Member Info for PuzzledPete

Accounts due this week. Will show the appalling increase in issued shares wrought by the warrants wheeze. Share count now some 31 times greater than just before. All in return for some £11m raised (= a piddling 1p per expanded shares) Its why whatever scattered lottery tickets that £11m will have bought can never deliver anything meaningful per share. The wheeze was forced on the then board desperate for cash and to keep them in cigars and the gravy still flowing. Shareholders' interests ? - Nah ! Wots that Guv ?

That one looked like the tail-end dross that were Krugel's other acquisitions. You have to ask why no one else wants it, and why it has been on the market for so long. Punters on here don't understand that the 'market' for these plants is run by chancers, flipping them around like parcels. Power Balancing Services who (having sold Borderesley to Mast's sponsor Kibo in the first place) is one of them and Krugel's last resort to fund Bordersley's build after - 7 years.

I think you'll find, Mr Stew, that you won't see QDE coming back to the market before 1) the 2025 accounts which will show dire straits and practically no income from Pyebridge. 2) Possibly the 2026 results to end of this month which will show the Feb desperate fund raise hasn't happened and, still, no income from Pyebridge 3) Depending, another emergency funding to plug the hole cause by 2) and the continuing losses in 2026 so far 4) No news about projects being signed while suspended and maybe cancelled by the hoped for partners 5) And that's before the possibility that, iaw the terms of its loan to Pyebridge and still o/s to QDE, Riverfort has foreclosed on Pyebridge and taken full control. 6) And ever further, the probability that Crowe will say something more about what it has discovered re those behind the warrants scam. That's not the end of the list.

Have you not been following the stark story ?

You can't learn the ropes on these chatboards Rich (you won't be if you try to) It is a toxic brew of ignorant, wishful thinking. And often suppression of informed caution. Punters on these make up the bulk of the small co AIM etc investors who lose 80% of their money. Best get yourself an 'investing in shares for dummies' (it it exists) Or try investopedia.

They hardly got any money with the warrants scheme. But shareholders lost a monster chunk of the company and the 5 millionaire warrants subscribers made much much more by flipping their warrants. Thats why it was as scam. Do the sums.

The shares have continued to sink because the warrants scam by increasing the share count exponentially has decimated any chance the share price - even if one or two of the investments prove to be a bonanza (extremely unlikely after the dilution developing them will cause) can never rise by any measurable amount. Its why this is going the same way as QDE (ex Mast) - although maybe more slowly.

What muddled thinking - no wonder your moniker should be stewhead.

Too many muddles to list

Those behind the scam press puffs are NOT unknown. They are known to QDE's auditors who know that Mast and Met1 at the time used exactly the same scheme promoted by exactly the same outfits in Canada and Puerto Rico whose ties to the puff circulators are able to be investigated by the SEC.

Don't know if this already posted

Mast (now QDE) auditor seems to have uncovered links to the warrants scam - and has resigned due potential fraud (from their resignation letter

"Our concerns relate to the Company's governance and to executive conduct, specifically in connection with ​a) explanations obtained in relation to two transactions entered into by the Company associated with its funding arrangements and activities undertaken in connection with those arrangements,

​b) actual or potential non-compliance with laws and regulations arising from those matters and/or actions by others including third parties engaged by the company."

This is obviously Fairfax and MavDB, the same as Met1 used six month before. And the same frraudulent puffs

Whether Met1's auditor will take the same view who knows ?

Anyway QDE is now suspended and I for one doubt it will ever return

The thickos on here don't do satire Bob, let alone irony.

A bit more

The involvement of North American capital dramatically escalates the personal and corporate stakes for the board:

• The Threat of SEC Extradition and Asset Freezes: While an FCA investigation takes years and rarely ends in jail time for micro-cap directors, the SEC can coordinate with the US Department of Justice (DOJ) to file wire fraud or securities fraud criminal charges. This can lead to international arrest warrants, extradition requests, and the immediate freezing of the directors' personal global bank accounts.

• The "Bad Actor" Disqualification: A formal SEC or OSC sanction triggers automatic "Bad Actor" disqualifications globally. The directors would be permanently banned from raising capital, launching private placements, or sitting on the boards of any public or private entity in the US and Canada, effectively ending their careers in international corporate finance.

The single biggest change brought by North American involvement is not regulatory, but litigious.

• The North American Class-Action Machinery: In the UK, shareholder litigation (Section 90A FSMA) is expensive and slow. In the US and Canada, class-action law firms operate on a contingency-fee basis ("no win, no fee").

