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The Utah reactor was a bit more than a prototype.
Here are a few RNS pointers to show what was really happening at the time.
RNS1 07/03/16: "AEG CoalSwitch Deposition & Burn Test Results"
RNS2 07/03/16: "AEG CoalSwitch Test Results Detailed Information" [6+ years before the laughable recent RNS about 'test results' from Rowan]
RNS 12/02/18: "AEG Opens Inaugural CoalSwitchT Plant in Utah"
“Active Energy… delighted to announce that its first commercial CoalSwitch™… officially opened on Friday 9 February 2018. The event consisted of … a demonstration of the reactors which can produce five tonnes per hour of finished CoalSwitch™ product. This equates to an annual production of more than 40,000 tonnes of CoalSwitch™ product per year.”
[In other words, there WAS a functioning commercial reactor in early 2018]
23/07/2018: Rowan becomes CEO with a (pre 1-35 consolidation) share price of 3.37p.
The new post-consolidation share price only yesterday got above 3.37p - Rowan has taken the sp of AEG down so much that every £35 of PI money when he took over is worth only £1. The BoD paid themselves £ ¾ million last year.
In those subsequent years between Rowan taking over an now, Rowan took the functioning reactor apart and moved it from Utah to Lumberton. He never put it together again at Lumberton.
The land in Lumberton, to whom Rowan paid rent, was owned by a then director of AEG.
Rowan then decided to hook-up with a company in Maine, Player, to build the plant. Apparently, that was a 2000 mile move according to Alladinsane. The price of the hook-up was to award Player 50% of profits.
The reactor broke down within weeks and might only be built some time next year. If one is built then AEG are to become salesman for the CoalSwitch (if ever produced) – AEG have had to relinquish any ownership rights of production at the plant. Player fund it, Player produce it under license, and Player reap the rewards.
Rowan has sold us all up the river.
As for Alladinsane?
The fact he thought it funny to laugh at PIs losing money just about tells you everything about him. He certainly is no PI here.
Alladinsane (I'll try again): Do you work for AEG or any company employed by AEG or with an interest in AEG?
Meeting was 9-10 was it? How are you so sure of that. You told this mesasage board you weren't there. Just like Johnson you can't help it, who cares about truth eh? Just make it up.
What is your next false statement going to be I wonder. Like your friend Johnson you will find a way of spinning more and more untruths expecting people to believe you. Here is the thing Aladdin. No one does believe, you are making everything up everyday.
Here is one for you. Your alias wouldn't answer it when asked yesterday.
Are you, Aladinsane, employed by AEG or a company associated with AEG or a company with an interest in AEG?
(Thanks for that RB - I borrowed it).
I posted yesterday on this board at 10am.
Alladinsane, in his deranged accusation of all people being 'Dave', says I was at the meeting yesterday morning and had a run in with Rowan. Alladin, your Dave bloke must me really clever to be both at the meeting and posting on this board at the same time.
Proof that your accusations over past months have all been false. What a silly little man you are.
My post of yesterday morning asked questions about money received by AEG in fundraising and sales of property. In later RNSs Rowan said the money would be used to develop Ashland. But no money has been spent on Ashland since (the market would have needed to be told) and PDI are wholly in charge of financing the build.
Simple question Rowan, where is the money from the December fundraise and what will you do with the money from the sale of Lumberton?
Regretfully that seems to be the case. As I said in May, “I believe there was never intent [by AEG] to produce CoalSwitch on a scale the BoD told the market.” This RNS proves they have no intent to produce and goes against what was said in the audited results RNS of 27th May 2022.
All of production is now to be taken over by PDI with nothing left for AEG to do except be salesmen when (if) production does take place 2023. The original agreement between AEG and PDI was 50% share of profits. This RNS and new deal means that PDI will take 100% of profits leaving AEG with nothing apart from sales commission and AEG shareholders with even less (i.e. further losses). Michael Rowan took the decision not to produce and to proceed with the capital run-down. He is responsible for shareholder losses.
In the results RNS of 27th May we were told that AEG had used the £3m in part to “Order additional engineering equipment with long lead-times required for the construction of the Ashland Facility”.
