The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I’m not disputing the accuracy of the statement BB, just pointing out that AFC gave the impression that they continue to target grant funding as a source of income during the period. That is different to them simply seeing out the remainder of POWER-UP et al which were targeted and secured well before the reporting period in question.
Did you look at the table the extract came from? It lists sales/usage/maintenance/licence as income types in addition to the grant income. None of these other types apply to the reporting period in question, and I think the clear inference most people would take from this table is that grants ARE being targeted as a way to mitigate expenditure. Now this may just be sloppy wording on the part of AFC, but it is exactly this type of ambiguous statement and cavalier approach to words that sucked a lot of people in and why investor sentiment is so poor now. We’re paying top whack for a third rate CEO. This has always been my gripe. If Adam delivered on even a quarter of the things he said he was targeting over the years I’d say he was money well spent. But he hasn’t delivered on anything, and that rightly attracts criticism from those who have invested their hard earned money into AFC and feel hard done by. Some people feel that comments like mine are harmful to the company. But I feel that allowing the status quo of failure to hit self-defined targets to continue is far more harmful. I would rather take the short term volatility of a change in CEO than continue with the holding pattern of the past 3/4 years. Who is to say which view is right? People are entitled to their opinions, and so long as they are not misleading I’m open to hearing all views and simply filtering those who annoy me. I suggest others do the same rather than arguing with each other.
While not wishing to be a pedant that is not what AFC have said. Page 11 of the last annual report refers to targeted sources of income and states; “The strategic value of AFC Energy’s technology development to the future of energy means that the Company qualifies for external funding through EU and UK project grants. This funding enables us to broaden and accelerate our innovation cycles. This continues to be a focus for AFC Energy to help fund core R&D.” The report was produced early last year so make of that what you will in terms of relevance now, but it wouldn’t be the first time AB was economical with the truth to the detriment of us shareholders. Maybe if Adam had invested his own money into AFC he would be more diligent with company funds! At the end of the day the AFC technology could have all the potential in the world, but without the right management team to lead the Company it means nothing.
Interesting theory, but I think if that were right they’d have definitely updated the website more comprehensively, and ideally have their first partner/customer lined up to demonstrate a basic level of commercial traction. Personally, I think that it’s smoke and mirrors type froth ahead of a placing...a thrown together solution because Southern, a PLACE update and/or a manufacturing deal are not immiment but funds are required soon....but then you already know that I’m a cynic when it comes to AB and what he says. I hope that neither of us are right...
Lol you’ve changed your tune knuckles. So does that comment mean you’re jealous of his salary? Or just seeing him for what he is now?
I agree and would happily add my name/shareholding to any complaint or other formal action taken in respect of misleading investors.
SP hitting new lows again today. Wish these two would just f**k off. No doubt someone will be along shortly to say comments like mine are causing the price drops rather than their mismanagement and dysfunctional approach to investor relations. I would take anyone but this pair right now, and looking at the trades it appears that someone with a sizeable holding feels similarly. Yet another disappointing Xmas from AFC. Bah humbug!
Cold fish pie - the answer to your question is because they have a completely naive and amateurish approach to investor relations. You are right that most of this should have been dripped into the market over the past 12 months to keep sentiment vaguely positive.
Because appearances at the sort of events I'm talking about are usually advertised and in the public domain...
That's wrong. See Rule 11 of AIM rules for companies which says the release of PSI must be fair and prompt. Also see FCA DTR 2.2 regarding insider information.
The exception to this if they are in the process of negotiating a deal of some kind, or if there's an unexpected significant event they can delay for a very short time so they can clarify the situation, but it must be released in fairly short order...
Costly is £300k plus bonuses for a salesman with nothing to sell. If he’s not selling the least he can do is go out and bang the drum a bit...try and stoke up some appetite for the shares even if the tech isn’t ready. It’s what most AIM CEO’s do when they’re heading up a prerevenue company. Look at Graham Cooley/ITM/their newsflow and then tell me Adam is putting in a similar shift...
Cameras like they used to have at Stade and releasing pictures showing progress? Yes that’s an excellent idea...why aren’t they still doing something similar?? As I said before, price sensitive information is price sensitive information and must be released without delay, whether it’s good or bad. I don’t make the rules, I just expect AFC to play by them. And if you think I’m being unfair go back and work out how long it took Adam to be honest about the leaking seals...
If progress on longevity is not going as well as hoped THEN WE SHOULD BE TOLD!! That is without doubt price sensitive information. Suggesting we should all be happy to invest/remain invested in a company with potentially failing tech (for all we know) is nothing short of crazy. Lemming behaviour! Who knows how long it will take to sort any issues (if there are issues - who knows?!), but if there a problems then I want to know so I can adapt my investing strategy accordingly. Simple
You seem to be ‘sure’ of a lot of things at AFC that aren’t immediately evident to the rest of us. I would say if Adam isn’t working hard enough to generate a worthwhile update once a quarter then he is failing at his job. The SP says it all, if we are that close why isn’t it reflected in the price???
