regard planning permission as a final approval stage, then the next phase begins. In 3-6 months it should all take shape.

Key questions- who owns the land? What has it been purposed for? Where is the money? I am happy taking a risk based on my perception of the answers I have.

Funding has been applied for through the (HWRCCP) 25/26. There are further combinations that provide smaller funds.

One the next trigger point is achieved, the money floods in, the area has 500m to dip into to deliver recycling infrastructure.

But DYOR, my view, the project is at final approval stage, if approved, they will build it, and 1 will exist. Achieving a fully operational site, even with a 5% stake, will be positive.

And the funding is likely to be channelled through an SPV, because that is how capital infrastructure investment works.

Search PHE SPV, looks like PHE have agreed to take a 5% stake, while being the project lead. LFDG will make up a large portion, allocating the df at an early stage. My guesstimate is PHE are in for 2m, mostly leveraged against the DG. Ensolve will be the early big winner, while the technology licence and project stakes will drive the overall price.

Why raise? An SPV will be in place, as long as the project delivers on scale up, money isn’t an issue.

Each party in the agreement will have trigger points, tied to progress. All parties will own various stakes, and contribute in line with the SPV agreement.

It will be a SPV. All parties will have an obligation to fund their pre agreed positions. Money will be the least of their problems if planning is approved.

Big investor, why?

Planning permission triggers loan and group funding, from the supporting participants.

This is a pivotal moment.

Currently producing 40-45t a day of quick lime, at $200/t, that’s 8-9k a day of sales product, with just over 100 days to go, not likely. Bank loan? Limeco isn’t making any money, nor will it until production has increased.

Nothing new, rehash of the Dec RNS, expect some really positive vibes from the team. They need another 2m before July, so need you to buy on the vibe not reality. Read the Dec RNS, pump and raise time.