Member Info for skittish

Two weeks of clear weather ahead at Rukwa - some cloud but no rain until the end of November/early December.

So they will get a full month under their belt before any rain at all arrives.

Some rain predicted for the first half of December but then forecast to be clear all the way through to mid January, by which time I would have thought they'd have the 2D all wrapped up.

No wonder they decided to do the 2D during the "rainy season".

Patient investors will be rewarded IMHO.

In today's Sunday Times Irwin Stelzer says there is a wall of money coming to finance the green revolution, so it looks like PRIM and the associated companies are well positioned here.

https://www.thetimes.co.uk/article/cop26-positive-lessons-glasgow-joe-biden-9vpjjmgrp

Trillion is a very big number.

Snippets...

"Wall Street is ready to foot the bill for a green revolution

"Enter Brian Moynihan, chief executive of Bank of America and a member of the Financial Alliance for Net Zero, with Glasgow lesson number one. He rejects the idea that limits on governments’ ability to tax and borrow are also limits on the ability to cope with climate change. Moynihan pointed out that there is no shortage of capital to cover the estimated $4 trillion required annually from 2026 to 2030 to transition to a carbon-free economy by 2050. It is, he says, “not that much money”

After deducting for investments no longer to be made in fossil fuels, the required annual amount comes to about 1 to 2 per cent of global GDP. That’s in line with investment in railroads in the 1850s, in internet technology in the 1980s and housing in the mid-2000s, writes The Wall Street Journal’s Greg Ip, adding: “All were enthusiastically financed by Wall Street.”

“If there’s a revenue stream, then the funding is infinite,” argues Moynihan. The revenue stream from the trillions of dollars of investment will come from wind and solar farms; substitutes for high carbon-content steel and cement; “climate-smart” technologies, such as those being funded by Bill Gates and his partners in Breakthrough Energy Catalyst; and from the small modular nuclear reactors being developed by Rolls-Royce in Britain and NuScale Power in America, to name a few."

Posted originally on the NZI thread relating to their new 5% shareholder Richard Thomas, where RL already holds 29%+.

"T321 - possibly , but having looked briefly at Palatine I'd say this was a private holding rather than anything to do with Palatine, as it doesn't immediately appear to fit with the areas in which they operate - but then what do I know?

As for links with Primorus, a brief search reveals that there could be a link through Christmas golfing!!!

https://wildernesse.intelligentgolf.co.uk/competition.php?go=info&compid=796

Rupert Labrum is there at No3 (clearly he is a keen golfer) and open sources reveal he is married to Sue.

Hedley Clark of Primorus is there at No18 (obviously he spends far too much time in the office).

And at No22 is a Richard Thomas (but is it this Richard Thomas?), maybe the same, maybe not.

They cannot be acting in concert, but if it is the same Richard Thomas maybe he and RL see value in the same opportunity.

No doubt time will tell if there is any link between the two, but that another shareholder has acquired a largish stake is interesting in itself.

One would think that there is a plan involving Primorus and one of its SPAC's (but then NZI is a SPAC in itself), so we will see how all this plays out.

One interesting point is that resolutions passed by NZI at the last GM allows the directors authority for 5 years to issue shares up to a nominal amount of £50M, bearing mind the nominal amount of the shares is 1p that allows for an awful lot of funding to take place, given the right opportunity.

Also of interest here is that Alejandro Ciruelos, a director at NZI from 4-8-2021 was also appointed a member of SDCL Edge Sponsorship Participation LLP on 9-4-2021,

https://find-and-update.company-information.service.gov.uk/officers/d_EikEoHB-aXSUgJW5R4HcNOExM/appointments

which appears to be a subsidiary of US SDCL which IPO'd on the NYSE on 1-11-2021, and presently has in excess of $2Bn in renewable assets under administration.

He is listed on the main SDCL website as MD Renewable Energy.

https://www.sdclgroup.com/investments/team/

https://www.sdclgroup.com/investments/news-insights/

Similar in someway to Primorus' new friends at Alteration Earth plc, Andrew Coull and his links with Gneiss Energy

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

http://gneiss.energy/team/andrew-coull/

Companies with which Rupert Labrum is connected do appear to have some well financed eco friendly friends - I'm sure that there is a plan here somewhere, but I'm not sure what it is.

But raising finance doesn't look like it will be a problem for them."

T321 - possibly , but having looked briefly at Palatine I'd say this was a private holding rather than anything to do with Palatine, as it doesn't immediately appear to fit with the areas in which they operate - but then what do I know?

