Member Info for 46Gillingham

We are very much planning to address the MSC project (and others) at the AGM - I will try to be as specific as I can without jeopardizing ongoing negotiations.

Part of the reply from Peter

No

“Fyoz, I suggest you verify with Matron whether you’ve had the correct medication today. If not, please step away and return later, when sorted you should feel better by then”

Hi Peter,

I hope you’re well. I’m writing to ask for a clear, sequential update on the MSC trial, as shareholders currently don’t have enough visibility. Please could you respond to the points below in order:

Why didn’t the MSC trial start in H1?

Please list the exact blockers (regulatory, operational, partner-side, funding, technical, staffing, governance, etc.).

When were these blockers identified?

Which were known before last year’s AGM, and which emerged after?

What’s been done about each blocker?

For every blocker: what concrete action has been taken, by whom, and when?

Please also mark each as resolved / partially resolved / outstanding.

What is the current critical path to start?

What remaining steps must happen before the trial can begin, who owns each step, and in what dependency order?

What is the revised start date, and how confident are you?

Best estimate month and year, key assumptions behind that date, and what would cause it to slip again.

If a date can’t be given today, what objective trigger should we watch for?

Please specify the condition that makes a start-date possible (e.g., specific approval or partner signature), and when you expect that trigger will realistically be met.

Decision test (prospect viability):

What is your internal go / no-go threshold for MSC?

At what point should we conclude it’s not progressing and reallocate effort elsewhere?

If you won’t set that threshold, why should shareholders keep this as a live prospect?

Separately, assuming no trials get moving in the very near future and given shareholders are in the dark, I want to understand what significant moves the board is making to dramatically reduce reliance on future funding rounds.

What specific actions are being taken to reduce burn and extend runway?

Are there concrete plans to substantially cut costs?

The company has been generous over the last five years, paying reasonable salaries and bonuses to a number of staff, together with share options. Shareholders have generally been relaxed about this, but only on the basis that something commercially imminent would happen the following year — which, clearly, has not materialised.

On that basis, I would like to see a freeze on all future options and new share allocations until the company is generating proper commercial revenue. Please can you set out the board’s position on this and any intended changes to remuneration, incentives, or equity allocation going forward.

Finally, for clarity, I won’t be attending the board meeting / AGM in person. I’ll be posting these questions on the shareholders’ forum as well, so if they’re not covered in the general presentation, hopefully one of the shareholders attending can raise them on the day.

Thanks in advance — a detailed, fact-based response to the above would be appreciated.

Best regards,

If I ever feel the need for additional advice on how I should invest my money, clearly I will ask you first Fyoz. Thankyou so much for the offer

BarkingCrazy Thankyou

To put it bluntly, I’m no longer interested in the endless excuses and recycled optimism that some people on this forum keep clinging to. For years, we’ve heard the same promises, the same “imminent breakthroughs,” and absolutely nothing has materialised. Five years. Over £15 million of our money spent. And what do we have to show for it? Nothing.

The board of directors must take responsibility for this failure. Enough is enough. They either take decisive action immediately whether that’s moving forward with the trials they keep talking about or selling the business to someone capable of delivering results or they need to step aside. Their inaction has cost us too much already.

And let’s be honest: if these supposed trials were real and meaningful, why weren’t they started one or two years ago? Why are we still talking about them instead of seeing actual progress? At this point, we are entitled to question whether these trials have any credibility at all.

The time for excuses is over. We need action, not talk. Just hope someone at the AGM has the ability to get the above point across

Fyoz Stop being so naïve. We have a board of directors who continue raising money year after year while delivering almost nothing of substance. My frustration comes from a pattern that has repeated itself for far too long: constant fundraising, a high annual burn rate, minimal commercial progress, and a board that persists in promising that everything will finally happen “next quarter.”

At this point, it is entirely reasonable to question whether the pipeline is genuinely active or whether many of these so-called prospects were signed years ago and have since gone cold. The history speaks for itself — nothing materialises, yet the same optimistic narrative is recycled again and again by both the board and you

Valkor well Fyzo tell how much revenue will this partnership produce in 2026 or than 2025 and 2024?

