Member Info for troutisout

applebee, REAC nearly went bust last year, the SP has been hammered over the last 18 months, mainly due to a site where they had planning for a 12MW Biomass in Enfield, the financier also bought the plot of land and then rented it back to REAC for a large monthly rent, they alos dragged their feet raising money for financial close, so in the end REAC ran out of money just paying the rent. They went through an Examinership (Irish Company), this is where the Company had someone look at the Comapny's assets and prospects and decide whether there is a viable business for the future (meanwhile they were protected from any claims. The Examinership ended with £5.7m of debts turned into equity at 11p a share and the share relisted with extra funding from new finance partners. there are over 50m warrants outstanding at 10p for these and other finance partners. At the moment REAC is still valued at just £7m, It doesn't take a lot to see what it was valued at when it had Enfield with planning permission to build a 12MW Biomass on it, to see what planning permission would do next week. On top of that they are currently working towards financial close on a 4MW Biomass plant in Newry, that needs £8m to get it running and once running should operate with a €2m net operating profit per year. That is 50% owned by REAC. Wind turbines - REAC has one operating with €130k net operating profit per annum and 8 more with planning granted, each with a similar net operating profit figure annually. So you can see it has several things that add to it's value and you could say the Clay Cross planning isn't in the current price, the price was so low as the stock was so unloved after last year. Trout

CamKite, The value of Clay Cross planning is likely to be much more than that (those were valuations for wind turbines). Put it this way Clay Cross is likely to cost near £50m to build out and if Newry is likely to generate €2m net operating profit on 4MW, then Clay Cross at 12MW plus potential of over 14MW of CHP will be showing much more than that. I think from memory Enfield was due £8m ebitda per year on 12MW Got to get the planning first

Well loks like some have noticed the DCC Officer's recommendation to grant planning permission for Clay Cross. Think it likely to be small traders again, given the chance I would have bought more than the odd 20k's worth. This is still not a given but if permission granted at next Monday's meeting in line with the Report, then this will be a huge step forward! http://www.derbyshire.gov.uk/images/2016.04.11%20(4.1)%20Clay%20Cross%20Biomass_tcm44-279141.pdf

Clay Cross planning meeting to be held on 11th April 2016 as per council website. So less than a fortnight away. Clay Cross is 12 MW (3 times the size of Newry) and it will also be capable of CHP for district heating.

Looking at today's interims have now added some more info to my points. Wind turbines, Altilow and Moneygorm have both applied for REFIT 2 rates of subsidy with one agreed and the other applied for before cut off date and now awaiting agreement. These two should then be financed and built out. Each would give a €130k per annum net operating profit, in line with the current NOP from Pluckanes. Grass Roots (GG Eco) it looks like changes in the Renewable Heat Incentives have slowed any completion of these projects and this needs to be sorted and resolved, subsidies made them far more attractive, but if they have changed then so must the proposals. Newry financial close - this is really important and they state their most pressing action, I think it will happen and we should hear in the next couple of months. Clay Cross planning - I think we could hear something on this very soon. Enfield - nothing in the report about Enfield. Drawdown of Ebioss funds for working capital - admin costs have been greatly reduced as have losses, they have some cash in the bank and £350k of Ebioss loan available to draw down (100k working capital and 250k for biomass project development).

Well I have read the Interim results and am pleased with them, they show a much reduced admin cost and much reduced loss for the period to Dec 15. I also understand with sympathy the comment about Government changes to subsidy schemes which have affected some of the Company's pipeline progression. We need to see this worked on especially GG Eco. Good to see they beat the deadline and applied for REFIT2 subsidy in Ireland for Altilow (applied and received) and Moneygorm (applied and awaiting). These two turbines will need financing for construction but when built and running should be valued at €1.7m for the two. Valuations for wind turbines are approximately, €0.4 - €0.7m per MW with planning and consents, €1m per MW under construction €1.7m per MW up and running REAC have Pluckanes 0.8MW up and running, Altilow and Moneygorm (1MW in total) with all consents and build ready and 6 further sites (3MW) with planning permission granted. I reckon that is the Company's current valuation there without anything else. Anyway I digress, the Interims showed a much reduced loss, a much reduced admin cost and slow but steady progress forward on the parts of the pipeline they want to concentrate on first.

Now those late to the p&d are selling at a loss, 50k and 712 bought at 4.745p and 4.7p sold at 3p 44,220 and 87,733 bought at 4.5p and 4.45p sold at 3.1p Almost all the initial buys can be found as sells... Classic pump and dump on an illiquid shares.

Well that was back in August last year, since then we have had very little reporting of progress. Should, could, possible are all words that I would use but there isn't any guarantee, the new investors do not seem to have brought much to the party, Directors still all in place and little obvious movement towards goals. That is why the price is so low and with the illiquidity probably deserves to be at the moment. Looks like a mini pump and dump, lots of early buys selling straight away once in profit, really no money to be made in the sizes being dealt, but an example of how this can move if and when positive news does come.

