Member Info for THE_CHAIN

So what about the sneaky special resolution allowing them authority to remove pre-emption rights:

Special Resolutions

General power to disapply pre-emption rights (special resolution)

15. THAT, conditional on the passing of Resolution 14, the directors be and are hereby authorised

pursuant to Section 570 of the Act to allot equity securities (as defined in Section 560 of the

Act) for cash pursuant to the authority conferred by Resolution 14 above as if Section 561 of

the Act did not apply to any such allotment, provided that this authority shall be limited to:

the allotment of equity securities in connection with an issue in favour of

shareholders where the equity securities respectively attributable to the interests

of all such shareholders are proportionate (or as nearly as may be practicable) to the

respective number of ordinary shares in the capital of the Company held by them on

the record date for such alotment, but subject to such exclusions or other

arrangements as the directors may deem necessary or expedient in relation to

fractional entitlements or legal or practical problems under the laws of, or the

requirements of, any recognised regulatory body or any stock exchange, in any

territory; and

(b)

the allotment (otherwise than pursuant to sub-paragraph (a) above) of equity

securities up to an aggregate nominal amount off £601, 696." .23, being approximately

one- third of the current issued share capital of the Company,

such authority to expire (unless previously renewed, varied or revoked by special resolution

of the Company in general meeting) at the conclusion of the Annual General Meeting of the

Company to be held in 2025 or, if earlier, at the close of business on the date which is 15

months after the date of the passing of this resolution. The Company may, before such

expiry, make offers or enter into agreements, which would or might require equity securities

to be allotted after such expiry and the directors are hereby authorised to allot equity

securities in pursuance of such offerS or agreements as the authority conferred hereby had

not expired

We are not happy about it, hence trying to find out how they've managed it.

They've also issued 69m to atlas via conversion.

I thought the £601k and clause B. Additional £601k in value of shares, not number might be how they've managed it. Keep digging then I suppose.

Does this perhaps answer the share issue conundrum:

Authority to allot shares

14.

That the directors be generally and unconditionally authorised to allot shares in the Company

and grant rights to subscribe or to convert any security into shares in the Company as follows:

Q

up to an aggregate nominal amount of £601,696.23, being not r more than one-third of

the issued share capital in the form of equity securities (as defined in Section 560 of

the Act) in connection with an offer or issue by way ofk rights, open for acceptance for

such period as may be fixed by the directors, to holders of rdinary shares (other than

the Company) on the register on any record date fixed by the directors in proportion

(as nearly may be) to the respective number of ordinary shares deemed to be held by

them, subject to such exclusions or other arrangements as the directors may deem

necessary or expedient in relation to fractional entitlements, legal or practical

problems arising in any overseas territory, the requirements of, any regulatory body or

stock exchange, or any other matter whatsoever; and

(b)

up to an additional aggregate nominal amount of £601,696.23, being not more than

one-third of the issued share capital (whether in connection with the same offer or

issue as under paragraph (a) above, or otherwise).

This authority shall expire (unless previously varied as to duration, revoked or renewed by the

Company in general meeting) at the end of the next annual general meeting of the Company

or, if earlier, at the close of business on the date which is 15 months from the date of the

passing of this resolution, except that the Company may during the relevant period make any

offer or agreement which would or might require shares to be allotted or rights to subscribe

for or convert securities into shares to be granted after the authority ends, and the directors

may allot shares or grant such rights in pursuance of such offer or agreement as if the authority

had not ended.

I'll have my crayons at the ready, unless wkw hasn't eaten them all....

I find your complete lack of class hilarious so I will continue.

Look forward to seeing these accounts soon hopefully 😊

You've got me there, the last valuation was done as a seperate valuation analysis to the accounts as part of the proposed acquisition when the RTO was first announced in 2022. My fault for mis-remembering.

I still stand by what I've said in regards to material uncertainty. As ever, whilst tm1 takes all the flak, Recyclus position has improved drastically.

And id argue that material uncertainty has significantly diminished.

Even working from your very conservative figure of 2k a tonne for black mass, if they can produce 100-150 tonne a month (which I don't doubt now BTW) plus the associated gate fees I think they will be announcing at the very least break even soon.

All CLNs except Atlas have removed the conversion element from the debt, and have been pushed back to November this year.

Atlas, also as I've pointed out, not converted again this year. Why?

Could it be that a solution is in the works there too, not being privvy to the conversations between Atlas and TM1 we can only speculate.

But this share issue to pay obligations and Atlas's apparent inaction on conversions is food for thought.

Guess we will find out soon!

Why wouldn't they want to get a new valuation on Recyclus now it has an offtake agreement, multiple contracts and is actively generating revenue?

I'm not downplaying anything 4kandles

And I can see why one would assume, with the companies track record, that a delay in the accounts being submitted could indeed be bad.

I think for once, the delay could be for good reason. I'd think having a valuation signed off, following first black mass sales at the end of March would cause such a delay, and I think the Co would very much want to include that in any forward looking statement.

As ever, happy to be proven wrong.

They've had one conversion in January and none since....

People can do what they like, I've made my position clear. I'm here to what ever end.

And with Recyclus now producing significant revenue, and access to crml shares (even though savagely diminished in value) I remain optimistic.

Ooh look buried treasure being abusive again.

Shame you couldn't keep to the civil discourse I was starting to have a bit of respect for you.

Either way I'll just keep smiling and trying to understand what's going on.

Oh and I reckon we'll get news on the next load of blackmass going to Glencore shortly, maybe first month breakeven too?

As for the accounts, I suspect they will be looking to include an updated valuation for Recyclus considering it's now generating significant revenue, and a forward looking statement.

Delays don't always have to be negative chaps. Devil's advocate and all that 👍

As for the shares I think I found the potential loophole, been scouring the Web trying to find how directors can issue shares above those agreed in the article of association.

Exceptions:

Compromise or Arrangement:

If a company in financial difficulty is undergoing a compromise or arrangement with its creditors or members, the company may be able to allot shares in a way that exceeds its authorized share capital to implement the arrangement. This is often done as part of a restructuring or debt resolution process

Makes sense with the Atlas backdrop.

Monthly revenue that is.

If tm1 was going under it wouldve happened last year.

Atlas had the opportunity and chose not to take it.

Now Recyclus is likely generating 6 figure revenue and we have access to crml shares, with adequate volume to sell into. It may be diminished significantly from its initial value, but it's still a viable option if capital is needed.

Wkw, I suspect Recyclus will be break even very soon, you'll be eating those words along with all your other short sighted posts.

As Alex has said, it's actually the gate fees now making them the most money, with ESG compliance now being mandatory companies are factoring in the cost of recycling on their balance sheets.

The reason the sp has been decimated, is because the bod massively over estimated time lines to get an offtake agreement in place, and the required license and feedstock to be able to supply. They expected everything that happened so far this year, to occur in Q1 last year. Combined with the god awful decision to use cln funding. That decision may not have been so bad, if the rest had gone to plan, Atlas could probably have converted all and been gone long ago. How they managed to get it so wrong last year will forever dumfound me.

But, now we do have substantial and increasing throughput and revenue at Recyclus, plus access to capital via crml shares, the tide is definitely turning.