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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Simec Atlantis Energy Limited | SAE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.35 | 17.07% | 2.40 | 16:35:03 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.05 | 2.05 | 2.30 | 2.40 | 2.05 |
| Industry Sector |
|---|
| ALTERNATIVE ENERGY |
| Top Posts |
|---|
Posted at 31/1/2025 16:35 by wheeze My apologies to the board, I should not have risen to the 'bad investor' jibe. |
Posted at 31/1/2025 16:01 by wheeze Lol JakNife, you are spending an awful lot of time on a board where you have no stake. Your cool is slipping JakNife. I can understand your frustration, you're seeing a company which you had convinced yourself, was heading for bankruptcy. You are probably caught out on the wrong side of a bet, and you call me a bad investor? You know nothing about my investments or for that matter my mathematical prowess. Like I said, your concern for grannies and old age pensioners fools nobody. Simec is going to survive, you heard it here first.Have a good weekend and try to forget Simec Atlantis. The company seems to be living rent free in your head |
Posted at 31/1/2025 15:17 by jaknife wheeze,I'm not sure what you think that you're showing me? I'm showing you the accounts that reveal a loss-making business worth diddly squat. You're showing me a hope and a dream and a crowdcube funding that confirms that the business is loss-making ... ... they needed to raise funds to cover the losses that I've shown you! Do you not even find it slightly ironic that they raised an amount of money almost exactly equal to the losses that they made in 2023? This is why you're such a bad investor! You've put 2 and 2 together and have made 200,00,000! You can't even do basic maths! BTW, I have made a typo in my original post, which I think that you meant to correct but then made the same typo, - I have changed 11% to 21% to avoid future confusion. JakNife |
Posted at 31/1/2025 10:03 by jaknife jotoha2,"Indeed , 16p still very much a realistic medium term target." Have you actually thought through the numbers? On what basis do you get to 16p? At 16p the market cap would be £115.6m (772.8m shares in issue, see: For £115m you're buying a business that: 1. Loses a small fortune every year generating electricity, 2. Has a high cost base, partly from paying excessive rewards for failure to its board of directors, 3. Has material eye-watering outstanding debt, a large chunk of which was obtained by dishonestly telling old age pensioners that they were a green business, blah blah blah, and then not paying them back when they said that they would pay them back, and 4. Has a grid connection that the company has exploited once with a "BESS" project and which they would like to exploit again. Only 4 is a positive number, 1, 2 and 3 are all negatives. And, because SAE's directors are skanky at the extreme, the directors have already capitalised the profits that they expect to make from 4 and added those profits to the balance sheet. Hence, when you look at the interim balance sheet, there is a line "Investment property - £49.5m" that represents all of the profits that SAE hope to make from future BESS projects: Note 13 (page 56) to the annual report confirms this accounting treatment: So the future profits that SAE might make from BESS projects have been assessed at £49.5m and capitalised on the balance sheet. From that you then have to deduct the losses that SAE make from 1, 2 and 3 for however many years that they intend to continue to: 1. Run a tidal wave business that has lost money every year since it was established and continues to lose money now but they run in any case because some shareholders like the idea of tidal power even if it is hopelessly loss-making. 2. Pay themselves stupid amounts of money. 3. Perhaps one day pay back the bonds that they mis-sold to the dear old grannies In the interims SAE reported a loss of £6m. Absent any change to their business then, regardless of what SAE do with BESSs, SAE are going to report a loss of c. £6m pretty much every six months. And that's because they've already recognised the profits that they hope to make from the BESS projects in the 2023 annual accounts. Who would have thought that accountants would let you do something so skanky as that? A more sensible price target is zero! JakNife |
Posted at 11/11/2024 08:49 by robertspc1 Further to earlier post, I think Meygen has been a poison pill for investors in SAE, and once it has been recapitalised by new investors, SAEs development pipeline will attract the attention of strategic investors. First step would be someone Eg Octopus or Quinbrook buying the SIMEC 30 per cent stake. |
