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New Edison Research Note

A long and optimistic new research note has today been issued by Edison. It's not on their own website yet but you can read it here

hTTps://*********************/companies/uk/semiconductors/nanoco-group-plc/research/edison/nanoco-group-making-good-sense/3_29818xxx-f4a5-cfaa-b5e6-9b7ff2b3e6b0/774131c0-1286-4bfd-85cd-c8febb2a02e0

Hi Lobo87 - Sadly I am not a chemist or an engineer but would just like to say how much I appreciate all of your legal analysis on this BB.

WH Ireland note out - 27.2 pence target

Coming from Tiny Tony we’re all having a great laugh!

Pull your trousers down again Tony - incoming (all looking good!)

…. Anyway this is just rehashing stuff that’s already been hashed enough! Over and out.

Was it not the current board that was responsible for the Liberator disaster that nearly collapsed the company? Why can’t Majid buy shares for himself out of his £700k salary - that would really align his interests with those of regular shareholders.

Very well (over?) paid …..

……. and also a very (over?) paid CEO and FD printing share options for themselves at every opportunity!

The simple answer to that Tony is that it would have been a pointless exercise in that it was already a “done deal”. I did however instruct my brokers to vote against all resolutions other than the ability to buy back shares - that was me stamping my feet in protest! If one accepts the notion that the PB offer was oversubscribed think how many more PI’s could have invested on the same terms as the Institutions if the PB allocation had been larger and the offer period had been longer. It is the unfairness of the process that particularly irks me.

Tony - Just to revert on the final para of your last post - I did in fact take part in the Primary Bid offer applying for £10,000 of shares. I was successful in being allocated £8,649.96 worth being 78,636 shares) with £1,350.04 being returned to me. Would this not indicate that the PB Offer was oversubscribed ?

They do appear to be old questions but that is what came up when I clicked on the link. That said I would be interested in seeing the detail on numbers of votes cast for and against the proposals.

1. Does i3e intend to re-purchase its shares this year and if so, why is this money not being put into drilling?

i3 has no near-term plans to conduct share buybacks.



2. Are there any other repercussions of eliminating the Share Premium Account other than eliminating the retained losses?

No.



3. Does this resolution impact tax liabilities on future profits?

No.



4. Will the dividend paid quarterly or bi-annually?

A bi-annual dividend distribution is expected.



5. Can the value of the Q1 dividend be inferred as 20-30% of a quarters FCF?

FCF expectations will change across a given year resulting from fluctuations in productivity and realized commodity prices. Annual dividends will be trued to these actual figures once they have become historical.



6. How much free cash flow does the company have to generate before you increase the dividend payout ratio to 40%?

Above i3’s minimum commitment to distribute 20% of FCF to its shareholders, all capital decisions will be made in consideration of maximizing shareholder return.



7. Considering the large share-float and low trading multiples, why haven’t the company shown more interest in buying back shares?

i3 is acquiring assets and deploying operational capital at a return level that is below the Company’s trading multiple in the market. Buybacks would typically occur when that dynamic is reversed.

Dear Anna/Majid The share price is in the toilet - it does not make me happy - I am merely amused because this is exactly what was forecast by GGG. Tiny - you need to park your fragile ego. Just Fencing - you are a complete twat! Good night.

Tom and Tiny - Just look at the share price! Haha!

Why don’t you have another drink Tiny? **** - a - doodle -do!!

Tom - Someone has to correct this blatant ramping - we have been screwed over - it’s just that some of us know it and others are in denial. GGG predicted exactly what is currently happening with the share price. That said we called a truce two days ago. Just a shame you and Tiny couldn’t stick to it and started crowing again!

Tiny “Coiled Spring”? - More like Damp Squib! As long Management keep printing “ever so easy to vest” share options and treating Private Investors like idiots the share price is going nowhere in the near future.

Tiny - Please see your own post at 1359 hrs - You yourself are the one that is talking about dilution! I know you love me really !!

Tony “What’s not to like”? 1) The dilution, 2) that the U.K. private investors were given only 30 minutes to subscribe for shares at eleven pence - that Canadian investors weren’t given the chance at all and 3) that Management seem to issue share options to themselves like confetti!