It was from a long time ago.........

Yes, I wrote that. However I had expected to see more from the Irish wind turbines and Grass Roots, in fact more on all fronts. Newry needs financial close (expected soon), Interims are due this month, Clay Cross is still going through planning (although a new plan for district heating has been added to the process), Enfield how are talks going there? All set against the need to convert some of the loan from Ebioss to be used for working capital of the Company (RNS this week). How much do they need to spend and when are we going to see some concrete progress???

Can you explain that some more? (Not the MAC bit)

Welcome to REAC. Some that bought in after New Year still looking to exit and MMs know this is illiquid and will turn the thumbscrews. Would say it is a good chance to add (when everyone wants the shares the opposite happens and it doubles in price) but the MMs were offering very little. Hopefully for us longtermers more newsflow and seeing more projects developing will move the SP up and also give investors more reason to hold the stock. Personally feel the only way holders will be able to exit here is a sale of the Company so look forward to more projects coming online, in development and with planning. Some of our projects have good historical ROCs and these are far better than can be awarded now, so the projects should be more attractive. I share your frustration on the share movements and would add that those 4 trades were for a total of about £1,600

Pluckanes gives us €130k of Net Operating Profit pa. and each of the other 8 turbines are forecast to give similar. so £900k NOP pa. once all built. That would also give us a portfolio of 4.8 MW of wind turbines. Even at planning permission stage the 8 would be valued at between €0.4 and €0.7m per MW. Under construction €1m per MW and up and running €1.7m per MW. So at base case now, 4MW x €0.4m + 0.8MW x €1.7m = €3.96m or just over £3m troutisout 25 Aug'15 - 10:41 - 176 of 232 0 0 edit React has £900k in cash, having paid off the examinership expenses. troutisout 25 Aug'15 - 10:42 - 177 of 232 0 0 edit They have just sent £500k to get through the examinership quickly to keep the AIM listing, so the owners believe the listing is of great value as well. troutisout 25 Aug'15 - 10:58 - 178 of 232 0 0 edit Ryan, There is a lot of information that needs to be looked at and researched. It doesn't really matter what I think it is worth, the share is so illiquid that the SP can jump or drop dramatically on very little trade, so I don't take the current market valuation to be the correct one. All Companies were written down in the results before coming out of the examinership so there is a huge potential to increase NAV figures as REAC progresses. The shareholder base is full of creditors that would like to see at least 11p and also new financiers buying in or converting at 10 and 11p. So that seems a good starting place. Most of these are locked in from selling for 12 months so any drag is limited at the moment. The only thing is how many other shareholders want to exit, but the register shows 310 separate shareholders or nominees on it, many look to be 'friends and family', this stock flies so far under the radar Joe Public doesn't know about it. The other game changers will be the larger Biomass projects Newry has all permissions, as does Enfield (although at the moment we aren't part of that), Clay Cross due soon and Plymouth struggling against local sentiment. Interesting to see comments about late stage talks by Grass Roots to authorities and pension funds to set up a portfolio of small CHP projects for care homes and hospitals, that could be a huge positive. All the parts have real potential but they lacked financial backing with Enfield and Newry bleeding the Company dry, having wiped out 5.7m of debt with an equity swap and attracted new finance partners maybe we can see these parts of the company flourish. MY own feel is that Grass Door and the Irish wind turbines are worth approximately £3m each and add in the £900k cash could easily substantiate an SP of 11p and subsequent valuation. Newry, possible Enfield free carry and Clay Cross don't feature in the above but will do if things do start to look positive. DYOR, Trout.

