Member Info for Piltick

We're through!!

Yep, that was definitely worth saying twice!!

Absolutely!

Also noticed this in the RNS, about the roadshow at Holm today:
"The Company will be highlighting to over 100 invited and interested attendees its latest EV Charger system..."

If the takeover goes through, then ALL of the licence fees come to PHE, because W2T will be 100% owned by PHE and therefore everything that W2T owned will be owned by PHE.

Sorry about that. - back to AFC Energy!

That's very interesting. The only bee I have seen with a large orange lump at the back of the neck (if they have a neck!) is the Shetland Bumble Bee. And now when I look on the internet for the Shetland Bumble Bee I find that it's proper name is Bombus muscorum. And I thought it was unique to Shetland. Small world!
https://www.google.com/search?client=safari&rls=en&q=shetland+bumble+bee&ie=UTF-8&oe=UTF-8

I have a slightly different take on this. The RNS does seem to be somewhat ambiguous on a few of the points (it seems that all RNSs are ambiguous!) but my interpretation is that W2T will only relinquish their rights to the technology and development when the takeover deal is completed. I cannot see why they would relinquish their rights before that happens because that would mean that they were giving up all of that for no compensation, which doesn't make sense.

Just about 50 million shares traded this morning already (11:15 am) so looks like a bumper day!

If that was the case Rooky, then it would also mean that PHE could hold out for a better deal!
It was clear from the wording in the original RNS that here were still points in the negotiations that still had to be put to bed, and this is why several posters including myself kept saying that we should wait for the final shareholders' letter to be issue with all of the details before making our decision on whether it's a good deal for PHE or not.

And it cannot be a done deal in any case, not until the PHE shareholders give their approval. If the PHE shareholders don't approve, then it's either dead in the water or the two sides have to get back together to renegotiate. I certainly hope that doesn't happen!

Faz147, As I was trying to say in an earlier post, and didn't explain myself very well, rather than think about future SP I tend to think about possible MCAP and then work back to the SP. What do we think the company might be worth after planning permission and after the merger. Surely that is the meaningful way to look at it.

This morning the MCAP is now standing at £17M. After the merger and the issue of a further 66% of PHE shares then at the present SP level that MCAP would be £27M. For a company with this technology and potential I suggest that £27M is very much undervalued, especially when looking at some other developing companies involved in renewables, waste, and hydrogen etc., but by how much is very difficult to say at this stage of the development.

Of course it depends how much Pre-Tax Profit we think PHE might be making in two or three years time. If it can make say £5M Pre-Tax Profit, then at a PE ratio of 25 that would give a MCAP of £125M and at a PE ratio of 30 would give a MCAP of £150M. That would still seem modest compared to its peers.

Hi sharesport, in your post at 00:57 this morning you said:
" ...grant dependency on both planning and funding was not my recollection, as confirmed from the grant RNS which refers to planning only."
Then you go on to quote an extract from the RNS as follows:
"...and will be subject to the DMG development at Protos achieving planning approval and funding by the end of March 2020."
which states "and funding".
However, now that Peel are taking on the role of developer, I imagine that funding will no longer be an issue.

I think you misunderstood what I was getting at MAT.

In addition to focussing on the SP it's important to keep an eye on the MCAP. Currently around £15M which seems very low given the potential of this technology. I wonder where the MCAP might when we have planning permission and completion of the merger with W2T?

It's a question of getting the ducks lined up in the right order. The company can't very well issue a letter to shareholders asking them to approve the take-over until the letter has been cleared by the solicitors. And the company will be aware that there is concern among some shareholders about the proposed deal, so they will want to make sure that all possible hurdles are cleared to give the proposal the best possible chance of being approved. And I imagine they will want to make sure that as many uncertainties as possible will have been removed before issuing the letter with all of the details of the proposal.

