Member Info for skittish

Irishmouse - I'm getting ready to launch!

But to be honest, whilst it was great fun (you can't do it anymore as the information is behind a expensive paywall) in the end a fat lot of good it did me and everybody else at AAOG. Quite the opposite, actually. Just goes to show that not having the complete picture can lead you astray - and we certainly don't appear to have been given the full picture certainly as regards the financial health of AAOG.

Now I'm no conspiracy theorist - however - some may not agree....

But it is interesting to try to join dots, even if the conclusions may not be entirely accurate, because as an outsider you only ever have a small % of the information, by which I mean 5% or less, whilst the true players have 100% of the information and can run rings without even having to try.

On the various ANGS threads the contributors appear to be winding themselves up into ever decreasing circles, posting ever more furiously what has been posted many times before, without contributing anything new.

Maybe they are missing the bigger picture (or maybe they are not) - but things like the registered office of Forum Energy Services Limited, which owns Saltfleetby Energy Limited which in turn owns Saltfleetby Energy Europe Limited are all the same - 32 Grosvenor Gardens SW1W 0DH - not particular surprise there.

This is not doubt just a fancy mail address in a serviced office building, and no actual business may be transacted there. It may well be a super efficient operation; but since 21-9-2021 it is also the registered office address of Lucan Fashion Limited, which presumably is the vehicle for Lady Lucan's fashion business. It may be nothing, but one of the directors of Lucan Fashion is George Charles Lucan who is also the CEO of Angus Energy.

As I say, maybe nothing.

But I have revisited my "conspiracy" timeline (see previous post) and added in a few new entries, the new entries are marked with and asterisk "*".

It is up to people to read into the timeline anything they wish - or nothing, if they so choose.

But one could wonder at the appointment of directors with previous Russian/CIS experience a couple of months prior to the Saltfleetby operation, then run by Gazprom becoming available.

Or Saltflletby Energy Limited getting £14 cash from Gazprom for decommissioning costs, whilst only paying Angus £2.5M for 51% of those costs, the rest apparently going to restart the field, and buying 25% of AAOG.

Or Riverfort muscling into the AAOG financing deal just a few weeks later, the new yet to be purchased shares being used by AAOG's Chairman to control the company

Or AAOG declaring itself flat broke just 10 days after the transfer of Saltfleetby is approved by UK authorities, the only option for AAOG is to sell everything an turn into a shell investment vehicle.

Even if it is all coincidence it certainly makes for an interesting timeline.

How about this for a revised ("completely fictional") conspiracy timeline -

6-3-19 - After a big boardroom spat ANGS appoints new directors many with CIS/Russian experience
10-5-19 - ANGS announces open offer to raise £3M, mentions new UK gas opportunity it can buy into for £1!
*7-6-19 - AAOG says has "great confidence" will produce Djeno oil
17-6-19 - Forum Energy Services acquires Saltfleetby gas field from Gazprom and is paid £14M in decommissioning costs
19-6-19 - Forum sells 51% of Saltfleetby to ANGS and pays them £2.5M
*3-7-19 - AAOG proposes to raise £8.25M funded from EHGOF
*8-7-19 - AAOG receives offer of funding from "other parties"
*12-7-19 - AAOG agrees new funding with Riverfort (R also funds ANGS)
16-7-19 - Staff move to ANGS from Wingas, which was owned by Gazprom
*17-7-19 - AAOG completes financing with R, AAOG Chairman controls all shares to be issued to Riverfort
13-9-19 - Sefton goes, is "thanked"
*22-10-19 - AAOG signs nonbinding term sheet for $25M offtake and pre payment financing to develop Tilapia
*12-11-19 - AAOG signs "rig option agreement" to drill Tilapia, and further 4 wells, commencing "Q1/Q2 2020"
2-12-19 - UK authorities approve transfer of Saltfleetby from Gazprom to ANGS/Forum
*11-12-19 - AAOG announces it is in fact broke, and has no money for anything
*16-12-19 - Berwick resigns from AAOG, is not "thanked"
*23-12-19 - AAOG receives offer for Tilapia from ZEN
27-12-19 - AAOG calls AGM to approve sale Tilapia to ZEN for £1M, afterwards will be shell - AAOG board says its this or bust
*2-1-20 - AAOG dismisses alternative proposal from ex AAOG director
13-1-20 - AAOG AGM approves disposal, *£1M for 80% Tilapia, Chairman using unissued R shares to push proposal through
20-1-20 - Forum Energy Services increases stake in AAOG 2% to 23% buying Riverfort shares @ 0.5p (R also ANGS financier)
5-3-20 - ANGS CPR ascribing low/med/high values of 2.9p/4.4p/6.1p to ANGS shares for 51% of Saltfleetby
6-4-20 - Forum increases AAOG stake to 25% - using part of the £14M Gazprom money
*17-4-19 - AAOG revises sale price to £200K for 100% Tilapia
4-5-20 - *GM approves sale, Forum votes in favour, AAOG sells Tilapia for £200K, now a shell, 6 months to do a deal
12-8-20 - ANGS agrees offtake agreement with Shell
23-9-20 - ANGS negotiating £12M loan facility
12-10-20- Forum creates new subsidiary Saltfleetby Energy Europe Limited
4-11-20 - AAOG suspended
4-5-21 - AAOG enters into agreement t with Saltfleetby Energy to buy 25% of Saltfleetby gas field for £8M in shares
5-5-21 - AAOG delisted
13-5-21 - ANGS agrees £12M loan facility for Saltfleetby with Forum Energy Services as guarantor
17-5-21 - Forum registers charges at Companies House
22-10-21 - ANGS revised CPR, expected 1st gas date Feb/March 2022
10/11/12 -21 Saltfleetby construction moves apace
6-1-22 - ANGS receives offer for the Company and/or Saltfleetby from unknown (to us) bidder(s)