Some historical musings, troutisout 25 Aug'15 - 10:13 - 172 of 232 0 0 edit Grass Door bought GGES for £2.3m with a further £1.7m in deferred consideration, What do we have now? 3 working projects, all with a 30% equity share (70% owned by Equitix). These total of 1.6MW of power generation that is currently up and running. There are 5 other projects in the pipeline that are to be developed in the short term. These will need £80k of staff time from Grass Door and will on completion return £100k of development fees and £50k annually of Management fees. Say an average of 500KW per project, we are talking about just over 4MW of generation. The good thing here is the projects are already funded by the Equitix funding line, which has £3m left. This would give us a 30% stake in something with a build and development cost of around £5.5m invested in them. ryan83 25 Aug'15 - 10:15 - 173 of 232 0 0 so trout, whats your valuation on REAC now? so much info to digest here isnt there. troutisout 25 Aug'15 - 10:23 - 174 of 232 0 0 edit Ryan, maybe more jam, but this time it maybe a little different. Up to now the management don't seem to have delivered but also they have been hamstrung by finances and also the Enfield and Newry problems, Enfield getting to financial close while having to guarantee ludicrous rents and Newry the gasifier system. These two have now been resolved or at least a line drawn under them. Enfield has planning permission and grid offtake agreements in the name of Enfield Biomass. REACT spent over £2.5m getting it to where it is now and it is hoped that these agreements as IP are worth something to Foresight and that these can be used to give us a free carry on the project. If this happens this will be a positive out of a big mess. Foresight or their vehicle now are holders of REAC due to the rent arrears being turned into equity here. Newry needed a new system and I believe they will go to the EQtec system from EBIOSS, EBIOSS may also want to be involved with funding the project. I see this progressing soon as Farmers are now 51% owners of Newry and they have put in €5.7m as well as loans to the company now converted into shares. Remember all our creditors now have a vested interest in the SP rising as they are now equity holders. Also remember they agreed to accept equity at 11p a share and not 4p, so they will want to see appreciation in the SP. Finally we have now got some financial backers and they will want to drive the Company on far more than previous Directors. troutisout 25 Aug'15 - 10:40 - 175 of 232 0 0 edit Wind turbines in Ireland, React have one turbine up and running Pluckanes and 8 more with planning permission (2 of which have had wind masts up for over 12 months and have all the results and permissions to be 'build ready'). These 8 are all for 0.5MW (Pluckanes is 0.8MW) Pluckanes gives us &#

Refer back to previous post on possible Ebioss investment this quote was from the examinership documents. ps. I had quoted £6m earlier it should have been in € **************************************************************************** troutisout 1 Jul'15 - 21:50 - 138 of 231 0 0 edit Oh also good to see this, "From August 2014 React Energy Plc signed Heads of Terms with a strategic investor (EBIOSS Energy AD, a company listed on the MAB market on the Madrid Stock Exchange) for a technology transfer and funding in the sum of €6m over 2 years." So my witterings from research I had conducted weren't far off, however they are not the new main investor, but they are down as potential technology providers (EQtec) and also a potential source of project funding.

What a strange week for REAC, up and down like a *****'s draws, but not sure if the daytraders will jump aboard again. Having had months of nothing, we can now see that they are moving ahead and this on top of the NYE RNS about repowering Newry shows they are moving forward on their large biomass projects. Positives - Ebioss have shown they are prepared to help finance this. The Company announced that Ebioss were originally prepared to put in £6m to the Enfoield project before the disputew with landlord. Ebioss have just raised more money via Bonds and have a remit to issue even more. The RNS clearly states the project portfolio and at this time only Newry has been mentioned. Clay Cross still in planning (if they get planning that will be a massive coup). Plymouth planning withdrawn after huge local opposition, but by withdrawing they haven't had a refusal. Enfield was the one with planning and Ebioss interested to get involved both with the technology and as an investor....how are discussions going on with Foresight on that. It has planning and offtake agreements. An agreement on an equity carry in the project for REAC with financial close so close would be amazing for the prospects of the Company (they have invested £2.8m into Enfield, even a return of that would give a big boost). DYOR, Trout.

Jeez, I can't believe that people are still trying to day trade this! You will get skinned!

Company: Plymouth Biomass Limited Registered Office: Gibbs Road, Montagu Industrial Estate, London N18 3PU, England Shareholders: React Energy No 1 Limited 100% Issued share capital: React Energy No1 Limited 1 ordinary shares Date formed: 7 March 2014 Domicile: England COMI: Cork, Ireland Purpose of SPV: Formed to build, own and operate a Biomass Combined Heat and Power (CHP) plant using advanced conversion technologies such as gasification of wood and wood waste converting them into electricity and heat. Requirements to achieve purpose: • Site • Planning & permitting • Building and infrastructure • Conversion technology • Grid connection • Feedstock or fuel such as wood • Off-take or Power Purchase Agreement • Human resources • Funding to achieve all of the above • Progress of SPV: In August 2014 the Group, in conjunction with the London and Devonshire Trust, submitted a planning application for approval to construct and operate a 12MW biomass conversion power plant in Plymouth. The application was withdrawn in mid 2014 due to political shifts in the local council. Landmarks expected to completion: It is expected to reopen discussions with the London and Devonshire Trust to agree on an approach to obtaining planning on a site near Plymouth. Detailed expenditure to date: The company has expended £160k on project development costs to date: Provided against expenditure to date: An impairment cost of £160k has been made against this expenditure. Carried NBV in 2014 audited accounts: The carrying value stands at £NIL Cashflow forecast to landmarks: The only resources required to enable discussions to take place with London and Devonshire Trust will be human resources and these will be made available by REACT Energy the SPV’s holding company. Any cash required for third party advisors planning costs etc. if required will be provided by EcoFinance and Altair Expected funding sources: • REACT Energy, EcoFinance and Altair • Other third party funders Long term expectations: The company intends to partner with London and Devonshire Trust to submit a planning application for approval to construct and operate a 12MW biomass conversion power plant in Plymouth Projected cashflows: Not possible to predict at present as this project is in pure development mode. Possible IRR% based on successful final outcome: The estimated project leveraged IRRs for projects should be in excess of 15% Executive summary: In August 2014 the Group, in conjunction with the London and Devonshire Trust, submitted a planning application for approval to construct and operate a 12MW biomass conversion power plant in Plymouth. The application was withdrawn in mid 2014 due to political shifts in the local council. It is expected to reopen discussions with the London and Devonshire Trust to agree on an approach to obtaining planning

