Member Info for Fevertreeman

Indeed he did ….you are right ….the problem as you know is that he then failed to deliver, despite constant optimism and wildly misleading forecasts. So do the OEMs love the tech- YES. Do they trust the team led by KJ to deliver discs that meet their requirements - jury definitely out. The company is a world leader and KJ one of the world’s leading carbon boffins so we all want him and it to succeed, especially as so many of us have backed them for so long

After a long wait for half decent news, finally some arrives.

For long term SCE holders like DamayHill et moi, the repeated car crashes over the last 2/3 years that saw bombastic optimism from Bundred and CEO; revenue projections missed by country miles ( even after big s/holders and customers demanded worst case scenario); s/holders cash repeatedly burnt thro by the truckload; and management chaos….these still preoccupy us ( and should do new punters).

As Damay points out there is still so much that can go wrong, and IMO management is still the biggest problem here starting with Johnson who failed dismally to understand that he lacked the skills needed to build a major manufacturing business until it was almost lights out. The fact that both the CFO & COO he recruited to help him professionalise the business have both jumped ship speaks volumes about Johnson’s leadership credentials ( and the fact that he appeared clueless about the depth of the problems they encountered on arrival). Were they the right appointments? Who knows but both Easton and the CFO were clearly unaware of the total mess that Bundred & Johnson had presided over! And I for one feel sympathy for them. And do remember that the successor to Bundred as chair jumped ship as soon as he could, clearly overwhelmed by the depth of the problems he saw.

So top marks go to Cleminson who stepped into the breech and appears to have finally got a grip on Johnson. Also good news that of the run rate continues and yields hold up SCE may come close to surpassing worst case rev Johnson boldly predicted for 2023/4 of c15m.

Working capital clearly remains the biggest issue but as Damay points out, the OEMs are between a rock n a hard place and advancing SCE cash vs order delivery is clearly preferable to allowing the company to go under.

With Cleminson doing what appears a great job, the next issue surely is to ensure that Johnson has a much better management group in place. Frankly, it can’t be right that the architect of the near collapse of the company remains as the only executive on the Board.

In terms of share price predictions , having like so many mentally written off my holding, the only point at which I will look at the share price and decide next move is when the business finally moves to a consistent cash flow positive based on consistent q-on-q revenue and yield delivery.

Watch that 9th hole at Portrush -a tough one :)

Where are our chums the MMs standing currently?

"Breaking China’s grip on rare earths won’t be quick or cheap. But if the West wants a real alternative, public capital and guarantees as well as market forces will have to do the heavy lifting."

Https://www.reuters.com/commentary/breakingviews/chinas-tightest-rare-earths-headlock-is-financial-2025-07-17/

Whats comedic about that?....I am a holder and have been since 6/7p. Its a hot sector, and likely to get hotter. I was merely pointing out that given its on AIM, given that the all-important SPAC isn't due till Q4, and given all the other things outside the chaps' control, notwithstanding the strength of the fundamental merits of the story positive scepticism is the order of the day.

Agree that it's undervalued & could 10x bag and I like the equity story, hence ownership from 7p upwards. But to get there a lot has to go right;

Remember:

1. it is relatively illiquid, trades on AIM, is pre revenue, with it all to prove that they can build and operate recycling plants at commercial rates. Plus excluding the operating challenges, its complex ownership and financial structure represent a real hurdle in terms of institutional ownership, bar the odd microcap fund.

2. Nasdaq SPAC slated for Q4 , and that's a long way away in these febrile markets, esp if we have a US pull back or REE loses its lustre. And if for whatever reason Cohen have to shelve or postpone the SPAC offering, then MKA will face a funding issue

3. Other positive newsflow that may be in pipline isnt MKA's to decide

I am not being negative but just pointing out the potentail pitfalls that I'm sure Will et al are fully aware of. This remains IMO a share where set a profit and stop loss. levels will help dilute the very real risks associated with long term ownership

What progress? Pinocchio Adams 's relationship with the truth is, based on evidence over last decade, entirely elastic. My educated guess is that the Ethiopians demanded that he deliver something so they had something concrete-ish to waffle at last night's embassy bash. No more, no less!

Adams then no doubt complained he was underpaid, that he never sees his family and that coming to London meant he would miss his siesta in Cyprus. So what does he come up with.....a few huts being moved...maybe...."is being triggered this month" is not definitive on Plant Pinocchio......

And company doesnt control speculated newsflow milestones over next few months , so it could be volatile as traders pile in and out and MMs get bored waiting

TVM...thought that was the case.....the Yanks mut find the system very irritating, when they are at the mercy of massive illiquidity and rapacious market makers who wont put up capital

Sp seems held in a vice.......

From 3.6% to 1.84% ...hardly a bloody ringing endorsement of Ashton's woeful leadership is it! Just to remind folks where we currently stand: temporary CFO; sales of profitable chunks of group, latest being Ireland on spurious grounds of simplification and balance sheet strengthening that wasnt required; no sign of promised capital markets day promised for May ; no clear view of how both businesses are performing; exit of Numis; Ashton not buying a single share for years ...so no alignment with his own bloody strategy; chair that is not independent..........the list of red flags is endless

Lets hope that Cohen are being properly managed and pulling out all the stops premarketing the SPAC......CoTec not involved so JT unlikely to be putting pressure on ....

" this is the feedstock to physical AI....robotics...espectation its going to be the largest industry in the history of the world..well rare earth magnets are essential...etc"

On the video

Https://www.msn.com/en-us/video/money/mp-materials-ceo-on-deal-with-the-defense-department/vi-AA1Im6SA

Frankly the sooner the boys move off AIM the better, liquidity is a major issue unlike in the US. And the credibility of AIM is shot to pieces. Any US bidder isnt going to be screwed around by the MMs.

What are the institutions like Ruffer, who backed the Great Pinocchio with the latest confetti launch, want to hear. Adams must know that he is in danger of being kicked out unceremoniously if he doesn't produce something tangible on TK after all the years of self aggrandisement, delays, obfuscation, and downright lies.

As s/o who's been around capital markets and advisory for decades, I think this company is a gem with quality management. NEDs need strengtheining if this is to grow properly rather than another quick in n out get scheme. A move to main board or US would help get better quality investors too, but they need to prove that they can produce at commercial levels with consistency, and in the UK we dont have a grreat track record of taking proof of concept into inistrialscale production. Hiring lots of fine engineers who know what ehy are douing and have run complex manufacturing plants will be needed