Member Info for PuzzledPete

When a broker or corporate adviser resigns, its always yet another seriously red flag. I was doubted previously when reporting that Mast's (and PK's ) long time broker Novum had seemingly resigned soon after the warrants wheeze. That is now confirmed by albr capital who has merged with Novum. To lose your only long term City broker is often the precursor to losing your listing. Mast now only has Fortified whose parent is Riverfort, who must keep in to look after its interest in Pyebridge, having through the warrants wheeze lost its original investment in Mast itself. Pyebridge still owes around £2million to Riverfort, and if it defaults as is highly probable if all the warrants aren't converted (producing an eye-watering 416 million issued shares) it will take it over and . That will be the first domino to fall, and the rest of Mast's pack of cards with it. Have a nice next few weeks watching for whether those vital first 50% of the warrants are cashed before they expire Jan 11th.

Zen ? Growth Growth ! Where Where ? Lead me there before the herd. So kind of you to tell me. Once again - Lead Me On. I'm Rich.

Mr Spaghetti, just as I'd be grateful for that pointer to where I can get paid, I'd also appreciate your definition of 'ignorant'.

Spaghetti Would be so grateful if you tell me who/where I can go to to get paid.

For your info I've been following PK's misleading statements and his disastrous management since he was at Kibo nearly ten years ago. I warned from 2016 for both companies. Its why I'll keep posting until the very end. Look at their charts from 1916.

End of conversation.

Mr Spaghetti If you've followed EUA, you will know ACF's fantasy projections were for the flanks - nothing to do with any effect from the Ukraine war. The shares realised the fantasy in 2021 - 2 years before the war. You are on the road to losing your dosh in Mast if you don't understand my posts and the energy industry.

This was posted when ACF published its July 30 'research' ,describing its previous fraudulent research. So not up to date with its today version.

Eurasia Mining (EUA) - who paid ACF to produce 'research' - was closely connected with Mast, sharing directors including Mast's CEO Pieter Krugel. ACF firstly produced a wildly optimistic and never likely to be achieved 'scenario' for EUA, and then used a completely inappropriate 'method' to value it - consisting of totting up all the profits that it said (with no justification) would be made over the coming 13 years, and saying 'that (time discounted)' is EUA's value 'now'.

ACF published this questionable methodology in December 2021 with a EUA share 'target' of '115p-127p' compared with the then sub 5p share price. Just as with similar 'targets' for EUA a few years before, which had persuaded investors to chase the shares up from 4p in 2019 to between 30p and 40p in early 2021, that 'scenario' inevitably also proved to be bogus, seeing the shares crash to under 10p only a few months later, and to continue on down, never to recover. They’re now about 5p

Similarly ACF had published 'research' on Kibo Energy, paid for by the company. Pieter Krugel was its CFO at the time.

ACF 'initiated' research in Oct 2021 when shares were 22p. It stated a 'value range' of £1.51-£1.59. By Jan 2023 the shares were 12.5p when ACF updated with a 'value range' of £3.02-£3.18. By April 2023 Kibo's shares were 0.8p when again ACF 'updated' with a 'value range of £2.50-£2.63. By June 2024 Kibo was essentially bust and the shares 0.6p.

ACF has now published (July 30) a similarly paid-for forecast and extreme 'scenario' for Mast's hoped for ramp up of its generating plants - which Mast originally said would be 300MW within three years, now six years. Despite that target already being shown to be grotesquely unrealistic, ACF has assumed Mast will have achieved 150MW by end 2026 - and has omitted to allow anywhere for the £105m funding it says is needed. Having then assumed that 150MW will be operating after 2027 it has exaggerated its predicted revenues and profit per MW by 45% - well above what Mast has achieved so far in its sole operating plant, Pyebridge, and what is predicted by Mast's own consultants.

On top of that it used has used the method investors never do, by totting up those, in practice fantasy future profits over the next 13 years (by which time the plants will be more than half-way through their lives and the UK will have phased out gas) and saying that (time discounted) is Mast's value 'now'. Similar 'sums' for any other share in any other market, using the same method would produce a share price 3-4 times what is actually achieved even for a reliable long life company with stable revenues on a high PER, which as a non-growth limited life company Mast would never achieve.

