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Thanks OHS
It's confusing. Hargreaves Lansdown show closing price last night as 1.17 (but that was just a spike) and open this morning as 1.03 (which is how the drop may have been calculated).
However calculated, I think I've got a bargain!
There was no apparent reason for share drop this morning so I guess MM were trying to get shares for someone to buy a large number. I therefore topped up and 5 more people have also done so with no sales so far. I continue to keep this as a LTH.
I'm an optimistic LTH who's now less pessimistic...
I waded through the report and paste below the comments in chronological order that I highlighted. Overall good news with challenges but also opportunities:
I am pleased to report that the Group is working well with Proteus on MeyGen 1A as
well as with regard to the potential tidal turbine supply for MeyGen 2.
Our ambition remains to deliver utility-scale tidal stream energy at the MeyGen site and we have been successful with our application for the next auction round, Application Round Five (AR5). The application window closed 24th April, with the sealed bid window open from 9th August 2023 to 15th August 2023. The results are expected sometime before 8th September 2023.
In May we were delighted to announce a 230MW battery storage project, which will be owned and operated by Quinbrook Infrastructure Partners and is due for completion in approximately 24 months. This project reached financial close during July 2023.We have recently signed a variation to this contract which could facilitate an additional 100MW of generation on the site.
We are working hard to finalise the details of a further 120 MW BESS project which is currently in the planning process, we hope to be able to provide further details on this in the coming months with a target of a favourable planning outcome in early 2024.
The opportunity to combine two of our core business areas is very exciting. Tidal energy is the most predictable source of renewable energy and what we are looking at is the co-location with BESS to deliver a real base load solution. There is an appetite in Government to see this type of energy solution developed, and we think the MeyGen site is the perfect location. We are working on a BESS project of 287 MW with a grid connection date of 2027, which will complement the tidal stream project. There is a lot of work being done to unlock this opportunity, but it represents the next step in our evolution.
Moore Stephens LLP have expressed their intention to resign and not seek re-appointment, although will stay in office until such time as a replacement auditor is appointed.
The above conditions indicate the existence of a material uncertainty which may cast significant doubt about the Group’s and the Company’s ability to continue as a going concern.
Management’s forecasts through to 31 July 2024 anticipate revenues from trading will increasingly meet the working capital requirements of the Group.
Market evidence of the feasibility of monetising the rental income from the lease. At the date of approval of the financial statements, the Group has received an offer for consideration, and is targeting to finalise the transaction by the end of 2023.
NPA fuels: As of 31 December 2022, the directors have decided to dissolve the joint venture.
The Investor continues to hold 1,900,000 warrants with an exercise period of 36 months from the date of issue with an entitlement to subscri
As a LTH in SAE my optimism for this technology chimes with renewable-expert but I also accept the realism of mister-tidal. Loan finance for the next stages of Meygen is possible but would take years to pay back and interest rates are now higher...
Agree that a big company with deep pockets would kickstart SAE to become profitable with a good export potential.
BP would be a good fit. Buying SAE would fit in with their desire to move away from oil and gas, would use their skills in working underwater and help deploy and retrain staff from oil industry (important to politicians). The technology behind SAE is also easy to explain to the general public. Investment here could help justify why the British public shouldn't press for a windfall tax on the oil and gas industry; saving a windfall for the whole of BP would easily pay for investment in SAE.
This is really painful to watch because the company has good technology (particularly tidal) to address the world's concerns.
Agree there's no point in selling now; in fact I may top up today.
An optimistic interpretation of the ministerial call in is that they may be grouping things together for Boris to make a big announcement at COP 26 next month about multiple initiatives in South Wales. However, that would require joined up thinking from the government which seems to be in short supply at the moment...