Pensana Share Discussion Threads

[mwj1959] 27/1/2023 15:35

I'm sorry, but to say that M&G did not do their due diligence in both their funding rounds (£10m in Dec 21 and $4m in Dec 22) is ludicrous. They would not have invested without some detailed conversations with management and their own analysis of the company and its underlying fundamentals. I would have expected their DD to be even more extensive prior to the current funding round, given the clear challenges PRE seems to be facing around getting financing (or at least financing at the right price). Of course whether the conclusions of their DD (i.e. to invest) were correct, only time will tell. Investing in start-up projects requiring material amounts of capital is a tricky business.

[mhssh] 27/1/2023 14:25

You could be right, Murphy's Law at work for PRE shareholders. Did not know M&G had done no DD on their original investment, if that is the case, sounds pretty shoddy.

[dumbpunter] 27/1/2023 12:44

>>implying that M&G (and the ASWF) have not done their Due Diligence properl

M&G did not do DD with their original investment. Maybe they have now, hence the failure to fund.

[mwj1959] 27/1/2023 12:26

He probably would say that having failed to deliver! Not sure there is a read across to PRE. More relevant for ALK.

[mhssh] 27/1/2023 10:23

Heading from Bloomberg:

Britishvolt’s Founder Says UK Battery Sector ( read "UK Magnet Sector")is ‘Doomed’ Unless Government Steps Up. Hmmm.

[skijapan1] 27/1/2023 07:32

They are Dumppunter and all will be revealed soon for your realization.

[dumbpunter] 26/1/2023 12:34

Tell that to financers performing DD.

[skijapan1] 26/1/2023 11:57

Dumppunter, Not only that you are a serial pest on this thread , you are absolutely clueless and lacking of any intelligence and you have no idea what you are talking about, The FEED coupled with a Ore report is the finale economics for funding.

[dumbpunter] 26/1/2023 07:51

>>FEEDs for both Saltend and Longonjo have both been completed.
Not used for financing.
They abandonded the BFS, which says a lot.

[mwj1959] 24/1/2023 10:02

The FEEDs for both Saltend and Longonjo have both been completed.

[dumbpunter] 24/1/2023 07:11

What's the average price over the previous 10 trading days?

[dumbpunter] 23/1/2023 20:18

How on earth do you think they will get funding without a feasibility study. Its impossible.

[mwj1959] 23/1/2023 16:34

Sirmark...it remains option money in my opinion until all the financing is in place. I describe it as such because I've invested enough to make a meaningful return if it works, but won't lose any sleep if it doesn't. I'm just trying to take a balanced view of the risks and rewards, which you always need to do with these sort of projects.

[sirmark] 23/1/2023 15:46

MWJ another positive post...jeez "just option money" ... how many times have you posted that. zzzzzz

Anyway for me I see this moving very strongly in the coming months, and have positioned my position accordingly.


GL all

[mhssh] 23/1/2023 15:11

Having a lot of time on my hands I listen to/read a lot of news. The reaction over the collapse of BV has the gov. firmly in its crosshairs. Just watched an item on GB news that seemed to believe that the project would be resurrected. I think if Pensana were to collapse tomorrow, then the volume of the outcry would be deafening. Whether that makes any difference, is quite another story.

[mhssh] 23/1/2023 13:57

Indeed and "....the story for months.." will soon be a year or more, back in the day when interest rates were on the floor. It seems these start up's in the UK are a reason for high living executives, with far too many employees (unlike Bill Gates and Jeff Bezos working out of a garage). Frugality is not something anyone seems to have heard of.

[mwj1959] 23/1/2023 13:31

And what do you base that on? I remember lots of similar enthusiasm the last time the stock reached these levels and it then fell to the low 40s! OK the company has M&G's cash to support it for a few months, but that's about all that's changed. Clearly a financing announcement would change the situation, but that's been the story for months now, without any obvious progress (I recognise here that the company will be restricted in what they can say). When will Paul (Daniels) Atherley pull the financing rabbit from the hat? Remains long-term option money for me - lots of value if PA delivers, but fairly worthless if he doesn't. Just my opinion of course and that's why I remain only a modest holder.

[sirmark] 23/1/2023 11:22

A push to 70p looks on, although I'm sure it will be steady as volume is not massive although has been picking up over the past month

[chinasyndrome] 22/1/2023 22:24

I guess that as the FUD teams are still trying to spook the Equity holders, the Big boys are still trying to rob them ? FO Jack

[mhssh] 22/1/2023 18:20

But, I guess, with the equity shareholders wiped out.

[mwj1959] 22/1/2023 17:22

Profligate management in a start-up is never a good combination, particularly one that requires substantial financing. This may yet deliver, but under a bigger company's umbrella.

[mhssh] 22/1/2023 11:00

Here a snippet from the Sunday Times on BV:

Inside Britishvolt’s collapse: yoga, flash cars and broken dreams
Bosses splurged on electric Porsches, hundreds of staff and a director of wellbeing. But they never made a single battery


At half past eleven in the morning last Tuesday, Peter Rolton, executive chairman of battery-making startup Britishvolt, assembled his staff to deliver some bad news. About 240 people had dialled into a Microsoft Teams call that had been hastily rescheduled five times during the previous day.

“I’m not going to say good morning because it’s not good,” Rolton said. Over the next two minutes he and the chief executive, Graham Hoare, explained that the company had filed for administration and all but a handful of staff would lose their jobs. The pair then handed over to administrators at Ernst & Young.

“Can we speak to Graham? Can we speak to Peter? Can we ask them some questions?” workers demanded. “It got quite heated and very passionate for a lot of people,” one staff member said.

While both men ducked questions from staff, the clamour for answers will go on. The collapse of a startup once valued at $1 billion (£800 million), and billed as the great hope of the British car industry, has sent shockwaves through northeast England, where the company’s £4 billion gigafactory was to be built, down to Westminster and beyond.

It has thrown up tales of reckless spending on company Porsches and extravagant salaries while the firm struggled to land a major customer..............."

And so it goes on.

While i agree with 99% of the crticism, I do not think the "...and did not have a single customer..." is a valid one.

When someone opens a department store they do not have a single customer lined up in advance. They just believe that they have products that the general public want. Likewis a battery manufacturer (of course assuming they are making the right kind of batteries) knows they are going to produce what car manufacturers want i.e. a ready market.

As for the rest of the criticism, that is all too relevant and reminds me of another company I know.

[sirmark] 21/1/2023 19:40

Don't worry mate it said positive and something you struggle with.