Comment on ACF's latest will follow. It is equally grotesquely exaggerated.

Don't try and delete me ag

Its been posted before. ACF Research is a fraud-supportive outfit, unauthorised and unregulated, which takes money from clients to ' publish - which they are not allowed to do) fraudulently exaggerated share 'targets' for them. PK and fellow directors on other cos has used them a no of times before on EU, Kibo, and Mast. and each one after seeing the shares surge on publication has seem their share price crash to below before publication when the forecasts in its research proved to be fanntasies. Its research 'methodology' is totally illiterate and never used by reputable analysts - and designed to exaggerate to a grotesque degree. Too much to explain here all ACF's porkie howlers, but just one is the assumption only half the warrants will be exercised 'because experience shows they aren't for most other companies' - which ignores the fact that most other companies warrants are hardly ever 'in the money' so that holders don't bother, whereas Mast warrants can be in enormous amounts of money at their 4p conversion price.

Another thing. PK has been reported to the fca by a no of market participants for paying to published fraudulent 'research' but he is doing it again for this one.,

Chase the shares up at your peril. It is obvious that those big reported after hours buys yesterday were by some insider knowing this grotesque puff was going to be published today. Yet another crime to be reported to the fca

Maidit isn't capable of working that out Amateur - sadly for him, and sadly for those who, puzzlingly, 'recommend his and his mates' financially illiterate drivel.

There isn't any positive news you fool. They're all either rehashes, or of 'agreements'(not signed contracts) with small outfits none of which have any experience in actually building plants or the money to do so. The so-called 'record' generation is merely the effect of adding the already known extra time from bringing the 2nd gen on line and, yes, better prices in a month when high pressure meant wind farms aren't generating as much. You are incapable of understanding the reality, or of spotting PK's misleading omission of key information (eg that revenue isn't profit and doesn't go to Mast ) and ramping 'religoiusly' and obsessively a lot of guff about the AI demand of absolutey no relevance t a near bust Mast who none of them would ever look toin a very large market served by much bigger groups - to supply them. Go back to your nursery - please. I'm sure the fca will tell you to.

This is one of the fake sites Mast warned to avoid. Its a scam recognised by most who see it and reported to the fca as such.

Can't you see its message doesn't accord with the facts ?

Good for you Mr Trader Man. The more you write to the fca the more irritated they'll get and might have a closer look at Mast. Then they might suspend, as they should have done months ago. Good lad. Keep it up.

1) The 'revenue' Krugel trumpets doesn't come to Mast.

2) It goes to the generators where only 1/3rd is profit.

3) They are separate companies, overwhelmingly owned by outsiders Riverfort, and Powertree needing the great majority of profit to pay off loans used to build, and give them their usually 75% share of the rest.

3) Detailed calcs show these generators will be unable to pay more than a pittance to Mast for the foreseeable future.

4) Following the mere £3 million raised from the warrants so far, Mast is still insolvent (not enough cash to pay its debts) to the tune of at least £3 million

5)Rather than 100MW, Masts's 'pipeline' now (inc recent acquisitions) is about 50MW, of which only half are financed and building. Mast has no cash to build the rest, needing loans whose repayment will take all their first 8 years profit.

6) These facts are not worth the now 83.1 million issued shares (RNS 6 Nov) at 10p, but nearer the 0.75p/share asset value - if not zero.

We can see the truth of that in Traderboy's, Cando's, JamesSimon's and their mates postings. More and more hysterical the last few days.

Well spotted Openbook. Those Companies House statements of capital should be up to date, but looks a bit confusing to me. It wouldn't be the first time Mast/Kibo (same co secretary) has muddled up his reporting between the ord shares (the ones investors here have) And the deferred shares they don't

Even so, going by Companies House there are now at least 36.9 million of the new ordinary shares (alloted for cash) which can only be the warrants. But, as usual, PH hasn't RNS's it . (Ask yourselves why. He doesn't want you to know how your shares are steadily reducing in value)

Means there are now nearly 3 times in issue as before the warrants scam and shares are worth only 1/3rd what they were then. Still a long way to go before all 375million of the warrants are cashed.