Long term expectations: The company intends to use the remaining Equitix funding line of approximately £3 million to complete the construction and installation of 5 further Biomass heat generation plants. This will enhance the value of its 30% stake in the Equitix SPV and generate project development and management fees from the company. The company is also in advanced discussions with Healthcare companies and pension funds in relation to the assembly of a portfolio of Biomass Heat only plants specifically for Healthcare facilities such as Nursing Homes. Projected cashflows: Cash flows wil be generated from development fees and management fees received from the Equitix SPV and from the development of stand alone projects. It is expected that developments fees of c. £100k will be received on completion of the five projects in the portfolio. Ongoing management fees of c. £50k will also be available Possible IRR% based on successful final outcome: The estimated project leveraged IRRs for projects should be in excess of 14% Executive summary: Biomass Heat Only generation plants typically range from 150KW to 1MW thermal capacity. They use wood as a sustainable fuel source, and utilise proven, mature technology. The addressable market for the Biomass Heat only solution includes over 600 schools and universities, over 10,000 private hospitals and care homes, and over 5,000 country house hotels in the UK. The company is currently in advanced discussions with Healthcare companies and pension funds in relation to the assembly of a portfolio of Biomass Heat only plants specifically for Healthcare facilities such as Nursing Homes. The group has an agreement with Equitix Limited, which provides access to £5 million of committed project finance from the Green Investment Bank and a number of institutional investors. Drawdown of this facility has already commenced to fund existing projects in the amount c. £2m and it is intended to draw down the remaining facility over the near term. Projects are identified by the group and are then constructed using the Equitex funding. Once commissioned each project is transferred into an SPV in which the group has a 30% ownership with Equitix holding the other 70%. The group receives a development fee on commissioning and an ongoing management fee for operating the plant. The Company is the project developer and operator of three existing cash generating Biomass Heat power plants in the UK, the Culford School Biomass Heat plant and the Old Buckenham Hall School in Suffolk and the Kimbolten School Biomass Heat plant in Cambridgeshire. The Company, sold the Culford and Kimbolten projects into this special purpose company owned by Equitix and the Company, for agreed consideration.

Company: Grass Door Limited Registered Office: Suite 1, The Mansion, Chesterford Research Park, Little Chesterford, Saffron Walden, Essex CB10 1XL, England Shareholders: REACT Energy plc 100% Issued share capital: REACT Energy plc 1 ordinary shares Date formed: 7 February 2014 Domicile: England COMI: Cork, Ireland Purpose of SPV: Formed to purchase the assets and business of GG Eco Solutions Limited which developed, built, owned and operated Biomass Heat only renewable energy projects which sells heat to end users and to continue that business Requirements to achieve purpose: • Site and/or customer for heat sales • Planning & permitting • Infrastructure • Wood combustion technology • Heat Off-take or Power Purchase Agreement • Human resources • Funding to achieve all of the above Progress of SPV: The Company is the project developer and operator of three existing cash generating Biomass Heat power plants in the UK, the Culford School Biomass Heat plant and the Old Buckenham Hall School in Suffolk and the Kimbolten School Biomass Heat plant in Cambridgeshire. The company has 5 additional projects in development to be built over the near term. Landmarks expected to completion: Funding is already in place so the employment of personnel is all that is required at present. Detailed expenditure to date: The company has expended the following on the development of biomass heat plants. • Project development and management costs £110K Provided against expenditure to date: As part of the purchase of the business and assets of GG Eco Solutions limited through share only consideration the company generated a goodwill asset of c. £1.5 million. This has been written down to £3k in the June 2014 Accounts. Carried NBV in 2014 audited accounts: The carrying value stands at £3k Cashflow forecast to landmarks: The following is the estimate would be required from the company to enable the 5 pipeline projects to reach financial close with the Equitix SPV: • Employment of personnel to complete existing pipeline £80k All other costs legal and professional etc. are funded by the Equitix SPV Expected funding sources: • REACT Energy, EcoFinance and Altair • Equitix SPV GG Eco Energy Limited • Other third party funders