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Been there and worn the shirt-horrendous loss on AAOG after losing the plot.Cost me £750k!

This company needs cash-lots of it.I reckon between £10m and £15m over next 18 months to support their stated aspirations.That could come from a variation of the Export Guarantee Scheme which would explain their visit to No 10.It won’t come from fresh equity at the moment for reasons stated before.

The board needs to create the environment to invest meaningful cash,to become investable for institutions.That means VCTs which can only be achieved by going on AIM or delisting.That and the CLN-obvious thing to do there is to get them to convert and lock them in for a couple of years.Although they are unsecured, they have ranking over equity.

All to play for!

Market cap nearly £5m with net assets of say £200k-what can possibly go wrong !

Slow ramp up I think-walk before you can run

Maybe quiet is a good thing

I looked at a previous presentation given by the company when raising money early this year.2026 is the year for meaningful revenue, they stated £3m gross.As such, it will be cash burn until 2027 without a meaningful cash injection, be it from the taxpayer or the market.

Surprised they haven’t issued an RNS on the placees or the CLN

What’s a few billion shares between friends?

Quite a lot actually!!Massive dilution and overhang if converted-my point all along

Not quite what I asked Long

Long overdue a rerate for me-too cheap

Makes sense Long-can the CLN holders insist on the issue of a document or can the Board just say no?

I’m very clear in my own head-the CLN has to be properly dealt with, probably a Standstill or reset.Otherwise as you say it acts as a drag on the SP(factored in)I recall you saying a while ago that a lock-in was contemplated to prevent a huge overhang

Cheers

Noted Lion and Violet.They do need a lot of cash to get to cash generation and my estimate is based on previous ,now redundant, presentations.I’ve said before they needed to raise between £6m and £10m to get on AIM under the fast track rules then have another raise of at least £5m later on.Fy 2026 was showing £3m t/o so not cash generative until 2027 earliest.That makes sense given the time for production to be sorted and ramp up.

Raising small amounts to keep the wagon rolling is right and less dilutive-and would explain them tapping No 10-they wouldn’t be doing that for a few quid let’s be honest.

The key for me is resetting the CLN-the central point of pretty much everything I have said throughout.

I think the real requirement will be nearer £15m Lion-this from previous presentations and as you say, it’s not a cheap thing getting into production.Hence they need to clear out that CLN and get the SP moving.Create the right balance sheet and the money will come in Im sure.

Could be anything Harley-I’m guessing it’s about accelerating government support facilitated by Fallon but that’s a guess

Harley

Why do you think they were at no 10?The reality is nobody knows until an RNS

Indeed-one of my better investments.I rather like the punchy wording-

Oil and gas,phosphate, strategic position-I’m just passing on what my mate says and his family owned a lot of Damascus before being forced to leave.Sounds mad as I say

Well what is Fallon there for then?Ex politician, trade, oiling wheels.I would ask what planet are you on??!

Not sure what you were expecting Duster-the cash call was well signalled, hence my caution about the SP.

They have bought another 3 months without much dilution-not sure what else they can do but it gives them time to get off the Standard List which is not helping.

RNS on the CLN next, then RNS on who put the money up.

They live to fight another day but the No 10 thing dies look a little contrived-probably arranged by Fallon

I was told today by a Syrian friend-been here 40 years after fleeing Damascus, that he thinks US will get Syria and Russia will get Ukraine.Sounds mad but it’s a mad world and countries don’t come up for grabs very often

Thanks Harley-I think we are aligned.

I’ve looked at the CLN terms which were in the 11/12/23 RNS-see below.

The CLNs have no coupon and are convertible (i) after one year, subject to the availability of a valid exemption from the requirement to prepare a prospectus in respect of the Ordinary Shares arising from the conversion; or (ii) following admission of the Company's ordinary share capital to the AIM Market of the London Stock Exchange

Tomorrow or thereabouts seems to be the one year anniversary for option 1-option 2 is clearly off the table.

My take on this is the company will have to say something about the direction of travel of the CLN in the next couple of days.Long says he is in the CLN group so may have a view?

Thanks Harley-I think we are aligned.

I’ve looked at the CLN terms which were in the 11/12/23 RNS-see below.

The CLNs have no coupon and are convertible (i) after one year, subject to the availability of a valid exemption from the requirement to prepare a prospectus in respect of the Ordinary Shares arising from the conversion; or (ii) following admission of the Company's ordinary share capital to the AIM Market of the London Stock Exchange

Tomorrow or thereabouts seems to be the one year anniversary for option 1-option 2 is clearly off the table.

My take on this is the company will have to say something about the direction of travel of the CLN in the next couple of days.Long says he is in the CLN group so may have a view?