RE:Bridge loan instead of promised earningsMMD:
The extraordinary efforts spent on your analysis and "dissection" do not go unappreciated (well maybe by some), but such observations as you make or imply are the very substrates of risk capital investing. As such high risk investors as we are, we can always hope for the populist chant of "promises made, promises kept", even if long time coming, but always prepared to be disillusioned.
Meanwhile, we can see, thanks to HG and the link to RB's blog, the mysterious big grey kilt bag covering the "monster's" pipes, flanges and elbows....
But based on the business model used, that big bag of mechanical stuff lurking under the seaside kilt still belongs to us and has not been "sold", is not generating revenue, and was built using loans and PP for which we are paying interest drawn from our own sporans, or through share dilution.
We aren't even getting advance money; see the financials for Q3, page 23
[c] Low Carbon Infrastructure Transition Programme (“LCITP”) Grant for Clyde Gateway
The Company has received grant funding of £1,684,188 for 50% of the eligible capital costs associated with the Clyde Gateway Project. No funds have been received to date
Nevertheless, currently -- as your work points out, no matter how cynical -- you are right in that we are receiving, have received, more blue sky verbiage than in-the-black maths.