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Willywonti, take a look at the current capitalisation, the value of the bonds in issue, and what the voting strengths would be after a conversion of the bonds at 2p. Quite a powerful block. Remember also that if it is done right, with the company at the end of its cash runway, and capital available - but 'only on a de-listing and restructuring', a de-listing or administration alternative presented to the shareholders makes a de-listing (with an opportunity to sell out for a song) can make de-listing look to the PIs (the vast majority of the shareholders here - no institutional shareholders) like an offer they can't refuse.

Not saying it will happen, but with the BoD all handpicked by the CEO and driving force of the company the path is now open. It would not be a first.

PS Before you dismiss my last post as 'trolling', take butcher's at the SP reaction today to the bondholder resolutions announcement.

Today's bond holders resolutions (which it is clear will be passed) are interesting:

deferral of he redemption date from 12/26 to 12/28 buys QBT some time, but the drop in the conversion price from 3 to 2p is dilutive for ordinary shareholders and the removal of the redemption right on de-listing may be very significant as (a) it shows that QBT does not expect revenue to redeem the bonds within the next 9 months nor (more realistically) commercial roll out or sufficient progress toward commercialisation within the next 9 months to be able to raise capital to redeem the bonds (b) it shows that de-listing within the next 33 months is something QBT has in mind as at least a possibility and (c) it clears away the hurdle of bond redemption if it decides to go that route. That hurdle was virtually a bar to de-listing, as QBT does not have the cash to do so, and raising capital by issuing additional ordinary shares o redeem the bonds on a de-listing was for obvious reasons a non-starter. Now the path to de-listing is wide open.

Those who foresee an imminent rise in the SP should reflect on (a), and all holders should reflect on the dilutive effect of the reduction in the conversion price from 3 to 2p, and on (b) and (c). The path to de-listing is now wide open, and if timed right (ie before QBT hits pay dirt) by QBT and its bondholders the ordinary shareholders who have been so patient for so long will see the promised land but, like Loses, will not cross the Joran to enjoy the fruits of that land of milk and honey. Remember, the BoD are all Gardin stooges and structural manipulation is, to put it conservatively, not unknown in small companies listed off the main market.

Forget agonising over patent applications and speculating as to the prospects that the tests will prove successful, and think about the ramifications of the bondholder resolutions, for which QBT already has a 62.5% voting commitment.

Micky, I said nothing about the 'final rejection' issue.

1. Read my post. And read what Gardin has said about patent protection and QBTT's pivot toward other means of achieving protection.

2. Note what I said about the absence of informed buyers of QBT shares. Do you REALLY think their decision not to buy is based on BB 'trolling' (as you characterise any post which differs from your views)?

3. Compare your post numbers with mine, both on this and the ADVFN board. Which of us is posting incessantly in the hope that his views will look like a consensus opinion?

And finally, note that I COULD NOT CARE LESS how many QBT shares you or anyone holds or now buys. Whether you make your fortune or lose your shirt will not make me one penny richer or poorer. Your antagonism and conspiracy theories do lead me strongly to suspect though that you have come to the conclusion that only a massive pump based on hype will enable you to get out of QBT with a manageable loss before history repeats itself and the latest hope that QBT is o the cusp of commercial success is dashed. Your posts have all the hallmarks of desperation.

The 'fact' is that a significant amount of effort (and no doubt money) is being wasted bu QBT on patent applications which appear highly unlikely to be granted. Even Gardin has accepted that, when he stated that QBT was turning its mind (ie his mind) away from patent protection toward contractual protection of its intellectual property and protection of it as a 'trade secret' - which will itself be highly problematic if the concepts are already in the public domain and thus un-patentable. Continuation with the patent applications until they are formally and finally rejected will serve only to make the 'trade secret ' argument more difficult in any future litigation against anyone 'wrongfully' usurping QBT with some variant of QBT's methodology. Moreover, anyone who does so is likely to be a substantial mining or rigmaking or computing outfit with financial muscle QBT will be unable to match or afford to litigate against.

