Member Info for troutisout

Long term expectations: The expectation is that leveraging on the existing intellectual property in the site consisting of planning consents, permitting and work undertaken on grid connection all in the name of Enfield Biomass Limited the SPV will form part of the consortium that will develop the site and hold a reduced equity carry in the project into the future Projected cashflows: These will depend on the % equity carry and the technology deployed Possible IRR% based on successful final outcome: The estimated project leveraged IRR should be in excess of 15% Executive summary: The Enfield Biomass project is a 12MW Biomass gasification project located in Enfield, London. The project has secured full planning and permitting approval and is ready to construct. The Company obtained an updated planning permission for converting 66,000 tonnes per annum of Grade C wood waste in January 2014. An environmental permit received April 2012. An agreement has been signed with UK Power Networks for the provision of an electrical grid connection. Part payment has already been made by Enfield Biomass Limited with REACT Energy acting as an agent. Enfield Biomass Limited is a party to and has the benefit of this agreement The company has been in dispute with its landlord on the site who had sought to terminate the lease due to non-payment of rent. The company has made a claim against this action in the chancery court in London. It has been agreed between all parties that all legal actions will cease to allow meaningful discussions to take place on the future of the site in a non-confrontational atmosphere. The company has agreed to the revocation of the existing lease and the landlord has agreed to allow the rent guarantee from REACT Energy to be waived and removed. The issue of shares as part of the scheme of arrangement for arrears up to 27 November 2014 will be in full and final settlement of all amounts owed including costs. The company plans to use the planning and permitting and grid connection for the site all in its name as a basis for negotiating participation in the future project probably by way of an equity carry.

Company: Enfield Biomass Limited Registered Office: Gibbs Road, Montagu Industrial Estate, London N18 3PU, England Shareholders: React Biomass Limited 100% Issued share capital: React Biomass Limited 20,000 ordinary shares Date formed: 4 February 2009 Domicile: London, 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 Estimated % of project achieved: • Site (paid significant rent to previous landlord - new landlord in place but in dispute due to non payment of rent – agreed that lease now revoked to allow parties enter into new discussions) • Planning & permitting - achieved • Building and infrastructure – 90% • Conversion technology – choice to be made • Grid connection – 15% • Feedstock or fuel such as wood – HOTs in place • Off-take or Power Purchase Agreement – HOTs in place Landmarks expected to completion: • Enter into non confrontational discussion with landlord which is a Waste to Energy Fund manager with the objective of concluding a more realistic lease agreement based on the deployment of a waste to energy technology solution • Agree technology solution in conjunction with landlord/fund • Funding package put in place for project (discussions already at an advanced stage with a number of parties including the technology providers) to achieve financial closure • Objective is to end up with a reduced equity position in the project based on development costs to date and existing intellectual property in site Detailed expenditure to date: The SPV has spent £2.8 million to date on the project. This was expended on • development costs including planning and permitting, • site lease costs, • personnel costs, • grid connection costs, and • legal and other professional costs Provided against expenditure to date: An impairment charge of £2.8 million has been made against the carrying value of the asset. Carried NBV in 2014 audited accounts: The written down carrying value stands at NIL Cashflow forecast to landmarks: The only resources required to enable discussions to take place with the landlord and possible funders 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 etc. if required will be provided by EcoFinance and Altair Expected fun

