Plutus Powergen Share Discussion Threads

[bishopawn] 12/12/2019 11:52

EVERYONE BE AT THE READY TO VOTE THEIR SHARES AT THE EGM:

REMOVE!!!

AND

REPLACE!!!

Make sure your shares in Nominee Accounts are voted in good time.

[2pablo] 12/12/2019 10:11

you're dead right Greta - today at 6pm I expect

[gretagarbo] 12/12/2019 08:23

Pushing it to the wire again. They released results at 6.30 on the last possible date . They have to give date of egm today which is 21 days after requisition notice . After hours rns likely.

[2pablo] 10/12/2019 10:22

Bishop - yeah, many tricks they will try to keep their seats. The meeting must be scheduled within 28 days of it being published - my bet is 28 days after tomorrow when they should announce it

[bishopawn] 10/12/2019 08:38

They may try and put the EGM in the Christmas holiday period in the hope that people will be distracted and not get their votes in to REMOVE AND REPLACE THEM.

So keep alert and vote your shares in a timely manner, would be my advice.

EVERY SHARE VOTED WILL COUNT.

[2pablo] 10/12/2019 08:32

Current corrupt BoD have until tomorrow to announce the date of the GM to oust them.

Then several more weeks delay until hopefully enough people vote to get them out

[1renard] 09/12/2019 22:11

All gone a bit quiet here . Any idea what is going on ? Anyone?

[gretagarbo] 05/12/2019 14:56

Anyone wishing to vote for the coming requisition will need to contact their broker. Make sure you all vote.

[gretagarbo] 01/12/2019 19:41

Charles Tatnall and James Longley are probably the biggest pair of failures currently operating quoted companies. Stranger Holdings, Papillon and Fandango all raised getting on for £1 million each a few years back with the promise to investors that they would be reversed in to fantastic businesses that were keen for a listing. 3 years have gone by and the shells are all completely strapped for cash and off market. Tatnall and Longley have paid themselves handsomely. Investors have zero chance of getting their money back in any of them. There is a small chance that investors here in Plutus could salvage something as long as enough investors are brave enough and bold enough to vote to remove the board in the coming weeks. I sincerely hope that everyone reading these boards will make sure they keep up to date with developments. If you have shares in nominee accounts you will have to organise getting your share votes in as soon as details come out. Carpe Diem. Vote the scoundrels out

[1renard] 23/11/2019 11:10

Ok ; I've been researching the proposed new board. It is clear to me that in order to create a requisition they had to have current shareholders taking over 5%. Riverfort and Chelverton have about 10% so were the drivers behind the requisition. What we do not know however is where the other support comes from and they must have some evidence of major support from somewhere otherwise they wouldn't have bothered. We will have to wait to see some sort of letter and proposal before we get a clearer idea of what they intend for the business. I expect Tatnall will spout his usual rubbish about new board diluting the shareholders!! What is more diluting? raising money at a given share price or running a business so badly that it loses 95% of its value over two years. Give me limited dilution any day!!

David Horner clearly has access to deep pockets and I would view as a "safe pair of hands" and someone who is scrupulously honest. Nick Lee was hugely criticised for selling about 1/4 of his holding in Plutus a couple of years back. He did the right thing and probably regrets not selling the lot. I agree that Paternoster did not do well but a large part of its failure was down to Plutus collapsing .

Dr Nigel Burton ;

Chairman and NED, with over 18 years' experience as CEO/CFO/Finance Director. Previously CFO/FD of two UK AIM listed companies (Granby Oil and Gas 2005-08, WILink plc 2000-04) and three private equity backed ventures (Navig8 Product Tankers 2015, PetroSaudi Oil Services 2011-14 and Advanced Power 2008-10) and CEO of AIM listed NU-Oil and Gas plc (2015-19). NED of Digitalbox plc

Strong City links and proven fund raising ability in both private and quoted sector including successful IPOs and project financings.

Experience includes Non-Executive Director roles in software, energy and online retailing businesses.

