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MEN Molecular Energies Plc

7.00
0.00 (0.00%)
21 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Molecular Energies Plc LSE:MEN London Ordinary Share GB00BMT80K89 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 7.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
5.00 10.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs USD 33.23M USD -10.5M USD -1.0128 -0.07 725.58k
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 7.00 GBX

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Posted at 22/6/2024 09:20 by Molecular Energies Daily Update
Molecular Energies Plc is listed in the Oil And Gas Field Expl Svcs sector of the London Stock Exchange with ticker MEN. The last closing price for Molecular Energies was 7p.
Molecular Energies currently has 10,365,373 shares in issue. The market capitalisation of Molecular Energies is £725,576.
Molecular Energies has a price to earnings ratio (PE ratio) of -0.07.
This morning MEN shares opened at -
Posted at 10/4/2024 13:48 by brasso3
Was it changed in 2022 (2022 FY report)?

Subsequent Events
In April, shareholders approved certain amendments to the IYA loan facility providing net cost savings to the Company of US$5 million by reducing the interest costs to zero over the revised maturity period, enabling further funds to be available for working capital purposes and expansion of the Company and its hydrocarbon and alternative energy divisions.

IYA Loan
On 2 January 2018, the Company entered into a loan agreement with IYA Global Limited ("IYA"), a company beneficially owned by Peter Levine, pursuant to which IYA provided a loan facility up to $20.5 million to the Company. The loan was due for repayment by 31 December 2024. Subsequent to the year end, a General Meeting on 6th April 2023 approved material amendments to the terms of the loan and extended the repayment date to 31 December 2025. Further details on the terms of the IYA loan are detailed in the Related Party Note 32.

Subsequent to the year end, a General Meeting on 6th April 2023 approved material amendments to the terms of the loan and extended the repayment date to 31 December 2025.
(i) The IYA Loan (including interest) is fixed as at this date with no further monies available to be drawn and no
further commitment fee on undrawn balances thereafter applicable
(ii) The interest rate on the Fixed Loan be reduced to zero percent (0 per cent.) per year from this date
(iii) IYA is granted a first legal charge against all the shares owned by the Company from time to time in Atome to secure the Fixed Loan
(iv) an extension fee of US$1.5 million be paid to IYA spread over the length of time of the Fixed Loan to maturity to be paid by equal monthly instalments unless otherwise agreed. As such the Fee is unsecured as it is not part of the IYA Loan
(v) IYA will be granted the rights at any time up to 31 December 2025 to call upon MEN to transfer to it or as it may direct 2,038,038 ordinary shares in Atome equivalent to the value of GBP2.16 million at value of 106.2 pence per Atome share in satisfaction and by way of extinguishment of US$2.6 million of the Fixed Loan still then outstanding, calculated using an exchange rate of US$1.20 to the pound
Posted at 28/3/2024 18:57 by masergt
Pp must be PL. Who else would have been constantly valuing ATOM + GHC etc. at many multiples of the MEN share price just to keep our interest alive and prevent us dumping after the 35p placing on 24th January. 74p to 7p in 9 weeks must be some sort of a record. What was our BoD or Nomad doing (not doing!) whilst all this wealth destruction took place right in front of their own eyes. PL has simply stolen the lot. The FCA ought to be looking at this but won't. And the government wants to further reduce regulation so as to attract more spivs to the UK? We've got more than enough as it is!
Posted at 14/3/2024 07:06 by all in eol
14 March 2024

ATOME PLC
("ATOME", "the Company", or "the Group")

Enterprise Investment Scheme ("EIS") investment status granted by HMRC

ATOME (AIM: ATOM), the only international green fertiliser project development company on the London Stock Exchange, is pleased to announce that His Majesty's Revenue and Customs ("HMRC") has granted EIS status for the investment made by certain qualifying individuals in respect of the equity fundraise which was announced on the 19 February 2024.

The EIS is a UK government initiative which encourages investment in qualifying companies by offering tax benefits for qualifying investors who subscribe for new shares. For the avoidance of doubt, EIS income tax relief is not available for directors or employees of ATOME.

Subject to certain conditions being met by the company and the investors, EIS enables a qualifying investor with a UK tax liability to claim tax relief in the UK of up to 30% of their investment, subject to a maximum investment of £1 million per tax year. In addition, when investors sell EIS shares, any growth in value from an investment is potentially free from UK capital gains tax (to qualify for this relief, income tax relief must have already been claimed and not withdrawn by HMRC. Investors also have to hold the shares for at least three years and the company and its group must remain EIS qualifying for at least three years). Further details about EIS can be found here. Prospective EIS investors should seek their own tax and financial advice.