Now we are told that it was PDI that “has already ordered the parts required for the completion of the Ashland Facility”. Which is true? AEG or PDI?
Question for you Rowan. Did AEG use the £3m for parts as you once said or, as you say now, did PDI order the parts as in today’s RNS as PDI has “full responsibility for permitting, financing and constructing the first CoalSwitch® production plant in Ashland”
If PDI paid for it, where is the £3m, Rowan? If AEG paid for it, as it said 27th May, who was the contract with to supply the parts?
Remember, in the 27th May RNS Rowan said “The net proceeds from the sale of the Lumberton Site, will allow the Company to further the development of the Ashland Facility, but additional sources of funding will be required for its completion.” What is planned with the Lumberton money now? Is there any left?
On top of everything, we are told that CoalSwitch IP is on license to PDI. How long will it be before the license turns into a full sale of the IP to PDI as I predicted will happen on 31st May?
With no capital and no CoalSwitch IP, there will be no reason for AEG to exist at all.
Back to the same false accusations Alladin. I am not 'Dave' as you well know.
Some months ago this Alladin character accused me of being ‘Dave’ and told this message board in great detail all about the medical history of the actual ‘Dave’. Alladin is so very certain that this 'Dave' used to work at AEG.
Now this Alladin character is accusing ‘Dave’ of being an alcoholic.
I have never worked for AEG because I am not ‘Dave’ as Alladin knows very well. I am just someone who can see this company going nowhere and who is good at spotting insiders like Alladin.
It is you Alladin who keep going on about a Dave who you know personally to have worked at AEG. That is a problem for you.
The Dave you refer to can be looked up. In other words, you are using the name of a real and specific Dave who can be identified by your posts.
After your identification in public of that specific Dave, you have blurted out his medical history and you have accused him of having a past drink problem.
Did the actual Dave give you his permission to blurt out his personal and medical history?
Alladin, I think you work for AEG. As an employee of AEG, has your boss not told you about the laws governing personal data of current and ex-employees? You see, all this personal information about ‘Dave’ that you are so happy to share on this message board can only really come from one source.
How else can you know this person’s weight, this person’s medical history, this person’s alcohol consumption, this person’s past roles? AEG, through you Alladin, is divulging personal information about Dave. Not good.
You do all of these things because of a deep-seated spite you have developed over the years against this individual Dave. Presumably you had an unhappy upbringing and find it difficult to make friends.
Back to the same false accusations Alladin. I am not 'Dave' as you well know.
Some months ago this Alladin character accused me of being ‘Dave’ and told this message board in great detail all about the medical history of the actual ‘Dave’. Alladin is so very certain that this 'Dave' used to work at AEG.
Now this Alladin character is accusing ‘Dave’ of being an alcoholic.
I have never worked for AEG because I am not ‘Dave’ as Alladin knows very well. I am just someone who can see this company going nowhere and who is good at spotting insiders like Alladin.
It is you Alladin who keep going on about a Dave who you know personally to have worked at AEG. That is a problem for you.
The Dave you refer to can be looked up. In other words, you are using the name of a real and specific Dave who can be identified by your posts.
After your identification in public of that specific Dave, you have blurted out his medical history and you have accused him of having a past drink problem.
Did the actual Dave give you his permission to blurt out his personal and medical history?
Alladin, I think you work for AEG. As an employee of AEG, has your boss not told you about the laws governing personal data of current and ex-employees? You see, all this personal information about ‘Dave’ that you are so happy to share on this message board can only really come from one source.
How else can you know this person’s weight, this person’s medical history, this person’s alcohol consumption, this person’s past roles? AEG, through you Alladin, is divulging personal information about Dave. Not good.
You do all of these things because of a deep-seated spite you have developed over the years against this individual Dave. Presumably you had an unhappy upbringing and find it difficult to make friends.
It is interesting to look at past RNS statements about the production of Coalswitch.
Today is the 10th June 2022.
The last RNS on the production of Coalswitch was September 16th 2021 which was 267 days ago. In other words, 73% of a year ago or 38 weeks and 1 day ago.