Over 14 years experience of Stockbroking and Investment Banking at leading City institutions including UBS Warburg and Deutsche Bank, principally focused on the energy and utilities industries.

Chartered Electrical Engineer, President of IET (Europe's largest professional engineering body) 2010-11.

Specialities: Finance, IPO, fund raising, Energy

I am looking forward to the letter accompanying the requisition to see just how they are going to breath life into this mismanaged opportunity.

[pbanus] 23/11/2019 03:40

I don't share 2pablo's optimism. If the existing BOD is removed and newBOD wants to recruit the previous director who resigned, then he'll want paying and will be unlikely to work for deferred pay, given that the working capital and existing cash resources are so constrained where's this money going to come from? The BOD in their RNS mention that £610k is owed from Rockpool. Given Rockpool know that the company is so cash constrained, why don't Rockpool pay this or is there a contractual dispute regarding this? On the face of it it seems unlikely that the management fees will be re-instated. You'll also note that things have gone very quiet regarding the PPG funding collaboration agreement for future sites (RNS in Aug).

[2pablo] 22/11/2019 20:53

Pete, with new mgmt and Lazarevic back, who has the know how needed for the sites, we could easily turn this around. CM payments are back too so they'll be paying off the debt at the SPV and again making them saleable.

The current BoD will probably drag the meeting out 5 - 7 weeks as it's common practice but soon we'll have them.

All to play for, can see this business surviving and prospering with new capital funding and the share price back to 1p within 6 months

[petersinthemarket] 22/11/2019 19:53

What a strange week!
Maybe the existing BoD will be sacked.
Maybe the new BoD will know what they are doing.
Maybe the old contracts will be renewed.
Maybe the newly run Co will make money.
Maybe the assets could be sold off to pay down debt, or distribute.
Maybe none of this will happen.
Maybe that was a pig I just saw flying past.
Why on earth would any serious investor now buy into this basket case?
There are many other completely reputable and profitable Cos available.
If I can get back some, or any, of my 94% loss I will be surprised and pleased.
Best of luck to all holders.
Have a great weekend.
pete

[nw99] 22/11/2019 17:39

Oh not a good record then

[riddlerone] 22/11/2019 11:17

Paternoster Resources PLC



His handywork

[nw99] 22/11/2019 10:32

No is it's good

[riddlerone] 22/11/2019 09:51

Have you looked into Nick Lee's track record?

[zen12] 22/11/2019 00:28

Exactly..new bod will do wonders and could save these contracts. Can you imagine what it would do the share price ...current bod have failed, so cannot see how shareholders can reject this!

[rhug1966] 21/11/2019 22:46

The sale of the assets is now out of PPGs hands as per RNS :-

As previously outlined Rockpool and Plutus have been exploring opportunities to maximise the value of the FlexGen sites and have been seeking to secure a sale of the portfolio of the six 20MW FlexGen sites and the one gas site they have in development, in which the Company retains a 44.5% equity stake. The Company is in early stage discussions on an indicative offer that has been received for the six 20MW FlexGen sites. Rockpool are the majority investor on these sites and will manage the negotiations on the potential sale of these FlexGen sites

[montynj] 21/11/2019 19:58

Bear in mind one major fact..Rockpool and Attune pulled the plug on contracts due to no competent industry person at PPG since Paul L departed. However, if BOD is voted out and new team join with an industry man then there's every possibility those contracts could be renewed..

[zen12] 21/11/2019 19:41

Owned £610k..so should be coming in very shortly Rns Oct: .. The Group is currently owed to 21 October 2019, through its subsidiary Plutus Energy Limited, c.£610,000 in accrued and deferred fees from Rockpool. There can be no certainty as to when these accrued and deferred fees will be received by the Company.

[rhug1966] 21/11/2019 19:07

Check out the accounts of the SPVs...debt needs to be paid first. Attune Energy, for example, owes £2.2m. The other 5 SPVs owe between 3-4 million each. Not sure the sale of the assets will cover the debt owed.