The directors of ATOME also believe that an investment in the Company would potentially constitute a 'qualifying holding' for a Venture Capital Trust ("VCT") subject to certain conditions being met. A company can receive a maximum of £5 million from EIS and VCT investors on a 12-month rolling basis. The grant of EIS status broadens the Company's potential investor base as it continues to develop and grow. However, the Company reiterates that it intends to finance its first 145MW project in Paraguay at the asset level through its subsidiary, ATOME Paraguay.

The 100% green fertiliser that is targeted to be produced by ATOME from 2026 has a worldwide market, none more so than in the UK and Ireland where decarbonisation of the entire agricultural supply chain from supermarkets down to the farm is gaining increasing traction, importance and support. ATOME looks forward to delivering further positive news in the next months as it moves towards Final Investment Decision and asset level-funding for ATOME's world-scale 145MW green fertiliser facility in Paraguay. For completeness, ATOME has an exciting 100MW project in Costa Rica as well as the Phase 2 300MW project in Paraguay.

Philip Hare & Associates acted for the Company in the successful grant of EIS status and continues to do so
Posted at 07/3/2024 15:21 by piperpeter
I don't actually do forecasts, masergt, but one would assume it would be higher than the current lowly level. Though currently, the share price would need to be a little over 29p to about equal its 18.8% holding in ATOM. So, not only is this asset not fully priced into MEN's share price, no other Company held assets could possibly be included in MEN's current share price.

Cavendish haven't published a target share price for some time now, so it will be interesting to read their opinion when we have more meat on the bones re the IPO and spin-out of Green House Capital Group, and who ends up owning a slice of it, if you know what I mean.

Which shouldn't be too far away now, surely?

Currently there are 25 million Green House Capital Group shares allotted, so with MEN owning 75% of GHC, MEN's shareholders must currently collectively own 18,750,000 of the shares.

Approximately 1.5 shares per one MEN share? 18,750,000 / 12,378,197 = 1.514

Pp.
Posted at 22/2/2024 15:09 by chris cat
Imagine a doomsday scenario where

1. PL’s new co owes c$14m to MEN
2. MEN owes the PL company c$13m
3. PL has security over MENs shares of ATOME worth c£4m
4. PL’s firm could owe MEN c$20m depending on the performance of the Argentine wells

The recent placing for c$500k was likely just enough to cover wages and salaries until the Paraguay drill hit TD, if it fails then MEN is practically dead, with its only assets being the sale of shares in GHC and ATOME.
Is it possible that the people who took part in the $500k placing could have been told that they will get a return, some might call it a divi in specie from the sale of the incubated investment and such a divi might just cover their losses on the $500k placing.
In a scenario where MEN is effectively defunct, PL could set off the two loans noted in 1 and 2 above, manage the well production in Argentina to minimise the amount due to MEN for the earn out agreement.
Shareholders are then left with a company which is worth nothing to its members apart from their potential divi in specie from the GHC IPO.
PL takes MEN’s ATOME shares worth £4m, gets his divi in specie for GHC and avoids a potential $20m liability from the earn out.
Clearly this is how matters could play out in a doomsday scenario.

In a blue sky alternative….Paraguay could hit a gusher, ATOME finalise the c$130m funding package mooted, GHC IPO’s at a significant premium and the share price rises overnight to the level quoted by Edison I think and backed up by PP’s calcs.

Obviously there are also options for all points in between

Shouldn’t be too long before we see which way the dice fall.

Happy to be corrected if any of the above is inaccurate
Posted at 21/2/2024 05:59 by researchguru1
Molecular Energies Plc - Unlocking Paraguay's Hydrocarbon Potential

Overview:
Partnered with CPC, the multibillion-dollar Taiwan state-owned oil and gas entity, London-listed Molecular Energies Plc (AIM: MEN) is currently engaged in a high impact drill in Paraguay's Chaco Basin, which industry estimates suggest holds over 4 billion barrels of oil.

Drilling at the company’s Tapir x-1 exploration well commenced in mid-January and is now nearing its target depth, with news on this front expected imminently.

CPC's involvement here, of course, signifies the perceived value of the company’s Paraguay assets which hold significant promise in unlocking Paraguay's hydrocarbon potential.

A positive result at the Tapir x-1 well would, therefore, mark the country’s first official oil discovery. And the country’s Vice Minister of Mines and Energy, Mauricio Bejarano, is making no bones about being the company’s most passionate cheer leader. He wants the drill to succeed and is throwing all available resources to support the JV.

