will ge get a loan guarantee for paducah, page-20

Hi guys,

I could go back and read the info, but do you guys know in what capacity the license can be removed from GE?

As this stage it seems that Silex gave them a Monopoly on some incredible IP, with no real time limits for development or systems of reporting.

The fact is no one is buying the company. It is trading at 1.38, which equates to a market cap of about 235 million for a company that has about 69 million in cash. Why?

IMO it is managements consistent provisions of broad deadlines for announcements which are never met. The Solar audit was due in the first half of this year (no ann), Paducah was due in the first quarter (no ann), further info on Wilmington was due last year? (no ann), commercialisation of chronologic was due an eternity ago (due within 17 trading days), and translucent is worth half a slide on a business presentation. You cannot continually go to investor presentation with slides that say 'we are aiming to commercialise or divest the business unit', and then just repeat it 6 months later with no actual development. These things just read like crazy thought bubbles reminiscent of a child telling you all the things they're 'gonna' do.

I understand that this is the nature of a business that dependss heavily on research and governments, and in that regard Silex has been unlucky (Fukushima, Crazy chinese subsidies of PV manufacturers ruining that industry, Abbot Gov, etc.) although continually giving timeframes which lapse without any explanation for the delay is not a good track record for management.

How can anybody put a valuation on a company that has had no real material announcements in the last 18 months. If investors believe the companies only real chance at positive cashflow is GLE they may as well reduce their risk in the time being and invest in GE. What's that, GE is too diversified for exposure to the upsides in Uranium? I'll invest in Cameco.

I believe that a material announcement on Wilmington is required to put the value back into SLX. We can speculate all we want, although the fact is stage 2 has run well over initial guidance when this stock was at its absolute highs. Without a firm update valuations like that run by Levis Kochin is pure speculation.

What does this all mean, either a) they have no real resolution for their business units and it is time to jump ship, or, b) the uncertainty surrounding all of silex's projects have created the buying opportunity of a life time.


I believe in the core arguments for Silex (keep your analysis simple at this stage) -
- the majority of value is dependent on GLE.
- GLE has a license for Wilmington
- GE, Hitachi, and to a greater extent Cameco would not waste funds advertising for jobs, and negotiating on Paducah unless they were near certain the tech works.
-If the tech works with its indicated cost advantages, and enrichment plant is a certainty considering the projected growth in nuclear power, and the US's need for it's own supply.

I bought some more the other day and have made my own bed to sleep in. As always, the proof will be in the pudding.

Open to criticism.