As for links with Primorus, a brief search reveals that there could be a link through Christmas golfing!!!

https://wildernesse.intelligentgolf.co.uk/competition.php?go=info&compid=796

Rupert Labrum is there at No3 (clearly he is a keen golfer) and open sources reveal he is married to Sue.

Hedley Clark of Primorus is there at No18 (obviously he spends far too much time in the office).

And at No22 is a Richard Thomas (but is it this Richard Thomas?), maybe the same, maybe not.

They cannot be acting in concert, but if it is the same Richard Thomas maybe he and RL see value in the same opportunity.

No doubt time will tell if there is any link between the two, but that another shareholder has acquired a largish stake is interesting in itself.

One would think that there is a plan involving Primorus and one of its SPAC's (but then NZI is a SPAC in itself), so we will see how all this plays out.

One interesting point is that resolutions passed by NZI at the last GM allows the directors authority for 5 years to issue shares up to a nominal amount of £50M, bearing mind the nominal amount of the shares is 1p that allows for an awful lot of funding to take place, given the right opportunity.

Also of interest here is that Alejandro Ciruelos, a director at NZI from 4-8-2021 was also appointed a member of SDCL Edge Sponsorship Participation LLP on 9-4-2021,

https://find-and-update.company-information.service.gov.uk/officers/d_EikEoHB-aXSUgJW5R4HcNOExM/appointments

which appears to be a subsidiary of US SDCL which IPO'd on the NYSE on 1-11-2021, and presently has in excess of $2Bn in renewable assets under administration.

He is listed on the main SDCL website as MD Renewable Energy.

https://www.sdclgroup.com/investments/team/

https://www.sdclgroup.com/investments/news-insights/

Similar in someway to Primorus' new friends at Alteration Earth plc, Andrew Coull and his links with Gneiss Energy

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

http://gneiss.energy/team/andrew-coull/

Companies with which Rupert Labrum is connected do appear to have some well financed eco friendly friends - I'm sure that there is a plan here somewhere, but I'm not sure what it is.

But raising finance doesn't look like it will be a problem for them.

Of passing interest..

https://twitter.com/AFP/status/1457275380541411328

Still cloud free at Rukwa.

Rukwa looking very cloud free at present.

Interesting also that PRIM have done three tweets in the last two days.

The three tweets prior to that were one in August and two at the beginning of June.

Prior to that there had only been five from the beginning of January to the end of May 2021.

Admittedly COP26 is on, but maybe they are excited about "something"...

Well I'm guessing he will stop at 29.6%, obviously he could go higher but will then have to bid for the whole company.

You would think that wouldn't be worth it as the company is presently valued at quite a bit more than the cash it holds. So maybe the value lies elsewhere, maybe in some interesting board connections? Lord Wharton looks particularly interesting.

In NZI there were 5 holders with more than 3% at IPO in September 2021

JJD Nettleton 7.41% (although subsequently appears to have increased to 8.8%)
A Blow 4.2%
A Hogan 8.24%
360HK 8.24%
J Constable 9.88%

37.97%

RL began buying on or before 18-10-21 when he arrived with 5% stake.

JJDN went to 2.88% (presumably to 0%) on 28-10-21, 360HK to 6.9% on 19-10-21, A Blow to below 3% (presumably to 0%) on 15-10-21. Assuming JJDN and AB are at 0% this would only give RL around 14.3% - there is around 15.3% missing, presumably yet to be RNS'd.

It does appear on the face of it to be somewhat orchestrated - with IPO subscribers selling on (presumably nearly all their stakes) quickly to RL for a quick 20% turn.

RL is clearly wanting to make some sort of point, maybe, "resistance is futile" - and he now clearly controls the company and will have a big say in what happens to the £1.4M cash on the books. Are the present directors impressed? We have no way of knowing.

Odd that such a takeover should happen so soon after IPO, presumably there is a plan.

Is this to be a private RL vehicle or will the shares be transferred in some manner to PRIM?

Presumably we shall find out shortly, would love to be a fly on the wall at the next NZI board meeting.

T321, thanks for your comments.

I wouldn't claim any special insights, but it is always interesting to attempt to join the dots. But there are always many more dots in existence than any pi can see - so what you think is a drawing of a rhinoceros turns in fact out to be a piano.

I'm aware that Rupert reads the boards from time to time and occasionally posts - I guess pi's are a bit in limbo at present, you can see something bubbling away, but until the smoke and steam clears you don't know what it is going to be.

I guess we will know soon enough with ALTE, as it is to list before 31-12-2021, so we should get a prospectus within the next 4-5 weeks, I'd guess.

Presumably they will be raising some money, so it will be interesting to see who PRIM's fellow shareholders are going to be.