Projected cashflows: These numbers are based on deploying the EQTEC technology to repower the plant at 4MW output. • Project Turnover £4m and EBITDA or Net Operating Profit £2M • Cash Flow from project  Pays all debt £4m and interest in 8 years with ADSCR of 3.13  New Equity gets 50% of project generating 15% IRR  Original equity of £12m on Phase 1 and £4m equity for repowering could be paid back by Year 10 Possible IRR% based on successful final outcome: The estimated project leveraged IRR is 15% Executive summary: Newry Biomass is a 4MW Biomass advanced gasification project located in Newry, Co. Down, Northern Ireland. The project is a joint venture with Farmer Business Development plc REACT Energy’s main shareholder. Planning permission for waste to energy plant converting 25,000 tonnes per annum of Virgin Wood received in May 2009. The project qualified for 1.9 ROC’s under the advanced gasification banding level which is a financial support mechanism employed by the UK government for clean technologies. The project cost Stg£11.7m to construct and has been funded through shareholder equity and loans. REACT Energy plc invested Stg£5.75m and currently retains 49.11% of the economic benefit of the project whilst Farmers Business Development plc has 50.89%. Due to underperformance of the original gasification technology a decision has been made to repower the project with a new technology. The project is currently on ‘care and maintenance’ programme pending additional funding required to engage a new technology provider. There has been much interest from parties including technology providers and pension funds that have expressed strong interest in being part of the repowering of the plant from a finance and technology deployment perspective. The opportunity of strong investment returns and positive commercial return from being involved in the repowering of the plant has attracted strong and sustained interest.

Company: Newry Biomass Limited Registered Office: 68 Cloghanramer Road, Carnmeen, Newry Co. Down Northern Ireland. Shareholders: Newry Biomass No. 1 Limited 50.02% Farmer Business Developments plc 49.98% Issued share capital: Newry Biomass No. 1 Limited 1002 ordinary shares Farmer Business Developments plc 1001 ordinary shares Date formed: 28 August 2008 Domicile: Newry, Co. Down Northern Ireland 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 Estimated % of project achieved: Project has been commissioned and has exported electricity to the grid. However problems with the conversion technology chosen, which resulted in insufficient economic return led to a decision to repower the plant using a different technology. Landmarks expected to completion: • Replacement technology decision (now down to 2 options) • Funding package put in place for repowering (discussions already at an advanced stage with a number of parties including the technology providers) Detailed expenditure to date: The SPV has already spent £11.7 million to date on getting the project to the initial exportation of electricity. This was expended on • development costs including planning and permitting, • construction and civil costs, • mechanical and electrical costs, • equipment costs, • grid connection costs, and • legal and other professional costs Provided against expenditure to date: An impairment charge of £7.7 million has been made against the carrying value of the asset. Carried NBV in 2014 audited accounts: The written down carrying value stands at £4.0 million Cashflow forecast to landmarks: These numbers are based on deploying the EQTEC technology to repower the plant at 4MW output. • Capital cost to repower £8m • Financed by £4m equity with 15% IRR and £4m Debt with 10% coupon and 8 year term Expected funding sources: • EcoFinance and Altair • Technology provider • Equipment finance from suppliers such as GE • Third party debt and equity providers Discussions have already taken place with technology and equipment providers in relation to funding and with third party funders with who REACT Energy has existing relationships. Long term expectations: The expectation is that in light of advanced discussions having already taken place with technology and finance providers the plant can be repo

Projected cashflows: Pluckanes is currently generating NOP of approximately €130k p.a. Each of the 8 other single turbines would be expected to generate similar NOPs Possible IRR% based on successful final outcome: The estimated project leveraged IRR should be in excess of 10% Executive summary: The company is currently operating a cash generating 800kW wind turbine in County Cork held in its wholly owned subsidiary Pluckanes Windfarm Limited. This plant was part financed by AIB Bank plc and has a 15 year Power Purchase Agreement with Viridian Energy Limited. The group has also received planning permission to construct 8 additional single wind turbine projects in Ireland. An application for connection to the national grid has been made for the following projects; Altilow, Moneygorm, Knockavadra Killuagh Knocksaxon and Knockafreaghaun. Meteorological masts have also been installed at both the Altilow and Moneygorm sites and wind data collection has been collected. The company intends to finance groups of small-scale projects together, thereby creating a small-scale wind portfolio. Pluckanes, Altilow and Moneygorm will be the first of such portfolios into which further projects can be added. The company has many other sites in its pipeline and will progress these through the planning and development process once funding is made available.