Interesting to compare conspiracy theories - of course it is so "obvious" with hindsight, but then you can get carried away, but looking a Paul Forrest's comments when Forum Energy Services took their stake in AAOG it isn't surprising people read things into circumstances which may (or may not) be present.

From 20-1-2020 - "Paul Forrest, Chief Executive of Forum, commented, "Forum is pleased to have taken a strategic stake in the Company and we are looking forward to working with the Board to create shareholder value. Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector that could be suitable as acquisition targets for AAOG."

How about this for a ("completely fictional") conspiracy timeline -

6-3-19 - After a big boardroom spat ANGS appoints new directors many with CIS/Russian experience
10-5-19 - ANGS announces open offer to raise £3M, mentions new UK gas opportunity it can buy into for £1!
17-6-19 - Forum Energy Services acquires Saltfleetby gas field from Gazprom and is paid £14M in decommissioning costs
19-6-19 - Forum sells 51% of Saltfleetby to ANGS and pays them £2.5M
16-7-19 - Staff move to ANGS from Wingas, which was owned by Gazprom
2-12-19 - UK authorities approve transfer of Saltfleetby from Gazprom to ANGS/Forum
27-12-19 - AAOG calls AGM to approve sale Tilapia to ZEN for £1M, afterwards will be shell - AAOG board says its this or bust
13-1-20 - AAOG AGM approves disposal
20-1-20 - Forum Energy Services increases stake in AAOG 2% to 23% buying Riverfort shares @ 0.5p (R also ANGS financier)
5-3-20 - ANGS CPR ascribing low/med/high values of 2.9p/4.4p/6.1p to ANGS shares for 51% of Saltfleetby
6-4-20 - Forum increases AAOG stake to 25% - using part of the £14M Gazprom money
4-5-20 - AAOG sells Tilapia for £200K, now a shell, 6 months to do a deal
12-8-20 - ANGS agrees offtake agreement with Shell
23-9-20 - ANGS negotiating £12M loan facility
12-10-20- Forum creates new subsidiary Saltfleetby Energy Europe Limited
4-11-20 - AAOG suspended
4-5-21 - AAOG enters into agreement t with Saltfleetby Energy to buy 25% of Saltfleetby gas field for £8M in shares
5-5-21 - AAOG delisted
13-5-21 - ANGS agrees £12M loan facility for Saltfleetby with Forum Energy Services as guarantor
17-5-21 - Forum registers charges at Companies House
22-10-21 - ANGS revised CPR, expected 1st gas date Feb/March 2022
10/11/12 -21 Saltfleetby construction moves apace
6-1-22 - ANGS receives offer for the Company and/or Saltfleetby from unknown (to us) bidder(s)

Looks to me as if it wasn't an intention to see AAOG delisted, maybe things at Saltfleetby just took too long. Certainly Forum (and possibly unknown backers) appear to have used ANGS to do all the donkey work to get Saltfleetby close to production.