I’m half Jamaican but could pass for spanish/Arabic. Are your first/last names both 5 letters and starting with same letter? If so I definitely registered you on one occasion...
Not me BB, but you would certainly recognise my face as I was at every AFC AGM up to 2015. Think we might even have spoken at the first Chelsea AGM where the old stack was on display. I was the only 6’3 mixed race guy there - ring any bells?
He should be out there keeping the story alive within the investment community and their target markets for deployment. He should be demonstrating that AFC have a truly driven and motivated CEO who’s determined to make this a success, thereby helping to instill confidence in those around him. What he shouldn’t be doing is hiding away and refusing to engage with shareholders and ignoring all the opportunities to talk up the tech to potential customers. What he shouldn’t be doing is allowing an archaic out of touch chairman to dictate the newsflow killing all interest in the shares other than for shorters. And where are the Investor Days that were promised?? Not expecting a considered response seeing as you haven’t answered my other questions with anything other than digs at me based on your own assumptions and ignorance. Maybe try debating things a little?
Sorry but it’s nothing like that. It’s more like a member of your family committing a crime and you lying about it to cover up and thereby losing your credibility. At the moment we have an overpaid CEO with no credibility in the market and an uphill struggle to rebuild investor confidence. If we fail to deliver any of the three items I mentioned then we face the daunting prospect of raising funds with a CEO that has been caught with his pants down several years on the bounce. How do you think that would play to the fund managers AFC will be pitching to? Do you think they want to invest to keep Adam in the job another year when he’s repeatedly over promised and under delivered? If the Russians are impressed with Adam’s performance why do they not up their stake at this time when the SP should represent a buying opportunity for anyone ‘in the know’. If Adam was inspiring confidence in those around him then the SP would not be languishing, and it is this (combined with the newsflow policy) that is damaging the company while we wait for the tech to be ready. Sorry to harp on (ok I’m not really sorry) but I think it’s time someone else to take charge, and that’s why I asked whether people would support shareholder action to remove him. I am prepared to see my investment devalue further in the short term if it means we end up with management that can be trusted to be honest about the company. To be honest I think the market would react positively to a change! So it’s not even like I was just reposting what I’ve said previously, but then Knuckles decided to chime in with his pearls of wisdom! :)
Lol that’s actually quite funny for a knuckle dragging cretin :)
You seem slightly hard of thinking Notes, so I’ll break it down for you as clearly as I can be bothered at this time of night; My reference to you being a keyboard warrior related to you posting about kicking off at AFC on the internet (year after year) and then doing absolutely nothing (other than stalk me) hence the term keyboard warrior. Offering to meet up and actually fight someone I’ve never met over a difference of opinion on a bulletin board is something I shall leave to the sort of knuckle dragging cretin who struggles to express himself with words. You used the word ‘constantly’ when talking about me ‘berating’ Adam. I post sporadically...I would hardly call it constant and it’s not berating either. I highlight the same issues because (in my eyes at least) the issues remain and my investment is depreciating in value as a result. I have yet to see you put forward a balancing argument against my points, and as these boards are for airing opinions so I will continue to air mine as and when I like, regardless of what you say. You refer to me having been sacked and taking Adam to a tribunal, but you actually have no idea about the circumstances behind my departure from AFC. It’s strange that you choose to post with such confidence about something you know nothing about, but given your offer of a fist fight it comes as no surprise that you are arrogant with your ignorance. You ‘constantly’ refer to Adam Bond being a great salesman but I have previously asked you to post evidence of this which you failed to do. There is nothing in his bio or LinkedIn profile that tells me this is the case. Care to prove me wrong? (That’s not an offer to fight by the way!) I’ve previously said I would like to see Adam putting himself about and attending investor/industry conferences/exhibitions and getting the word out there, like Ian Wilkinson used to. I see no evidence this happens currently which makes me question his work ethic. Care to prove me wrong here too? (Again, not an offer to fight!). The bottom line is this.....if Adam were doing a good job the SP sould refelct the fact that we are supposedly on the cusp of commercialisation. But it’s not, it’s at close to its 10 year low. So explain that? Is it because I (and others) are posting on here venting our frustrations? Or is it because the market now treats everything that comes from Adam with a healthy amount of scepticism? Just because I used to work at AFC does not mean I have some hidden agenda. I have money and emotional investment in this company that dates back to its inception and I am determined to see the story through despite the poor stewardship that Adam currently provides. If you don’t like my views then filter me, but if you keep responding to me with inaccurate comments and offers of violence then I will reply and point out just what a childish ******* you&