As for NZI - has Mr Labrum stopped at 24.7%? Are some of his friends buying up undisclosed stakes, taking the "party" up to 29.9%? And what would they intend to do with this scale of influence?

NZI intends to invest initially in a single project, could this be provided by associates of Mr Coull, and PRIM maybe take a "finders fee"?

Who knows?

But hopefully by year end things may be clearer on several fronts.

Incidentally those selling to Mr Labrum at circa 3.6p, appear to be the original IPO 3p investors who held onto their shares for all of 2 months - in some cases not quite that long!

The original 1p investors (a small % )are locked in until after the completion of the first acquisition.

A few RNS's to come yet from NZI as those sells do not yet add up to 24.7%.

Didn't take much for the IPO investors to jump ship, but it will be interesting to see where this is going.

And the NZI prospectus says they intend doing a RTO, rather than just acquiring % stakes.

The continued fall in PRIM's share price has me a little perplexed.

You would think that with (at least) 3 good investments, the Enerox potential and now ALTE, with Mr Labrum doing a bit of extra curricular activity on the side the share price should be going up, not down.

My reasoning (not in any particular order) is that it could be for any one of a number of factors, for example -

1. The Enerox deal was so good, that the possibility that it might fail is weighing on the share price. Clearly matters can't be sorted until at least end January 2022, and maybe not even then, and PRIM has quite a bit of money tied up there until that date, possibly quite a bit longer. Some have mentioned that we could simply accept the BMN shares now, but surely that is not what PRIM wants - it wants Enerox - and BMN may not be able to perform its part of the bargain vis-a-vis in any event, depending on the views and attitude of Garnet. There is also a scrap over the BMN/Garnet JV agreement which maybe does not augur well for the future. If the Enerox deal was really good, then the lack of it may reduce the value of PRIM shares.

2. The market may also have decided that Mr Labrum has put PRIM on a bit of a back burner, and that his interest and future activity is now in NZI.

3. Alternatively NZI may be persuaded to invest in PRIM, thus enabling PRIM to invest further in ALTE, and the price of PRIM is now being walked down to enable such investment to be made at an attractive price to the original NZI shareholders.

4. Alternative scenarios are available I'm sure and welcomed.

My own view is that there is likely correspondence between Mr Labrum and NZI directors as to Mr Labrum's intentions.

We know know that Mr Labrum likely began accumulating NZI on or before 15-10-21, which was just 4 days before Mr Coull was appointed a director of ALTE (I haven't looked through all the NZI RNS's), so the likelihood (IMHO) is that the Labrum's stake in NZI and ALTE are somehow linked.

My own view is that NZI will invest in PRIM, or maybe directly in ALTE, or maybe both and that Mr Labrum's newly acquired persuasive abilities will enable this to happen.

The fall in the PRIM price would also possibly enable the NZI investors to invest, and could be justified to PRIM shareholders as longer term would enable PRIM to acquire a larger share of the (very attractive in the future) ALTE cake.

Anyone else any views on the quite frustrating fall in the PRIM share price?

It should really be going the other way me thinks, or am I being naive?

Interesting - at 25% he can block any special resolution, and he probably is close to controlling the company in any event.

Control of a £2M company for the sum of £570k. Squeaky bum time for present directors.

Similar tactics for the acquisition of control at PRIM, but much faster.

Unclear at present how it affects PRIM, but NZI does have some cash sloshing about, suitable for PRIM or ALTE?

Woah!!!

Just because MUST can't compete doesn't necessarily mean that we can conclude the process now.

We don't know what Garnetts claim is - presumably they will say that they are entitled to first dibs, or that they have a greater share of the spoils.

BMN may not be able to give what they have promised.

Can't see this going anywhere until proceedings, including appeals are concluded, unless it is the bin.

All IMHO etc.

Let us hope so.

Both Primorus and Mustang separately filed various documents at Companies House earlier today - just standard stuff concerning their respective GM's earlier this year.

Obviously they have the same Secretary and lawyers, possibly a sign of something stirring, or more likely maybe just a bit of overdue housekeeping?

Just thinking out loud here - this is what Mr Beardmore said on 30th June 2021 at the AGM

" I am particularly excited that the Company can explore opportunities which will allow it to invest in special purpose acquisition companies ("SPACs"); principally SPACs whose shares are traded on, or are intended to be traded on, the Standard Segment of the Main Market or AIM. We are reviewing several such opportunities and I look forward to updating shareholders on these initiatives."

Clearly Alteration Earth plc (incorporated 18-08-2021) is the first of those SPAC's (although we have 3 other SPAC's 'on ice' as it were - nothing happening with them since January 2021 creation).

