Below are my notes after listening to the call twice, reading the Q&A & the results RNS. Bear in mind, I haven't been following events very closely over the last 6 months so some of this might be just me not being up to speed:
Morocco & MSC are obviously the main projects, Valkor has too many moving parts so in my mind to see a successful outcome in the short term - putting this in the "anything is a bonus" category
I like Andy's communication style, I feel he gets it. Came in on a shoestring budget but so far I would consider his appointment successful, signing commercial contract ultimately the asset test
Positively surprised with the cash runway until Q4 2023, thought it would end sooner
Obvious point but worth noting re fundraising, we don't need to wait until we get the first commercial payment for fuel supplied to raise funds. The announcement of signed commercial contracts should cause a SP increase to allow even a modest fundraising initially with a view to a larger raise on better terms subject to further commercial agreements - MSC. all depends on timing of announcements, but hoping there is scope to avoid another large dilution
There does finally seems to be some responsiveness to the company's product offerings - Sky News interview, Jason's presence at different conferences & general appetite for sustainable fuels/net zero etc
Appointment of ESG advisor to the board a positive step
MSC relationship looks to be strongest we have had with any partner since inception. This says a huge amount in terms of their commitment to the trials.
Major f*ck up with the production of fuel for Morocco, there is no excuse for this. They just made a complete mess of the situation given they had a larger (two MMUs) and smaller option (QRF) to produce the fuel. Fuel is on its way now so get the trial completed
Most interesting part of the call for me was around the fuel supply for MSC. Q&A - Q4 - MMU is en-route to Northern Europe. Then Q96 & Q97 - audio responses. Jason talks about Northern Europe - The Netherlands - tapping into biofuel credits. It sounds like MSC are doing a lot of heavy lifting here to get the MMU installed with their fueling partner. From memory, I think this is Shell but open to correction on this.
In summary, more patience required but the strength of the relation with MSC gives me optimism. Get Morocco commercial and it would be a significant milestone for the team and company share price.
https://www.independent.co.uk/news/health/coronavirus-tests-covid-19-hospitals-testing-uk-latest-b673684.html
Thanks to GMF78 on twitter.
Found this article as a follow onto the agreement Rob79 highlighted
https://www.utilities-me.com/news/14338-sec-invests-in-ges-hot-harsh-rd-center-in-dammam
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This is what I found:
https://help.stockopedia.com/technical-guide/insiders/directors-dealings-disclosure-rules
"The directors of companies traded on the LSE cannot trade during the two months preceding a preliminary, final or interim earnings announcement and one month prior to a quarterly earnings announcement. Outside the trading ban periods, directors still require clearance to trade from the board's chairman"
700k buy @ 6.48 at 16:16 showing up
QFI refer to the agreement on their website FAQs as:
It is a very significant development as it is a binding contract that provides a clearly defined structure for Quadrise and Freepoint to work together to progress MSAR® projects to long-term commercial agreements.
A recording of the previous calls have been posted on the website.
So hopefully a recording of Monday's call will be available in the evening for those who can't make the live call.
Thanks for update. Much appreciated.
Great find Rob Thanks for posting
There are two late trades posted from this morning. The net proceeds both 75k, could this be a moveme nt of shares to an ISA account? Any thoughts?
There were two other trades of 1m each @ 14p earlier in the week, which didn't move the price significantly. It may be the case that along the 2.1m trade today that an order is being filled.
Buy of 2.1m @ 14p
Have to agree Rob. While the fact that contracts are not signed is not ideal, the RNS clearly shows KSA's commitment to the trial. "Installations for fuel production are now essentially complete and a third-party engineering study for the boiler consumption phase has been delivered to the client" - As suggested, this indicates that the fuel is being produced in KSA. If KSA were not committed they could have requested the fuel be shipped from the Cespa facility already set up. Instead, they appear to have purchased the MMU(s) & have them installed within KSA.
Both 1m @14p
I sent this to IR last night: "Hi, At the recent AGM, the board, specifically Mike expressed his confidence that the KSA contracts would be signed prior to the end of the current calendar year. Given that there are now three business days before the Christmas week where one would imagine it could be quiet difficult to assemble the various parties to coordinate the required signatures, does the company still express the same confidence that all parties will have signed the required contracts within this timeline?" Response recieved: " The situation remains as previously communicated."
With thanks to dustofnations on the forum. https://www.zawya.com/mena/en/economy/gcc/story/Saudi_state_budget_expected_Tuesday-SNG_105921616/ 'Minister of Energy, Industry and Mineral Resources Khalid Al-Falih and a number senior officials are scheduled to speak on the salient features of the budget on Wednesday' It would a nice time to mention the trial.
The forum appears to have lasted three days finishing today per the below: http://sealcore.net/media/pdf/iktva_SME_Forum_and_Exhibition_Leaflet_-5.pdf Its encouraging to see other contracts being signed and real steps being taken as part of the 2030 vision, lets hope MSAR is a big part of that
Just one additional point to add to this, per the latest financial results, the company has cumulative tax losses of £47.3 million (2016: £41.1 million) available for set-off against future profits. Hopefully will come in handy sooner rather than later