Member Info for tennents

Those kind of ‘silences’ are like the dog that did not bark.

Nice contract announcement

Share volume x4 our 3 month average

No sharp sell-off at the end of the day

Helikon unrealised ‘profit’ £1,25m smaller than it was at 08.00 this morning

What’s not to like?

Those ‘late to the game’ positions looking pretty stupid now.

Qube were smart to get out when they did. I bet they wish they had closed their

ITM position at the same time. Today’s new puts that one underwater too.

I sense a growing realisation that the CWR and ITM valuations are absurdly low and are good opportunistic for smart investors.

I wonder if the big ITM announcement this morning (as well as a new order announcement yesterday) has spooked our shorters into realising how tenuous their positions are.

There may indeed be some profit taking. However, Helikon may also be active in today's action.

They are short 27.5m shares. I estimate their average, after 25 increases, to be 11.16p.

At our recent low of 6p they had £1.42m (unrealised) profit.

At our more recent 10p that becomes £318k (unrealised) profit.

After 11.16p they start clocking up losses at a rate of £274k per 1p.

They have had only one short reduction, which left them with a shade over £40k, and I doubt that begins to cover their expenses.

I have no idea what the Helikon strategy is, but they are very, very close to zero profits and significant losses, and they have 27.5 million shares to buy.

At this scale it will not be Neptunes. A larger scale plant is required as being done with RWE in Germany. Also note that the 300mw may not all be PEM, using Alkali as the ‘base load’ and PEM to handle the range of operational variability, again as per RWE using ITM and Sunfire.

We shall see how it pans out but whichever PEM/Alkali configuration agreed it will be another major order for us in another large-scale facility.

I am not a 'waterologist' but... I am Scottish and can say that the water in the North is 'soft' and does not screw up your washing machine or kettle with limescale. So it starts chemically 'cleaner' which has got to be good for electrolyser stacks.

They also make an astonishing amount of very high quality whiskey from the same raw material.

The more interesting question will be how much of the capacity will be PEM versus Alkali.

Fantastic news and a superb application for SOEC.

Waste health into new and usable clean energy.

2025 alchemy that so going to sell very very well.

Digitalis

Your message this morning on shorter profits is incorrect. To calculate their 'selling' figure, you need to calculate the weighted average value of all of their opening and closing short transactions (about 16 of them) since they appeared in October 2024. Including their last reduction, that is currently about 42.50p (they started around 48/49p).

On their seven reductions so far, Qube have banked circa £251k and made a profit on all of them. At (current) 31p they have an unrealised profit of £482k. Material, but not massive in comparison to Helikon's £17.7m unrealised and £6.3m banked.

Breakofdawn

The electrolyser manufacturer for Kintore has not been publicly disclosed yet.

Of a total of 38 projects in HAR 1 plus the HAR 2 shortlist, only 9 have been publicly announced. Of these 7 are ITM including 5 Hygen projects (assumed to be covered in the ITM/Hygen agreement).

There are two other developers with multiple HAR sites: Green Cat and Carlton Power. Neither of them has stated publicly which supplier they will use, but they are all PEM sites, with a total of circa 100mw each developer. Both have further sites not included in HAR.

RWE have several major projects (100-260MW each) and based on their/ITM Lingen experience, we should be in the running for some element of them, depending on how they split the PEM-Alkali ratio - but chunky stuff for ITM.

My money would be on Qube buying heavily yesterday and today. They only need 4.4m and that is doable on those volumes.

Based on how they closed their position Ceres, they will buy shares and then close their short in one step.

And that leaves Helikon stewing in frustration with their ‘untouchable’ £16 m.

As the subject has been raised, I updated my spreadsheet. All numbers exclude shorter expenses.

Helikon 17.9m shares, £6.3m banked, £17.7m unrealised (at 31p), £179k per 1p move in price.

Qube 4.3m shares, £233k banked, £484k unrealised (at 31p), £43k per 1p move in price.

Qube is on a thin margin, and they recently closed their Ceres short. Now shorting (big time) Trump's DJT media business in the USA.

Helikon - would appear to be - a bit stuck but to save £179k per 1p, can afford to drop some cash on selling ITM stock outside their short. Perhaps they believed that ITM would fail and collapse - who knows what their strategy is? However, they could have banked a great deal of money had they they cashed up earlier.

I think he means 'no message'

It is all in the title . . . .

Laurie. You are a very naughty boy !!!!

Having closed here with about £2.6m before costs. Qube have taken a chunky short in the USA on DJT - the fast sinking Trump Trough Social company.

Nice to see their winnings going to such a good cause. Interestingly they are still short in ITM.

Marker

My money is on our shorters trying to halt the upward price pressure.

The 250k buyer obviously disagrees with them, as do I.

Prion25

I share your frustration! I think that the UK (and EU &USA) have major opportunities for Ceres SOEC in the generation of hyrdrogen for use in high-temperature manufacturing processes e.g oil refinery/petrochem/ glass/ cement. Steel is a possibility but more complex as ex-furnace heat is pretty dirty but at some point our newly nationalised blast furnaces will have to convert to hydrogen if we want to keep making virgin steel. Also possible to see SOEC alongside SMRs as an effective off-take for waste heat.

But we do need someone to manufacture them. I am not sure if there are UK companies in that space, but I am sure there are some Europeans. We already have test data on SOEC - I wonder who has had a meaningful look at it?

Why conspicuous? We do not have a manufacturing partner anywhere in Europe, so no route to UK markets at the moment.

And, as if by magic, turned into a green line break.

I expect a UK/USA carve out for aerospace and defence equipment that will include RR.