Mustang Energy Share Discussion Threads

[milliecusto] 26/6/2024 20:45

AI is hot at the moment and will be forever, might be good chance to lower our averages and wait a while to get a good rise

[megaman2] 14/6/2024 19:03

Thnx that was pretty lazy of me but I didn't have the will to try to find it .

[begorrah88] 09/6/2024 10:36

Page 31 of the prospectus on the website under offer documentation.

[begorrah88] 01/6/2024 07:16

Good to see that there is a 6 month lock-in period for all parties.Richard Corsie MBE gets 300000 shares (£18k) as a finders fee for effecting the introduction to Cykel.Looks as though he recognised the only way he would get some of his initial investment back was if he did the legwork himself & found a suitable target for MUST.So we might have him to thank that MUST has even got a pulse.

[begorrah88] 01/6/2024 06:59

'Expected opening price at readmission 4.9p'

[begorrah88] 24/5/2024 08:29

Encouraging.

[megaman2] 13/5/2024 07:48

Just need an Argo Blockchain style rise now once trading from 10 p to £3...

Depending on cykel contract news you can see interest here as a pure ai stocks on the main market in the UK are limited..I think I read this will be the only one ? Tech Funds etc therefore may well invest

£20 mill mkt cap might have legs ..high risk of course

[begorrah88] 10/5/2024 08:06

The Scheme Document will be sent to Cykel Shareholders within 28 days of the date of this announcement (or such later date as Cykel, Mustang and the Panel agree).So, some progress but still with sufficient caveats & waiting on a prospectus which is due about the same time.I would have hoped to hear more about Cykel's progress over the last 6 months in the media but there has been virtually nothing?

[begorrah88] 01/5/2024 06:28

That was some gravy train they were all riding for absolutely no shareholder gain until the money ran out.

Looks as though all the directors ultimately got their initial investments back via a 'wage' while the company has been in suspension.

[begorrah88] 01/5/2024 06:24

From the annual report

A draft prospectus was filed with the Financial Conduct Authority (FCA) and it is in the FCA review process. It is
currently expected that should the Proposed Acquisition proceed to completion, subject to FCA approval the
prospectus will be published during Q2 2024.

Then...

To cover backs & ensure the Gallegos band wagon can keep rolling

Going Concern
On 23 November 2023 the company issued £200,000 10 per cent. unsecured convertible loan notes (the
“November 2023 CLNs”), the proceeds from the November 2023 CLNs were used to satisfy trade creditors and
future working capital. The November 2023 CLNs mature on the 31 May 2024 and convert automatically on
Readmission at a conversion price of 6 pence.
On 4 April 2024 the Company executed subscription agreements with 3 investors to issue a total of £200,000
unsecured convertible loan notes (the “April 2024 CLNs”). The April 2024 CLNs will bear no interest and
subscription by the investors shall be conditional on (i) the approval of the Company’s shareholders of the Proposed
Transaction; and (ii) the approval of Cykel’s shareholders of the Proposed Transaction. The April 2024 CLNs will
mature on the 31 May 2024 and convert automatically on Readmission at a conversion price of 6 pence.
Under the terms of the November 2023 CLNs Instrument, the November 2023 CLNs are automatically convertible
into new Mustang Energy Shares if Readmission occurs on or before the Maturity Date. If Readmission occurs on or
before the Maturity Date, the Directors, having assessed cash flow forecasts prepared for a period of at least 12
months, are of the opinion that the Company will have adequate working capital to meet the overhead costs of the
enlarged group and given that upon Readmission the proposed acquisition would be unconditional.
If Readmission does not occur by the Maturity Date the Company will need to raise additional funds through the
issuance of debt or equity to pay overhead costs for the next 12 months from the date of approval of these financial
statements. This will be to fund redemption of the November 2023 CLNs, due diligence costs for any new
acquisition, publication of a new prospectus and readmission of the entire issued Mustang Energy Shares to
trading. The directors are confident that sufficient funds will be raised in this scenario.

