Member Info for Fevertreeman

NMR remain close to HMG as they always have been. Rather than list of attendees would be more interested in who at NMR attended. NMR is one of the last pure advisery banks out there - Karina Danilyuk heads up their Metals&Mining team in London & is well regarded in the sector. So yes good to see Rothschild involved

Badly handled by the Co …..Now I know from experience that it takes time to put a raise together, so this has been on the works for a while, but seriously 25% uplift, so they didnt even have proper intell on likely demand and have now further diluted existing à/holders!! This should and could have been done earlier. Meantime, the news about restrictions on production was not a surprise to me given UoB facility but Alex & Lemon have been much too cute with comms, and investors will be warier now.

Clearly the value chain is there and if scaled properly, with competent management and leadership the institutions see great things for the Co. Whether they have sufficiently grilled the team who knows but one has to draw some comfort from the level of support. Will be interesting to see share register for new entrants. That said, I remain concerned that the SPAC valuation is far too high …wonder if Cohen & Co will be on the phone ….

Timing very very off whatever excuses dressed up as strategic rationale Peel Hunt & Montfort concoct for Dawes & Lemon. Flimsy rationale which begs as many questions as it fails to answer. Why now? Why not 3 months ago? What changed? Why German focus? Why this amount? Will they need more? Explains why Montfort were engaged (and possibly disengaged post raise) ; may also explain why CFO got jettisoned, as in, I think "Chaps, I may have got my sums wrong on w/c front & SPAC " Who know? Fact that lion's share earmarked for Deutschland also speaks volumes about likely immediacy of funding support packages there, Does it suggest a change of approach? £2.7m is a big chunk of capex for German ops (almost 3x that of Brum) which clearly haven't moved beyond the CAD desktop 'vision' they provided. Also suggests that optimism around SPAC valuation is probably misplaced. Now, Trump has had a hand in all this, but this predates him. One wonders what CoTec thinks about this..... Am relieved I followed my gut post exit of CFO & bailed out of a decent chunk c55p. Mr Market will view this as a black mark against MKA management; the focus will rightly move to proving that they can manufacture at scale, win contracts, & drive revenues. It will recover, but the shine has definitely come off the wunderkinde

Completely agree - one of those vapourware releases that co’s love but add no value beyond irritating investors. Timelines have inevitably slipped in the case of the SPAC thro no fault of the team, tho German commissioning clearly pinned at their door. So after roughly 6 mnths of the sp stuck in trading, Mr Market has decided with no catalyst he’s getting twitchy esp in risk-off market.

MKA still awaits meaningful € package from EU/UK, while risk-off in US thanks to Orange One is not great timing. So unsurprising sp has retreated - one couldn’t predict Trumps Iranian misadventure but even before that sp had run out of puff. Am still invested & will now sit on sidelines till we have consistent commercial newsflow, and then reconsider

Completely agree - good to see that the investment in export drive hs its first win. The only wonder for me is why they’d waited so long to make the move.

Like you I think it’s way undervalued. These incremental orders are evidence that there is good momentum within the Group. Rail is the one division where we still haven’t had any real pull thro’, but those recent hires suggest that they think the long drought may be finally coming to and end.

Now we have the detailed feasibility and costs study, will this be enough to get US investors to back the SPAC.

US$500m+ is going to be a huge sum to raise, notwithstanding SPAC. Investors will rightly want be hoping to see the colour of EU money for evidence that this can be partly derisked thro support package.

GIven the rail network is a core national asset, as the Select Committee Report pointed out a coupla weeks ago, it's depressing how little progress has been made. There is a tremendous opportunity for Petards given ave age of rolling stock on the is 17 years, and we're talking 12,000 vehicles.

I fully expect that they are considering another share buyback. At the same time, they must surely be working on portfolio sales etc because the gearing is too high meaning they cant participate in any corporate action. At some point this solves itself or gets solved for them. my big concern is the utter duplicity and ineptitude of Labour - that must have now put a huge red warning sign on gettiung involved in the sector to potential entrants or consolidators. Well done Reeves, Well done Milliband! As an aside Labour happy ripping up retrospectively RPI-linked contracts while continuing their use with a student population absolutely drowing in debt.

Rail: Insights (news) section contains a fanstatic wqhite paper on future of UK Rail...it is packed with info and really great positioning. But did they leverage it? What are they doing to raise profile with the media etc...