Lets see what (if anything) works out - with sky high gas prices an added bonus.

Another consideration for a predator making a move now is that Angus as part of the financing deal has hedged 70% of anticipated production at 43p per therm.

The current UK price is around 230p per them, and hasn't been much below 200p during the last 6 months, and has been as high as 330p per them in December.

If you think gas prices will stay high then there is a great incentive to be able to produce free of the hedge which no doubt would occur in the event of the purchase of Saltfleetby as the financing package would then have been repaid.

This could explain why the move is being made now.

I'm no accountant, and am continually perplexed by figures, so read this taking account of that...

The Angus presentation dated April 2019 p15 indicates that Angus will be liable for 51% of the costs of and profits from Saltfleetby

https://www.angusenergy.co.uk/wp-content/uploads/2019/05/AE-Investor-Presentation-April-2019.pdf

Further Angus entered into its financing arrangement for Saltfleetby in mid May 2021, Companies House shows that Saltfleetby Energy Limited entered into similar arrangements around the same time.

https://find-and-update.company-information.service.gov.uk/company/00953066/filing-history

What is more at end 2018 Saltfleetby Energy Limited had around £14M cash on its books as decommissioning costs for liabilities arising from the field, balanced by those actual anticipated decommissioning costs. This was given to it by Wingas (read Gazprom) when it sold the field. By mid 2020 when it was decided to recommission the site the cash had largely disappeared to be replaced by tangible assets of £10.6M and current assets of around £3M.

The P&L account is not disclosed but the balance sheet shows the accumulated loss falling from £61M to £49M, so the P&L account would show, if disclosed, a profit for the year of £12M - being the reversal from the worthless abandoned assets ie the gas field now being a prospective producer.

Whether this is actual cash profit or simply a paper profit I cannot say - however.

Some of the cash presumably found its way to Angus as referred to in the presentation (but I haven't looked at their accounts) as a contribution to their potential abandonment costs if they weren't able to activate the field.

It is also possible that some of this money found its way to Forum Energy Services Limited and was used to purchase the 25% interest in AAOG as their 2020 accounts show a "listed investment" of £535,200 (presumably AAOG) together with a "fixed asset investment" (presumably property) of £1.3M, whereas the prior year none of these assets existed.

This is counterbalanced by a liability of £1.8M in trade and other payables listed as £1,768,939 to "amounts owed to other group undertakings".

This figure in the 2020 Forum Energy Services accounts of £1,768,939 is exactly matched in the 2020 accounts of Saltfleetby Energy Limited as "amounts receivable from related parties".

So the abandonment compensation for taking on Saltfleetby of £13M was used partly to get Angus interested in the field and partly to buy up 25% of AAOG, and now the asset is on course to produce thereby results in a juicy profit (at least on paper).

So all in all it looks like a carefully worked plan running for a number of years.

If that £12M profit is real cash then maybe that is what could partly finance buying back the remaining 51% of Saltfleetby if it is SEL which is the prospective bidder.

It all looks circuitous, but then Mr Forrest is an accountant.

Malcy appears to be getting all excited in his blog by this turn of events at ANGS -

"It will come as no surprise to readers to know that I am not one bit surprised at this announcement nor even that it is Angus that has started the process off. This is a cyclical industry and we are at the point at which the vultures have seen a great deal of hard work and a massive amount of investment injected in projects which are at the tipping point of very substantial returns.

A while ago when I first started writing about Angus post its corporate disaster zone I met CEO George Lucan who gave me chapter and verse about his dreams for Saltfleetby, I believed the story then and now someone has seen it grow into a perfect sized asset in an international gas business which only becomes obvious when it is on the evening news.