This line made me laugh -

Key Performance Indicators (KPI)
The sole KPI for the company has been to source a suitable acquisition target. As at the date of this report this KPI
has been met with the acquisition of a 22.1% equity interest in VRFB-H in April 2021.

It does look as though they recognised the shame of them all having their snouts in the trough until the Enerox deal finally collapsed last year and stopped taking money out [as each of the other directors were paying themselves £2k pm for just being a director! & the chairman was taking £2.5k pm in addition to DG taking £10k pm].


Set out below are the emoluments of the Directors for the year ended 31 December 2022 (GBP):
Director Salary and
fees
Taxable
benefits
Annual bonus
and long term
benefits
Pension
related
benefits
Share based
payments
Total
£ £ £ £ £ £
Alan Broome, AM 30,000 - - - - 30,000
Dean Gallegos 120,000 - - - - 120,000
Peter Wale 24,000 - - - - 24,000
Simon Holden 24,000 - - - - 24,000
Jacqueline Yee 24,000 - - - - 24,000
Total 222,000 - - - - 222,000

Given the limited cash position of the company all payments to non-executive
directors were waived in March 2023 and all payments to the Managing Director were waived in June 2023.
This was the last date of approval of the directors’ remuneration policy by the company.

[begorrah88] 12/4/2024 08:16

Kicked down the road for yet another month. Now 10 May.

More crass incompetence from Gallegos. No ability to negotiate just bumping deadlines & milking £10k every month he does.

Pathetic & should be illegal

3yrs+

11th extension during suspension

Not even made a formal offer.

Does Gallegos think the Financial Conduct Authority are happy & willing to repeatedly review potential prospectus, that change details monthly, for companies that have not even made a formal offer? it doesn't work like that.

[begorrah88] 12/4/2024 06:47

The deadline is 5pm on the 12th so might not be until after the market closes but we know MUST are no respectors of rules as the constant failures to update on missed deadlines with BMN showed us.

[megaman2] 12/4/2024 05:45

No offer identified as at 5 pm so has to be rns this morning confirming status .

[megaman2] 08/4/2024 18:47

cykel are running the show now. I'd forget about gallegos he will vanish now . Looks to me like this will complete imminently. The £200 k will have almost certainly have come from cykel connections and you would hope it will relist at substantially higher than 6 p. Cln convert at 6p..
Imo they will punt for a higher readmission price the cln holders would almost certainly be given an incentive .

[begorrah88] 08/4/2024 10:50

Raising funds to meet the terms and yet MUST haven't even made a formal offer yet? Or has Gallegos forgotten to inform the market?

[begorrah88] 08/4/2024 10:48

So 6p admission price if DG ever gets around to getting this moving forward.Today's update could just as well be ensuring his income continues for the foreseeable future whilst he announces the next set of delays.'3 investors' divvying up £200k, which based on the RTO numbers, represents 20% of MUST total value!

[begorrah88] 08/4/2024 07:51

DG's only understanding of negotiating is do nothing until the day before the deadline then cave in & offer better terms.How on Earth did he get this well paid job & why is he still there?

[megaman2] 08/4/2024 06:07

Failure or extension ..again ..as above ..

[begorrah88] 15/3/2024 09:28

To save everybody time why don't they just cut to 11th April - Gallegos announces change of terms to 2 MUST shares per Cykel.12th April further extension announced while Cykel consider terms but Gallegos has rooked another £10k out of it.Then Cykel walk away having wasted 4/5 months of their time but found other suitors & Gallegos announces looking at other opportunities for MUST.

[begorrah88] 15/3/2024 09:20

FFS!!!Yet another extension!We've been down this road so many times before.Gallegos 'negotiating' skills seems to just be:-1. Set out terms & deadline2. Do nothing until day before deadline & then improve terms3. Repeat4. Repeat5. Milk £2500 every single week you can string this farce out.Meanwhile any benefit of an AI bandwagon will roll out of town just like the Battery storage bandwagon did.3 years & not even a prospectus to considerShame on you Gallegos