Welcome to Celtic Unreliables
Keeping shareholders up to date.
This is site is an unofficial shareholder website provided for the smaller shareholders who have invested in Celtic Renewables through crowdfunding only to be completely ignored and treated with contempt by the board ever since.
Over four years since the first Crowdcube fundraising and a year since the last one, we barely hear a word from the board. It feels as they are happy to receive our money but then have no interest in keeping us up to date.
Celtic Renewables are obliged by Crowdcube to write to us using the Crowdcube platform at least every 4 months. This is not happening.
Our commitment to you.
Our commitment to you is to share with you any information we find online about the company that helps build an understanding of the progress the company is taking. Most of the news that's not included on the official site takes the form of posts on LinkedIn. But even these provide no updates about matters discussed in previous newsletters. In other words, the story goes cold.
Stick with us as we add more content. This is just the beginning.
Annual report and accounts
The annual report and accounts until December 2024 for both companies Celtic Renewables(CR) and Celtic Renewables (Grangemouth) (CRG) Ltd are due to be filed by 30 September. This will be the first set of accounts to represent 12 months of turnover from sales of bio products. Will the accounts show turnover of £8m the widely quoted target for the first proof of concept site at Grangemouth?
Last year's accounts for CRGL showed:
Other income - presumably sales £623,368
Direct costs - (£3,894,759)
Admin expenses - (£2,353,818)
Distribution costs - ( £11,493)
Operating profit (loss) - (£5,636 702)
So I would hope that we could expect to turn a profit of around £2m, a profit per share of around £.50.
Latest news
It appears that the Chief Financial Officer Donal Fullerton was replaced by Kerry Crawford without the shareholders being informed. There is no mandatary requirement for shareholders to be informed. However, as we are so valuable to the company and it is the CFO, some explanation would only seem appropriate.