With the daytraders subsiding, those interested in REAC might want to read through what else REAC has to offer in it's related companies/projects. As always DYOR, Information on Related Companies Company: Reforce Energy Limited Registered Office: Building 1000, City Gate, Mahon, Cork Shareholders: REACT Energy plc 100% (B shares are non voting BES shares) Issued share capital: REACT Energy plc 26,529,999 A ordinary shares Manderley Holdings Limited 105,000 B ordinary shares (BES) Date formed: 18 February 2011 Domicile: Cork, Ireland COMI: Cork, Ireland Purpose of SPV: Formed to develop, build, own and operate wind turbine and other renewable energy projects Requirements to achieve purpose: • Site • Planning & permitting • Collection of wind data • Turbine infrastructure • Turbine technology • Grid connection • Off-take or Power Purchase Agreement • Human resources • Funding to achieve all of the above Progress of SPV: The company has received planning permission to construct 9 single wind turbine projects in Ireland. The company has one operating and cash generating 800kW wind turbine in County Cork Landmarks expected to completion: As a project developer the intention is to bundle the existing operating single wind turbine together with the other 8 sites that have planning permission and create a small scale wind portfolio. Detailed expenditure to date: The company has expended the following on the development of wind turbine projects. • Project development costs €326k • Equity in Pluckanes €98k • Loan to Pluckanes €225k Provided against expenditure to date: An impairment charge of €274k has been made against the carrying value of the asset principally on project development cost relating to unsuccessful planning applications. Carried NBV in 2014 audited accounts: The written down carrying value stands at €375K Cashflow forecast to landmarks: The following is the estimate would be required from the company to enable the 8 single turbines with planning permission to become operational assuming 80% bank debt financing: • Wind collection data for 6 STs €12k • Grid connection offers for 6 STs €12k • Construction equity based on 80% bank debt for 8 STs €2 million Expected funding sources: • REACT Energy, EcoFinance and Altair • Bank finance (AIB have already funded Pluckanes) • Other third party funders Long term expectations: The company intends to finance groups of small-scale projects together, thereby creating a small-scale wind portfolio. Pluckanes, Altilow and Moneygorm will be the first of such portfolios into which further projects can be added. Projected cashflows: Pluckanes is currently generating NOP of approximately €130k p.a. Each of the 8 other single turbines would be expected to generate simila

Well having had very little trading over the past months we have had a bumper amount this morning, but I wonder how many shares that were bought this morning will be owned by the same person by the close today? Definitely seeing many quick turns go through and at the moment it looks like it is the MMs winning. This share is extremely illiquid and the MMs move the price about on very little trade, the amount of buys going through that result in equivalent sells half an hour or so later, at a loss, is staggering. Do your own research here and if you are looking to buy, do so with a medium term view, it isn't pretty at REAC at the moment, but with a couple more updates the value will start to emerge and the SP will REACT.

Hi all, Been having problems accessing this BB, but now seem able to. Firstly I note all the arguments on the RNS and yes the RNS isn't that great (it only tells us what we already knew), but it is the fact that they have finally decided on the EQTec system and have signed a deal with Ebioss. I have written elsewhere about my own personal thoughts on the delay and believe that was down to Ebioss looking to raise funds themselves. One of their recent news releases shows they have now agreed on raising substantial funds by a bond issue. I firmly believe Ebioss will be looking to be part of the project and will want to finance some of it. Other financiers were said to be, Pension funds, technology provider, etc From the Company previously, "There has been much interest from parties including technology providers and pension funds that have expressed strong interest in being part of the repowering of the plant from a finance and technology deployment perspective. The opportunity of strong investment returns and positive commercial return from being involved in the repowering of the plant has attracted strong and sustained interest." Newry is expected to make £2m pa in net operating profits and the intention is to further develop the site to double capacity to 8MW. This RNS confirms things are happening (something I think has led to the fall was the lack of news on progress), now I would like to see news on Reforce, Grass Door and Enfield Biomass.