That RNS was to say that there will be a ‘suspension’ of production of Coalswitch. So, Coalswitch production has been suspended for 73% of a year and the Board have told the market nothing about when it might (if ever) return.
We have to go back over a year for the RNS on the production of Coalswitch before that. That was the one on June 2nd 2021 which is 373 days ago. In other words, 102% of a year ago or 53 weeks and 2 days.
The RNS was to say there had been production at Ashland. It didn’t last long and nobody knows how much (if any) was actually produced because the company is too frightened to say.
The remuneration for the Board this year was nearly £ 0.75 million which they have paid themselves whilst not doing anything. They couldn’t even be bothered to tell anyone if there has been any action on rebuilding the reactor. We must assume they have not done anything except let it rust.
Now the Board want a consolidation to get the sp up so they can then issue more stock to try and raise more money to pay itself again. As before, nothing will happen about Coalswitch production. That is a dead duck, dead as a dodo, a non-starter.
Nothing has happened in years and nothing will happen in the future.
The only thing certain is the Board will keep finding ways to raise money to pay themselves without lifting a finger to even bother informing the market they are not producing anything.
This really is a lifestyle company that is sailing pretty close to legality.
10th February: “Response to notice from the SELC”
Seven months prior to this RNS, there was notification to sue AEG because of alleged pollution it made in Lumberton. It took Rowan SEVEN MONTHS to inform the market of his response namely, he denies the allegations. Nothing more heard.
31st March: “Sale of the Lumberton site for $4.65 million”
Net book value of $4 million. Rowan and the rest of the BoD took nearly 20% of that to pay themselves their reward for failoure of $730,000 this year.
27th May: “Audited results for year ended 31 December 2021
Chairman’s statement:
‘In the year that has passed…
- Loss of $5,881,768. Revenue of $644,914 [below the remuneration of Directors at over $730,000]
- Timber cutting permits in Ukraine and Newfoundland… were abandoned or relinquished.
- The saw log and sawmill operations in Lumberton were exited.’
There is still no production. Money raised in loans only goes to pay the so-called directors.
I believe there was never intent to produce CoalSwitch on a scale the BoD told the market. There is now allusion to AEG as a going concern in the statements. With the capital run-down and excuses about future plant and production, not much is now preventing a sale of the IP and another undeserved pay day for Rowan and mates.
Oh, not to mention the big laugh at the expense of the mugs who funded them.
Nice year for Rowan and the other directors. Remuneration of $730, 000 and nothing to show for it.
Compare the last year’s RNS headlines with the reality:
2nd June 2021: “First Production at Ashland”.
Estimates suggest this was only a few Kg. Ashland was declared non-operative a few weeks later. Nothing has been produced since. Rowan was unable to say exactly how much was produced; audited results refer to “commercial volumes” which is bluster because nothing was sold so it could not have been commercial.
14th June: “Audited Results for year ended 31 December 2020”.
RNS details ongoing losses from Lumberton and servicing existing CLNs amongst other incompetence. In the past CLNs were converted to equity when AEG were unable to pay the interest. The BoD paid themselves $730,000 this year whilst telling everyone else there was no money.
9th August: “Statement on Ashland Facility”
Machinery used to produce the small amount of CoalSwitch is non-operative. No more production possible.
2nd September: “CoalSwitchTM Pellet Analysis”
Incompetent report of CoalSwitch. Formatting done by a failing GCSE student who sis not know how to cobble together report from the past and present them as new.
The ‘analysis’ was the same as that provided when AEG first commissioned analysis. The first analysis was done before Rowan and the others turned up. This was a shameful attempt to repeat work done by previous directors and pass it off as their own.
7th September: “AIM Rule 17 Notice”
Announcement that a director has been involved with a liquidation before. Admission that this information had not been provided to the market at the appropriate time. The same omission was made when the fact that CEO had been in charge of a company later liquidated had not informed the market at the required time.
