Thanks rambutan2, I should have checked that first, so not quite as interesting as first appeared. |
Bucknall is the boss of Ineos Energy. Magnesen is his CFO. As the rns states, being such a large shareholder entitles Ineos to have someone on the board, as you would expect. So, a slight downgrade! |
 Ineos were a cornerstone funder of the company but a brief interrogation on Ai reveals they are facing difficulties and having to pull in its horns.Ineos, owned by Sir Jim Ratcliffe, is facing financial challenges, including rising debts, cost-cutting measures, and potential legal issues, which have led to concerns about the company's stability and its impact on various ventures, including its sporting interests. Here's a more detailed breakdown of the situation:Financial Concerns and Debt:Rising Debt:Credit rating agencies have issued warnings about Ineos Group's financial health, with projections indicating that its debt could approach nearly 12 billion (£10 billion) this year. Downgraded Outlook:Fitch Ratings has revised Ineos Group Holdings S.A.'s (IGH) outlook to Negative, reflecting exhausted rating headroom and delays in deleveraging. Cost-Cutting Measures:Ineos has implemented cost-saving measures, including job cuts at Manchester United, and is reportedly reducing sponsorship contributions to the All Blacks rugby team. Deindustrialization of Europe:Ineos has attributed these measures to the "deindustrialisation of Europe," citing high energy costs and carbon taxes impacting the chemical industry. Losses in Key Subsidiaries:Ineos Industries, its largest UK company, slumped to a loss of just over 1bn in 2023, and one of its subsidiaries, Ineos Quattro, reported a loss of 203.1m in 2023. Legal Disputes:New Zealand Rugby is suing Ineos over alleged failure to make sponsorship payments to the All Blacks. Potential for Further Cuts:There are concerns that Ineos may continue to cut costs and reduce its involvement in various ventures, including its sporting interests. |
The announcement of the appointment of the CFO of INEOS Energy Europe after close of trading today looks interesting. When the holdings of major shareholders were included in the Apr 24 accounts INEOS was the biggest shareholder with 19.4%. There have been no RNS's since then showing any change in there holdings and they must have suffered a major loss on there investment and hopefully this is a sign that they want to take a more activist role to try and ensure value is restored to their investment in HGEN.
"The Board of HydrogenOne Capital Growth plc (the "Company") announces that Mr David Bucknall is stepping down from the Board effective immediately.
The Company is pleased to announce the appointment of Mr Erik Magnesen, as Non-Executive Director of the Company with immediate effect. Erik is currently Chief Financial Officer of the INEOS Energy Europe group of companies and has been nominated as the Board representative of INEOS UK E&P Holdings Limited ("INEOS Energy") pursuant to the relationship and co-investment agreement entered into between, inter alia, INEOS Energy and the Company at launch, replacing David Bucknall." |
Encouraging article about the adoption of Hydrogen vehicles . The first part is about 3 D printers which I also found interesting. |
The HH2E website no longer appears to be accessible and I am wondering whether that might be an indication that they were unable to finalise a deal or that one has been finalised and they will re-emerge under a different name or are preparing an update for tomorrow?
Always foolish to try and call the bottom on this share but it is starting to look as though most of those who wanted to sell might now be gone! |
Not HGEN related but a further demonstration of hydrogen gaining traction. |
Kooba I am hoping the market is wrong, but I recognise that I might be wrong.
I agree it is hard to justify the management fees based on the share price performance but do you think the market might be wrong or do you think this is now a lost cause? |
Astonishing a company that raised £129m gross less than 5 years ago being valued at £25.3m.Remaining assets £113.5m and £3.1m cash. Total £116.4. Dec year end.Strip the cash off the market cap £22.2m.So a portfolio of assets worth £113.5m in their eyes is being valued at over an 80% discount.Who is wrong the market or the managers..??Either way if they ever do manage to sell anything they have to do a buyback as that will effectively be getting 5 times its value ..but would concentrate the portfolio they cherry picked in fewer holdings.Does seem odd that they take so much out when they were given a cash pool and turned it in assets that are worth less by them and far less by the market. |
A recent oakbloke piece on IP group had this piece on Bramble a HGEN portfolio holding , for interestBrambleBramble is part of a consortium building HEIDI - a Hydrogen Bus - that is now conceptually designed and is now moving to manufacturing and prototypes suffered a setback where a project partner Aeris has gone into administration last month.Meanwhile Bramble itself can hardly be termed "Bad". Posts on X from March 2025 highlight PCBFC Gen 2, boosting performance metrics-think higher power density and lower costs-though specifics are still under wraps.Bramble Fuel Cells which use Printed Circuit Boards (PCBs) to store power give long range and rapid refuelling: a range of up to 280 miles on UK bus routes, using 350 bar (lower pressure) hydrogen. This surpasses the typical daily distance of London buses (100-200 miles) and offers refuelling times similar to diesel or petrol buses (around 8 minutes).hTTps://theoakbloke.substack.com/p/the-good-the-bad-and-the-ipo-glee |
Agreed.