For Angus there is only so much one can say because it is now in a bid situation but the way that the market has unsurprisingly hugely undervalued its assets is regrettably the case across the board, so investors should look at other assets equally undervalued if they havent already done so. The fact that Angus has rung the first bell is of massive credit to the CEO and the board who are allowing shareholders the chance to evaluate what appears on the table. After a long time in which the value has lain unnoticed, it is time for the bidders to put the money down, if it is not enough let’s hope the shareholders don’t follow the disappointing record of institutions caving early and cheaply"

Over on twitter someone appears to have mentioned AAOG in connection with the potential bid.

£8M appeared (to me) to be expensive a couple of years ago for 25% of Saltfleetby, maybe not so expensive now, but it all depends what price the AAOG shares are to be issued at (if indeed they are to be issued at all), if issued at 1p then that would be a very good deal, if at 0.1p, then not so good.

The importance to Forum Energy Services of having 25.02% of the shares in AAOG is that they could defeat any Special Resolutions as these need 75% to pass, so pre emption rights can never be disapplied - so Forum could never be diluted by freshly authorised shares being issued. There is an authority to issue new shares but only by way of a rights issue, so Forum again will always retain their 25% interest, provided they take up the rights, effectively retaining a controlling interest.

Let us see what (if anything) develops over the next couple of weeks...

irishmouse,

Yes, maybe coma is more apt, although it would only take a flick of a switch, or pen, to send it under.

If it were Saltfleetby Energy Limited who had approached ANGS then that would make sense in order to run the whole operation, then reverse the whole into AAOG and relist with the useful tax losses and accounts audited up to main market standards - horrible reading though they make.

Albeit nice reading, if you are an accountant looking for tax losses.

This deal could have had one of the slowest gestations ever, with the Forum Energy's 25% stake making sure no one else could ever get a look in at AAOG.

And ANGS seeming to be increasing their rate of twittering, as construction rolls on to a conclusion.

I guess the time to seal the deal is when all the construction risk has been dealt with and just prior to production and cashflow.

So I'll agree coma, but we still need that 50,000 volts of gas generated electricity.

Yes, interesting that they have not as yet.

On the one hand they may just be trying to get a better price for the ever declining BMN shares, maybe as a long term value hold, or maybe to flip and make a quick turn.

On the other hand the Garnet litigation puts a spanner in the works, maybe preventing the deal going ahead in its present form, or at all. It appears that BMN and Garnett may have fallen out over all this, and the relationship could have been a little rocky for a while.

After all we have been told very little of what is actually going on, everyone is so tight lipped.

And what value is PRIM to receive for its investment? If it is just BMN then that is not exciting as the original deal, with direct input into VRFB.

Alternatively, money tends to unlock all deals, and smooth all palms.

So maybe there is more going on here than might otherwise be the case. PRIM is so much better placed now than in April 2021, with a better company structure, access to cash, and ALTE about to list shortly. There is also a locked in relationship now with Gneiss, and RL with his private holding in already listed NZI and their links to SDCL.

I'm sure, if someone were to put their mind to it there would be a potential opportunity to completely restructure and refinance the VFRB deal. That MUST have not put out an RNS when their part of the deal is technically dead, and PRIM apparently only put out an RNS at the insistence of the NOMAD, suggests to me that there is more going on behind the scenes than PRIM simply accepting BMN shares.

There is an opportunity I feel to make the deal somewhat more semi detached from Garnett or BMN than it is at the moment, and possibly inject more cash and oomph, so as to improve the whole thing. It could be broader, better financed, further away from the BMN/Garnett spat and on a whole lot better footing.

We shall see, maybe just my wild musings, but the complete silence from all parties suggests something is afoot.

To me at least, all IMHO, DYOR etc.

Mmmm... not too sure about the maths there.

But the way I see things from a brief back of an envelope calculation is that ANGS are presently worth around £10M, 1bn shares at 0.01p. They are holding a GM shortly to issue another 800M to raise funds, the cynics saying that todays RNS is an attempt to get any funding away at a "good" price. An alterative scenario could be that ANGS would wish to se itself in a strong financial position so as to not sell themselves short. They hold assets other than Saltfleetby.

AAOG at delisting was 0.3p with around 450M shares in issue so that gives a value of £1.3M. But they are obligated to pay £8M in shares for the potential 25% of Saltfleetby, so major dilution incoming if that were to happen. There is no mention of what price the shares will be - ie you cannot presently calculate how many shares would be issued if the option were to be taken up.

