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Just copied this from the ADVFN chat on PPG. What is everyone's thoughts on the questions, are they valid or not
1.) Why did the directors take such HUGE payrises during the last financial year when the share price and prospects for the company crashed?
2.) Why wasn't there an RNS following the disasterous CM auctions - given that the strategy of the company then changed?
3.) Why wasn't there an RNS to state that the 3 remaining diesel sites weren't going to be built?
4.) Why does the Chairman refer in the RNS's to directors and employees when we are led to believe the directors and employees are one and the same. Discourse to the contrary suggests that the Chairman is try to inflate the perception of the size of the company
5.) Why was there a "technical accounting entry" in the cashflow statement to give the misleading impression that REAL cashflow was positive, when in actual fact it was negative once the "warrant payment" that never landed as cash in the bank account was excluded.
6.) Why are directors paid via service companies and not a traditional payroll?
7.) Where will the £3,000,000 come from to fix the existing diesel sites so that they comply with emissions targets. 8.) Can the directors clarify whether they plan to keep or sell their interest in the 6 diesel sites, in the end-of-year results the directors seem to contradict each other in their separate statements
9.) Will the Rockpool gas site be sold in Q2 2019?
10.) Why has over £300,000 been written off over the last two years in abortive planning application?
11.) Why does the Chairman charge the company interest at 8% when lending to the company. How much interest charge did he take for provide the deposit for the CM auctions in 2018?
12.) How many hours per day do the financial director and chairman spend working at PPG given they both have numerous interests in other companies?
13.) On what basis have the 6 diesel sites been valued and by whom? What is the realistic selling price per site, what debt is outstanding against each site and what is the resulting net asset value of each site?
14.) Given the fall in revenue in 2018-2019 and beyond will the directors take pay cuts?
15.) Given the weak cash flow this last year and a projected worse cashflow this current financial year what are the chances of the company becoming suffering from a working capital and liquidity crisis when faced with current liabilities to pay
16.) When will a more experienced CEO be appointed
17.) Would the current CEO/Finance Director and Chairman consider resigning from the board in the best interests of the future of the company?
Just read the results a bit more thoroughly as per Esmeralda’s post 1: The cash flow statement shows increased negativity from current operations and the company states that income from the Triad (and other incentives) will be lower next year and beyond. 2: The Directors statement suggests that income, in the short term will only cover costs, at best, and that an equity raise is on the horizon. 3: There is little in the short/medium term to suggest this share is anything more than a hold. 4: Taken from the Accounts -The Directors have based their opinions on a cash flow forecast, which assumes that sufficient revenue will be generated for working capital purposes and that operating costs will be kept to a minimum until adequate revenue streams are secured. In addition future plans for the Group will be funded externally through a mix of debt and equity financing, which at the time of signing the accounts had not yet been completed, so no funding as of yet 5: Half a million loss, and 73% of revenue came from triad. 6: Part time Directors taking huge salaries from PPG and with no sector experience at all 7: imperative that we get a new full time CEO with sector experience 8: AGM Nov 1st, board needs to be made accountable for a greedy, sloppy poor management approach to this business
It seems what I predicted was pretty much spot on
Funding is still some time away and until then, there is not much to keep people invested unless you're a long termer
This is what the funding is for and this is what we are all waiting on.
Taken from December 2017 RNS
The Company continues to focus on increasing its pipeline and to this end a further six gas sites totalling 120MW are in the planning process; it is envisaged that this figure will significantly increase during H1 2018. PPG is also in advanced discussions regarding the purchase of further sites with planning, that would be fast-tracked to commissioning. The various gas sites in the pipeline will be built between 2018-2019.
Believe it or not I'm in for the long term, the story & opportunity is a good one & I hope we hear news on funding sooner rather than later
My gut feeling is we wont get the news we are hoping for, for some time yet
Tell me, what do you think the share price will do if we hear nothing on funding for a few months or more. It dropped 11 percent yesterday!! News is the only driver to this moving up, no news is the opposite, as it spreads fear and boredom.
I sincerely hope they can pull this together sooner rather than later
The end of year results have to be in no later than then end of October & I suspect they will add little or nothing to the share price
Funding wont happen until sometime next year due to the lack of expertise & bodies in the management structure(Tatnall and Longley have no experience in this field at all and our part timers due to their other commitments STHP, PPHP & FHP) that just leaves Paul Lazarevic who does have expertise, other than Paul there are no other employees)
Also we have Brexit looming & all the uncertainty, my gut feeling is this will have a big play on the funding opportunity and therefore the timelines & expectations on when this will actually happen.
Short term outlook is a dead zone, the share price will slide due to no added value news, investor fatigue / boredom & better oportunities elsewhere
Its either something very good and so is taking some time to top and tail or on the other hand, very bad
I predict that the share price will stall / fall as people get bored and impatient with the lack on any value added news
Final results at then end of the month and no sooner. The results will be unexciting
My gut feel is we won't see any funding until 2019
Reason, PPG need to find someone to replace the sad lose of Phil Stevens. At present the only person who has any background and experience in the energy sector is Paul Lazarevic.
I suspect we are still some time off until wie see a deal on the table, I reckon October time & not the deal you all expect. I am sure it won’t be a deal where PPG holds 80% of assets. I suspect it will be a lot less due to the OFGEM outcome. An educated guess, it will be a similar percentage to the Rockpool deal and the funding will be drawn down on when and the right opportunity arises.