16th September: “Update on Operations at the Ashland Facility”
‘primary reason for the suspension of operations was the failure of a monitoring component… as a result of this monitoring component's failure, both reactors at the Ashland Facility are inoperable and will require replacement’
Replacing what? Rowan has NEVER HAD an operative reactor beyond the few weeks at Ashland. Having to replace them both after a few weeks is a catastrophic systems failure that has not been dealt with. Get a load of this bit of the RNS:
‘All other equipment at the Ashland Facility remains operable and are capable of recommencing CoalSwitch production operations at any time.’
That is just not true because the reactors are broken and need replacement. ‘Any time’ the last 9 months but nothing has been made because there are no reactors. So why the bluster to suggest something that is not true?
31st January 2022: “First phase CoalSwitch™ combustion testing results”
Repeat statement of results made in 2021 and made years ago before Rowan was CEO. Complete bluster.
To come, 10th February 2022 to now.
You make a good point Royal. The people who should be talking about not attending the meeting because of Covid-19 are the hotel.
I see that the Ecclestone Square Hotel, SW1, is open all over Christmas. Bookings are available still and the hotel is responding to the threat of Covid-19 as one would expect a properly run business to do.
The Ecclestone Hotel says: "Meetings should be pre-booked or pre-arranged. All visitors must pass by front desk to share their contact details for COVID contact tracing purposes."
Yet the CEO Michael Rowan appears to be asking people not to attend a meeting that is pre-booked at a business venue whose operations has nothing to do with him. I am asking questions now as to why he would do that like Royal is.
Any risk assessment would be undertaken by the hotel not AEG so it is not the CEOs business at all to say what he said.
He goes on to say in the RNS "Should the UK Government's COVID-19 guidance change before the General Meeting the Company will make an announcement as soon practicable."
But there has been no Covid-19 guidance that says people should not attend pre-arranged meetings at hotels. Michael Rowan would know that as a CEO.
On 13th December the government said that people should work from home if at all possible. That does not include those who want to attend the general meeting as they cannot exercise their voting rights from home. Share trading is a job, people must be able to attend the meeting.
The government guidance does, however, apply to the CEO and the Board of Directors. The CEO and the Board of Directors are able to arrange the meeting and attend from their homes via Zoom or Teams. By not choosing the alternative to work from home when possible, it Michael Rowan and the Board of Directors who are wilfully not adhering to the guidelines.
I would suggest if anyone wishes to attend the meeting they contact the hotel and ask them for their procedures regarding meeting attendees and Covid-19. Those procedures are of no concern to Michael Rowan who, after all, is the person who chose to convene the meeting at the Ecclestone Square Hotel against current Covid-19 government guidelines in the first place.
Claim: Construction of CoalSwitch reference plant at Lumberton, N.C. ("Lumberton") Facility near completion but suspended and requiring permit amendment.
Reality: The CoalSwitch plant was working and fully operation in Utah up until Rowan took over as CEO. End 2018, Rowan announced he was moving it to Lumberton. It is now nearly THREE YEARS LATER AND NO PLANT HAS BEEN BUILT.
RNS of Jan 2019, Rowan said “Following the proposed purchase of the Lumberton Site, AEG's immediate focus will be on installing the initial five tonne per hour Coalswitch™ plant and generating revenues at the earliest opportunity.”
The earliest opportunity is three years later and remuneration of £ millions to Rowan for doing nothing but failing.
Claim: Company ceases lumber and saw log activities in order to focus on strategy of delivering a next generation biomass pellet
Reality: In a time of record lumber prices, Rowan has such little business acumen he couldn’t turn a profit on a lumber business. Selling it because of incompetence and not “to concentrate on” something else.
Apparent highlight: Equity fundraise of £7.0 million (gross of expenses)
Reality: Rowan awarded himself a 73% pay rise (Gross Fees & Salary) from $191,000 to $341,000 between 2019 and 2020.
The amount the BoD have awarded themselves over the past two years is $1.2 million.
How much of this new fundraise will go straight into the pockets of the BoD for doing nothing but failing?
Next step claim: Design and construction of a 70,000 tonne per annum CoalSwitch facility
Reality: AEG has not been able to produce a working facility since Rowan took over as CEO. There have been promises and promises of a 5 tph machine. Then it was reduced to a promise of a 3 tph machine. AEG could not make one. It relied on a rushed JV with Player and even that is now broken.