The latest ANGS CPR (1-10-2021) gives a NPV to 2P at their 51% share of Saltfleetby of £55.9M, with NPV10 of £38.5M, taking account of certain ANGS loan commitments.

So 25% of Saltfleetby would be worth presently NPV10 wise around £20M.

What does AAOG have to trade to get shareholders best value - well £42M of accumulated tax losses, which would be worth around £10M in hard cash. Set against that is that is that the company owes around £500k in loans payable on demand and has no money with which to pay it. Someone is holding off bumping the company.

The downside is that our 25% shareholder Forum Energy Services Ltd is the owner of Saltfleetby Energy Limited which owns the 49% of Saltfleetby which Angus doesn't own - so in any deal they are the only player in town.

But maybe gas is about to have its day - as there appears to be an all round shortage especially in Western Europe; the Germans are furiously burning coal (Coal??!!!) whilst sending gas they haven't got to Poland, and even the French are about to restart their coal powered generators.

AAOG is as close to a corpse as you can get, but maybe, just maybe there is a flicker of a pulse and if we can find a man with a wire attached to 50,000 gas generated volts there is still a chance.

Step forward the enigmatic Paul Forrest...

All IMHO, DYOR etc

PS. I may have unintentionally exaggerated how close to being alive this company actually is.

I don't often look in here these days but there is an interesting RNS from ANGS today -

"Strategic Review, Formal Sale Process and Commencement of Offer Period

The Board of Angus Energy plc (the "Board") whilst remaining fully committed to achieving first gas at Saltfleetby as soon as possible has simultaneously been addressing the urgent need for transition energy projects in particular in the geothermal sector in the south west of England. Even though progress in these twin goals is steady and sure, the Board share the outlook of some of our shareholders that our market capitalisation doesn't reflect the short-term value of existing hydrocarbon assets and their immediate cashflow potential and any long-term value in the Company's scaleable geothermal project.

This valuation mismatch, also experienced by many other smaller energy companies, has resulted in a series of approaches with interest in, and in one instance an indicative non-binding offer for, some or all of the Company's 51% interest in the Saltfleetby Gas Field asset which is under consideration. Additionally, the Board has received indications that certain parties may be interested in making an offer for the Company."

The very last RNS AAOG issued stated -

"Option to acquire UK Petroleum Licences

The Company will tomorrow enter into an option agreement (the "Option") with Saltfleetby Energy Limited ("SEL") to acquire a 25% interest in in the Saltfleetby gas field, East Lincolnshire.

SEL holds a 49% legal and beneficial interest in Petroleum Exploration and Development Licence 005 (the "Licence") and is a party to a joint operating agreement regulating the operations under the Licence (the "JOA") . On exercise of the Option AAOG would also become a party to the JOA.

The consideration for the exercise of the Option shall be the issue and allotment to SEL of such number of ordinary shares in the capital of AAOG as is equal in value to GBP8m"

We don't know the terms of the option - is 25% worth £8M etc, but it looks like Saltfleetby is due to come on line very shortly, someone seems to be interested in acquiring the interest ANGS has in it, and AAOG's major shareholder already holds an interest.

That said ANGS share price remains below 1p.

However gas prices are going through the roof at the moment, so there may be a bit of life in the old dog yet.

Hi T321, I'm not sure of the exact requirements and unfortunately haven't got the time to look things up at present. 10 days does seem reasonable though....

No doubt news will be issued via RNS.

I do remember reading somewhere that SPAC's listing before the New Year will have a financial advantage as their funding requirements will be much lower than those listing after. I haven't been able to verify that though via a primary source, so maybe it is just tittle tattle.

The clock is ticking however, and there aren't all that many working days left prior to 2022.

I do think all us long term investors need some cheery news at PRIM.

Squeaky bum time.

Yes, the share price action is certainly perplexing.

On the face of it there were more buys than sells, but the first 300K listed as a buy appears in fact to be a sell, the second 300K appears to be a buy, but possibly that was also a sell. If the second is a buy and not a sell then the size of the drop is certainly odd.

Maybe something happening unseen, or simply a seller (possibly distressed) who needs to get out, and they don't appear to be finished as yet.

