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PA said he was delighted with the outcome of the £2m directors loan stunt. He also said that the non binding term sheet announced in February had proved to be non binding and the lenders had scarpered. He corrected the misleading impression from the company website that construction had started at Longonjo. He confirmed that they have given up on Saltend. He also said that he was working on a new ramp for the shares, details to be announced shortly.

KDNC, WCAT, INSP, PRE. Only one clown here!

There is now a proven technique for doubling the share price, it worked with Alkemy. All you need to do is announce that you will appoint someone to try and raise $20m with a bond issue. You don't have to actually appoint them. You don't have to explain how they might raise $25m. And a few weeks before you make the announcement issue the directors with 600,000 of options, directors like those sort of windfalls. You've got to smile, I mean it's just brilliant!

Smart money headed for the exit. Even if they actually appoint SBG Collier the prospects of finding takers for $25m bond are zero. This may be more about a covenant in the Riverfort loan or cashing in the 600,000 of options the directors awarded themselves this month. Lipstick on a pig. .

Classic Atherley stunt. On 31st October 2023 Pensana announced “the project funding arrangements for Saltend remain largely as previously advised with ABG Collier recently confirming that it will place a bond for $150m.” And what happened? Absolutely nothing! And what will happen here? Nothing.

No Wyeowye that would be your job, you rated them a strong buy at 165p!

Hulk. So a member for 2 years and this is your first post. You must be bursting with pride! And no, I never incited any one to buy HZM although I really thought they would prevail and set out my beliefs in an orderly and reasoned fashion.

Interesting the interims recently posted. Incredibly no mention of the Riverfort loan. Looks as though they drew down £320,000 odd under this unknown facility in July but by the end of the month were down to £50k of cash and £60k of Vat receivable. Not a lot when you have directors remuneration running at £40k month and £1.1m of payables. There would seem to be a serious solvency issue present or imminent. Here's what the interims say:

"As successful execution of one of the above fundraising options cannot be assured, a material uncertainty exists which may cast significant doubt on the ability of the Company and Group to continue as a going concern and realise its assets and discharge its liabilities in the normal course of business."

However, the Board remains in detailed discussions on the above funding opportunities and anticipates concluding this process in the near term. As such, the Directors are therefore reasonably confident that the necessary funding will be secured, as and when required, by executing on one of the above options under consideration, such that the Directors have a reasonable expectation that the Company will continue in operational existence for the next 12 months.

It is now almost three months since the date of that statement. All the cash and near cash must have gone. Hard to see there can be much left on the Riverfort facility because there are just not the hard assets to provide security. Unless there's a rabbit about to pop out of the hat I cannot see the company surviving the year. I would be taking my 40p that's for sure.

Mumbles. The £2m loan facility was announced back in March:

"The Group has received a loan facility from two of its directors for GBP2 million to meet the underlying operating costs of the UK over the next 6 to 9 months, excluding the existing UK contractor balances and capital development costs. The Board continues to engage proactively with the UK contractors to maintain support while further funding is secured to enable settlement, with non-binding letters of intent and agreements setting out the route to settlement under discussion with the key contractors."

The announcement was included in the interim report, without any doubt because of concerns over the required going concern declaration. It is largely irrelevant where the directors thought they were going to get the £2m from although it should be disappointing to other shareholders that as it turns out they were going to sell some of their shares to raise the cash. Disappointing because any share sale would knock the sp, particularly in a thin market. Indeed the share sale was probably a factor behind the drop to sub 15p. Then the company announces that to repay the £250,000 it is going to pay with new shares, in order to save interest costs (funny that, a month's interest £2,000 tops, the admin cost of the placement with legals considerably more). My speculation was that the recent sale of exactly 300,000 shares could well be a sale of 20% of the recently placed shares. So nothing disingenuous, I fully understand the transactions, just dubious about the motives..........or do you actually believe the placement was about saving £2,000 of interest costs??!!

Paul received 1,500,000 shares at 16.66p in July, by way of repayment of his £250,000 bale-out loan. Maybe he is cashing in 20% of those shares (for a 50% profit)?

Can’t find it Monkey?

Monkey, just point me to the Riverfort disclosure.

