Pensana Share Discussion Threads

[cyberbub] 25/11/2022 10:17

Not yet AFAIK

[mhssh] 25/11/2022 09:57

Alkemy, do they have finance?

[mhssh] 25/11/2022 09:44

That would be very good, hope you can make it.

[mwj1959] 25/11/2022 09:27

ALK up on planning permission to build the TVL plant... hxxps://www.alkemycapital.co.uk/news
I'm going to try and go to the PRE AGM next week.

[mhssh] 25/11/2022 08:58

Or are we being sacrificed on the altar of ALK.

[mhssh] 25/11/2022 08:37

Can't come soon enough!

[sirmark] 25/11/2022 08:14

ALK flying up this morning, our turn very soon imo

[mhssh] 25/11/2022 07:13

There was a piece in the FT quite a way back which was very critical of the executive pay structure.

[cyberbub] 24/11/2022 22:17

Varies I would agree that the company needs to be challenged on director pay. I live some way fr London and can't make the AGM, is anyone else going out of interest?

[varies] 24/11/2022 21:58

mwj1959
Thank you very much for the link to the annual report.
There is certainly a huge amount to digest here but I do notice the generous pay that the directors have been enjoying.
Given that the amount of cash held is modest and that there can be no prospect of any profits for several years, I do wonder why the directors do not show more restraint.
With some regret I shall remain an observer for the time being.

[mhssh] 24/11/2022 21:28

That all sounds very reasonable, let's see what comes out at the AGM next week.

[cyberbub] 24/11/2022 20:51

There's no "emergency" involved Mssh. If the main funding package is delayed they will "plan" to raise a few mill more to continue prep work. That's why companies list on the stock market - to raise money. Sometimes delays do or don't happen, you can take a glass-half-empty approach if you choose.BritishVolt is chalk and cheese, it needed to raise several billion for a massive factory and super specialised equipment, and was run unprofessionally by billionaire playboys. They hung their plans on £100M govt seed funding promised by Clown Johnson which he never provided (or possibly some of the more competent civil servants realised the company was a bad bet).Pensana only needs $250M for Saltend, not peanuts but it's far lower risk than BritishVolt and has a huge IRR. Plus as stated by Atherley they don't actually need any Govt money as the investment proposition is so strong.So there are only two scenarios here: Atherley is a conman who's happy to risk jail by making public statements which are substantially false, the company has made no progress, investors including the Angolan Sov Fund have been conned, and it's likely to go bust and be flogged off for a quid in the near future. Or - this is an excellent investment proposition in a hot area, and while financial close may or may not take place this side of Xmas, ultimately it will be soon.Place your bets :-)NAI

[cyberbub] 24/11/2022 20:50

Can you explain why you think, Mssh?

[mhssh] 24/11/2022 16:48

I have just looked up ALK, the shares have gone from 95p to 230p in just over a month. One has to wonder why.

[mhssh] 24/11/2022 16:10

If British Volt is anything to go by, getting emergency top-up funding is not easy. What I have read seems to indicate the BV will be put up for sale. Adios.

[mwj1959] 24/11/2022 15:19

Annual report (latest official financials) link here...
hxxps://pensana.co.uk/wp-content/uploads/2022/10/Pensana-Plc-2022-Annual-Report.pdf

[varies] 24/11/2022 14:26

mhssh and cyberbub
Thanks so much. I have still not succeeded in finding Pensana's latest balance sheet

[cyberbub] 24/11/2022 13:57

The company got $10m in funding from the Angolan Sov fund not long ago, but it will be spending plenty on its FEED works, extra drilling, permitting etc. So yes they will need money soon, whether the major funding package or some top-up funding if that is delayed.

[mhssh] 24/11/2022 13:40

I attended a meeting in September and someone at the meeting said to PA so funds run out in March. And, to my understanding, PA agreed that was correct. So if the financing is not done and dusted this side of Christmas, that deadline becomes uncomfortably close (it's already pretty close).

[varies] 24/11/2022 12:34

I have been lucky with my REE investments, principally Lynas and Arafura, both Australian, and am tempted to buy a few shares in Pensana.
What is the cash position ? I have tried in vain to download the annual report recently published.
There must presumably be a big share issue soon and it might be prudent to wait for this before investing.

[mwj1959] 24/11/2022 09:14

mhssh - PA has substantial interests in both companies. According to the PRE Annual Report he held 13.427m shares at the end of June, which is 5.4% of the share capital. if you go to the latest shareholder analysis in the website (hxxps://pensana.co.uk/shareholder-information/) its difficult to see where those are held. They're certainly not in his name. The Liberum initiation report shows his holding as the same as in the Annual Report. According to the Alkemy website he owns 3.078m shares of ALK, so just under 43% of the share capital (he did own 50%, but that was diluted in the recent share issue). ALK owns 100% of Tees Valley Lithium, which is its sole investment. PA is Non-Executive Chairman of both ALK and TVL and Chairman of PRE, but to all intent, in my opinion at least, he runs both companies. He's certainly the public face of both.
So he has substantial skin in the game and clearly would be a major beneficiary if either or both projects are (hopefully) delivered. Whether there is a conflict of interest, whether now or potentially in the future, is a much harder one to answer. He would say that while he has an executive role at PRE its non-executive at ALK / TVL, so there isn't one.

[mhssh] 24/11/2022 07:45

Sadly I am no expert, just a humble retail investor. I am always suspicious of tomorrow and tomorrow rather like a mirage. PA never, to my knowledge, injects a word of caution himself, its always everything on track and fine. I always wonder at the M&G investment, I guess those guys would not commit without pretty great assurance, there again I don't suppose PA could tell them anything which was not in the public forum, otherwise they would be privy to inside information. Not sure. I hope we are not being strung along with a ring in our nose.

[oapknob1] 24/11/2022 06:17

Didn't they ask for that at last years AGM and now plan to renew that resolution every year ?

[cyberbub] 23/11/2022 17:45

The ticker is ALK, just type it in!!Mssh, what do you see as key risks to this project getting funding?

[mhssh] 23/11/2022 17:36

mwj, I did not realise ALK was quoted (where do I find it). When I first came across it I said to PA in an e-mail was there not a conflict of interest, but was assured not. I was surprised Pensana did not insist on him choosing which horse he wanted to ride. This is no done deal by ten country miles, or more.