Completely missed it on NYE, issuing RNSS after the close has become a bad habit here, but on NYE!!! Looks to have rekindled some interest, but probably more so on the front that they are actually achieving something rather than Newry details as we knew most of them already. Would be very good to hear of other projects going ahead, specifically the wind turbines and GGES businesses as they could see revenues quite quickly. News on Enfield negotiations would also be good....

I think you are confusing results with a trading statement, the year ended on 31st December so the results will not be released for months yet. I think you are referring to the trading statement released last year, just before Christmas. As that was a veiled profit warning, I am not sure why you would want one this year? Hopefully the spin and hype produced in that statement (most of which didn't come to fruition in 2015) will not be reproduced and they will only announce news when it has happened.

Morning all, Very disappointing that nothing seems to have moved on since July, however not sure whether the drop is justified either, 33% drop on £860 of sells. Clay Cross planning application has been moving on, with the Company's consultant submitting lots of further information. However there is local dissent for the scheme as there is anywhere. If they get planning though it will be a huge boost. Enfield has planning and offtakes and that is why that was so important to get something back out of our investment in getting it to where it is now. It looks like they haven't even started talks and that goes against what we were told previously. Newry, why this seems to have taken so long to get the financing and repowering organised, we know they want the EQTec gasifier, I believed the new backers would have finance available to get this going (It is another plant with permissions and off takes and yet is on care and maintenance!) The smaller Biomass units, we were told there were 5 in development and being build ready in near term, Financing should not be a problem here as it is in place, so why can't they start some of these? Wind turbines in Ireland, no real mention other than the working unit, how about getting some of the others built and running, they have enough with planning permission. Seems like they have wasted 6 months and that the Directors are still al there, milking it. They did state the Directors bar the CEO would be released and new ones appointed. I am sure shareholders have no trust in the ones who got us into the Enfield mess and so let's see some new blood in the boardroom!

Guys beware the new ramper who bought in yesterday he is filling this board with ill researched (some would say deliberate untruths). The recent cash burn was over £3m for the first 6 month, it is not hard to look up the wages bill now and that is before they have employed even more managers. There is not just one seller as it quite clearly doesn't need over 50m shares to trade to get rid of 5m. The cash should last just into the New Year, new emarketplaces going live will not make much difference at this stage as they will start very small...you have looked at mycaresupermarket? Whether the Company needs money now or in 2 months time, to get auditors to sin off as a going concern hey need to strengthen their cash position. The recent share plunge will have brought that to the fore as now it will take huge dilution to raise a few million. RD showing his naivety and the market shoving two big fingers up at him and worryingly the Companies major holders seem to be selling out.

"Every day this goes on I have to question the integrity of the board" It would seem that several Institutions and many PIs have already thought similarly and have voted or are voting with their feet. The problem lies with RD and with the husband and wife team at the top, however little chance of changing that and so it looks like the IIs are throwing in the towel at whacking losses, remember last two placings were at 35p and 43p. Problem is this selling has been going on for so long now (into third week) that the selling has eroded any trust and increased uncertainty, we have already had one set of traders buy in only to get stuck holding the falling knife, so where are the other buyers going to come from? And will they have enough buying power to keep the SP moving up as the first set of traders sell out into it. The amount of sells far outweighs just one holding and suggests a rush for the exit, the lack of RNSs suggest they are still working their way out (and also it looks like there is a large buyer mopping up some of these sells, but no RNS confirmation as yet)

Berniemadoff, LSE have the volume at 48.147m, other sites have it as more. One example is 15th October, LSE has the volume at 8.5m where as ADVFN has it at over 13m. Either way far more than your totting up came to. As for Standard Life, they RNSed when they went under 3% and therefore do not have to report again. There is no reason to RNS a holding under 3%, unless the Company is in an offer situation and rule 8.3a of the takeover code kicks in.