I seem to recall that the grant of £1.25M depends not only upon obtaining planning permission but also upon securing funding for the first DMG project. Of course funding may already have been agreed in principal, just waiting on planning permission, but we won't know about that until the first week in March.

https://www.hulldailymail.co.uk/news/hull-east-yorkshire-news/fire-east-hull-century-road-3828787

"It is the third fire to have happened on site in the last five or so years according to one Taylor Waste employee.
The last two cases were confirmed as arson.
It has not been confirmed yet what caused the fire this morning."

I imagine they are hoping to attract those companies or organisations who are likely to be potential customers, rather than hoards of the general public.

Exactly chippyjo, that is certainly the question. If we can get an answer to that at the AGM, or before, it will be very interesting.

In their Accounts for YE 31st October 2018 AFC confirmed that they held 340,500 of W2T's shares:
Note 13. INVESTMENT
As at 31 October 2018 the Company held 340,500 shares representing 24.0%

Then on 14th March 2019, W2T filed a document with Companies House confirming that the shares had been cancelled:
https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/bIbp7UsrwheYOeExl_icACUYDj-WBzyuTz22PWfiC5U/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3NU5SIO5Q%2F20200209%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20200209T131657Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEEIaCWV1LXdlc3QtMiJGMEQCIFKaabZvHq2Sj25JhhH4slFXcoaapAH5DRkqKR0U0xuAAiBXyBZVeQ8tyPMNVZaJ4IBq14ISUZS3y1iBWbgoo%2B7ErSq9Awjr%2F%2F%2F%2F%2F%2F%2F%2F%2F%2F8BEAIaDDQ0OTIyOTAzMjgyMiIMR5MOUcZ7X0Kn0hw0KpEDPIIrhvLIGY8OR7%2FlKx2azM0HQMOv9F%2BNKrODLrV%2BM84ww%2BhXNJ9L%2Fxg6WBCia638q%2FaEPUkA7iB5eJw9otud%2BAk%2BdXyfuwBZEcvKdzULMUHoR%2BGkfxwIavAWYqyqFg7CAWJZiZbr%2FSBLfSGnGnyjRTiKiDHDkw9mpU1N2K03GZ1MxbF69RmJ0QR7S0RbSrjJaKOEbAUN0hkuChy8wVgOMhDr%2F%2BVAZYs1NXe3mi%2BqnPJmqbRQ3KbWOwYTXyWYCwUZPMiEx15L2pPtm5gwdhg1pYOQvYqvp5NX3nci3%2FGpF8IdjkhhiAD0RqbpjLpu2oxt%2B9DRHxtbf55EiHAZeGyaNQrjUERAUIitMDaBKe%2FYHs8XUS8xkr9Vvb71XQFwDDyY4pRDN6hsWm2iKVZTfn2WN4%2B3M%2F7Lnx9cNOtVVBkou0mnxRovfrNZRlUTVBffw96FCBtLc9DDd8IGcJxzE300MuIBPnZXJEFD5Jf4%2F84JoH0tmP5X9dfKH4w%2FeBR2VhMIXVAxOgfcWYJzKiYLyaIKNBQw2qf%2F8QU67AGGamXASoTPjEnF7Uk0piQU%2BalWQWHzvwfFEPbOP5f1nyvHnr60urjJeHFqzRw%2FeATdAVbVl1yfvk4Ol9fsAQ9FmYo1zicdlzBze7%2B%2F3DZ136YxSUBbZJvdcAXHS6kG84fSu5XECDqItBVBhmGYPTnCiWqaPDWboLXSWAXW6hhBH7O99UGwdggBIveDnDMSjsfyrC8vFdtcCfaLI54b2StpSCjuUaon7h%2FhGP90BGJH6ece8HEohiKqehQz6V3F0sDSXq9wmyaCYuvbP63uhBlebX3A0tLUaK56%2FPXAj%2BfvGRITSrdn77SRwN6EIQ%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=09a780fbcacb84664805f9791f4bb9dc465d2d9ff2a9ae412b15d9acfcc8e436

Wow. that's a long link!

Anyway, these shares were returned to W2T and cancelled which means that no-one owns them any more and they do not exist any more.
They are like Monty Python's parrot!