It might get me back to break even. I'm quite capable of losing money based on my own investment decisions, I shouldn't be paying fund managers to lose it for me! |
Yes best to get it wound up. At worst we would get 50p |
Maybe SABA should pay a call...small beer but might expose the madness that such pooled investments can become. |
Exaggerated they get 1.5% on the private assets.They have sold the listed interests.So the private assets are valued at £113.5m ( down from £129.9 in Sept 2024)So that gives them £1.7m a year to run the assets and we are fully invested so can't make new investments...what we hold we are relatively small holders so somewhat passive.So they get £1.7m a year to run a fund the market values at less than £26m...so they get 6.6% of the market cap a year. At least someone has done well out of this as the managers have sold their mandate to a larger outfit ..buying the funds under management and the income stream.We have let to see why and how their personal transaction will benefit HGEN shareholders...in fact there was no positive reaction at all and the ongoing massive discount to their stated assets just keeps getting wider as we now trade at a 78% discount to recent asset value update.If they believe the values and can achieve any monetisations they need to sell whatever they can and go about an aggressive tender buyback and then wind down in the interests of all holders.They wont. |
Wondering if the presentation went down well! as we hit new lows on volume selling...looks like a decent seller dumping even at these levels.They need to get this wound up and money repaid there is clearly no appetite for such assets or faith left in the management to deliver. It only works for the manager would get large fees relative to what they consider the underlying value of the assets.If you applied their fee relative to the market cap it would be something like 9%!! Madness. |
The Clean Industrial Deal will mobilise over €100 billion to support EU-made clean manufacturing. (announced on 26 Feb 25) |
This is the recording of the QoutedData interview with Richard Hulf yesterday.
It covers a lot which will be familiar to existing shareholders but some more information on how the sector is still progressing despite the well publicised headwinds including BP's recent announcement. |
hTTps://www.h2-view.com/story/bp-to-limit-future-hydrogen-projects-amid-green-energy-pullback/2122166.article/ |
Depends if they have other fuel cell investments in the portfolio...such as Bramble.Figuring the BP news today and the likely wholesale pullback from renewables might be a factor in finding funding and valuations in the sector going forward.Ceres did dent confidence in the sector though it seems to me |
The setback for Ceres is more company specific and relates to Bosch’s change of direction rather than a retreat from the Hydrogen sector.
That coupled with Bosch advising that it intends to divest (albeit in an orderly fashion) it’s 17.44% stake in Ceres is going to have a negative effect until it is sold.
Bosch has announced a new relationship with Johnson Matthey
There is no doubt there have been various setbacks with EV production plans and BP’s soon to be announced (this Wednesday) significant slowing down in the speed of it’s investment in renewables but the sector is still moving forward albeit more slowly than previously expected even in the UK. |
Last presentation they basically said there would be nothing back on the failed investment. The news from ceres this week does not inspire confidence in the sector too I'm afraid , I just hope they get monetisation opportunities which might boost the discount to Nav but difficult to see that coming.Probably undervalued but difficult to see a catalyst to revaluation ..unfortunately some of these pooled technology investment funds just end up seeing the assets fall to nearer the share price and are value traps. |
amt thanks for posting those links.
As kooba points out, it isn't clear what percentage HGEN owns in Sunfire, but what we do know, is that in the Q4 update on 5 Feb, HGEN valued it's stake in Sunfire at £32m which represented 27.8% of the total HGEN NAV at that point.
That will have been before todays news which further demonstrates that despite all of the headwinds currently facing the renewables sector, Sunfire appears to be achieving continued commercial success and if it becomes one of the longer term winners, then as private investors we would have no other way of getting exposure to that potential than through HGEN.
Ultimately we can only say for certain what an investment's actual value is once it has been realised, and in these dark and depressed times, I do get some comfort for my decision not to sell from the fact that the current NAV for Sunfire of £32m represents more than the market value of HGEN at these depressed prices on it's own.
At the moment like HGEN I am assuming there is no value in the investment in HH2E but it would be a nice surprise if anything is salvaged if a deal is agreed at the end of the month. |
Should find out if this has any value or not. |
A hint of the valuation given here. |
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