We have had well over 50m shares trade this month and we are only two-thirds of the way through and you think it is just Majedie selling? There must be plenty more than just Majedie, Standard Life went below 3% when Sella bought from them, have they been selling more? Did EFH keep the shares and are now offloading them? Are there any other big holders selling down? The selling is far more than just one entity, so when it clears who knows... If there is a move back up it will be sold into by traders and the see-sawing will continue. If the big seller had cleared quickly then I would agree with you, however the length of time and continued SP drops shows this isn't like a normal overhang situation.

Morning all, first things first a Director has to report any trade as soon as possible to the market by RNS, they are not allowed to delay reporting for any reason! Other holders are able to wait until they have finished their trade before reporting and ultimately it is up to them to report to the Company and we have all seen reports come in months after the trade happened. Can I also point out there is no II selling 20% of the companies shares as no II had anything like that amount! Now to the placing argument, there is no doubt that the Company will not have sufficient funds to sign off the full year accounts with Auditors as a going concern, it is not just about paying the bills now, a going concern means you have enough to pay off future bills. Also this rose tinted vision of loads of revenue pouring in from emarketplaces is misguided. The initial revenues will be small and as it builds they will grow 9we hope!), but they haven't actually confirmed launch of any of these yet and what has slipped before can continue to do so. So with approx £2.9m and costs at their highest they have enough until just into the New Year, but not enough to see them through to breakeven and not enough to be signed off as a going concern. If there was no need for a placing then why hasn't RD come out and said it? What deal have they done to get the new NOMAD on board? Is this slide to allow Arden's clients a low entry? Have Arden been given the go ahead for a placing? The SP drop actually makes a placing more imminent as the BoD will have to act before there is no value in the shares. Appalling mismanagement got us here and it doesn't seem to be changing anytime soon, I have it down as a buy as I believe there is a business that will still succeed underneath, it would be better off in a businessman's hands and not a self publicist, with scant regard to his shareholders.

Hi all, If you research you will see the Sella has upped his stake by over 1m shares, since the last holdings RNS on 3rd Sept which showed him hold 11,675,000 (9.09%) The CBUY website has details of significant holders updated on 12th Oct and Sella now has 9.97% and 1.125m more shares than before 12,800,000 (9.97%), but importantly is sitting just under the 10% mark. My money is on him having added more this week and an RNS to come. http://investor.cloudbuy.com/investor-information.html

It clearly suggests they were designs, hence only estimated reduction in size. Same RNS, always read the small print. -- Completion of the concept design of production optimised product range of REDT products; Anyway why look backwards now, we are at the point of delivering units.

"Costs and size had already come down just after Jabil joined." IN CONCEPT DESIGN, they then had to turn concept into actual product. Are you really saying that they should have turned a concept into reality, ignoring any improvements or faults they may come across just to get it out in time? Anyway I am ure I have posted to you about this before so sense a stirring the pot moment from yourself, rather than real agitation. This just out, answers your point far better than I can surmise and it's from the horse's mouth, https://www.brrmedia.com/event/140389/scott-mcgregor

Graham, At that time design of the new products was still a concept, as the design turned to manufacture they have optimised the units as they go, this takes time and is a very important part of the manufacturing process. No point in rushing out poor product, this is a huge market and when they produce pilot units and start to take orders they need to be the best possible. They have also worked hard on decreasing the cost of units and this is really important as the cost base will determine their attractiveness to customers and ultimately the margin for the company. Now these things have been mentioned and yet you go back to an RNS from 2 months after the deal with Jabil was signed. I was happy they gave those timelines but actually in hindsight they should have not done so, as going from concept design to actual product on a production line takes lots of time and investment. Jabil's partnership has helped speed up design and keep costs down, their expertise will have helped reduce the size, the costs and increased the efficiency of the productline. Patience is required but we are now getting to the point that pilot units will be placed and orders will start to flow in, but be patient as this will take months not weeks or days. The next 6 months will be very important so if you can't wait that long, best not to invest in a manufacturer of a new product, going into a new market.