Hi Peter,

I wanted to share my thoughts with you ahead of the AGM. As you know, I’ve been a long-standing shareholder and supporter of QED, and it’s important to me that you fully understand where I now stand.

Isn’t it remarkable that after such a successful fundraising—£6.5 million gross—driven by positive expectations for 2025 and the long-awaited progress on the main project, we now find ourselves almost a year later with little, if anything, to show for it? A further £3 million has been spent, and shareholders are still waiting for meaningful progress.

This pattern has become far too familiar: encouraging updates, announcements about the start of trials, another fundraising round, and then minimal delivery. It is a cycle that cannot continue.

In my view, the board must now take decisive action. Either these trials need to be brought into operation immediately, or the company should seriously consider a sale. Shareholders deserve clarity, accountability, and concrete results.

Unfortunately, I won’t be able to attend the AGM as planned, as I will be visiting my daughter in Arizona. However, if you feel it would be helpful, you are welcome to read or share my comments with others. I have always supported QED and its potential, but I believe it is important that the board hears and understands the level of frustration that has built up.

Hotfinance great post

"To put things into perspective since June 2017 (yes over 8 years ago at a cost of over £25m. the only tangible progress has been a Morocco pilot trial and the one day Panama trial"

Amazing when you think in resent years how positive Jason and the board have been. In hindsight it been a complete disaster. Let's hope something changes and soon

AKHM, I’ve been listening to the same rhetoric for over ten years now. The facts are simple: this company has achieved nothing of substance. It continues to burn through £2.5–3 million of our money every year, and over the past decade, there’s been little to show for it.

We’ve gone through multiple chairmen and several CEOs, yet the results remain unchanged. As a long-term and significant shareholder, I sincerely hope that Peter, Linda, at the upcoming AGM, can finally provide shareholders with proper timelines and realistic expectations for what the company actually intends to achieve over the next 12 months.

I would say that 2.9p is quite generous for an organisation that has yet to generate any commercial revenue.

Along with myself, there are thousands of private investors who remain hopeful that one day this dream will materialise.

The company currently has no long-term institutional investors — in fact, every one of them who has previously bought into the vision has since exited.

So, from where I stand, a £60 million market cap looks extremely rich.

Should nothing change materially by Q2 2026 I would expect the next funding to be 1-2p level.

History of missed execution

Five years of Jason (and lately Mike) suggesting trial start dates that never materialized shows a pattern of over-promising and under-delivering.

The lack of contractual obligations with partners meant those “commitments” were never enforceable — so the enthusiasm never turned into actual results.

New approach with Linda and Peter

You now have people who not only have seniority but also genuine connections in the shipping industry — which is directly relevant to QED’s product commercialization. That’s an improvement if those contacts translate into actual, binding trials or sales.

Market structure

With over 2 billion shares in issue and another 100 million in options, the share base is highly diluted.

At 3 p per share, the £60 million market cap looks stretched given the company’s lack of consistent delivery — so upside will require tangible commercial traction rather than just renewed optimism.

Realistically:

Short-term (0–6 months):

You should expect to see clear evidence of progress, such as:

At least one signed commercial or trial contract (not just verbal intent).

A more credible and publicly stated timeline for trial commencement.

Clear communication from management showing that Linda and Peter are actively driving deals.

Medium-term (6–18 months):

If after 12–18 months you still don’t see confirmed, active trials or commercial uptake, it’s a red flag that this “new direction” has gone the same way as previous promises.

At that point, investors would need to question management credibility and possibly reassess involvement.

So, 6 months to show signs of progress and 12–18 months to prove delivery is a fair and disciplined timeframe.

Given the share count and track record, £1 per share (a £2 billion valuation) is unrealistic without extraordinary commercial success.

Even 20 p implies a £400 million market cap — still demanding meaningful revenue or signed large-scale adoption.

