PCE pinnacle vrb limited

agm recollections

  1. 946 Posts.
    For the interested amongst you, this one MAY now be worth keeping an eye on. This could have been the first step away from all the bad days.


    I was asked to provide a summary of the happening at the PCE AGM today. Seems that most of the fun and games had occurred beforehand with the resignations of John Fraser, and Les King.
    Well around 30 PCE shareholders met in the ASX theatre, spread evenly amongst the approximately 300 seats. Andersen and Prior seated opened by saying that Andersen had been informed that VRB had withdrawn their support for him, and that as a consequence he would cease to be the Chairman (or a Director) at the end of the meeting.
    Don apologised for not being here, but I guess he’s got enough to do for the time-being. Andersen then gave a summary of the last twelve months:-
    a) Sorted complex legal issues (around fifteen I think he said)
    b) Patents had been extended in US and pending in Europe
    c) Noted Peter William’s key work in tendering for the King island project, getting the Greenhouse grant
    d) Cash Burn rate had been reduced by around $700,000 per quarter
    e) Sumitomo Court Case. PCE had received orders last week, and some info was to be provided
    f) Expectation had been referred back to the original judge by the Supreme Court, but PCE remains confident, around $700,000 in legal costs had been spent, some to get back?
    g) Resolved Jacques case

    On the FDR loan, terms were 12 percent plus fees equating to 27.5 per cent per annum, directors had agreed to extend the term to 23rd December, had sought counsel opinion on loan. BUT security was provided in form of two directors guarantees, but no debenture charge, but PCE could get THREE times face value of loan as security over assets owned by FDR, note it is not legal for this to be shares (just as well they might not be worth much) Getting security was now up to the Board, could seek charge over assets like Hot Tuna?

    Andersen confirmed that he thought PCE was financially viable, and was confident of future success. He also confirmed that whilst he recommended the VRB takeover, he confirmed that no other cell stack supplier had been found for VRB. Much different than previously said by him.

    The Way Forward?

    PCE is jn advanced negotiations with a ASX listed entity for the sale of a number (was it five I heard) storage systems worth between $22 and $31 million. To be installed in Australia
    Significant long term income would be derivable. No capital required, no PCE dollars, will receive royalties and fees

    a) Sth Africa cell, now dismantled and parts now in use in Moab.
    b) King Island has Veco (?) providing equipment etc
    c) Telepower repudiated contract with VRB a couple of months ago
    d) Grants paid for milestones e.g. cell stack delivery
    e) E-Fuel (UK) awaiting response

    AGM Proper

    Reso 1 – Not Carried therefore Andersen OUT
    Reso 2 – Carried therefore Don IN
    Reso 3 – Not Carried therefore King OUT
    Reso 4 – Carried therefore Share placement issued

    Andersen confirms he has contract with company, wonder if that has been disclosed. And finally Andersen confirms that despite shareholders voting against he and Pethard receiving shares for their service, he (Andersen) had been paid but Pethard had not! Shareholders should note however, that if both had done the work and the company has never disputed this, then payment is due in some form. Shareholders didn’t want that to shares but the company has to pay eventually. Wonder why Andersen gets his, but Pethard doesn’t? That’s not viable in ANY company.

    Questions received and answered over the weekend
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