That’s what I am assuming. Hopefully we might hear something soon on all of this
In my opinion Rockpool will not build the last three sites, they may be replaced by one gas site
Thanks for the heads up on that, had totally missed that. Hope it doesn’t carry anything negative, if it does, I fear we will plunge below 1p
For what reasons are you expecting news on the 31st other than it would 6 months since the last meaningful RNS
No apology needed. I really want to be wrong. It looks like a lot of people on different bulletin boards have been trying to contact them for an explanation but to no avail, just keep trying, as posting our woes here isn't going to attract their attention
Here is to hearing some good news sooner rather than later. I'm sill a believer and still invested but not happy
Obviously bad rumours, which must be related to no funding I suspect
Been waiting for over 12 months regarding funding. Sounds like they can’t get the funding structure they way they want it, which means no funds. So we wait another week, month, 3 months a year???
RNS 21 December 2017:
The Company continues to focus on increasing its pipeline and to this end a further six gas sites totalling 120MW are in the planning process; NOTHING MORE HEARD ON THE MATTER
it is envisaged that this figure will significantly increase during H1 2018. IT HASN’T
PPG is also in advanced discussions regarding the purchase of further sites with planning, that would be fast-tracked to commissioning. The various gas sites in the pipeline will be built between 2018-2019. NOTHING HEARD ON THIS MATTER
RNS January 2018: Charles Tatnall, Executive Chairman of PPG, said: "Our roll-out of FlexGen sites across the UK continues; we now have 120MW in operation and a further three 20MW sites due to come into operation in 2018. We are also making progress with the development of approximately 200MW of gas-fired FlexGen projects and I look forward to updating the market accordingly." THIS JUST HASN’T BEEN DELIVERED AT ALL
Interim Results RNS January 2018:
The Company continues to focus on increasing its pipeline and to this end a further six gas sites totalling 120MW are now in the planning process; it is envisaged that this figure will significantly increase during 2018. Plutus is also in advanced discussions regarding the purchase of further sites with existing planning permission that could be fast-tracked to commissioning. The majority of the gas sites in the current pipeline are expected to be constructed in 2018 and 2019. THIS JUST HASN’T HAPPENED
To that end, I was pleased to announce, in September 2017, that we had signed a Heads of Terms with a leading UK provider of generators, JCB Power Products Broadcrown Limited ('JCB'), to design, procure and supply the required generators for the Company's UK FlexGen Projects (the 'Projects'). Under the terms of this agreement, both parties will cooperate with the identification and suitability of sites and will leverage their complementary skills and capabilities to bring FlexGen projects into operation. NOTHING HEARD SINCE
JCB will assist on the design, procurement and supply of the required generators for each individual FlexGen site and will also provide long term repair and maintenance services. Furthermore, JCB has introduced Plutus to JCB Finance Limited, a member of the RBS Group, which specialises in providing asset finance in connection with the acquisition of JCB equipment. NOTHING HEARD SINCE.
Interim results RNS January 2018:
2018 is expected to be a pivotal year in the development of Plutus with our move into gas powered, energy storage and hybrid generation sites. NOT A PIVITOL YEAR AT ALL & HAVE DELIVERED ON NOTHING THEY SAID THEY WOULD
The Directors view the year ahead with confidence, as we start the development of our new strategy and complete the execution of the Rockpool Investee Companies' site build outs. NOT DELIVERED
RNS over promised and very much underperformed – Who is to blame?
May 2017 RNS:
Going forward, the Company has a pipeline of FlexGen gas projects totalling 150MW, which it will seek to retain an 80% plus interest in. The Company is focused on constructing a minimum of four gas powered projects per annum as they offer significant advantages, both environmental and financial, over renewable green diesel engines NOT DELIVERED
Battery storage Joint Venture AUG 2017
During the period under review, the Company also signed a cooperation agreement with land and property developer, London & Devonshire Trust Ltd ('LDT'), to identify and develop energy storage projects in the UK. HEARD ABSOLUTELY NOTHING AGAIN ON THIS
Under the terms of the agreement, LDT and Plutus will incorporate a special purpose vehicle for the development of an initial 85MW of energy storage project. HEARD ABSOLUTELY NOTHING AGAIN ON THIS
Final results September 2017 RNS:
the group is now diversifying into gas fuelled power generation and battery powered energy storage projects. NOT HEARD ANYTHING SINCE
Our primary operational focus has therefore been on the continued execution and delivery of the nine sites equity funded by Rockpool Investments LLP of which we have a 44.5% interest in each. THIS HAS YET TO BE ACHIEVED
We retain complete flexibility in financing projects going forward but aim to ensure that all future gas sites operated via new companies, typically holding 20MW each as before, are able to be consolidated in our accounts. With this in mind, we recently launched a £50 million bond advised by Bedford Row Capital, to be listed in Frankfurt, that is about to be marketed to investors. HEARD NOTHING MORE ON THIS AND PRESUME IT DIDN’T HAPPENED
Heads of Terms with JCB Power Products Sept 2017
PPG's current focus is on completion of the 180MW of FlexGen with Rockpool Investments LLP and the development of approximately 200MW of gas-fired FlexGen projects across the UK. NOT HEARD ANYTHING MORE ON THE MATTER
PPG has a pipeline of over 700MW and is targeting 120MW of diesel to be operational by the end of the year with an additional 60MW which is at the post-planning stage to be built in 2018. NOT HEARD ANYTHING MORE AND HAVENT DELIVERED WHAT THEY SAID THEY WOULD
Our planned focus on installing gas engine capacity and the bond to finance this, we are looking at the use of power storage, i.e. batteries or capacitor technologies, in conjunction with our gas sites, which will open up FFR markets and other fast response tariffs to gas. NOT HEARD ANYTHING MORE ON THE MATTER
Our relationship with a leading Big Six multinational utility company to fund up to 20% of any 20MW renewable fuel or gas powered flexible energy projects going forward fits ideally with the Company's strategy to deliver projects in which it holds an 80% interest, and this relationship is envisaged to provide sufficient equity to allow PPG to develop majority owned asse