Valuation:
At the current trading price of £35p (£4.2m), Molecular presents an enticing risk-reward dynamic for investors. The company boasts a diverse asset portfolio, including significant holdings in Atome Energy (AIM: ATOM) and Green House Capital Plc (scheduled for IPO in Q1 2024), alongside a cash reserve of £1.1m, and an anticipated £10.3m windfall from the sale of President Petroleum S.A., of which it has already received £400,000.

Worth noting at this point in time is that, the company's Atome stake alone (valued at £4.25m) mirrors its entire market capitalisation. Intriguingly, the company's supplementary assets are currently appraised at £0.

The real kicker here, however, is that, the company’s Paraguay assets are not factored into the equation. Hence, a successful drilling operation would propel Molecular's share price exponentially.

House broker Cavendish assesses Molecular’s fundamental assets at 153p. However, incorporating a positive outcome at Tapir jacks-up the valuation to 684p per share - offering an astonishing 1,900 percent potential upside from Molecular’s prevailing share price of 35p.

Comparable instances, such as TSX-listed Africa Oil Corp's triumph in Kenya’s Lockichar Basin, demonstrate the potential for significant share price appreciation - 1,250 percent to be precise, and achieved within a short space of time.

.
Posted at 14/2/2024 21:42 by masergt
None of us know Brasso but the share price seems to suggest there is. Historic performance against published expectations is just dire. cf the 2014 Edison report posted by Peterpiper:

"A reminder of the value put on the Pirity Block from ten years back, prior to the 2014 drilling programme...






Pp.

[My reply] Lol re Edison.

14th April 2014 - MCap £127m, Net cash - £41.2m.

14th Feb 2024 - MCap £4.46m, Net cash - who knows!

Gee thanks PL.


The market has zero confidence in anything PL says or does. Always jam tomorrow followed by a fundraise. The last placing for a measly £500k was diabolical: the damage to PI's just wholly unacceptable. We are treated with contempt.

RNS 24th Jan 2024, 7:00am. "...intention to raise at least £500,000 (before expenses) pursuant to a placing (the "Placing") of not less than 991,851 new ordinary shares ... a subscription (the "Subscription") of not less than 436,714 Ordinary Shares... all at a price of 35 pence per New Share. [A total of 1,428,565 new shares].

The day before, we'd closed at 73.5p.

RNS 24th Jan 2024, 3:22pm. "...successfully raised £0.65 million (before expenses) pursuant to the Placing and Subscription of 1,852,824 New Ordinary Shares at the Issue Price [of 35p]... representing 17.9 per cent of the Company's issued share capital at the date of this Announcement. Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 12,218,197."

That day we closed at 37p, halving the MCap and diluting our investment by a fifth - and PL boasted about this 'insider' giveaway being oversubscribed!

So just what was PL up to? £500k is pocket money to him so it's not as if he couldn't have chipped in for the short term support of his own company. But why would he even have to do that given that just 13 days before he'd announced the receipt to the UK of US$500k from Argentina?? With a total US$13m to come from Argentina over the next five years, even a bank would have lent him £500k.

PL shafted the PI's on 24th Jan but there will have been winners - so who were they? A quick look at trading volumes in the days leading up to the placing makes for disturbing reading and awkward questions.

Mon 15th Jan - 7,290
16th - 16,692
17th - 313
18th - 7,170
19th - 7,350

Mon 22nd - 21
23rd - 1
24th - 536,548
25th - 140,619
26th - 110,152

Now I don't believe you can announce a placing at 7:00am and close it by just gone 3:00pm without prior funding discussions and commitments. I believe those started over the weekend of 20th/21st and were well known in the market on 22nd/23rd. I believe PI trading had been fairly quiescent since announcment of the Chaco spud delay a month before as PI's basically sat on their hands waiting for news. The share price fluttered between 75.5p and 72.5p with volumes typically in the 6 to 7,000 range, presumeably on continuing small intra market deals.

Then damned near zero trades on 22nd and 23rd. The stock opened on 24th at 37.5p with a high of 40.0p and closed at 35.0p. It was hammered again on the 25th but the bounce didn't take hold and even though volumes have strengthened we're still sat at the placing price.

These are my questions:

Given the prior market knowledge of the heavily discounted placing, then how many sells were not reported on the 22nd and 23rd but held back to be hidden among the massive trading volumes on the 24th? How many of the buys on the 24th/25th were the sellers getting back in having doubled their holdings? We know the MM's selectively delay trading info to moderate and create a 'stable' market - and the FCA/Stock Exchange approve this - but what chance, what voice, have we against that sort of crooked marketplace? And who were those inside winners?