The 3 p price arguably still prices in “hope value,” so without concrete progress, downside risk remains.

What a useless interview for QED. How about putting across all the positive benefits QED products offer. Not a good or welcome start

Quadrise plc (AIM: QED), the technology company focused on the decarbonisation of shipping and heavy industry through deployment of low emission fuels and biofuels, announces the grant of an aggregate of 45,625,000 options to subscribe for new ordinary shares of 1p each in the Company (the "Options") to Peter Borup, Chief Executive Officer in accordance with the Company's Unapproved Share Option Plan 2016 ("2016 Plan") and the Company's Enterprise Management Incentive Share Option Plan ("EMI Plan").

The 2016 Plan and EMI Plan are designed to enable the Company to recruit, retain and reward key employees of the Group - in doing so aligning their interests with those of the Company's shareholders and enabling the Group to preserve cash resources ahead of the commercialisation of the Company's technology.

Sign-on Options

The Company has granted a total 40,000,000 Options to Chief Executive Officer, Peter Borup, in accordance with the provisions of the EMI Plan and the 2016 Plan, in the amounts set out below (the "Sign-On Options").

There are no performance conditions to the vesting of the Sign-on Options, which will vest as to 50% on the first anniversary of grant and the remaining 50% shall vest on the second anniversary of the date of grant.

The Sign-on Options issued under the EMI Plan will be exercisable from vesting until the tenth anniversary of the date of grant, and those issued under the 2016 plan will be exercisable from vesting until the eighth anniversary of the date of grant.

Director

Number of Options

Plan

Exercise price

Peter Borup

8,000,000

32,000,000

EMI Plan

2016 Plan

5p

Total

40,000,000

-

-

Performance Options

In addition to the Sign-On Options, a total of 5,625,000 performance share options (the "Performance Options") have been awarded to Peter Borup in the amounts set out below.

All vestings of the Performance Options are subject to the satisfaction of specific performance conditions prior to the vesting dates. The Performance Options are issued under the 2016 Plan and will be exercisable from vesting until the eighth anniversary of the date of grant.

Director/PDMR

Number of Options

Plan

Exercise price

Peter Borup

5,625,000

2016 Plan

5p

Total share options in issue

Following the grant of Options, the Company has a total of 111,876,206 options to subscribe for new ordinary shares in the Company in issue, representing approximately 5.58% of the Company's current issued ordinary share capital.

Andrew Morrison, Chairman of Quadrise commented:

"This award of share options to Peter at a significant premium to the current share price demonstrates that Peter's incentives are directly linked to the delivery of our strategic objectives and the generation of long-term shareholder value".

Ive bought another 33,914 in 2 trades this morning. Looking forward to the next few months

The agreement will support the production by eVAC of 2,000 tonnes per annum of rare earth magnets initially rising to 12,000 tonnes per annum by 2029.

Currently $80,000 per tonne so by 2029 thats just under £1b in revenue

Pensana Plc is pleased to announce the signing of a Memorandum of Understanding (“MOU”) with Vacuumschmelze GmbH & Co. KG (“VAC”), a leading manufacturer of advanced magnetic solutions, rare-earth permanent magnets, and inductive components.

Through its recently commissioned eVAC Magnetics facility in Sumter, South Carolina (“eVAC”), VAC is playing a key role in bolstering domestic rare-earth magnet production in the United States, an effort crucial to America’s national and economic security interests.

Key terms of the MOU include:

A proposed offtake of products from Longonjo including the clean Mixed Rare Earth Carbonate (“MREC”) to meet the deadline of the defense restrictions on rare-earth imports from China in 2027. The proposed offtake would be for an initial five-year period, subject to extension and with pricing to be agreed.

The agreement will support the production by eVAC of 2,000 tonnes per annum of rare earth magnets initially rising to 12,000 tonnes per annum by 2029.

Strategic co-operation to strengthen and secure the global rare earth value chain and explore additional joint opportunities .