That maybe goes with the territory in a small, relatively illiquid stock, as the share price may frequently not reflect the underlying value of the assets. If you "believe" then there is an opportunity here.

I suspect the Mustang deal is parked for now, PRIM probably don't have much say in negotiations being somewhat semi detached from the actual deal (next door but two in fact), but would probably be consulted as to whether they would continue to invest once revised terms were agreed, if they were to be agreed.

As for Alteration Earth it all seems to be Go! Go! Go!

https://find-and-update.company-information.service.gov.uk/company/13571750/filing-history

The Companies House filings from yesterday morning indicted that there was a board meeting on 23rd November 2021 at which it was agreed that

1. the nominal value of the shares be increased from £0.001 to £0.003 (hence the issuance and consolidation of the shares),

2. that the board could call an AGM on 14 days notice,

3. that pre emption rights be disallowed,

4. that the directors be allowed to issue shares up to a nominal amount of £1M (333 million shares) for a period of 5 years,

5. that shares may be issued to pay for a target company up to 500% of the nominal value of the shares to be issued on the IPO.

NZI held a similar board meeting on 17-8-2021 (disclosed 31-8-2021) and IPO'd on 15-9-2021.

If ALTE follows a similar timetable (and it may not) then it could be expected to IPO on a date between 18-12-2021 and 22-12-2021.

But certainly all appears to be on course for an ALTE IPO before Christmas.

Which makes the recent share price action even more perplexing.

Oops...trying to be too clever after a long day.

NZI's accounting reference date is now 30/9/2002 but it doesn't in fact align with NZI, which accounting reference date is 31/3/2022 but due by 30/9/2022.

Neat idea, but doesn't actually work.

Apologies if I got anyone going....

Thanks RKB for sharing your thoughts. My own view is that much of this depends on what Garnett objectives are in commencing court proceedings - are they fundamentally opposed to the deal as now proposed, or just trying to ensure their toes aren't trodden upon/trying to get as much of the pie as possible.

We don't know - the hearing isn't until early next year, but if the parties can reach a deal then it can be settled at any time, and the deal maybe proceed on slightly revised terms.

The jury is still out on that. I'd say 50/50 as to whether it proceeds in anything like its present form.

As for Alteration Earth plc more activity at Companies House today, change in accounting reference date. Things obviously going on behind the scenes.

https://find-and-update.company-information.service.gov.uk/company/13571750/filing-history

Presumably this has been changed to align with some other company, so as to make accounting easier.

By remarkable coincidence the accounting reference date of Net Zero Infrastructure plc is also 30th September 2022.

Make of that what you will.

Activity at Companies House

Something is stirring at Alteration Earth plc...

This morning there were two shares in issue, one owned by Mr Holden the other by Mr Beardmore, both created on incorporation.

This afternoon four more shares have been created. Unclear at present as to whom they are intended to be owned by.

https://find-and-update.company-information.service.gov.uk/company/13571750/filing-history

And the latest indicative price for Boanerges, soon to be renamed WeShop (WSHP) on JPJ is now 100p valuing it at £72M.

FIRE invested £4.5M of the £9M WeShop CLN on 27-8-2020, this is a link to the RNS

https://uk.advfn.com/stock-market/london/finance-ireland-FIRE/share-news/IamFire-Plc-Fundraise-5-5m-Bond-4-5m-Converti/83145658

which mentions that they get at 20% discount on the happening of a conversion event, presumably that includes the Boanerges takeover, so they are likely to exercise those options.

Other conversion events are to take place at prices of £10, and £20 so it doesn't look likely that they will exercise those.

So it looks like PRIM will get back quite a bit less than the face value of £774K , but this could be compensated for by an increase in the Boanerges (now WeShop) share price, should the increase in their share price be maintained.

I guess the exact amount that PRIM may get back will only become clear once the dust has settled and the entire transaction has completed, and is dependent on the price at which Boanerges shares continue trading on JPJ.

One thing is certain about PRIM, there is a lot going on for such a small company...

Mustang...where are we up to with that?
NZI, plot thickens?
Alteration Earth plc IPO, before Christmas?
Zuuse, Fresho, Engage

Just a few points on this otherwise quiet board -

This is what I posted recently on the NZI thread concerning their potential investment and positioning...

