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Brian doesn't like it when you call him Brian, maybe try another from his long list of active handles.
Dustofnations,
My name isn't Brian, not according to my birth certificate, driving licence, company access card, or anything else, so kindly call me by my handle on here 'StockCheque', which is all that has any relevance to me of this board. Do I call you Bartholomew or Cuthbert? No.
"in distant future" is all very subjective. It all depends how quickly QED reaches a MCap that would make it worth listing on Euronext, which would be much lower than that expected from a NASDAQ listing.
These are the average MCaps that companies list on these markets:
Euronext Access® & Access+® €39m (£33.48m)
Euronext Growth® €89m (£76.41m)
Euronext® €2.7bn (£2.32Bn)
https://www.euronext.com/en/raise-capital/how-go-public/choosing-market
So either of the first two could be done if everything goes to plan, once the MCap goes up to those levels, which may be "in distant future" to some but not to me. 'Distant' to me, from an investing perspective, is over 3 years away.
'Euronext Growth' would be ideal, as QED would be a growth stock once the fuel starts rolling out to MSC.
Thanks, Brian.
Listing requirements are a complex topic; there are multiple standards, and they have very different mcap requirements depending on specific route taken. And NYSE vs NASDAQ rules are quite different. e.g. https://www.nyse.com/publicdocs/nyse/listing/NYSE_Initial_Listing_Standards_Summary.pdf
There is also the approach of reversing into an existing listing/shell, which was discussed as an option by management for a couple of the companies I hold.
To be clear, I am not predicting it's on the cards for QED; just agreeing with the previous comments that LSE has sadly dropped down the list in terms of ability to raise funds, poor valuations, and a lack of overall attractiveness. It's also sad to see some of its most famous constituents relist elsewhere.
I agree that Euronext listing could be an interesting option in distant future, if the company opts to remain independent. Too far into the future to be anything other than reading tea leaves.
Have a good long weekend, all.
RE: "It is a sensible thing for management teams to consider once they reach a certain size and sustainability"
For sure, but as with anyone in the finance industry I'd rather the powers that be fixed the UK market.
RE: "A few UK stocks I holding are considering re-listing in US to get fairer valuations"
I asked the following question on a recent Investor Meet Company meeting for another company:
"Have the board considered listing on NASDAQ to attract more institutional investors?"
Part of the answer was that the view is a NSADAQ listing would usually be looking at a market cap of minimum $500m usually closer to $1bn.
So if your companies are mid caps of that size then they could move, but if it's less than $500m then not so likely.
When QED get that big, I'd hope for a dual listing, maybe USA but because of Vertoro and the Biofuel bunkering there then maybe Netherlands on Euronext (Amsterdam). The Euronext 100 has done really well since the financial crash in 2009.
https://live.euronext.com/en/product/indices/FR0003502079-XPAR
A few UK stocks I holding are considering re-listing in US to get fairer valuations, more visibility and credibility, and better access to markets. Sadly, UK listings are not seen in the same way they used to be. It is a sensible thing for management teams to consider once they reach a certain size and sustainability.
Nobody can 'expect' a market cap, the market will do what the market will do, and we will just have to watch and see where it goes.
However, the current £26.82m market cap is genuinely pathetic.
It hit £350m at the end of 2013 with the Maersk trial lined up, but the market as a whole has dropped a lot since then with all the money flowing out of London to foreign markets, but even then, £100m or £150m would not be obscene for QED in this market with the MSC trial signed off. Will it get there, no idea, I'll watch and see where it goes, as I'm already fully loaded for the ride.
We are in a strong position with this management team. JM is leading us towards very clear waters after a slightly choppy start to 2024! Thanks Jason and QED team! GLA
@pigfase time to buy? ;)
What are we expecting the MC to be? 👀 if and when the MSC contract gets signed?
Another distraction small yachts is that it really ,some are been sucked in spouting hopeful thoughts. It not a game changer
at this time, don't read to much into it .
Good work to all the team at QED, JM in particular. Thing are looking very bright and I managed to pick up a few more shares this week too .. at these prices it would be a crime not to ;) next stop 10p!
Have a great bank holiday weekend all!
Obviously nothing to do with Brexit and “Global Britain”.
Not specific to QED, but applies to all of your UK small and midcap investments. We need the global investment market to buy our UK stocks if we are to achieve the investment returns we hope for, but for a long time the money has been flowing out of the UK market instead of into it.
"Patrick Hosking’s article in The Times on our report highlighting Coutts’ move to globalise its portfolios. Nothing wrong with their move in terms of their investors, but reflects the damage that outflows are having on the UK market and particularly on the Small & Midcap sector. Time for gov/regulators to activate measures to foster UK investment for UK companies before it is too late."
https://www.linkedin.com/posts/charles-hall-38a5b015_coutts-to-shift-2bn-of-client-money-from-activity-7192059382921089024-BJHd
Very good. Mercury is a big name in engines, I was in the market for their 3.5hp electric one, they're one of the best in the business.