• Targeting the Directors Personally: Specialized securities litigation firms actively monitor cross-border capital raises. If a group of North American warrant subscribers proves they suffered a total loss because QDE's management allowed ACF to publish an economically illiterate spreadsheet that omitted the critical SPV cash-lock realities, they will file a massive class-action suit. They will sue not just the cash-starved parent PLC, but the directors personally to target their Directors and Officers (D&O) insurance policies.

Summary

By targeting North American investors with a warrant scheme while supporting it with flawed, issuer-paid research, QDE's management didn't just break LSE and FCA disclosure rules—they invited the scrutiny of the SEC and North American class-action lawyers. This shifts the final destination for management from a routine public censure by the LSE to severe international legal liability.

(By 'cashlock' is meant that no income flows from the SPV's to QDE (as ACF's 'research' assumes and PK has never admitted)

Another backward little boy. Unable to understand that 'obsessions' on here are aimed at advising those really at risk of losing all - of the chances of lifting suspension.

Yes I thought you did. But there's more at stake for it to bother me.

Just one little sword hanging over the directors.

"North American securities regulators possess vast extraterritorial reach. If a UK-listed company solicits capital from their citizens using misleading information, they do not hesitate to cross borders:

• The US SEC (Securities and Exchange Commission): Under Section 10(b) of the Exchange Act and Rule 10b-5, the SEC enforces strict an ti-fraud provisions. If US subscribers used the July 2025 warrant scheme based on a fraudulent forecast, the SEC can assert jurisdiction over the UK directors. The SEC frequently brings enforcement actions against foreign executives who target US investors with misleading promotional materials. [1, 2]

• Canadian Provincial Regulators (e.g., OSC - Ontario Securities Commission): If subscribers were based in Canada, provincial regulators monitor international private placements heavily. They enforce similar "misrepresentation" clauses, which carry severe civil penalties for foreign directors."

You, of course, never having bothered to research properly, won't know what Crowe has probably discovered re the last July warrants wheeze, whereby PK could have been the only sponsor of last August's grotesquely misleading 'research' and press puffs aimed at N American investors in order to puff the shares and get the warrants away.

I see. So you expect a tiny inexperienced one man band auditor to gaily ignore an experienced auditor, who knows QDE thoroughly, who has highlighted discrepancies. What a fool you are.

Zero I'm sorry to say. The odds against Krugel getting away with what Crowe suspects are extremely low. And the uncertainty together with suspension means suspension of whatever Krugel was planning, and certainly the end to whatever deals were in the pipeline. On top QDE is continuing to run up overheads with little or no income. All recipes for bankruptcy. Some of us have ben warning of this outcome for a very long time.

He doesn't have a nomad. Being on the Standard Market (even if now in transition) nomads weren't required. Its how he's been able to get away with things. And the fca specifically washed its hands of regulating him when he listed in 2021. Now why do you think he chose that market ? (And, of course, in presentations and podcasts he's always pretended to be on the Main market, making anyone believe he's regulated)

As for his reply to Crowe. You either believe him saying Crowe raised no problems before resigning. Or you believe Crowe. Of course you have t o believe our friend, because if you don't, it means his fund raise a week before was fraudulent in that he knew there were problems.

But, then, you can believe in fairies - just as the three caballeros do.

And you don't know whether the fca (and the other City regulators) aren't looking already. In the case of small cos they have to be given the facts, and generally don't bother unless criminality is involved.

Look back. Its all there. Jason Parker is a one man band with only one other PIE company audit client and that is a small non trading co. He's building up his auditing business and is charging more than twice what Crowe was. He has no experience of cos as financially complex (and potentially as opaque) as QDE and will probably find out the hard way An audit is an audit and every reason to suppose he will uncover what Crowe has. If that has potential criminal aspects Crowe won't have disclosed them to Parker before he signed up. All reasons why a newbie desperate for business will have signed up.

So you think Crowe takes its stance from the green boxes Mr Kammi ! Odd that the potential warrants fraud was flagged on here 8 months ago. You Zen and Maid all as stubbornly thick as a giant redwood's trunk. Sad really, but means we can't really sympathise with your losses even though a psychiatrist would recognise your problems.

This is what we can expect now. If PK goes to court to contest Crowe's reasons (Crowe won't have spelled them out in public because of potential evidence in any court case) it will take until next year. Meanwhile the shares will have to remain suspended and the LSE will cancel its listing. (But what a pathetic initial defence 'accusing Crowe') Apart from those losing their investment, the rest of us can look forward to an entertaining spectacle.