Member Info for Tapp

Hazbeen,
"Cashflow breakeven by end of Dec 2021" is speculation.
Unsecured debt being expensive is fact.

If directors have got new debt facilities agreed these are unsecured as no new charges have been registered at Companies House - so could be expensive compared to equity.

Yes the £2.09m ABL with Portum Capitis Ltd (?) is due to be repaid Feb 22 so directors should be reviewing all options.

Could be a good option for HARL to issue shares rather than cash, if this is tight, but clearly dependent on vendor's plans and agreement. Payment has already been deferred to 30/11/21 (from 31/8/21) so directors should have it all in hand.

The last RNS to reference the amount of ordinary shares in issue following the various raises over the last year was 24/5/21 that confirmed 121,690,349 were in existence so EPS was roughly minus 13.69 pence on this basis.
No idea where the 3.142 billion weighted average number of ordinary shares comes from, the EPS of minus 0.53 pence or its relevance other than to misrepresent the loss carried by current shareholders.
Cenkos are not the unreliable boyfriend more missing link on at least two levels.

To seriously answer your question from info publicly available:
NPV 10 £141.6m.
NBV last years figure after this years additions/disposals.
Market cap of group £33m.

Tumble weed
Cenkos where are you?
More tumble weed

If only HARL had an advisor/broker to provide details of the latest strategy, valuation methodology and financial visibility to allay any concerns around the cash/capital/debt mix potentially constraining current share price.....

Lottie
The directors would resist given their remuneration packages but fortunately they do not have majority ownership so not their decision.
You are spot on in your assumption that a PV10 valuation relates to gas operations only. My only comment is the valuation was based on unaudited management expectations so they have a interest in making this as positive as possible. So market valuation is closer to sunk costs to date.

Further research:
The NPV10 of the Islandmagee Project, from latest annuals, is £141.6m*.
Current Market Capital is c£31m.
*Not seen report to verify this valuation but at face value the suggests Islandmagee Project is well discounted.

Market capital on 31/7/19, when the company was basically the Islandmagee project, was c£18m – I think but not sure.
We know the market capital rose on the positive recent news of the ML being granted rose c£10m.
Out of the current c£31m market capital any idea the market capital for Islandmagee Project?
A bit academic I know but if you can provide any science behind it that would be great.
Thank you.

Lol
Come and work for me for 17 months and I’ll pay you for 12 months.
Perfect employee. After all it’s just semantics.

Apologies I can’t converse anymore if you are unable to understand.
Good luck with your investments.

Thanks for confirming the accounting period is 17 months and not a year as at Dec 21 as per your post at 15:58.
From the trading update provided by HARL on 30/6/21 "the company takes market consensus for revenues for the 17-month period ended 31st Dec 2021 to be £30m" if this is well off please feel free to educate me.
Please accept my humble apologies for the misleading post tbh I did think when I stated "for the 5 month period" it was fairly clear but obviously not.

There is no year ending Dec 21 the accounting period will extend beyond a year for 17 months.

EBITDA (cash from operations pre working cap movements) has chewed through £12.3m cash. With £4.7m cash as at 31/7/21 assuming £20m t/o at 25.53% GM, pro rata overhead and depreciation projected EBITDA for 5 months to Dec 21 is -£1.9m before considering interest, deferred consideration, capex, etc. so a further equity injection for non gas storage operations looks likely late this financial year or early next. Interesting to see how directors approach this.

Generally unusual for a business to delay good news.

BTW just tried to register on Cenkos website but I did not meet counterparty eligibility criteria = computer said no.

Thanks helpful.
£11m loss considering £7m in first six months is quite a turnaround.
Regular financial reports are part of AIM rules so should be imminent to sanity check progress.

Okay thanks I think so you’ve seen forecasts for 17 month period ending Dec 21.
Would you share your estimation on say T/O, GM%, EBITDA and cash?