And therein lies the nub Brasso. We know nothing 'cos we're told nothing. And would I believe PL now anyway?
Posted at 10/2/2024 14:46 by researchguru1
TAKEN FROM THE LSE BB (SmartMoney)

"All intelligent investing is value investing; acquiring an asset for less than its value means seeing what everyone else sees and thinking what no one else thinks."

Bae24ee, the mathematical logic of MEN hitting a duster and losing 50% of its market cap makes no sense at all. Here’s why;

1. The company’s current, estimated cash balance is circa £1.2m. This is comprised of £0.5m (net of proceeds) from the recently oversubscribed fundraise, £0.4m receipt of the first instalment of the Argentine funds, and £0.3m of cash equivalents as deduced from the interims.

2. The company’s 20.5% holding in Atome Energy PLC is currently valued at £4.7m.

3. The company's 75% holding in Green House Capital Group PLC is currently estimated to be valued at circa £7.5m. This, for the record, is extremely conservative. The final figure, when it comes, is likely to be significant.

4. The company’s current value of its property, plant, and equipment sits at a conservative £7.4m (extracted from the last interim results).

Thus, the total value of the company’s current assets, NOT INCLUDING THE PARAGUAY ASSET, is £20.8m. Now, compare that number against its current market cap of £4.3m. Utterly insane! It is a gross and unwarranted undervaluation of the business.

Or put another way, the company’s current share price would have to increase FIVEFOLD to achieve anything close to a sensible valuation. AND THAT IS WITHOUT THE PARAGUAY ASSET which, for this purpose, has been assigned a £0 valuation. This means that, the Tapir x-1 exploration well has been thrown in for free!

To that end, and should Tapir x-1 fail to find the black stuff, the share price should be unaffected.

Separately, there’s a few additional fundamentals that make this company an even more compelling story:

1. The company currently has LIVE potential leads regarding aviation and other energy related projects.

2. The company has a strong strategic and institutional base of support, and no third-party financial debt.

3. 71% of the company’s 12m shares are in ‘sticky hands’. That only leaves 4m shares in the public’s hand. So imagine when the first, of five, pieces of transformational news lands…

Also, and purely for clarification purposes, I decided to exclude the upcoming Argentine funds in the calculation as the timing of the receipts have not been formally outlined. However, I still expect the company to receive payments totalling £1.5m between now and June 2024. Of course, it might be a lot higher than that. Thus, consider the Argentine funds as another asset thrown in for free.

So, as you will, of course, appreciate, the current market cap of £4.3m is only capturing the company's cash balance and a portion of the Atome holding. The rest of the company's assets are not priced in. So buying now is an exceptional opportunity to benefit from the inevitable rerating of the company's shares which should be, in reality, changing hands at 150p and above. THAT PRICE, BY THE WAY, EXCLUDES THE PARAGUAY ASSET AND THE ARGENTINE FUNDS.

And judging by Friday's large increase in share purchases, including the 54k trade at 36p and 30k trade at 35.85p (visible on Level III), the shrewd money has began flowing in.

AIMHO
Posted at 30/1/2024 21:50 by piperpeter
As before, OfficerDigby, there is an outline of the disposal of the Argentine asset in post 2170.

Peter Levine has effectively taken control of the former asset, and along with it has taken US$33.8 million of debt off MEN's hands. This element is obviously very important!

Now, the former asset owes to MEN US$13 million plus interest, with MEN owing to Peter Levine approximately US$12 million, so far as I remember. This US$12 million is not repayable by MEN until the end of 2025 and has zero interest. Also, with the recent debt for equity swap, the sum owing to Peter Levine (the US$12 million) may now be lower than US$12 million. So effectively, he owes MEN much more than MEN owes to him, I believe.

MEN has no third party debt. MEN has no third party debt.

With regard to payments to be received from the former asset, it takes the following form;

1. US$2 million will be paid to MEN in September.

2. US$13 million, plus interest, will be paid to MEN, no doubt in tranches (US$500k of this has already been received by MEN).

3. And up to another US$25 million will be paid to MEN over five years, if cash flow permits. MEN is entitled to effectively 20% of free cash flow over five years, under certain prerequisites.

All of the above is up to a maximum of US$40 million (2m + 13m + 25m)

If the US$33.8 million of former debt (US$33.8m) is added into the mix, MEN effectively benefits by up to US$73.8 million.

Hope this helps.

Pp.
Posted at 17/1/2024 07:02 by all in eol
17 January 2024

ATOME ENERGY PLC

("ATOME", "the Company", or "the Group")

Update on Paraguay Operations

Excellent progress on multiple workstreams coming to a head in Q1 2024

ATOME Energy (AIM: ATOM), the only international green fertiliser project development company on the London Stock Exchange, provides an update on its Paraguay operations.