Rowan has failed at every level except when it comes to paying himself for failure. The sp shows his failure. There is no production, there are no orders and there is no plan.
Treating investors with the contempt Rowan does just disgusts me. In this RNS Rowan stooped to a level so low I didn’t think it possible. Reality: It was possible because he did it.
Claim: Construction of a second CoalSwitch reference plant at Ashland
Reality: It only worked for a few weeks and has broken down. There is no indication when, if ever, the reactor at Maine will be up and running.
Claim: First CoalSwitch production commenced at the Ashland Facility in May 2021
Reality: It only worked for a few weeks and has broken down. There is no indication when, if ever, the reactor at Maine will be up and running.
Claim: Transition from conceptual technology to production of next generation biomass fuel
Reality: The transition was made in 2016. Testing and burn results were produced OVER 5 and a HALF YEARS BEOFRE THIS CLAIM. This happened well before Michael Rowan was involved as CEO.
Here is an article about the test results. https://www.proactiveinvestors.co.uk/LON:AEG/Active-Energy-Group-PLC/rns/327407 Rowan’s current claim that the concept technology to production is now is, at best, arguable and at worst false. Production would have occurred for tests in 2016 so it was more than concept then. Also, the current non-production of CoalSwitch by Rowan means the “Transition from conceptual… to production is false. There is no production.
In RNS of Feb 2018, Rowan said “…will be officially opened this week. During the week commencing 5 February 2018, the plant will be fully operational and will produce CoalSwitch™, AEG's revolutionary biomass fuel, in accordance with clients' specifications. Once produced, the CoalSwitch™ will be prepared for delivery under the initial offtake agreements already in place.”
Which one do we believe Rowan? Was in the 2018 one or the 2021 one? They can’t both be right.
Claim: Initial deliveries of CoalSwitch to University of Utah, Brigham Young University and PacifiCorp in June 2021
Reality: This is not new. AEG have been delivering CoalSwitch to the University of Utah for years. In the RNS of 7th March it states “…late last week [AEG] received the results from the burn testing of its CoalSwitch fuel at the University of Utah (announced in the RNS dated 8 February 2016).”
Rowan has nothing to say so is repeating things that happened 5 years ago and pretends it is new.
Claim: Samples of CoalSwitch delivered to twelve prospective customers
Reality: Who cares? I was given a sample of chocolate the other day like the rest of my street. I am not buying and nor will any of the “twelve” anonymous companies buy from a company that is as badly run as AEG.
No connections to make.
Paranoia and fantasy can be controlled by medication. You need to see someone.
BScoutS? Not a name I know. Is this a person who also thought that AEG was useless? If they were it would certainly have fed into your paranoia. I am so sorry they got to you so much that you are seeing them everywhere. Are they in the aisle next to yours at Tesco too? Maybe you see themm in a crowd scene on a film.
You do need help.
I agree with all the earlier posts about the poor quality of test results produced by AEG. The results don't say much at all. More childish production than anything.
This contrasts with 2016 when significant tests were undertaken and results were published. In those days AEG followed up their post of results with those results in greater details. Here is what a well-produced set of results might look like if Michael Rowan were to employ some professionals to produce his RNSs.
https://www.proactiveinvestors.co.uk/LON:AEG/Active-Energy-Group-PLC/rns/327407
Those detailed results were published March 2016. That is over five and a half years ago.
The CoalSwitch was produced by a working reactor in Utah. Whatever Stifler might try to say, there was clearly a working reactor in Utah in 2016 to produce the CoalSwitch for testing.
This working reactor was taken apart and transported from Utah to North Carolina - 000s of miles. It is also true that the reactor is yet to be rebuilt.
Michael Rowan tried to claim that he was responsible for the first commissioning of CoalSwitch in 2018 and that the first tests had been completed in 2017. https://www.proactiveinvestors.com/LON:AEG/Active-Energy-Group-PLC/rns/150985
These are untrue because there were results in 2016 and production before Roan took over.
