Share Name Share Symbol Market Type Share ISIN Share Description
Plutus Powergen Plc LSE:PPG London Ordinary Share GB00B1GDWB47 ORD 0.1
  Price Change % Change Share Price Shares Traded Last Trade
  0.005 14.29% 0.04 4,242,132 14:16:00
Bid Price Offer Price High Price Low Price Open Price
0.03 0.05 0.04 0.035 0.035
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electricity 1.35 -0.57 -0.08
Last Trade Time Trade Type Trade Size Trade Price Currency
14:17:21 O 750,000 0.038 GBX

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Date Time Title Posts
24/3/202009:36Plutus PowerGen (PPG)2,705
25/6/201819:29Plutus Powergen38
25/6/201819:29Plutus Powergen - A great growth story49
25/6/201819:29Research note9

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Plutus Powergen Daily Update: Plutus Powergen Plc is listed in the Electricity sector of the London Stock Exchange with ticker PPG. The last closing price for Plutus Powergen was 0.04p.
Plutus Powergen Plc has a 4 week average price of 0.04p and a 12 week average price of 0.04p.
The 1 year high share price is 0.44p while the 1 year low share price is currently 0.04p.
There are currently 872,534,994 shares in issue and the average daily traded volume is 16,195,724 shares. The market capitalisation of Plutus Powergen Plc is £349,014.
maybesum: Tatnall & Longley, sounds like an undertakers......they certainly know how to cremate a share price.....looks like they are going to bury the company as well.
pbanus: looks like a move to deter another GM. Also appears to be the beginning of the end. We'll have spent the money in the next three months so if you have another GM and win you'll have to pay us £150k within 21 days. 10% looks exorbitant and benefits only those providing the loan. Wouldn't it be ironic if they are spending the money on their own expenses?! A 10% rise in the share price on no volume, who are the market makers kidding??
bishopawn: I agree with gretagarbo's analysis of brighter future prospects for Plutus, if we are successful next Fridday is getting rid of the "dellboys" who awarded themselves bloated salaries that are in no way related to their performance as directors, not to mention their high-octane spending, under the heading "Expenses". With the prospective new directors taking over, there will be an instantaneous improvement in the company's credit-rating and street-cred with any potential backers and partners like Rockpool. I would hope/expect that to be reflected immediately in the share price, once the cloud of uncertainty has been removed and Rockpool announces that it has come back to Plutus for help with its business. I hope Turner Pope is seeing to the welfare of their clients that they "put" into Plutus a while back, which has been disastrous for those clients, and advising them to remove the dellboys and replace them with proper directors who have the shareholders' best interests at heart.
1renard: ochs; the share price plunged below the floating price immediately so I expect people were locked in. Voting the board out is the only way to potentially get back their losses .
gretagarbo: This is the only bit that shareholders need to read. The board's defence is waffle at best and defamatory at worst. Dear Shareholders Introduction We are the two largest institutional shareholders in Plutus PowerGen plc ("PPG" or the "Company"), with a combined holding of in excess of 9%. We are highlighting here our concerns about the Company and explaining the background to the requisition that we have recently served. As institutional shareholders, we consider that it is only right and responsible for us to take an activist approach where we consider that circumstances are such that drastic action is necessary. We have done this because we believe that there are now limited options to preserve shareholder value in a situation where the Board is unwilling to accede to, and/or dismissive of, wholly reasonable shareholder demands. In summary: -- the Board has rejected numerous approaches by us over several months aimed at providing improved financial performance, governance and expertise to PPG; -- the Company's shares have fallen by over 93% since early 2018; and -- the replacement of the Board is the only way that the Company will be able to raise sufficient funds to survive and have a viable chance to thrive. We therefore believe that the only way forward now is for us to seek to remove the existing board in its entirety, appoint David Horner, Nicholas Lee and Nigel Burton (each of whom have consented to act as directors of the Company) to the board, and to reinstate Paul Lazarevic as a director. Paul being the only recent board member with the relevant sector experience. Whilst we regret the need to deal with this matter in the public arena, we have made no progress dealing privately with the Board and therefore cannot see any alternative but to approach shareholders directly to support us. We are aware that the sector in which the Company operates has recently been difficult given the issues with the capacity mechanism ("CM)") and the phasing out of the triad payments. Whilst we were pleased to learn that CM is to be reinstated, in the short term, we do not believe that this does anything to help the Company's current financial position. We remain very concerned about the complete lack of any progress by the Company over the last two years and the serious weakening of its financial position. Our concerns We list below a selection of our concerns that have come to light over recent months: -- PPG has lost its management contracts with Rockpool Investments LLP ("Rockpool"), which were the Company's only source of income, amounting, we believe, to over GBP500,000 per annum. Also, this apparent breakdown in the Rockpool relationship does not bode well for the proposed development of the Company's first gas site with