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Fyoz — agreed, I was a tad disappointed that they didn't sweeten the OO with some warrants, even at some modest ratio like 1 warrant per 5 shares subscribed to.
It would have been a nice incentive for people to buy at the OO instead of purchasing on the exchange at a small discount. I would be interested to hear what their reasoning was for that (e.g. perhaps balance sheet concerns or potentially exceeding share issuance authority?).
Not a big deal, but would have been nice!
FoMo – it has been pointed out to me that you are quoting the infamous troll 'Sallad3' from ADVFN. Why?
As I understand it:
The site where the MSAR testing is being done receives an order for X tonnes of product to be processed from main office, with about 1-2 weeks of notice (according to JM). They then plan and kick off a campaign, running until they've produced the required volumes. Then they stop until the next order is received, doing maintenance, etc, during the down period.
Speculation: presumably this model used is because further processing and logistics is required to finalise and send the product to end customers; they don't want huge additional volumes of semi-processed product piling up too early.
So QED need to wait for the next production run/campaign to start, they can't just stop the kilns at any old point.
I agree that QED have not been good at closing things out commercially, and I've never shied away from saying that.
But, I don't believe in making up additional points of criticism based on total speculation with no accompanying evidence. We don't know how the client's business operates, other than how we've been advised.
We have no evidence yet for such a strong statement as, 'If as we have been told many times, the Moroccan client is "very keen" then resumption and completion of the trial would have taken place by now.'.
I try my best to be balanced, sometimes that annoys the bulls, sometimes it annoys the bears.
We'll have to continue to suffer and wait for a while longer.
> If as we have been told many times, the Moroccan client is "very keen" then resumption and completion of the trial would have taken place by now.
If the client runs on a campaign/on-demand basis, as we've been advised, then I don't see how there would be any way to resume the trial at any other time than the beginning of the next run.
Found another resource: https://www.imhpa.gob.pa/es/embalses
Hi, @Noob34.
Rains have begun, but I suspect it'll take quite a while for reservoirs to be refilled and normal power generation capacity to be restored due to the protracted nature of the drought.
JM stated that the independent power producers (IPPs) are running at full capacity until the hydropower situation is resolved, at which time they will be able to set a schedule and sign contracts with the IPP, as they will need to take a generator out of service to upgrade and use for the trial.
I've been watching Panama Canal's Gatun Lake as a proxy for understanding how fast reservoirs are recovering. (It is also used for hydropower, but mostly for the canal itself.)
https://evtms-rpts.pancanal.com/eng/h2o/index.html
https://www.reuters.com/world/americas/drought-hit-panama-canal-restricts-daily-crossings-water-saving-move-2023-07-26/
If you have some better insights and resources, I'd love to hear them.
Thanks for sharing that, HF.
Don't get your hopes too high about the response you received being accurate (politicians, inaccurate?!).
All previous feedback, as I understand it, was as per the scoping documents on the UK govt funding websites — no non-methanol biofuels will be funded.
To quote from the funding scope docs, "We are not funding projects that are focusing on non-methanol biofuels, except for projects strictly focused on inland waterway vessels and Non-Road Mobile Machinery (NRMM), which includes port-side machinery".
Perhaps there are some new/additional competitions that do not exclude non-methanol biofuels? That would be great!
The answer is that UK government funding has explicitly excluded biofuels other than methanol.
Scroll back to the recent thread "UK: More Funds for Maritime Decarbonisation Scheme", and see the posts around 13 Jul 2023 12:12
Hi, WongaFC. QED policy has been that they do not tell us anything until the trial is concluded in some way, as they do not want to make a "running commentary". So, we'll only know afterwards, unless they decide to change that policy 🤷🏻♂️.
WongaFC — £100k
"QFI will be paid £100,000 for the industrial trial and phase 2 study under existing agreements with the client."
I'm sure they've eaten through that and much more with the vast delays with covid and customs, including fees for holding the isotank, for example.
https://www.lse.co.uk/rns/QFI/update-on-biomsar8482-and-msar174-projects-d2gp9wpusdztowq.html
Hi 46G.
There will also be $75k per quarter retainer for Valkor once delivered, so over the period you are covering it should be approximately $300k additional funding, should it go ahead in the timeline described (a huge question with that project given the interference from Hoodoo). A useful additional amount of revenue, should that occur.
> 1. Where does the monthly £230k go. It would seem mainly salaries and overheads related to the London office and R&D shed in Essex plus travel etc. So the salaries of about 12 staff is staggering.
Likely a lot of costs relate to project expenditure too.
- Consultants they use for various specialist tasks they're ramping up very substantially (e.g. for MSC trials, for Morocco trials, etc).
- Bought an additional midsized MMU.
- Services from the likes of Wartsila and Aquafuel to use their test facilities.
- Significant costs associated with being a Plc
DaveJi — I think a dual listing onto a US exchange would be extremely beneficial for us. This has been mentioned by the team multiple times in the past as a possibility, but I think they are waiting for the right timing as the markets have been quite negative and/or volatile lately.
Hi TCM,
- II is an initialism meaning Institutional Investor (funds, pension managers, etc). For a bit more: https://www.investopedia.com/terms/i/institutionalinvestor.asp (US-biased source, but it's pretty much the same).
- Expenses are for the legal expenses, costs to run the open offer (including to the exchange), fees to brokers, etc.
- Morocco trials are using a rotary kiln to dry a mined product. A purely thermal application, and will burn about 60 tonnes of fuel.
IIRC, it should be only about a max of 2 weeks from trial initiation to completion, but I think they will need to confirm with customer that they also agree the trial has been a success before reporting back.
Excellent results again. Well done to the whole team, and thank you for the continued hard work.
It's absolute madness that the order book and market cap of the company aren't that far away from each other (£78m order book at end of last month vs £110m market cap, as of writing).
IIRC, there should be an additional $500k once equipment is actually delivered to site, then fees of $75k per quarter unless they choose to buy outright, which they can do for an additional $1M.
Of course, if/when Valkor's clients start using the technology, there will be a share of the value uplift also (I guess somewhat lower ongoing share in return for the large upfront payments).
Encouragingly, there are plenty of key milestones for QED to be working towards in the short-medium term on Utah, even without the revenue sharing aspects... As ever, we shall see, as you all know the complexities that Hoodoo have injected into the situation.
Hopefully some useful progress will be made on that next month, finally.
Given how horrible the markets are and QED's recent gaffes, this is probably not a bad result.
I think they should have more than enough resources to deliver on the pipeline. It's all up to them now. Get it done...
Right, GMAN, it's just a distinction between a special dividend (aka. one-off dividend, extra dividend), versus a regular dividend which is a scheduled event.
https://www.investopedia.com/terms/e/extradividend.asp
One positive I take away is that the team has a strong plan for returning value to shareholders through dividends, so even if the SP continues to be bafflingly low, then we can get value through that avenue.