Member Info for RealityChap

Seriously CN?

I actually paid you a compliment and said it was a good spot, which it was.

But surely you recognise the vital difference between trials and commercial orders. Yes, it's good if Tamgo have ordered a few but it is way, way more important that those trials generate some actual commercial business.

We won't have a timescale, that's up to Tamgo but the clear hope is that we see some orders for units that will be used commercially sooner rathe than later, because we most definitely need them.

For pity's sake Kenny, have a debate. It contributes nothing to the greater understanding if you just shout down everybody who makes perfectly valid points to you. And if you don't think the points I've made are valid, then say why not perhaps? I think they are absolutely fundamental to the success of this company, which is what I want to see.

Although if memory serves he put a few tranches in somewhere around 60p. So probably not the best judge! I thought he looked like a Poundland version of Leslie Phillips

Thank you for your incisive analysis.

I wonder if Bullard will be on the IM call? Can't say he came across confidently or impressively last time. Looking at that small section which was identified made me somewhat equivocal about what he said, but as he definitely didn't say that any trials had resulted in orders it doesn't really matter either way.

It's a good spot, although he does say 'unit', singular a few seconds later.

Either way it is clear they are trials so not really commercial deals - trials need to generate orders. I'd suggest the fact that they are trials probably explains why no announcement has been made, even if there are multiple orders, because trials aren't really price sensitives, whereas follow on orders that confirm commercial adoption are.

Fingers crossed that the trials via Tamgo are more productive that the trials with Keir, Balfour Beatty, Keltbray, Vinci et al appear to have been thus far.

Spelling Hire as Hore could have been worse, Daz! At least it's just an obvious typo rather than a gratuitous insult...

Hope springs!!

No I'm not!

Companies are leaving AIM in droves - that's just a simple fact.

92 companies delisted last year (nearly 12% of all of them) and the trend is continuing. There are the fewer companies listed on AIM now than at any point in the last 23 years. Companies are getting minimal benefit from listing and lots of grief, and cost.

We have hired a CEO who has said that he prefers working for unlisted companies and has been involved in a delisting process before.

Of course I don't know what will happen but there are plenty of signs to suggest nobody would rule that out.

Like you, I hope they don't go down that route - I want a chance to recoup non-crystallised losses - bit it is clearly a possibility; the board would be mad not to think about it.

I don't know why you are so completely unable to see both sides. Every time I post something that is just factual or reasonable but doesn't fit your view you go off on one with the assertion that all is well and I'm some sort of paid shorter. All clearly isn't well or the share price would not be at a five year low! And I am most definitely a shareholder who wants this to rocket!!

If you think the company's issues are just communications related you've properly lost the plot.

Https://www.londonstockexchange.com/news-article/PPS/proposed-cancellation-of-trading-on-aim/16859231

Three key things here to think about if AFC is looking at going private at any point:

This isn't a takeover - it's just a cancellation of the listing. So there's no premium of any sort being paid

There is inevitably a major share price slump (18% for this one today for a share that's already 90% or so down over the last year) if this route is taken

It needs 75% shareholder approval to go through. I've no idea what their shareholder base looks like in terms of getting that over the line. For AFC there are no real big blocks of shares where the vote can be relied on

We knew that. Nobody who was paying attention really thought we'd delivered early and the RNS said delivery early in 2025, as below:

· AFC Energy will design and sell its S Series fuel cell modules packaged specifically for Niftylift, based on its next generation S Series architecture, in early 2025.

Well if that's true, and I don't think its is, it has backfired spectacularly as far as the market is concerned.

If we do have lots of unannounced actual orders then the NOMAD is neglecting their duties completely

All questions that have been asked before. Last time they concentrated on the easy ones; it should be easier in theory for the new man to be honest

Let's take them one by one.

We have a contract with Acciona for the lease of one unit. The lease period has a month or so still to run and there may or may not be a follow order. CONCLUSION - NO MATERIAL ORDER EXISTS

Tamgo have ordered and received one unit, which it appears is for demonstration purposes to potential clients. No orders have followed yet. CONCLUSION - NO MATERIAL ORDER EXISTS

NiftyLift signed a contract for a delivery of units early this year, so hopefully imminent, but we do not know the size of that order. CONCLUSION - THERE MAY OR MAY NOT BE A MATERIAL ORDER but if there was a big number involved I suspect it would have been shouted from the rooftops.

Speedy Hire. The best guess we have is that we have delivered c. £4m worth of units to a joint venture with the intention that they would be rented out to Speedy clients including Tier One construction companies, but we have no idea if they have been. CONCLUSION - WE JUST DON'T KNOW. But in the great scheme of things £4m is not going to transform the company and there have been no follow up orders that we are aware of

ABB - We are late on delivering an order which was halved from its original placing. The CE marking conformation was expected last year and no sign of it yet. The agreement from 2022 (?, not sure) was for 10 additional units but is that still valid? CONCLUSION - Impossible to know.

As usual when you're presented with facts and reasonable interpretations you resort to abuse. Plus ca change.

Quite, Bondy. The key thing being that there is no such thing as a potential order book. It's like being pregnant - it's yes or a no..

THERE ISN'T A £26M ORDER BOOK by any normal person's definition of what an order book is - it's obvious! Even Bond vacillated about it when asked, waffling on about uncommitted orders.

Surely, if we had signed contracts (which is what an order book means to me) then we would have had some detail of what they involve and who with because, clearly, the signing of orders on that scale by a listed company that had yet to become commercial would have been price sensitive and therefore announced to the market. No sign of them is there?

I can't see anything negative at all on this thread. Realism yes, negativity no. Your claim the other day that all was well apart from comms goes down a as one of the most rediculaous things I have ever read - and that's ahigh bar on this board!

I hope the new man can knock it out of the park but there can't be any doubt that he has inherited a mess as his predecessor totally failed to deliver any commercial value at all, and that's just not up for debate. Dozens of partnerships, joint ventures, trials, prototypes etc. and not a single commercial contract of any significant size whatsoever.

If you think that is not true please point out the contract(s) that are delivering material income.

He really has lost the plot now. The person who thinks the level of the FTSE 100 is relevant to AFC now thinks everything is fake, probably excluding the existence of the order book.

I've said for at least a couple of years that they'd be mad not to look at it. Getting minimal advantage from being listed

One thing is for sure. There aren't 11 manufacturers who are developing hydrogen cars in the hope that a small company in Surrey will develop the necessary technology to make them viable.