"Interesting link up announced on 12-11-2021 at COP26 - SDCL and Rolls Royce to launch "Energy-as-a Service" with SDCL providing the finance and Rolls Royce the nuts and bolts.

https://www.sdclgroup.com/blog/2021/11/12/rolls-royce-and-sdcl-join-forces-to-accelerate-the-take-up-of-sustainable-power-with-launch-of-energy-as-a-service/

The interest here is that Rolls Royce is of course a major UK company, and that Alejandro Ciruelos a director at NZI, is MD Renewable Energy at SDCL.

"Rolls-Royce will work with SDCL and other partners to design, finance, build, commission and operate new projects. SDCL has more than a decade of experience of developing and financing clean and decentralised energy infrastructure projects in the UK, continental Europe, North America and Asia. Rolls-Royce, through its Power Systems business unit, has a portfolio of microgrid systems that bring together renewable energy sources such as solar and windpower with mtu-branded battery storage and gensets (an engine and electrical generator) to ensure reliable power generation. It is currently developing fuel cell systems and making its existing mtu engines compatible with sustainable fuels, paving the way for net zero microgrid solutions within the next two years."

Key words here I think are "other partners" and "net zero microgrid solutions" - opening for NZI?"

Clearly Primorus, at present have no link with NZI save that Rupert Labrum holds 29%+ of their shares, and 21%+ at Primorus and is a director here. Is that a private holding, or somehow related to Primorus, held on escrow pending PRIM getting some cash, maybe? Or maybe not. At present we don't know. Likely to be heavily diluted on any funding, but presently gives RL quite a bit of clout. Primorus revised investing policy does allow it to invest in market listed SPAC's.

Turning to WeShop, they are to get Boanerges shares @ 75p upon sale of the business, valuing the business at £25M. The PRIM RNS lists various scenarios as there could be options etc exercised, which will dilute PRIM's shareholding. Looks like we put in £860K or so looks like PRIM get back £774K on the present shareholding (thanks RKB for calculation), but if all options etc converted (see PRIM RNS 17-11-21) could be less than half that. Unclear what terms of options are, to me at least.

But not all bad, maybe. Boanenges is interesting - main shareholder owns 71%, registered in BVI, soon to be traded on JPJ.

17-5-21 IPO raises £500K @ 20p
18-5-21 RNS pointing out NAV is 2p, as shares trading above 20p
17-8-21 Director buys @46p
20-10-21 RNS offering to buy back all shares traded on open market @75p
5-11-21 Directors options @75p
17-11-21 Issues CLN option @75p to FIRE, an illiquid investment vehicle.

Possibly interesting.

Interesting link up announced on 12-11-2021 at COP26 - SDCL and Rolls Royce to launch "Energy-as-a Service" with SDCL providing the finance and Rolls Royce the nuts and bolts.

https://www.sdclgroup.com/blog/2021/11/12/rolls-royce-and-sdcl-join-forces-to-accelerate-the-take-up-of-sustainable-power-with-launch-of-energy-as-a-service/

The interest here is that Rolls Royce is of course a major UK company, and that Alejandro Ciruelos a director at NZI, is MD Renewable Energy at SDCL.

"Rolls-Royce will work with SDCL and other partners to design, finance, build, commission and operate new projects. SDCL has more than a decade of experience of developing and financing clean and decentralised energy infrastructure projects in the UK, continental Europe, North America and Asia. Rolls-Royce, through its Power Systems business unit, has a portfolio of microgrid systems that bring together renewable energy sources such as solar and windpower with mtu-branded battery storage and gensets (an engine and electrical generator) to ensure reliable power generation. It is currently developing fuel cell systems and making its existing mtu engines compatible with sustainable fuels, paving the way for net zero microgrid solutions within the next two years."

Key words here I think are "other partners" and "net zero microgrid solutions" - opening for NZI?

There is a Richard Thomas on twitter who appears to have been following NZI since mid October

https://twitter.com/wyld3c4rd

Presumably the same Richard Thomas has bought 5% of NZI, but unclear whether he is the Palatine Richard Thomas, I would assume not, unless this is simply him posting as a pi.

Can't be long now until the Alteration Earth plc prospectus, if they wish to IPO in 2021, maybe more to be revealed in there...