Company updates from 2023
13 January 2023
Source: Crowdcube
- Alloted 631,974 preference shares at £10
- Disapply pre-emption rights on these allotted shares.
GRANGEMOUTH PLANT – PROGRESS
- 'The installation of the mechanical equipment within the plant and the complex automation systems was largely complete by June 2022.
- However, as we started commissioning the plant we experienced persistent issues with successful sterilisation of the input fermentable media,
- It was a difficult but necessary decision to ‘slow down’ our commissioning given the compelling business and financial need to commence production at Caledon Green as soon as possible. We were strongly supported through this process by key investors who funded £5m working capital through this phase.
- Our next steps at Caledon Green are: to finalise the commissioning of the large-scale fermentation tanks –faults were identified in these in the autumn and repairs were successfully completed in the week prior to Christmas; and to continue to train the newly recruited team of operators who will be responsible for the initial product manufacturing and the subsequent ramp up of production ..'
RESTRUCTURE OF DEBT FUNDING FOR CALEDON GREEN -
- Restructuring of debt with Scottish Enterprise and debenture funding from Abundance complete.
PREPARATION FOR THE FUTURE
Our first customer, Caldic, has been kept fully informed of our progress at Caledon Green and continues to be
an engaged and enthusiastic supporter of the business. Caldic has a full order book ready to acquire their
contracted levels of our product. In addition, we are in advanced discussions with a large second customer,
Merck, who will be finalising their contract on receipt and successful testing of first samples. Merck have
already shot a promotional video to market the Celtic Renewables’ products to their customers – the video
shoot involved their Global Head of Sustainability visiting our Caledon Green site in October 2022.
CHANGES AT BOARD LEVEL
See newsletter attached.
DEVELOPMENT OF PROPOSITION FOR SECOND PLANT AT SPEYSIDE
We have made good progress with our partner on the proposed second plant at Speyside. Together we are
funding a development phase involving detailed design and planning. The first stage planning consultations is
now complete with no significant challenges raised. Appointment of engineering consultants to support the
Front-End Engineering Design (FEED) process is expected shortly after an extensive selection process.
DEVELOPMENT OF STRATEGIC COMMERCIAL PROPOSITION
Following Brett Simpson’s appointment and as the commissioning phase for Caledon Green reaches
completion, we are focussing on developing the preferred strategic path for Celtic Renewables to derive
maximum value from its unique, carbon reducing, proposition. There are so many potential opportunities
available to us and with customer demand significantly outstripping supply, we recognise the importance of
acting strategically and with purpose. We look forward to updating you on our plans as they are finalised.
20 March 2024
Source: Crowdcube
You have received this update because you are an investor in Celtic Renewables Limited (referred to as the “Celtic Renewables” or the “Company”) (Company Number: SC394571) and your shares are held on your behalf by Crowdcube Nominees Limited (“Crowdcube Nominees”).
Celtic Renewables raised £2.5m via Convertible Loan Agreements (“CLAs”) in February 2023 (“New Investment”). As a result, please be advised that the Company has recently passed shareholder written resolutions (“Written Resolutions”) relating to these convertibles, having achieved the required majority from shareholders without requiring Crowdcube Nominees’ signature. Therefore, this update is being sent for informational purposes only.
The Written Resolutions have provided the Company with shareholder approval to:
- Grant rights to subscribe for convertible equity of 383,333 Ordinary Shares in the Company.
- Disapply pre-emption rights on these allotted shares.
The effect of passing these resolutions means that all existing shareholders, including Crowdcube Nominees who hold the shares on your behalf, will be diluted proportionately from 8.87% to 6.92% (once the convertible loan notes has converted) with a fully diluted position of 6.34% (this includes the dilution of the company’s allocated options as well).
6 April 2023
13 October 2023
14 November 2023