Read on Twitter
1/7
Whilst i like the ambitious nature of your thesis @MylesMcNulty, the latest #BMN update on Enerox (3rd Aug 2020) does not support such a move.
There the talk remained about holding a "minority interest" in EHL, which owns 90% of Enerox.
https://twitter.com/MylesMcNulty/status/1346831415674068995?s=20
Whilst i like the ambitious nature of your thesis @MylesMcNulty, the latest #BMN update on Enerox (3rd Aug 2020) does not support such a move.
There the talk remained about holding a "minority interest" in EHL, which owns 90% of Enerox.
https://twitter.com/MylesMcNulty/status/1346831415674068995?s=20
2/
The other big part of that update was the 31st Dec 2021 deadline for payment of the "secured shareholder loan facility of €3.7m", which in my view is a substantial long stop period, given that the €2.6m invested to date, has stretched from November 2019 to now.
The other big part of that update was the 31st Dec 2021 deadline for payment of the "secured shareholder loan facility of €3.7m", which in my view is a substantial long stop period, given that the €2.6m invested to date, has stretched from November 2019 to now.
3/
Given the substantial sums that we've seen it take to re-ignite IES and drive them to a position, that still isn't profitable, the above sums look awfully light for a company that remains in private hands.
Even adding the €3.7m, its €6,3m total in 15 months and counting.
Given the substantial sums that we've seen it take to re-ignite IES and drive them to a position, that still isn't profitable, the above sums look awfully light for a company that remains in private hands.
Even adding the €3.7m, its €6,3m total in 15 months and counting.
4/
BMN's loan to Avalon alone was nearly that much and that was effectively just sustaining capital.
The only things that I can see that Enerox are visibly doing, is hiring personnel and supplying a battery into Vametco.
For a company that is reinvigorated by new ownership...
BMN's loan to Avalon alone was nearly that much and that was effectively just sustaining capital.
The only things that I can see that Enerox are visibly doing, is hiring personnel and supplying a battery into Vametco.
For a company that is reinvigorated by new ownership...
5/
...and investment, its incredibly quiet don't you think?
Below is what BMNs 24th Nov 9 month update had to say about Enerox.
Thats not to say that there is a problem. For me its quiet the opposite. The silence isn't annoying, its actually deafening.
...and investment, its incredibly quiet don't you think?
Below is what BMNs 24th Nov 9 month update had to say about Enerox.
Thats not to say that there is a problem. For me its quiet the opposite. The silence isn't annoying, its actually deafening.
6/
One could point the finger at ignorance or lack of PR but I think that's highly unlikely.
Something is afoot with Enerox and with ongoing costs needing to be paid, it must be close to being made public.
Could that involve a change of direction by BMN on ownership? Perhaps,
One could point the finger at ignorance or lack of PR but I think that's highly unlikely.
Something is afoot with Enerox and with ongoing costs needing to be paid, it must be close to being made public.
Could that involve a change of direction by BMN on ownership? Perhaps,
7/
but for me this particular plan was put into motion a long time ago and we mere shareholders, are simply playing catch up. So minority ownership's the goal and there has to a be a very good reason why this privately owned VRFB company, isn't making more noise about its future.
but for me this particular plan was put into motion a long time ago and we mere shareholders, are simply playing catch up. So minority ownership's the goal and there has to a be a very good reason why this privately owned VRFB company, isn't making more noise about its future.