Rockpool; -- there is a lack of cost control with administration costs appearing to be very high given the scope and scale of the Company's operations. The GBP500,000 raised from the placing in November 2018 has been spent when financial prudence should have been observed and administration costs reduced; -- the Company failed to get planning approval on the site in Devon which is a blow given the excitement and expectation when it was first announced; -- the potential funding for the gas sites does not seem to be any further forward; -- Paul Lazarevic, the only board member with any relevant sector experience and important relationships within the sector and the person responsible for operations has now left the Company so, in our view, the current board is no longer fit for purpose; -- PPG's share price has fallen significantly since early 2018, at one stage reaching 0.11 pence, valuing the Company at around GBP960,000; -- the Company appears to be very short of cash - on 30 May 2019, it announced that, as at 30 April 2019, it only had a cash balance of GBP64,000 even after the GBP500,000 placing in November 2018. Now it would appear that the figure at that date was in fact lower still at GBP45,177 - the current cash balance must now be almost zero. Given the Company's recent share price performance we believe that the current team will struggle to raise new funding; -- the recent publication of the Company's results for the year to 30 April 2019, moments before the deadline to avoid suspension in trading of the Company's shares, has done more to heighten our concerns as opposed to allaying our fears; and -- the Company's financial situation and prospects have now clearly deteriorated further since its year end as a result of the loss of the Rockpool contracts. The Company's auditors appear to agree with this analysis, stating that the Company will need to raise new working capital and including a material uncertainly paragraph within their audit report. The way forward We are confident that PPG does have the potential to do well in what will ultimately be an attractive sector, however, we believe that there is an urgent need to change the board in order to secure the Company's survival. The proposed new directors have the relevant experience and access to capital in order to stabilise, refocus and grow the Company. Furthermore, we believe that a new board will provide all stakeholders with renewed confidence in the Company which may even enable the Company to encourage Rockpool to consider the reinstatement of the management contracts. Interestingly, once our requisition to effect change was announced by the Company, the share price rebounded from a low of 0.11 pence to 0.165 pence, an increase of some 50%, thereby confirming investors' appetite for change at the Company. Action to be taken In summary, we strongly urge shareholders to vote in favour of the resolutions that will be proposed by us at the forthcoming general meeting of the Company as we believe that this is the only way for shareholders to take affirmative action with a view to protecting our investment in the Company. Yours sincerely David Horner Nicholas Lee Managing Director Investment Director Chelverton Asset Management RiverFort Global Opportunities plc
1renard: 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.
bishopawn: Interim CEO, James Longley commented, "We are pleased that were able to respond under the FFR scheme whereby our FlexGen projects automatically switched on when the frequency dropped below a certain amount. The situation on Friday demonstrates the vital service that flexible power generators, such as Plutus PowerGen, play in circumstances such as this. Back-up power generation cannot be provided this quickly by conventional generators or necessarily by intermittent power such as wind or solar. With the changing energy mix, it is the national interest to maintain back-up power generation. We welcome the Government's and OFGEM's investigation into what happened and how the crisis was addressed by operators such as us." ------------------ Irrespective of whether or not the UK frees itself from the shackles of the European Court of Justice and its red tape for the Energy Sector, there are now TWO investigations going on SIMULTANEOUSLY into the fiasco that took place on Friday with the collapse of power nationwide with very serious consequences for the general public. THE GOVERNMENT AND OFGEM cannot fail to recognize the important contribution that the likes of Plutus Powergen make to the energy mix in the UK. Overnight CM could be back and transform the business model and a suppressed share price could turn on a sixpence in such 'volte face' by the OFGEM, which surely now has egg on its face as a result of Friday's farce. Of course, the gas powered generators that Plutus is seeking funding for is another part of the market, offering merchant sales and more continuous production of energy for the Grid and therefore more lucrative. If we got the restoration of CM, the value of the Rockpool sites would be enhanced considerably and in turn enhance the value of Plutus (because of its share in those sites). The realization of that investment would be concrete, if the Rockpool sites were sold and they would be more appealing to a potential buyer, if CM was back in town. Any of the above have the potential to move the share price back up to 2 pence for starters and then some, in my opinion. As I say, "it could all turn on a six pence". So better to be IN than OUT at this stage of the game. But very understandable if people prefer to view from the sidelines rather than be on the pitch until the results of the Government and Ofgem investigations are made public and the likes of Plutus Powergen get the recognition and remuneration they deserve. But when that happens, it will be too late to get the shares this cheap.