As had been pointed out, it is 2021 and there is no facility to produce CoalSwitch. The company has failed to meet any promise it has made since Michael Rowan took over. If you look at all the RNSs from Michael Rowan over the years he has asked for more and more money to rebuild the CoalSWitch plant (that was working in Utah) in North Carolina. Nothing has happened.
It is my view that the LTIP announced for Michael Rowan was just a publicity stunt to try and convince people he was a genuine entrepreneur. The more I look at him he is nothing of the sort but just a life-styler as RB says.
That seems to be correct.
I wrote this back in June:
“2018 boardroom remuneration as fees, salaries and share-based payments was ~$ 1,300,000
2019 boardroom remuneration as fees, salaries and share-based payments was ~$ 555,454
We are aware of a number of new appointees to directorship roles this year to “hitherto unfulfilled” roles that will add to the boardroom remuneration for 2020 and 2021.
AEG do not have a CoalSwitch production facility at Lumberton, NC.
AEG have only a part interest in a CoalSwitch production facility in Ashland, ME. [Now we know that does not work properly and production is suspended].
All other interests are being / have been wound down. There is nothing else.
Go figure the real motive consuming the current BoD.”
It doesn't take a genius.
There is no need for the Mr this and that. Rowan doesn't deserve even the most basic of titles.
Those he does deserve cannot be used on this board.
Is anyone really surprised?
Rowan is a complete and utter failure. He has not completed anything.
I have detailed his failed promises for months now. Today's is just another example.
In today’s RNS August 9th, Rowan said:
“Active Energy announces that on 5th August 2021, one of the reactors at the Ashland Facility failed… and, consequently, production of Coalswitch at the Ashland Facility has been temporarily suspended.”
That should not be a problem because the last RNS on 8th July about production at Ashland said this:
“During the last six weeks, CoalSwitch has been produced at the facility located at Ashland, Maine (the "Ashland Facility").
The joint venture with PDI will complete emissions analysis during July 2021, the results of which will be supplied to the State of Maine.”
In other words, AEG declared that they will complete emission analysis during July 2021. That means completed by end July 2021.
AEG has not said the analysis was not completed by end July 2021 so the market must assume it was completed by Saturday 31st July as per the RNS promise of 8th July.
It would be a dereliction for Rowan not to have informed the market last week, Mon 2nd Aug to Fri 6th Aug that the analysis has not been completed.
He did make the price sensitive comment in the RNS of 8th July after all.
As the Ashland facility broke down on Thursday 5th August, there is no reason why the analysis could not have been completed.
Where is the coalswitch analysis Rowan? We are waiting for you to follow through your RNS promise of 8th July and produce the results by 31st July. You must have themn because you promised via RNS and did not update the market there was a problem during July.
Or is it that this is yet another example of a broken promise made via RNS?
Rowan, why do we have to wait for the news of an anti-AEG activist (Lisa Sorg) to find out anything about AEG?
Isn’t is your job to inform the market about meeting or, in your case failing to meet, production promises before anyone else?
Another failure. Just go man.
Apologies for typos in first post. Here it is again.
When Rowan stated via RNS in June (02/06/21) that there had been a rapid building of a 5 tonne per hr production facility he was not telling the truth.
He said:
“Active Energy… is pleased to announce that production of CoalSwitchTM has… following the rapid construction of the 5 tonne per hour production facility.”
That wasn’t true though was it Rowan? It was an untrue statement made via RNS. There was not a 5 tonne per hour facility was there?
Today (08/07/21) Rowan said via RNS:
“During the last six weeks, CoalSwitchTM has been produced at the facility located at Ashland, Maine (the "Ashland Facility").
The Board is… working with the Company's joint venture partner… to increase the production rate towards three tonnes per hour.”
Working “towards “three tonnes per hour” is not a “ 5tonne per hour production facility”.
Why can’t you ever produce an RNS that tells the whole truth Rowan?
The fall today in sp should tell you what the market thinks about your double speak, Rowan. Not much at all.