On 5th August the company released an RNS that stated that they had reduced TVL/ALK overheads to a bare minimum, which I suppose was another way of saying that they had run out of cash. They made no mention at all of the funding arrangement with Riverfort put in place in July. Why would the company conceal that arrangement? You can’t announce you’re out of cash and not mention the loan, particularly when all the company’s assets have been given as security for the loan. Incredible.

China you are obviously bored. Here's something to think about. In addition to paying £20,000/month to Vicky ALK pays £5,000/month to Atherley's daughter, Alex. This was disclosed in the 2023 and 2024 accounts and should have been in the 2022 accounts. Does it seem odd to you that the company would poach someone from their sales job at Marks and Spencer to be their commercial manager on £57k a year? Was Alex the best candidate they could find?? If ALK was a family business then fair enough, they can do what they like, but a public quoted company? And maybe you want to think about this one too. They made a placement of £600,000 odd in January but to whom (other than the £50k from Sam)? They said the placement was oversubscribed. But at the end of January they only had £40k in their account. So if it really was oversubscribed why didn't they place more shares? And where did the cash go? Was it to clear arrears of director's remuneration and professional fees due to companies related to the directors? And if you have another moment figure this one out. According to filings at Companies House a debenture was registered in July to secure a funding arrangement with Riverfort Global. Have you seen any announcement of a funding arrangement with Riverfort, odd the market hasn't been informed don't you think? Maybe the loan is just to cover directors remuneration? If you look at the accounts filed by Supply Tactics, Vicky's company, they had trade debtors of £96,000 at 29th February 2024. I figure this must be sums owed to them by ALK/TVL. Which is surprising. Evidently the proceeds of the placing in January were insufficient to clear all arrears. The point I am making to you is why don't you do some proper research rather than waste everyone's time with whacky put-downs? I genuinely do not know all the answers to the points above but you might concede its interesting?

Aziz the elephant poacher. Abdul the lion tamer. Both of whom play golf in Tasmania. China you are so clever you should have been a detective.

China, you're losing it. Who on earth is Mr Aziz?!! Anybody who took my advice would have sold Pensana at 180p! You've abused me for three years, belittled my advice and my research, pumped the stock for everything its worth and now its 13p. And recently you told us all that you had invested your grandchildren's education fund in Pensana. If you want someone to blame take a look in the mirror!

Hogsnipe. Since Lake made the Hanwa announcement their share price has declined from $2.30 to its current level of 4 cents. And not a mention of Hanwa since 2022. You could conclude that a non-binding MOU is worthless. As you say a binding off-take agreement would be highly significant and could pave the way for a financing. But that isn’t what we have. And we know the MOU with Who came to nothing.

Sundrum I have to stifle a yawn. You have peddled the personal vendetta garbage for 3 years and, further yawn, are suggesting someone foolish enough to buy Pensana shares (probably having read your twaddle) took their own life because of me!! You would do better to address the facts. Why is Alkemy and TVL, who do not have tow pennies to rub together, paying over a quarter of a million quid annually to a part time non exec? If you are for real and a shareholder this should concern you. You are free to respond with childish comments about vendettas and suicides but at some point you have to get real. You should be concerned that a Gibraltar company has this debenture, who are they, what is the company risk, when is the debt repayable, who controls them? These are serious serious issues. If you don’t understand them or it doesn’t bother you, fine, there will be posters who have done their research and you can listen to them.

Interesting the funding arrangements between Alkemy and Riverfort, a Gibraltar company. Debenture now registered at companies house giving Riverfort a charge over all Alkemy’s assets. Would appear Riverfort can pull the rug at any time and scoop whatever Alkemy might have. And why is TVL paying £20k month to Supply Tactics, a company owned by Vicky and her husband? Presumably Vicky is a part time non exec, otherwise she would have to be on TVLs books with employers and employees NI being paid. That will change with the budget next month I expect. But what a shambles, for exactly whose benefit does Alkemy exist? SP telling you everything you need to know.

The Hanwa announcement is a perfect example of what undermines Pensana’s credibility. First a binding off-take agreement is what would be needed to secure financing. This achieves nothing. It is the gilding of the lily that is so foolish, why bother trying to paint this as possibly leading to a Hanwa involvement in Saltend, a joint study of Coola etc? And if you have the time and energy to make an announcement tell the market where the finance is at. Where is the non binding term sheet, the other mou with who? Don’t blame me for the sp, I am not responsible.