Troy Thacker, Executive Chairman of eVAC commented : “A new partnership between VAC and Pensana is a leap forward in the fight to strengthen and diversify the Western supply chain for rare-earth minerals, and we are grateful for the Trump Administration’s and the U.S. International Development Finance Corporation’s unwavering support and partnership in this effort.

This agreement not only reflects VAC's commitment to building a complete mine-to-magnet supply chain that will meet the growing demands for rare-earth materials but also illustrates how we will do so in a way that bolsters America's national and economic security."

Paul Atherley, Chairman, Pensana commented: “We are delighted to be able to work with the eVAC team to establish a major mine to magnet supply chain in the US. The Longonjo mine is one of the world’s largest undeveloped rare earth mines and Vacuumschmelze is a global leader in rare earth permanent magnets.

The Longonjo mine is financed, in construction and scheduled for the commencement of production in early 2027 with a 20 year mine life. We are looking at accelerating this production timeline to late 2026 and have committed to a major exploration programme to expand the resource inventory to meet the future demand for electric vehicle, automation and humanoid robots.”

About Vacuumschmelze

Vacuumschmelze is a leading global producer of advanced magnetic solutions, rare earth permanent magnets, and inductive components that are crucial for the decarbonization of our planet.

With more than 100 years of application know how and experience in material science and product development, VAC designs and manufactures mission critical solutions for a wide variety of industries, including renewable energy, e-mobility, automotive, industrial

Quadrise plc (AIM: QED), the technology company focused on the decarbonisation of shipping and heavy industry through deployment of low emission fuels and biofuels, announces the grant of an aggregate of 10,520,000 options to subscribe for new ordinary shares of 1p each in the Company (the "Options") to directors and employees of the Company in accordance with the Company's Enterprise Management Incentive Share Option Plan ("EMI Plan").

The EMI Plan is designed to enable the Company to recruit, retain, and reward key employees of the Group - in doing so aligning their interests with those of the Company's shareholders whilst enabling the Group to preserve cash resources ahead of the commercialisation of the Company's technology.

Performance Options

Of the Options, a total of 10,000,000 performance share options (the "Performance Options") have been awarded to executives and employees of the Company, including awards to certain of the Company's directors and PDMRs in the amounts set out below.

The award of Performance Options follows the 2 August 2024 award of 13,880,000 share options which lapsed unvested on the first anniversary of their grant date due to their specific performance conditions not having been met. The Performance Options will vest as to 50% on the first anniversary of grant and the remaining 50% shall vest on the second anniversary of the date of grant.

All vestings of the Performance Options are subject to the satisfaction of specific performance conditions prior to the vesting dates. The Performance Options are issued under the EMI plan and will be exercisable from vesting until the tenth anniversary of the date of grant.

Director/PDMR

Number of Options

Plan

Exercise price

Jason Miles

3,000,000

EMI Plan

5p

David Scott

1,600,000

EMI Plan

5p

Philip Hill

1,500,000

EMI Plan

5p

Total

6,100,000

-

-

Nominal Value Options

In addition to the Performance Option award, the Company has also issued a total of 520,000 nominal value options ("NVOs") to certain of the Company's employees in lieu of an element of cash remuneration for the financial year ended 30 June 2025 as part of the Option award. The NVOs have been issued in accordance with and under the EMI Plan. The NVOs will vest after 12 months from the date of grant, have no performance conditions and will be exercisable at a price of 1 pence per new ordinary share from vesting until the tenth anniversary of the date of grant. No NVOs have been awarded to the Company's directors or PDMRs.

Total share options in issue

Following the grant of Options, the Company has a total of 66,251,206 options to subscribe for new ordinary shares in the Company in issue, representing approximately 3.30% of the Company's current issued ordinary share capital.

Andrew Morrison, Chairman of Quadrise commented:

"The

AKHM

I'm not sure 50p would happen just on these projects being signed off that would give us a market cap of over £1b. Nice thinking 10 -20p initially then over the years as the projects progress I'm sure the SP would move towards high numbers

Only bought in a week ago already very happy with the performance