But ALTE is to list by 31-12-2021, otherwise the deal is off. Coincidentally the BMN Enerox deal also appears to require completion by 31-12-2021 as MUST needs to relist by that date (and now appears to be running out of time if it is to issue a prospectus and have a GM).

Of course if MUST don't relist then we get shares in BMN as an alternative, unless the Garnett Commerce legal action has derailed the whole deal, in which case the entire deal would presumably be off and PRIM's investment returned to it.

Of course COP26 is taking place in Glasgow early next month and Gneiss Energy appears to be a largely Scottish operation (another coincidence?) - maybe some announcement due.

ALTE director Andrew Coull of Gneiss, appointed 19-10-2021, appears to have the ability to source projects and finance them.

Rupert Howard Milton Horner, appointed 28-09-2021, may also have access to finance and HNW individuals. He for may years was associated with the Thompson family, who founded Hillsdown Holdings which later became Premier Foods plc. He actually resigned from Thompson Investments on 1-10-2021.

He also had a directorship at Mesh Holdings resigning in June 2019, just after it changed its articles and set course to complete the supposed "deal of the century" to buy Sentiance and list on Nasdaq- if the ASLR and AAA BB's are to be believed - and immediately prior to the Chris Akers and Robert Bonnier crew becoming involved.

So there are some interesting people on board here.

If listing goes ahead PRIM will own 28% of ALTE. RL 20%, SH 2% and MB 2% for a total of 52%. The other 48% will presumably be owned by Gneiss, AC and RHMH. PRIM will have a majority of the shares and thus be able to control the company.

Obviously there will be likely dilution on any initial deal, but is ALTE in addition to Enerox or as an alternative as the parties concerned now know that the Garnett legal action is enough to derail the Enerox deal going ahead?

Or do PRIM intend to run the MUST/Enerox deal and the ALTE deal side by side?

Clearly a slow burn here, but it could be the genesis of something very interesting.

Also look up Rupert Horner, some interesting links and associations with high net worth individuals there.

Both he and Coull appear fairly heavyweight.

I had thought that the RNS regarding ALTE was fairly uninspiring -

Primorus Investments plc (AIM: PRIM) is pleased to announce it has agreed to invest up to £350,000 in Alteration Earth PLC ("ALTE"), a recently established special purpose acquisition company ("SPAC") (the "Investment").

however on further examination the links with Gneiss appear quite interesting.

Andrew Coull was appointed a director of ALTE on 19-10-2021, which appears to have prompted the RNS today.

AC is head of renewables at Gneiss

http://gneiss.energy/about/team/

and he, ex Barclays and Morgan Stanley appears fairly well connected.

Looks interesting.

BMN up around 10% today, perhaps breaking a long downtrend?

A flash in the pan, or maybe something is stirring. Interesting that PRIM has also shown a small rise today.

Let us see whether either will be sustained.

Just saying my notes from the TMS/DM interview appeared to indicate to me the timetable which I posted on 3/10/21. I haven't listened to it since, but "my" timetable drawn from the interview appears to fit that in the RNS fairly accurately.

My main reason for posting as I did on that date was that I was surprised so few had posted a reaction to that interview, as it appeared to contain quite a bit of new information regarding the timetable going forwards, and so few commented on that.

Obviously those who posted that we could be drilling "now" were looking at matters with rose tinted glasses, as there was noting to suggest that was the case.

"My timetable" was my realistic assessment of the likely route going forwards based on the information given in the interview.

I believe He1 will ultimately be a very rewarding share, albeit probably not before around the middle of next year, but then I no doubt could also be accused of looking at matters through a rose tinted mist.

I'm a little surprised that anyone was surprised by the timetable in today's RNS.

The TMS/DM interview several weeks ago outlined an almost identical timetable, so much so that I posted this on 3/10/2021 -
"So.......seismic maybe (?) November 2021, no drilling til 2022, and they are maybe unsure whether to drill the shallow areas first or at least until they get better seismic, or go for the big rig next summer. Maybe seismic late 2021/early 2022, drill shallow targets spring 2022, prove up shallow commerciality mid 2022, raise, big drill late summer 2022?"

Anyone who didn't anticipate what is in this RNS hasn't been paying attention.

I suspect some have just seen the RNS as an opportunity to re-bash DM, a couple more times, and would have done exactly the same whatever it contained.

We know the helium is there, it escapes to the surface; we know that seals exist, Tai-1 showed that.

It is simply a question of whether the seals trap the gas in commercial quantities.

If you believe then you now have several months to sit, wait and accumulate.