Swifty. No, not as the company is at the moment. Its management has been crap. Its financial management has been appalling - the worst anyone has ever seen. Its business 'strategy' is unviable - basically because it has no money to build assets which only return 15% return on investment in a good year - when it has to borrow at 10% to build them. Thats why no City finance was available to it from the beginning, and why it (rather its benighted shareholders) had to swallow the suicidal warrants scheme to get it out of the financial hole it was in early this year. Its also why there's no other company like it listed on a stock market and why the 30 times more in the sector are all backed by private large groups.

No one on here understand the basics of business which is why PK is desperately trying to bamboozle them to push up the share price in hope it can raise more (by diluting shareholders even more) It won't succeed.

Any company investing in this sector (much less profitable and more risky than any other) has to be properly capitalised. ie with a lot more equity funding than mast was able to get. There's no chance this management could ever get such funding from anyone who knows the UK market. And there is absolutely no way Mast can get from where it is now, to achieving any of PK's boasts. It has no money. It has no credibility with financiers. It has no contracts with any solid company. And after the warrants scam has no reputation.

Wish there was an even stronger sell opinion.

Always the same. PK comes out with a smoke and mirrors RNS which a quick look shows to be absolutely nothing new but another fairytale boast. The gullible and unable to understand financial numbers, lemmings-at-the-leash, come rushing in again. Then the sensible take a look and see another chance to escape the trap. Not happening yet this mrning, but will soon.

Wish there was an 'even stronger sell' opinion.

A

More on PK's porkies. Just as everything PK has said since Mast's April 2021 listing has been misleading, so is the latest boast re Capacity payments. It turns out that the 'significant boost' he promises is subject to winning next March's auction where historically less than 40% of applicants succeed. On top he says 'it will provide Pyebridge and Quantum with a significant income boost until 2024.

But he doesn't explain that its only Pyebridge gets the income. And it can only pay a part of it to Quantum as a taxed dividend after its own costs have been me and after its own year end So is that misleading ? or is it a deliberate porky pie ?

Sav. They don't understand either, that Pyebridge and all the other gens are totally separate companies from Mast, who only has a small share of their business - and cash from them too little to keep Mast itself afloat (They don't even understand that they are invested only in Mast, and only very remotely is a small part of the generators) . PK has never made that clear. The sensible would wonder why.

And why Mast is still bust

Mast says Pyebridge Jan-Oct 'sold' 8GWh at avg £141WW/hr.

1 GWh = 1,000 MWh.

That comes to 'sales' revenues of £1,128,000

Mast says 'revenues' were £1.28 million. fair enough.

However. PK has always given the impression to the gullible (and via the - 'ask nothing see nothing hear nothing' - Roast numpties) that what it calls 'revenue' is actually 'profit' - which it isn't. Because gas on average makes up around 70% of sales price. So net cash profit for Pyebridge Jan-Oct would have been around £360,000.

Scaling up assuming a full year with 8.1MW operating (against an average of 5.3MW for last 10 mnths) we get a likely Pyebridge full year 'profit' of £660,000 (25% less than I have always estimated).

But Pyebridge still owes £2 million to Riverfort, and until repaid it can't pass any of that profit up to Mast even though Mast 'owns' 100% of its equity (look up the definitions)

So even with the next three years of a fully operational (but no sign of cash to get the 3rd gen running) Pyebridge will contribute nothing at all to Mast.

I've said earlier that Hinmdlip will be even worse, because Mast will only own 25% of it, before which it will have to repay a £4.5m loan from Powertree. Any more plants (including the 5 bought recently) will be similar.

Its why, without all the warrants being cashed, Mast is toast NOW. And even if they were to be, it will be toast SOON.