Member Info for smudgedan

Should meet his target in the next session or two!

Can you expand upon your calculation of less than 1p?

That question was asked at the London presentation. From memory the answer was it a household name. Worth asking again though

Any holders that want to see shareholder value restored and haven't voted yet for the EGM on the 22nd May please do so.. Every vote counts and it is essential that everybody votes. Please feel free to contact me on twitter @smudgedann or let me know your details and I can contact you.

NT to buy for small amounts on HL currently

No it is not death spiral financing. The convertible loan note provider will be the final debt provider. The purpose of doing it this way as I understand it is to use the money from the cln to do additional work to further de-risk the project resulting in a better final deal for INFA.

The CLN provider also gets additional equity in the project from their holding in INFA once converted

I attended yesterday’s presentation and would echo the thoughts of other attendees.

Only a couple of points to add. The question that JW struggled to find an answer for related to the possibility of other UK Salt cavern projects. My view is that they are close to announcing a MOU for another project.

There was also a throwaway comment made by JW during the presentation that he “may have to change the presentation for Leeds next week” or words to that effect. I am not sure if anyone else picked up on that but why would he need to do that? Maybe I am an optimist but perhaps he suspects something will happen in the next week? Anyway, just musing. Added to my holding today.

very nice.

Yes, my brother in law mentioned Tern to me when it was sub 3p I think and I was put off by the CLN’s. I had intended to buy once they were out of the way but never got round to it. For my part I introduced him to MRS so the company needs to deliver in order to restore some pride if nothing else!

Been a real hard slog this one but I remain hopeful that our patience will shortly be rewarded.

Well done on TERN Trout. That was an excellent trade.

Very happy with the update. Now they are actually doing something operationally I would hope to receive regular updates which should increase awareness

I see you mean the plmo shares haven’t transferred. Apologies

Bought some on HL earlier this morning. Try the mobile app.

I have been buying a few of these post the announcement of Allenby being appointed as NOMAD. The retained losses of £11.75m will be attractive for any tech company looking for a RTO to be used to offset against profits. Those alone would be worth £2.3m in tax savings which is 6 times the current fully diluted market cap. Would imagine they will be attempting to stuff the debt into the liquidated subsidiaries bringing the parent out as a clean a shell as possible. Anyway, lets see where this goes.

Pretty sure it is Ruffer and equally pretty sure they are down to the dregs now. Should have a nice bounce once confirmed

Makes sense MasterRSI. I would guess that given the retained losses of $9.6m and the probable business split as per last years that the 10% rate would apply. The interims at the end of next month will provide clarity.

have you included the retained losses in your calculation?

I expect the debt refinance to be finalised shortly which will recapitalise the business and to the bottom line in interest savings. I would expect this refinance to provide plenty of headroom.

I find it extremely unlikely that the board, who have only recently bought shares at over a 50% premium to the current share price, would look to place at this level given the above.

£910k was raised post year end as part of the accelerated bookbuild which the employees and management participated in. This wasn’t mentioned in the results as it occurred after the end of the period.

It is clear that the debt needs refinancing and I hope to hear more on this shortly now that the audited results have been released.

Yes, completely agree that the re-financing needs to be finalised as quickly as possible. My guess is that the capital provider would have been waiting for the audited results to be released before committing. This is entirely understandable given the turbulent history of the company.

A "sell on news" event was to be expected given the absence of any 'new' news within the results. My expectation now is that we will see a build in price over the coming weeks and months as we see value investors taking a position.

Whilst the results were known the fact that we now have the results audited by an independent third party could prove to be a pivotal moment. As ever, we shall wait and see.