Ann: FFI to Acquire Interest in Sparc Hydrogen, page-88

The SP rose sharply from before the original hydrogen ann, no doubt the front end of that rise befor the ann by insider trading.

So at least half the SPN market cap, a week before FFI ann (again to account for insider trading) relates to the hydrogen opportunity.

I cannot understand therefore why they gave up a controlling interest in the opportunity for chum change. Thats twiggys earnings in the time its taken me to type this sentence. And FFI is not even committed to stage 2.

SPN could have raised 20 times the FFI investment from shareholders, easy.

Which leads me to one of three conclusions:

1. Management were not capable of delivering so better get someone involved who can.

2. The opportunity is highly speculative and therefore has low chance of paying off - the market thought far more of it than its worth. The original ann helped to pump the SP for a dump on the other side..

3. Management got worked over by a smarter crew.

Two of these possible conclusion offer me low confidence in SPN as a company - the last suggests I way overvalued the hydrogen opportunity by a significant amount.

Its any wonder the SP has not fallen to $1.