bishopawn: 14/11/2018 RNS Raised £500.000 with issue of 83 million shares at an 11% discount to the closing mid-price of 0.675 pence, and at the same time stating that…. “The Company has a strong track record in the power generation arena, having already developed six operating 20MW FlexGen sites to date, and is making a strategic shift to the development of higher margin gas operations, in which it will hold higher equity interests. The Company has a substantial pipeline of over 300MW of gas assets and is also advancing two 20MW gas powered generation sites in-house which, it is estimated, will run on a merchant basis for between 1,250 and 2,500 hours per annum. Whilst these projects are well advanced and shortly due to enter planning, they require further working capital to complete. The Company is also aiming to pursue two further 20MW sites, which the Board estimates will cost between GBP600,000 and GBP1 million if acquired from a third party.” 21/11/2018 RNS Rockpool Investments LLP ('Rockpool'), has purchased a 20MW gas-powered FlexGen site in Medway, Kent, with planning, connections, an option to lease and Capacity Mechanism from Reliance Energy Limited. As previously outlined, the Company's strategy is to develop higher margin gas operations going forward. To this end, this Medway plant will be the first gas-powered FlexGen site developed by the Company; under the terms of its agreement with Rockpool, Plutus will hold a 44.5% interest in the project. The Company has a pipeline of other gas sites, potentially more than 300MW in aggregate, which it intends to develop with a majority interest. Plutus' acting CEO James Longley said, "We are delighted to be advancing our strategy to move into the construction of higher-margin gas-powered FlexGen sites with our first project in Kent soon to commence development. We have an historical relationship with Rockpool that has successfully developed multiple sites across the UK and we look forward to continuing this as we develop Medway. Furthermore, discussions are continuing to secure funding for additional majority owned gas sites across the UK and we look forward to updating the market on our progress." 26/11/2018 RNS The Company stated that there was no operational or corporate reason to justify the drop in the share price. 28/11/2018 RNS Plutus announces that it has today been notified that Charles Tatnall, Executive Chairman of the Company, yesterday purchased 5,000,000 ordinary shares of 0.1 pence each ("Ordinary Shares") at an average price of 0.49762 pence per Ordinary Share (the "Purchase"). Following the Purchase, Charles Tatnall has a total beneficial interest in 80,500,000 Ordinary Shares, representing 9.75 per cent. of the Company's issued Ordinary Share capital. --------------------------------- Stringing all those announcements together, it would be reasonable to deduce that there is a robust plan which is at an advanced stage/process of implementation and that the current share price is way below what it should be. Of course, the Market is not solely driven by logic and what is needed here is a turnaround in sentiment among potential investors in this sector.
chopyead: Monty, if that comment was meant for me then my answer is; I am under no illusion PPG presented a gullible story and I fell for hook line and sinker. I can only respond to facts not fiction, the share price and results do not lie. Like it or not, PPG are on the brink of going bust within the next 6 months due to its part time greedy directors who are milking PPG dry. Why else do you see the share price performing so poorly? Why else do you see funny calculations within the results? What have the part time directors being doing for the last 6 months apart from Milking PPG? On and on, so over to you. What one liner positive statement can you post; made by the part time directors in the results that benefit share holders and the share price ??? Forget the maybe or possible fantasy; just one actual positive fact?
marvin9: Why are you comparing Green Frog to PPG lol Green Frog have a CEO who is active in promoting the company and successful! PPG has a free rider CEO who is doing nothing but drink champers? I have more knowledge than you ever will of the activities of PPG and its lazy CEO. Its all in the share price petal, no matter how you try and ramp pump and dump PPG. My alleged ramblings will never ever be as boring as the performance of the CEO at PPG LMAO! Just look at the share price lol, its pityfull! He aint fit for purpose and should go and make way for someone who can, he is useless, historically! Now go to bed and think of another pathetic ramp for tomorrow lol; end of the day; the share price says what the market thinks of your pathetic CEO and his forward thinking of PPG; in short clueless free rider so get rid!
Plutus Powergen share price data is direct from the London Stock Exchange
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