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Under CA85 a plc is required by law to file its accounts at Companies House within 6 months of its year-end.
RNS 20/6/24: The Board will set out in the Circular the proposals, should the Proposed Cancellation become effective, to put the Company into a solvent members' voluntary liquidation pursuant to the UK Insolvency Act 1986.
RNS 28/6/24: The preparation of the Company's financial statements for the year to 31 December 2023 has been placed on hold due to cash constraints on the business
So if the company is solvent as per the RNS of 20 June 24 why are they unable to prepare the financial statements due to cash constraints?
Going to the wall yet still shares been brought,makes no sense.
SANTIAGO666
Maharaja
The proposed cancellation of the Company's ordinary shares from trading on AIM and members' voluntary liquidation of the Company.
Here is the directors remuneration for 2020.
T M Rowan $349,161
A Esposito $203,203
J Leahy $32,101
M Aitken(a) $36,669
J Zimmermann(a) $39,812
Total for 2020 = $660,946
I'm all for performance related pay, but how can a company like AEG justify paying the top man $350k a year. They will quote the usual "to attract top talent we need to make offer attractive".
Thing is - there people obviously are NOT top talent!!
Ridiculous...
People like this should be investigated and jailed, end of.
Going bust , yet people still buying.
Another example of an AIM co being stolen from shareholders. This is literally criminal and the BoD is lying 🤥 through its teeth to try to justify stealing the assets. Disgusting. Oh and of course sweet fck all will be done about it. That's UK plc for you.
$50mln raised, $49,700,000 spent and nothing produced. $1.7mln received in March is now $300k, Alpha Prospects last valued within the last year at 12.5p is now according to Rowan worth 3.4p. I can only conclude that Rowan has a very nice house and a wonderful lifestyle. 99% of AIM stocks are out and out crimes and this is without a doubt one of them. Coal Switch is such a game changer that NO ONE wants to buy it. hahaha. Rowan should go to jail but instead he'll just move onto the next AIM fraud.
Who was ramping this on every other board
$1,650,000 received in March, 300k left in June. This stinks, where's the money gone Rowan?
With labour most likely going to win uk election and going GREEN , AC should be getting their act together,some hope most likely this firm is going under when they could be making tons of money.💰
Don’t forget shareholders have been ******* as well.
Seems there’s not going to be a ARA for 2023. Wonder what the highlights would have been:
Total fundraising since MR became Chair in 2016; $50m
Coalswitch produced: 0
Other operations/achievements: 0
Value of company: $0m
So if "It remains the Board's belief that CoalSwitchÒ has the potential to become a market leading, next generation renewable biomass fuel that can transform current coal consumers including coal fired power stations, heavy industries and its use can be extended toward the existing biomass industry and its current dependence on the use of white pellet fuel resources."
How could it possibly be true to say that
the BoD " believes that it will have no option but to consider a members voluntary liquidation, in order to return capital, if possible to shareholders."
None of it made sense. I’m assuming 1.1m went into paying down creditors debt. The fact the company is talking voluntary wind up, it cannot carry any debt. I guess at this point, they cannot mislead people, as no one knows how this is going to pan out. Although I’d still rather lose money here than support the mass burning of plastic as an answer to the problem
If you double £100. What can you buy with it. Nothing. Pound is valueless now a days As everything is gone very expensive
In a RNS made on March 6th Rowan announced AEG had received the $1.65m repayment from Player Design as settlement for yet another failed business partnership.
In today's RNS we are told absolutely nothing has been achieved in the last 2 months other than Rowan spending over $1.1m of our rapidly depleting shareholders funds and he may now not be able to produce accounts for year ending 2023 because there's only $500k left in the bank. That's some eye watering cash burn and I'm sure there are plenty of accountants capable of knocking up a trading statement for 2023 especially for a company with zero sales.
He does however finally confirm AEG's ownership to 4.1% of Alpha Prospects shares which seems to have been kept very much out of public eyes but presents a low valuation to its worth.
At the very same time Rowan was getting his fingers on the Player Design repayment Alpha Prospects placed 40 million shares at 12.5p to secure yet another licencing agreement for the STRIKE Foundation revolutionary emission reduction technology therefore increasing its market worth.
Surly knowing you need to liquidate your position in this exciting technology any good CEO would want to talk the value of this investment up or at least value it at the last very recent placement price. So how can our supposedly illustrious leader believe it's value to be approximately a third of that at 3.4p?
As Rowan reign comes to same disastrous ending at yet another AIM listed PLC you must wonder if it was either his capabilities or his true intentions at fault.
https://www.alpha-prospects.com/latest-news
I'm not sure, it's likely that the accounts won't be finished because of going concern risk (hence the suspension from AIM) and it'll be a fire-sale of the patent in an effort to pay creditors, there'll likely be nothing left for investors, I'm staying out.
Might be worth investing £100 on the hope I might double my money.
Of course it comes from waste wood mate. There will always be wood waste, as humans need trees to capture carbon, and produce oxygens, and they need to manage them to ensure survival by making room for the young and keeping disease at bay.
Yes, I am smart. Smart enough not to go around proposing further pollution by burning more toxic 💩. 🤣. Honestly 🤦🏻♀️.
@blue - well aren't we a smart@rse? if you knew much about renewable biomass generation then you'd know that far more of the material comes form waste wood (sawdust) from logging / timber production (definitely not old, sickly trees) or from short rotation coppice like willow or poplar, because it grows back quickly and can generally be harvested every 3 years.
it's always good to quickly spot the rampant ******* on the board, so i know who to filter out in order to have a grown up conversation rather than with some @utistic bedwetter.
What is this?
Who knew burning plastic (which is a derivative of oil a non-renewable source of energy) could produce energy 🤦🏻♀️.
However, the planet needs trees, and needs humans to manage said forests by removing the sick, the weak and the old, to keep forests healthy, and free from natural disasters like forest fires. Which makes coalswitch an actual renewable source of green energy 🤦🏻♀️
It was posted earlier. So come on, own up. Who got pumped and dumped earlier on?
Who is left holding little baby timmy?