Ann: Shareholder Update, page-104

For years announcements here have been ambiguous at best and a giant stretch at the very least. MNS has most likely been diluted to oblivion with their IM3 shareholding by any cash the C4V has managed to find between the current funder and new investors to keep the lights on. This dilution is the reason MNS no longer need to report on their investment in IM3 because it’s now of such little consequence to MNS bottom line assets. You will recall one of the reasons IM3 ran into cash problems late last year with just paying interest and some repayments was MNS was accused of blocking almost US$50 C4V brought to the table in new finance that would have diluted your 73% in IM3 to the crapper!
Given what seems to be a major issue with commissioning this battery tech to commercialisation another $40-50 million is not out of the question in an attempt to get this thing to the starting line and pacify the current financier. But what will they have, it’s still only a pilot plant albeit with proof of concept of the tech. Then they have to deal with the current debt as well as the new money this is only going one way for MNS. Maybe 5-10% before it’s at that point and the 10% in C4V gets halved or worse as they still require cash and the relationship with MNS management and C4V is let’s say fractured! Plant gets sold for $200 million (I don’t know it’s just a number) because it’s only a pilot plant the value will be with the tech ie C4V! If they eventually get that US$700 mill in DOE it still needs matching equity funding so more dilution.
Pick this apart if you wish but there’s no good news coming.