Defence: no news section at all

Affini: last news June 2024 -takeover by Petards ........ 18 months of absolute silence...what a way to advrtise your business

QRO: last news Jan 26 2026...much better ,... move to larger premises is presumably a sigh of confidence

Defence: - no news section at all

Not a single update from Affini - last news item posted JUne 2024.

Annual Report snapshot shows why Petards has been shunned by the market and why investors even now are right to be wary! The performance has been dreadful, and whilst the Rail & Defence markets have been terrible, it is still a picture of instability, with questionable earnings quality.

Back in 2021 Sales peaked at £13m with EBITDA of £1.5m. 4 years on, they will finally breeze past the Group revenue peak c£14.9 million (2024: £12.0m) but expected EBITDA of £1m is still 33% shy of the 2021 fig. Perhaps now with things turning around the Abdullahs can actually prove to shareholders they can produce quality growth and eps, and that this is a company worth backing. It would give me much more confidence if we had proper KPIs, if the Abdullahs discussed operational priorities properly rather than the waffle they give shareholders, if teh explained how they intend to grow the business better. There is a great equity story here, but the Board (and I hold the NEDs fully culpable) has made no effort to make the Company better known, quite the contrary they have made every effort to hide the story here.

The Vox video was very poor despite the Brummie actually for once being sensible in his questioning. He asked her to sum up the highlights: cue dreadful Barrington woffle. She seem sin capable of verbally bullet-pointing what went well and what didnt. Instead we get vague woffle and revealing commetns like her admission to the effect that they weren't going to make our revenue target but chose to go with it anyway. So put out a number she know is unattainable to the market and then watch the share price subside when it isnt met...ffs!

Would not surprise me in the least if they announce yet another buy back programme . The current £100m programme runs out as of 27 February I believe.

If cash burn is an issue then perhaps Sara Barrington should take a bloody pay cut

barrington is the the issue (along with the board). after the disastrously botched raise that almost sank the company but not barrington because she got regranted her share options (not something s/holders were able to do)... her attitude to her shareholders is woeful - she didnt apologise for her gigantic ****-up that cratered the sp. meantime the growth figs look dodgy and she continues to burn thro cash at a rate....

fy 25 1,173 tutivia tests orders = $3m revs = $2557 per test, and yet at 1h figs of 591 tests = $1.16m = $1962 per test, so 30% uplift based on 2h figs.

- on face of it that's a great result right? but where is the explanation/reconciliation, and if there is that much volatility barrington how can your investors/analyst properly model outcomes (let alone the company)?

then what about momentum that she was saying was happening: october update - barrington told us " volume growth from this progress is expected from q4 and the number of orders in q3 were consistent with the previous two quarters.

1h 591 so averages q1 295 q2 295. q3 c300....so based on barrington's comment an uplift was due in q4...and yet: q$ sales below q1, 2,3..and 2h below 1h.

SOP for disappointing update to put out commercial RNS alongside (Blue Cross deal looks encouraging) to soften the blow. Barrington is t up to the job- didn’t hit the numbers; a less than confident statement , and why on God’s Green Earth are they saying Dec FY25 will come out in May!! This is a tiny business with minimal revenues and yet Barrington can’t commit to releasing results in a timely fashion. Suspect because every Q they have a wrangle with accountants about revenue timing and recognition. Be good to see sustained progress but after screwing up the cash raise, which cratered the so Barrington still has to prove she is CEO material.

Indeed but Zeus still yet to restore forecasts. So much for being house broker!!

Strange appointment as CEO - ditch architect of simplification strategy but appoint existing team member ? Hard to believe that the Board went with status quo!

Yes it’s turning but why in God’s name has Johnson repeatedly over-egged things. He shouldn’t be CEO if he cannot give proper guidance - his uselessness supported

by village idiot Bumdred destroyed shareholder

Value and almost sank the company. Only thanks to GM that we’re still solvent. I expected better news; so patient transfer from high dependency ward into out patients delayed again because Johnson just can be trusted with his patient notes. Cleminson as senior consultant will be furious

kevin johnson strikes again. ffs…if i were the chair i would wring his neck; he’s wrung cleminson out to dry again. end sept cleminson says upgrade to c£20m guided by the resident ceo clown. nothing johnson says can be trusted. he is pathologically incapable of understanding what the markets require. second furnace also delayed, but at least cash is being managed. guidance for current year means nothing frankly. don’t expect so fireworks, but cleminson will be really ****ed off