The conclusion is obvious: if QBT has anything which any substantial player in the sector believes has prospects of being developed into a commercially viable product, with the capital and expertise to do so, it should (and no doubt would) have entered into a joint venture with that person, or sold out to that person long ago. Again Gardin himself has explained why that has not happened. He has many times stated 'No one believes that what we re trying to do is even possible'.

Anyone 'heavily invested' here should be looking to this recent bout of enthusiasm to cut his losses. He would do well to contrast the (inconsequential) 3% SP rise last week with the 20% SP fall YTD. The QBT directors, design team, and 'consultants' are not buying, and nor are the big players in the sector. They are in the best position to assess the prospects for QBT and its IP. If they believed that there was any realistic prospect of an imminent commercial roll out and the 10X to 30X SP rise uninformed PIs here are predicting, you would have seen substantial (and notifiable) buys and at least a move back up to the 2 to 3p price range QBT achieved on earlier 'news' and 'commercial rollout projections (eg 'revenue by YE 2024'), none of which came to anything. The only explanation for those failures was Gardin's regular refrain 'it is proving more difficult and taking longer than expected' - followed by another capital raise.

But if peeps here want to continue to back hope over experience, it is their money (no institutional investor is blowing his clients' money on QBT shares), and no skin off anyone else's nose. There is not even any real risk any longer that their enthusiasm will sucker in anyone else. The way this board has gone, it is wildly unlikely that anyone save the half dozen incontinent posters attacking each other in multiple posts every day follows the BB at all. What prospective investor is going to devote hours every day to following personal attacks and repetitive posting running to many hundreds of posts every week?

Obelix, 18,016 posts.

Has he had as many as 18 different thoughts about QBT? I doubt t it, and even if he has 1000 posts per thought seems excessive. Surely even he ought to be able to express an idea reasonably clearly after, say, 10 -15 attempts.

I do not know who Avocet is, or what his beef is. This BB has become so repetitive, so humourless, so ad hominem, that I have ceased to give it more than a brief and occasional glance.

Might I suggest that everyone who has been posting more than twice a week (no one I think canseriously contend that QBT throws up more than two issues or events a week calling for comment) should cease to post altogether for Lent? Have a further blitz of posting now, to get it out of your systems, then cease posting altogether for Lent.

The pause will give you an opportunity for reflection, everyone else a much need break, and the board may be refreshed and once again become a source of valuable information and comment, information and comment which can be followed without spending more time out of our lives than QBT warrants.

Is that a hopeless cry in the wilderness? I hope not.

OSD, take care. A 'gut reaction' is all too often followed by a 'seat of the pants feeling'

What does that mean Disflat - no Mars bar this week?

This current explosion of pent up enthusiasm for QBT is having serious consequences. Not only is it costing you your weekly treat, but OSD is now lazing on a sunbed waiting to become a billionaire. All the cash for caulking compound to waterproof his new deck has been blown on QBT, so the work is at a standstill until QBT comes good.

'taking an opportunity here to recover some of the losses made here'

A frequent mistake made by PIs is to believe that they must recover losses in the same stock as those losses were made. It makes no difference to the portfolio bottom line whether a loss made in X Plc was recovered in X Plc or Y Plc.

The best place to recover a loss is whatever stock looks best placed to rise. A £lost (or gained) is just a £. It is not a 'QBT £'.

I think the mistake flows from a desire to feel that every investment in every stock bought in the portfolio was a winner. Even on that basis, it is defective logic. A holding bought and sold at a loss was an unsuccessful investment. Any future purchase of that stock is a separate investment, which may prove to be profitable or loss making. The previous unprofitable foray into that same stock does not make the later foray any more (or less) profitable.

Similarly banish the words 'averaging down' from your investment lexicon. Each purchase is a SEPARATE investment -good or bad according to whether you make money from the purchase at which you purchased. The profit (or loss) on that purchase is completely unaffected by price at which you made an earlier purchase of the same stock.

How does textual criticism of posts on BBs to ferret out changes of opinion advance understanding of the investment case for a stock?

Doesn't everyone's enthusiasm for a stock wax and wane? A milestone passed, an objective missed, a n R&D war chest full or a war chest empty, a price above or below the 50 day moving average, and many other factors besides. All influence any investor's (or prospective investor's) views.

