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Howard white interview with Zak Mir today:

H-t-t-p-s://zakstraderscafe.com/howard-white-director-hydrogen-utopia/7204/

Tatty, there is no merit in a takeover of one of these companies by the other, in either direction, but I can see the possibility of a full merger at some point in the future.

ILEO, by “him” I assume you mean Howard White. Why do you assume it is him that’s selling? He is not the highest shareholder, and he had denied that it is him. It could be any of the shareholders that are included in the many Nominee Accounts. Take a look at the list of shareholders in PHE’s web site to see what I mean.

I don’t think it came as a surprise to anyone that Peel didn’t want to invest in the SPV. I don’t think they ever intended to put any of their own money into it anyway.

Indeed Rooky. I'm sure we'll hear more about them in due course!

Noage are only agents/representatives, not JV partners nor building contractors.

I absolutely agree LedZep, those are the very thoughts going through my head as well. I know that Peel are generally blamed for wasting 3 years, and that blame is not entirely unjustified. I know that Peel were looking for external funding from the outset, rather than committing their own money for 50% of the SPV, and clearly they failed to achieve that. Of course PHE should have been pressing them all along, and PHE should never have allowed the destiny of the Protos DMG to lie entirely in Peel's hands. Keith Riley has acknowledged this, but of course he wasn't in charge when that agreement was made initially.

Like you, I firmly believed that it was the intention to build the DMG to produce syngas to generate electricity initially, and to bolt on the hydrogen production whenever a hydrogen fuelling station was built at Protos. Or indeed whenever an alternative buyer for the hydrogen should become available. It would seem that they are now going for hydrogen from the outset, and if that is true then I think it is bound to cause further delay until such time as there is a buyer for the hydrogen. But I really don't know for sure if that is the case, and I am keeping an open mind until we get more definite details and timelines from PHE.

...from these organisations, not for!

If he's going to persuade institutions or companies to fund the capex for the DMG, he has to be able to show them that he has contractual commitments at both ends i.e. at the feedstock end and at the production end for electricity and/or hydrogen. Without that it would surely be nigh impossible to get funds for these organisations.

"What we've got to do is to get an off-take agreement that we know now what price we will get for the hydrogen in two years time."

I think we're all asking that Tatty!

In his interview with Zak Mir on 10th May Keith Riley said:

"In terms of technology we're in a pretty good place. I don't see the engineering and technology any longer being anything that holds us back. What we've now got to do is to get the supply of the plastic in place. We need to have contracts in place that supplies us the feedstock, and we've got to have the off-takes for the hydrogen. What we've got to do is to get an off-take agreement that we know now what price we will get for the hydrogen in two years time. And that's where the focus has now got to come."

So it's not technical or design issues that's holding anything back, it's getting contracts in place for feedstock and sale of hydrogen.

Start at 4 minutes in:

https://zakmir.com/zakstraderscafe-interview-keith-riley-acting-ceo-powerhouse-energy/#gs.yew3sj

That sounds like a question for Keith Riley.

They haven't got any operational costs at the moment so it's basically just admin and development costs.

£7.54m cash at bank at 30 June 2022.

https://wp-powerhouse-2020.s3.eu-west-2.amazonaws.com/media/2022/08/22-08-25-PHE-interim-accounts-FINAL.pdf

As far as I can see, these are all nominee accounts.

You're not alone RoleKing!

The onus is on the shareholders to advise the company if their shareholding crosses one of the thresholds up or down. Once the company receives that notification then the onus is on the company.

HTTps://www.powerhouseenergy.co.uk/investor-hub/significant-shareholders/

I see that the "Significant Shareholders" list has been updated in the company's web site, too take account of the latest TR-1 forms that the company received when the White family reported the reduction of their combined shareholdings below 20%. It seems that no further TR-1 forms have been received from any shareholders regarding the recent substantial selling that has taken place. Perhaps these share sales have not brought the seller(s) below the next threshold that requires to be reported.

It may be worth pointing out that at the time of this update the combined White family's holding was 19.94%. Howard White's holding was only 1.92% so the lowest in the family, and Josh White was 7.78%, the highest in the family.

All of the Financial Institutions' holdings are almost certainly Nominee Accounts, in other words shares held by individuals in these accounts and not held by the Institutions themselves. Until the company receives TR-1 forms from the shareholders there is no way to know who the big sellers are. It could be anyone in the White family or it could be any of the individuals within the Nominee accounts.

DCF is most useful for individual project analysis, but it is only as good as the basic assumptions and figures that are put into it in the first place. I'm not convinced the it works very well for valuation of whole companies.