Warrants Realities. Lemmings Stuffed either way.5 Dec 2025 16:28
There are only two alternatives. Either Mast is forced by its creditors from its current Insolvency into Bankruptcy. OR, Over 400 million issued shares will each be worth peanuts.
At end June Mast had £0.24 million cash, against £2.9 million current liabilities. Plus £2.4 million other debts due within one year, plus £2.1 million owed on Pyebridge. Half year overheads were £0.5 million, and cost of gas and cash operating costs on Pyebridge revenue had been 74%. on £727,000 electricity sales.
Since then all the pre-paid warrants £5 million cash has been received, less £2.4 million 'costs', and as of
And as of Dec 2nd, 14.7 million of the cash warrants had been converted, producing another £587,000 cash.
Based on its latest figures Pyebridge might produce £850,000 revenue in H2 and £220,000 profit. But with £2.1 million repayments to Riverfort before 2029, it won't be able to pay anything to Mast, who will show another loss around £500,000.
So as of now, some £3.2 million has been received in H2 from warrants, against total debts excluding Pyebridge of a net £2.66m working capital deficit at the start, plus £2.4m one year debts, plus £0.5m Mast 2H loss.
That means that as of now Mast is still at least £2.4m in the red, excluding Pyebridge.
As for what can still be received from warrants, as of 2nd Dec 112 million of the 125 million prepaid warrants had been converted to shares, leaving another 13 million bound to be converted before next July, but with no further cash.
While 14.7 million of the cash warrants had been converted, meaning another 110 million could be converted by Jan 11th, plus another 125 million by July.
So its possible Mast could receive another £4.4 million cash by January, taking it to £2 million net cash in the black but with at least 261 million shares in issue. On then net assets perhaps £6 million, assets per share would be 2.3 pence - peanuts by anyone's definition. But still expensive for a company with no significant earnings in sight.
If the remaining 125 million warrants are converted by July, after Mast's continuing losses it might be £6 million in the black with net assets £10 million but over 400 million shares in issue worth only 2.5p each.
That's dependent on the shares staying above 4p so that the warrants convert. And completely ignores the spending Mast is up for at present on Bordersley and the other projects it hopes to get funding for but which, a showed clearly elsewhere, won't deliver anything but peanuts for Mast until their heavy loans are paid off.
Its all why no one with any sense will invest in Mast at this stage, And also unlikely that any credible funder will want to partner with Mast's 'projects' - just as has been the case with every other mooted external funder up to now, while there has been silence from Powertree who was supposed to be funding the rest .
All this is verifiable fact that investors have a right to know.
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