MyCelx: 14 May 2013 AGM report (see detailed Introduction here)
As far as I could tell, I was one of only two private investors present, the other Steve Perring. The room had perhaps 8 executives, and a small contingent who I assume were analysts or institutional investors. There was also someone from the Registrar, plus I would guess at least one representative from Numis and Addleshaw Goddard, the Company lawyers. We were warmly welcomed by the directors, who were all highly receptive to our questions, forthcoming, and thanked us at the end for our questions and interest in the company.
I Met Connie Mixon CEO, Hal Alper (co-founder & Chief Scientist), Connie's husband Mark Mixon (Chief Business Development Officer), Tim Eggar (Chairman and former UK Energy Minister). During conversations with several key executives, both before and after the meeting, I sensed a mood of quiet confidence, and a palpable team spirit amongst the personnel. A very large proportion of shares were voted - from memory 9.6m out of the 12.9m in issue-, which suggests that the stock is very "tightly held", and below the radar of private investors. All resolutions were passed regarding re-appointment of auditors and Directors.
It was announced that John Mansfield Sr. (Non-executive, co-founder and Connie Mixon's father) was to shortly stand down for health reasons but would be appointed Chairman Emeritus. Connie informed me that they are in the process of setting up a new equipment demonstration unit in Houston, and that a video of the installation in operation will soon be available on the Company website. Q&A's: Q. Does the 2013 expiration of some of your patents cause you any concern? A. No, substantial patent protection will remain for many more years, including new patents on derivatives of the MyCelx polymer, and on its application to materials. The founder & chief scientist Hal Alper stressed that the methodology as well as the polymer patents, afforded major barriers to entry, as did the years of work necessary to obtain clients' favoured supplier status. Hal was also excited by the possible eventual penetration into several other applications in addition to Oil & Gas, each of which was potentially a business in its own right. One example given was for ubiquitous bilge effluent purification on small as well as large marine shipping vessels.
Q. Is 1ppm (part of hydrocarbons per million) purity "overkill", expensive, & irrelevant to…