Posted at 10/11/2024 19:57 by jaknife wheeze,”What many folk don't realise is that once the turbines are in the water, its almost free energy for around 25 years. Do you wonder why some investors would rsther kill it off ?” I fear that you’ve not properly understood the MeyGen accounts: In 2023 they generated £4.5m worth of electricity at a cost of £8.5m!! Far from being “free” the electricity cost 90% more to produce than it was sold for!!!!! JakNife |
Posted at 10/11/2024 13:51 by wheeze I wish I were a young investor with the knowledge gained from past mistakes. Have had a few of those big winners but none where I bet the house ! I tend to invest in companies I believe in - to me Simec had the perfect solution- twice daily predictable energy generation, turbines out of sight unlike wind energy and solar. I first bought in around 80p if I remember right , not a big stake but not money I would want to lose - have averaged down to around 2.5p. Accept it may go bust but no gain to be had without some risk. What many folk don't realise is that once the turbines are in the water, its almost free energy for around 25 years. Do you wonder why some investors would rsther kill it off ? |
Posted at 10/11/2024 10:05 by wheeze An excellent synopsis muckshifter, which illustrates why engineering is all but dead in this once great country. Against all the odds MeyGen has delivered most of the Tidal stream energy generated over the past decade. Hopefully with the help of GBE, Proteus and their backing investors, the vision they had, may someday become a reality. |
Posted at 07/11/2024 19:51 by jaknife wheeze,"There is mischief afoot." The real "mischief" is that Simec's directors have conned you into thinking that it's a half decent business when the reality is that Simec is a total and utter pile of poo! Open your eyes and look at the results: Year net profit2018 loss of £22.6m2019 loss of £34.9m2020 loss of £19.1m2021 loss of £67.6m2022 loss of £90.7m2023 profit of £25.4m And then you find out that in 2023 they included in the P&L a "fair value adjustment for land/property" of £28.2m and a further property revaluation of £23.1m. Both of these were non-cash adjustments and, without them, the real profit was a loss of £25.9m! If you don't like this then look at the cash burn 2018 - £20m placing at 35p a share in May 2019 - £5m placing at 16p a share in March 2020 - £6.5m placing at 12p a share in August 2021 - £2.6m placing at 2.6p a share in September On top of that they've also raised c. £14m in bonds from retail investors that they've then had to renegotiate as they didn't/couldn't repay them when they had promised to do so. All of this cash has disappeared! Some has gone on pointless vanity projects that have failed to generate sensible returns. A good chunk has gone on rewards for failure for the directors. And notice the pattern of the ever decreasing share price on the placings? Simec is, quite simply, a dreadful business. Its core business of generating electricity from tidal power is horribly loss-making and the business is burdened with significant debt. The directors overpay themselves whilst delivering losses for shareholders and dressing up the accounts with dubious accounting. It only continues to survive because it's tapped shareholders on a regular basis for more cash and it's borrowed large amounts of cash from unsophisticated retail investors. Those bonds now carry coupons of between 10% to as high as 13% and have had their scheduled maturity date pushed back to the end of 2029. But how will they ever be repaid if Simec simply pretends to make profits when it really makes losses and burns cash? There's the possibility of another battery storage project though and that would keep the wolves from the door a little longer, as well as keeping the directors richly rewarded. But once the regular bills are paid will there be enough to repay the bonds? And, if the bonds can't be repaid, then why should shareholders expect anything? JakNife |
Posted at 28/10/2024 11:59 by robertspc1 Ok watched the webinar. This remains a lowly valued option on a big BESS development pipeline. Lots of BESS assets currently for sale eg HEIT so will be interesting to see the level of interest. If assets get sold near NAVs then investors genuinely believe market prices will recover from recent lows. Someone like Quinbrook or Brookfield will take out SAE at some point imho |
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