Summary:

-- Front-End Engineering Design ("FEED") study and Engineering, Procurement and Construction ("EPC") progressing well and to be concluded in this Q1

-- Multiple offtake proposals received from leading international players with Company in advanced negotiations for offtake of Villeta's full production volume of its green fertiliser with concrete news expected this Q1

-- Company confident in finalising the Villeta Project financing with interest in the debt financing component extending to over 2x oversubscribed and interest from international heavyweight investors in the equity component all at project level

-- Pre-PPA studies in respect of the 300MW Yguazu Project to be completed this month to confirm best location for the project with the 300MW PPA targeted for this H1

145MW Villeta Phase 1, Paraguay

Detailed FEED, EPC, and financing negotiations for this first of a kind project are now in their final stages as management continue to push to achieve the best possible expedient outcome for ATOME shareholders. The Company is pleased to report solid progress continuing across key development workstreams.

FEED and EPC in final stages

The FEED study for the Villeta Project will be completed this Q1.

EPC contract discussions with the main and specialist sub-contractors, led by AECOM, the international engineering consultancy and ATOME's Owner's Engineer, will conclude in the coming weeks. Discussions have been focussed on delivering a lump sum fixed price turnkey contract in order to provide certainty on costs and delivery timelines with AECOM contributing value engineering. This contractual structure being negotiated will create alignment between ATOME and its EPC contractor which has the responsibility for delivering the plant in working order, on the agreed timeline and budget, thereby lowering project risk and increasing its bankability, all of which significantly contributes to maximising project returns.

Offtake of CAN from Villeta

The Company is in advanced negotiations with leading international players for the offtake of the full production of green Calcium Ammonium Nitrate ("CAN") fertiliser from Villeta. ATOME has now received multiple proposals from prospective offtakers and management is actively considering a number of proposals which satisfy the financial and strategic objectives set out by the Board.

It has become clear to the Board that there is a significant and growing market for CAN on the doorstep of Paraguay, in Brazil and Argentina, particularly with the latter market becoming significantly more open due to the change in government there. Furthermore, ATOME's offering is particularly attractive to European and UK markets where increasing emphasis is made throughout the vertical supply chain for green fertiliser and carbon tax penalties are now in place and will grow increasingly in the next few years.

An agreement on offtake of ATOME's CAN is expected to be announced before the end of Q1. Further details of the offtake arrangements will be disclosed when terms with an offtaker are settled.

Project financing gains momentum

The Company's financial advisor, Natixis Corporate & Investment Banking, has received multiple formal expressions of interest from Development Finance Institutions, international lenders and export credit agencies leading to an indicative oversubscription in respect of the debt financing component of the project of some 2x. As such, the Board is confident that the debt element of the financing can be achieved on terms acceptable and as envisaged by the Company and we expect to mandate the lead arrangers in Q1.

Discussions are ongoing with prospective international equity and strategic investors at the project level who are continuing to show ongoing interest in financing Villeta due to the project's robust economic case and strategic importance given that it is expected to be the world's first industrial scale green ammonia-to-fertiliser facility and capable of exporting its product economically worldwide.

300MW "Yguazu Project"

Following entry into a pre-PPA with ANDE, the state power company of Paraguay, both parties continue to cooperate on mechanical engineering and feasibility studies to establish the best location for the Yguazu Project.

Yguazu will benefit from the blueprint created by the Villeta project development for green fertiliser production both in terms of timescale and costs. A further update on Yguazu along with an expected roadmap toward a 300MW PPA will be made in this Q1 with a formal 300MW PPA targeted to be entered into within H1.

Olivier Mussat, ATOME's CEO, commented: "The Board is confident that 2024 will be a transformational year for ATOME and we are grateful to the team and our strategic partners who have continued to work throughout the end of the year in order to make rapid progress on the engineering, financial and commercial fronts.

"Whilst taking slightly longer than we originally hoped, the work and de-risking during this extended time has allowed for significant benefit in enhancing the efficacy of our first 145MW project in Paraguay as well as enabling beneficial impact on design, offtake, and financing. We are confident that in this Q1, further key project milestones will be achieved, and we look forward to taking FID on the Villeta project once these workstreams are completed.

"At the same time, work is continuing in parallel on other projects and in particular Costa Rica which, combined with Yguazu in Paraguay, provides a pipeline of projects extending to world-scale in excess of half a gigawatt."
Molecular Energies share price data is direct from the London Stock Exchange

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