'Wonder' fuel set to make electric vehicles obsolete

 by DOUG COLLIE

The concerns over secrecy and mystery surrounding the anonymous 'investors' courting the Avocet group of disruptive technology businesses were replaced by expressions of astonishment today following claims from the company's chairman that an unproven fuel additive could consign electric vehicles to the dustbin.

Head of Avocet Martin Frost hailed "the genius" of fellow director Bob Jennings in a letter to hundreds of shareholders which revealed: "Our prospective new investors are delighted to witness the new IP [Intellectual Property] on the 30th September 2020 for a non-explosive methanol fuel additive, which product in terms of efficacy and cost is likely to consign the electric vehicle to the dustbin. Further new wondrous IP will similarly be unveiled throughout the remainder of this year."

The possibility of electric vehicles being rendered obsolete by the development of Avocet's latest version of a fuel additive comes at a time when the market for electric cars is booming.

There were more than 142,200 pure-electric cars on UK roads at the end of August 2020 - and over 339,000 plug-in models including plug-in hybrids (PHEVs).

The most recent set of figures from the Society of Motor Manufacturers and Traders (SMMT) show that pure-electric models accounted for 6.4% of total new car registrations, whilst adding in PHEVs takes that figure up to 10%. It's been an extremely positive 2020 to date for the electric car market. August's figures saw a 78% increase in pure-electric registrations compared to the previous year, and PHEVs grew 222%. 

Avocet shareholders are currently being balloted as the company seeks to secure 95% approval for a short-cut towards achieving a 'minor' alteration to Avocet Natural Capital's (ANC) Articles of Association. But the actual terms of the amendment are - for now - as secret as the names of the investors seeking to take control.

According to today's letter from Mr Frost: "ANC Plc is getting closer to the required 95% consent from all ANC Plc shareholders: for as at Wednesday evening 30th September, some 90% of you have verbally indicated that you will consent to a short notice motion to consider the revision of ANC Plc’s drag along motion. This weekend, a full list of those who consented shall be intimated to all."

Then the Avocet chairman goes on to tell shareholders: "Due to the delay prompted by the fluster of activity, Wednesday, 7th October is now set to be the date which a new ANC Plc Confirmation Statement for ANC Plc will be issued and from which new investors shall base their share purchase offers. Happily, with the arrival of the new registered IP, apart from timing, the degree of certainty has increased that Avocet will welcome new investors into its fold; these new investors taking some 14 million shares at £3 per share with a three-year option to take further at £25 per share."

Meanwhile members of the independent Avocet Shareholders' Forum are being invited to participate in a poll which aims to determine how investors have voted on the company's 'short notice' motion.

The Forum administrator explains on the site: "Many shareholders have contacted us confidentially to express concerns re the vote on Avocet Natural Capital PLC changes to the Articles of Association, fearful they will be delisted from the selection process offering eligible shares to the undisclosed prospective buyers seeking 20% of 50 million ANC "shares, if they oppose the move.

"If you are interested in the future of your company and validation of a democratic result please indicate which way you have voted by simply clicking "yes", "no" or "abstain" on the poll to the right of this page." A result will be declared next Monday.

However, there has been at least one strong dissenting voice in the wake of the poll being launched.

Forum contributor Gavin Davidson wrote: "Rarely have I ever heard such rubbish. How the hell can you run any meaningful poll on anything that has about 90% of people hiding behind pseudonyms. For any poll to mean anything, you would need to be able to check their name on a confirmation statement. I am thinking of changing my name to Peter Pan. After all he was a figment of someone's imagination as most people on here."

In reply, a poster titled FDF declared: "If your concern is about people not identifying themselves, ask yourself this - why are the [Avocet] buyers remaining anonymous? And why has the urgent “small change” to the Articles still not been proved to the shareholders after five weeks? ".