All those promises and fundraises for a 5 tonne per hour facility at Lumberton – DID NOT HAPPEN
All those promises about a 50 tph facility – DID NOT HAPPEN
That statement in June about building a 5 tph facility in Maine – DID NOT HAPPEN & WAS NOT TRUE
Now new promises about a 20 tph facility – No chance. Just another promise that won’t be kept.
It is no coincidence that Gravendock (AEGs biggest investor) have been selling stock for weeks and weeks.
Just go man and let someone run AEG who shareholders can trust.
When Rowan stated via RNS in June (02/06/21) that there had been a rapid building of a 5 tonne per hr production facility he was not telling the truth.
He said:
“Active Energy… is pleased to announce that production of CoalSwitchTM has… following the rapid construction of the 5 tonne per hour production facility.”
That wasn’t true though was it Rowan? It was an untrue statement made via RNS. There was not a 5 tonne per hour facility was there?
Today (08/07/21) Rowan said via RNS:
“During the last six weeks, CoalSwitchTM has been produced at the facility located at Ashland, Maine (the "Ashland Facility").
The Board is… working with the Company's joint venture partner… to increase the production rate towards three tonnes per hour.”
Working towards “three tonnes per hour” is not a “tonne per hour production facility”. There is not a 5 tph facility.
Why can’t you ever produce an RNS that tell the whole truth Rowan?
The fall today in sp should tell you what the market thinks about your double speak, Rowan. Not much at all. They are still selling.
All those promises and fundraises for a 5 tonne per hour facility at Lumberton – DID NOT HAPPEN
All those promises about a 50 tph facility – DID NOT HAPPEN
That statement in June about building a 5 tph facility in Maine – DID NOT HAPPEN & WAS NOT TRUE
Now there are new promises about a 20 tph facility – No chance. Just another promise that won’t be kept.
It is no coincidence that Gravendock (AEGs biggest investor) have been selling stock for weeks and weeks.
Just go man and let someone run AEG who shareholders can trust.
Someone thinks this company is going nowhere too.
Near £ 100k of sales in one day for a company this size is further indication that the company is going nowhere.
People want out because it has been ruined by Rowan.
No production unit in Lumberton.
One small producion unit in Maine with 6 weeks licence only. Any profit halved because of Rowan failure in NC.
Nothing else to generate revenue.
No orders.
Over £ 1.8 million in BoD rmuneration in two years 2018/2019
Company loss of $ 1.1 m 2020.
2020 BoD remuneration undecalred.
If I really was your secretary I would have poisoned you because you are not useful for anything.
There has been complete failure to construct the so-called ‘first’ production unit in Lumberton.
The talk in today's RNS and statement is that Ashland Maine, the so-called ‘second’ production unit, can produce up to 35,000 tonnes per annum if it can get a licence. Ashland currently only has a temporary licence.
AEG have said they intend to make an application for a longer and more substantial licence.
“…we will submit a permit application to increase production capacity up to 35,000 tonnes per annum.”
It is pure talk. There is clearly neither a permit to produce 35,000 tonnes pa nor even a submission of an application for a permit.
It is just a typical AEG vacuous promise - mere talk of submitting an application and that is all.
If there ever is submission of an application and then, after time, the submission of the application is successful and then, after more time, production and delivery to hitherto unsourced clients, the profit is thought by Allenby to be ~$25 per tonne for AEG (because Player take 50%).
That translates to a potential Ashland profit for AEG of $25 x 35,000 = $ 875,000
That is all.
2018 boardroom remuneration as fees, salaries and share-based payments was ~$ 1,300,000
2019 boardroom remuneration as fees, salaries and share-based payments was ~$ 555,454
If a permit is applied for, accepted, and then granted, the profit from Ashland would only pay for ~ two-thirds of 2018 boardroom remuneration.
We are aware of a number of new appointees to directorship roles this year to, hitherto unfulfilled, roles that will add to the boardroom remuneration for 2020 and 2021.
AEG do not have a CoalSwitch production facility at Lumberton, NC.
AEG have only a part interest in a CoalSwitch production facility in Ashland, ME.
All other interests are being wound down. There is nothing else.
Go figure the real motive consuming the current BoD.