Or speculation as to who is a buddy of whom, for that matter? Does love or loathing for one poster by another make QBT any better or worse an investment prospect?

A4P - everybody's buddy!! (I actually find no difficulty rubbing along quite well with a lot of peeps whose views I disagree with, though I do find those with no sense of the ridiculous rather hard going)

Or perhaps an exorcism?

OSD, much obliged. I do my inadequate best.

I look forward to your sermon on the parable of the swimming pools next Sunday.

As you clearly value your marriage and your standing in a somewhat conservative community, I humbly suggest that you steer clear of advice to virgins upon the importance of preparedness. In my experience such advice, however tactfully expressed, is not always well received, even by the virgins let alone one's wife.

Sounds of thunder from the heavens, the clouds split, and there appear in letters of fire the word:-

' the greatest of the three is CHARITY. The plagues of Egypt are too light a punishment for those on the LSE BBs who show no Charity. Upon them, I have inflicted QBT'.

Dearly beloved brethren, do not be downcast by today's sermon. Man does not live by bread alone.

Faith, Hope, and Charity.

Charity seems to be a lost cause in most quarters on this board, but Hope springs eternal in the human breast, and (as the Good Book tells us) Faith is the greatest of. the three .

The Good Lord, in his infinite wisdom and mercy, has given you QBT shares at a tiny fraction of the price of a lottery ticket or a premium bond. A price at which even the widow's mite would suffice to buy a few tens, perhaps even a few hundreds, of QBT shares.

Even the poorest among you can afford to live in Hope and, provided only that you hold fast to Faith, to dream of waking one morning to untold riches.

Buy a few QBT shares, hold fast to Faith, and travel in Hope.

'Tis better to travel in hope than to arrive (which is just as well for although 'it could be you' experience suggests that it probably won't be).

But don't be foolish or greedy and bet the farm. lest you find yourself crying in the wilderness for the Charity which so few on this board extend to others. Next week the Revd OSD will take as his text the parable of the swimming pool, and the sad fate of those who, in their foolishness and greed, ventured too many of their shekels upon the success of that venture, a financial fate worse even than that of a virgin who forgets that she knows not the hour or the day and neglects at all time to be oiled up in readiness.

There seems to be a growing state of euphoria in some quarters. Would a sermon on the subject of the unwisdom of counting unhatched chickens and the limited nutritional value of pie in the sky restore balance and keep tootsies on the ground (or at least on stout new deck planking) ? Probably not. As has very fairly been pointed out, QBT shares at 0.5p are a much cheaper way of buying a chance to dream of untold riches than lottery tickets. And a dream is a fine thing. 'Tis better to travel in hope than to arrive.

Miker, you are far from alone. Many, many BB posters on this and other boards have forced themselves to overcome their innate modesty to reveal the fortunes they have made.

It is heartwarming to discover that such a high proportion of BB posters have already hit the jackpot and made millions on moonshots, and that so few have lost any money on moonshots, let alone lost fortunes. They have a capacity unerringly to identify and buy into the few tiny early stage companies which will hit the jackpot and to avoid the many which will go to the wall, so they are able predict where QBT will go with certainty , and have the confidence to tell the rest of us. Fortunately for us, the huge fortunes they have already made on the earlier successes afford them the leisure to spend all day posting, so there is little chance that even the most infrequent reader. to miss their words.

How fortunate we are to have their guidance.

Micky, for anyone who want to be able to dream of a windfall, I agree that a few quid spent on QBT is one way of doing so. I also concede that , unlike lottery tickets which expire and have to be replaced at further cost in order to keep the dream alive, QBT shares last as long as QBT does. Over time, that is a material factor. Given the length of time QBT shareholders have already been waiting, the QBT riches dream may well have been cheaper for them to keep alive than the lottery riches dream would have been, and may well continue to be so.

Micky, pots and kettles?

No one has been more assiduous (not to mention voluminous and repetitive) than you in 'maintaining a narrative'.

Tedium moves in both directions.

'But he hit me first' is an excuse which cuts no ice even as as a justification for misbehaviour in the playground.