Alliance News item:
Quadrise PLC - London-based clean energy technology provider - Agrees with Vertoro BV to extend the scope of its joint development agreement to include the development of its emulsion technology, bioMSAR Zero incorporating CSO, for testing at sea on-board a newly-designed prototype motor yacht. The firms, which have been collaborating since September 2022, will carry out a land based testing programme to investigate the performance of both premixed and blend-on-board bioMSAR Zero solutions. End
We’re told in the media news piece that the boat/ engine to be used for our sea trials will be a newly designed prototype.
The new Focus (prototype) 3x can be powered by several engines. Look in their social media posts. I looked for the best fit for our synthetic diesel fuel and it looks to be the entry level Mercury 3.0L 270HP diesel.
Mercury was formed out of collaboration between Cummins and Mercruiser.
The Quadrise test engine (at Aquafuel) is a 40kW Cummins marine diesel. There has been much tweaking of this engine re timing etc in order to get optimised efficiency and performance with our different formulation fuels. So masses of learning between QED/Aquafuel/Cummins I guess.
So I looked for a suitable candidate in the 3x offering that might fit that bill. Mercury looks a good fit with the Cummins input they will know/ be able to advise on the engine injection profile and timing setup that will be required.
Anyway what I’m getting at is that the boat is nearly ready for a soft launch (at Cannes in September) to tie-in with the Vertoro news statement.
The engine tweaks and set up is just that, it won’t need a redesign but is rather ‘designed for these fuels’ in what is a prototype new boat.
My assumption is that this boat and engine combination will be quickly ready for our testing. Not withstanding that we have some land based testing to go through firstly in order to get those setup parameters nailed down in this particular (smaller) engine/power train combination.
But blend on board? Wow that’s going to be miniaturised . . . Not thought much about that yet
Happy days 😊
I was thinking more of yachts and the marine sector . Why use “dirty “ fuel of your engine can just as easily take the clean one enables by Quadrise technology? That’s makes it an enormously attractive proposition.
"Do I have that right ? "
I believe so, yes. It's *at least* as easy as electric. And electric cars are certainly popular.
Talking of sustainable fuels take a look at this crap 🤣
https://biofuels-news.com/news/wizz-air-and-firefly-collaborate-on-turning-human-waste-into-saf/
Surely it’s not the same as electric ? Once trialled tested and approved then any engine could take it and there’s eventually no need for conventional fuel when the decarbonised version is readily available? Do I have that right ? If so then the potential is enormous and this is a great potential revenue stream .
"Indeed, but imagine the logistics in getting Quadrise fuel to every little marina fuel station worldwide…"
So, it could never be every little marina fuel station but as a marina you have a big oil company supplier and you tick a box for bioMSAR or whatever and it comes on your next refuelling barge/tanker. I think it's the electric car argument too, they don't have charging stations everywhere but they have enough to sell electric cars - there's a tipping point.
Quadrise don't need to. There are already fuel distributors doing it with other fuels, they would do it, not Quadrise. All Quadrise need is the majors that supply the distributors.
Indeed, but imagine the logistics in getting Quadrise fuel to every little marina fuel station worldwide…
Just under four million motor boats with inboard motors in the world. Maybe not so niche.
https://www.giornaledellavela.com/2022/09/29/analysis-how-many-boats-there-are-in-the-world-where-they-are-and-who-uses-them-most/
It's also not just about this one market, it is about globalising the fuel so it can penetrate many markets. The more markets the suppliers can sell into the higher the demand, the more demand the more other markets open up to it.
Someone on here mentioned earlier that the extra cash from the open offer could be behind the acceleration of bioMSAR Zero as noted in today's news item.
Here is my question that I put to QED at the IMC meeting a month ago:
Q: "Do you think it is possible to have a version of bioMSAR Zero ready for the market by year end and will it need it's own LONO?"
A: "The RDI strategy of Quadrise is focused on the delivery of a commercially viable net-zero ‘bioMSAR™ Zero’ solution before 2030. However, as per the Circular we are well ahead of this target. If the Open Offer is fully-subscribed, we will be able to accelerate this programme and launch. Once we have the final formulation, and supporting fuel system and engine tests, we will be able to discuss with clients the necessity and requirements of a LONO based on their experience with bioMSAR™."
I would say that "If the Open Offer is fully-subscribed, we will be able to accelerate this programme and launch." confirms what was suggested earlier.
Read the RNS ..and bear in mind it's just a RNS-REACH!
"a newly-designed prototype motor yacht" nothing in stock hiding on a shelf. A NEW boat that no doubt they'd like to get ready for the big boat shows in the Autumn of one year or another (hopefully this).
It's a highly competetive industry .