Member Info for PuzzledPete

Mr Viper doesn't even understand that dilution forces shares down, not up. No lemmings seem to have noticed yet another egregious Roast omission. Krugel brushed away remaining warrants while 'forgetting' to mention the Feb £1.1million raise at nearly 40% lower than even the warrants 4p. It decimated shareholders by yet another 26% and there will be many more such. Nobody noticed.

That post shows your complete lack of mental ability Mr Slippery One. If I've LOST so much, look back on my posts to see when I last recommended Mast - showing 'd bought it. You won't find one. My every post since even before Mast listed in April '21 (before which he'd raised all he wanted off the market - with similar omissions of vital facts) warned it would crash. I was right from day one. I keep posting because this co is a sham. Its boasts are unsustainable (or at least without decimating shareholders even more than already). Others more intelligent than you will welcome honest analysis. And they're going to keep getting it. You can carry on in your own slipppery way - a bit like PK..

If you deserve to be insulted Mr Invester, expect to be. What is insulting is that you and your kind think they have free rein on these boards to puff the most amazing untruths, when none of you have any qualifications or even the basic intelligence to question what you are being told by PK and his unqualified chief puffer, and yet have the gall (and the stupidity) to denigrate those who've shown they understand what this co has been doing to fleece others like you and is continuing to do, You still deny the obvious - a CEO who has seen his share price crash by a record 99.6% in only five years on the market and much of which was due to misleading investors through the economies with the truth he's a past master at . I bet you can't even tell us what the most egregious of those is - because you haven't the wit or the experience to spot it

Just listened. All empty puff and not even any wind ! Head Numptie Hornsby getting away, again, by saying 'wow' - 300MW at (highest winter revenue/per MW as if for whole year equalling £290,000 (actually fell to half that rate last summer) at a 30% margin gives QDE £26.1m PROFIT ! The numptie is supposed to be Krugel's PR outlet and doesn't even know that it mostly goes to the outside SPV funders and owners. That is one of the most egregious and misleadingly fraudulent statements I've ever heard on a dodgy AIM or Standard market yet Krugel (and the equally dense Chas Archer ) let it pass. No wonder Roast isn't a member of any professional body.

And, still, the trusting little babes in the wood lemmings don't get it.

I didn't bore those who have thanked me for getting them out of this dog at multiples of the present price. So I won't be following your so elegant way of suggesting I stop helping those who want to be helped. You, of course, like the thicko at the back of the class, in your thuggish manner, can rant as much as you like.

As I've said, the gross margin on grid generation looks like less than 20%, (see Companies House Pyebridge 2024) with another nearly 10% maintenance, operating costs, and even ignoring depreciation. - which is why some large competitors to QDE only recently planned to exit the market and the only other listed diitto (Plutus Power) went bust in 2020. The lemmings on here all show abysmal ignorance about the market QDE is in. helped by PK's failure to honestly explain it to them.

The vast majority of any profit QDE can make comes from cost-free capacity payments - all quite small in the scheme of things and not available for all except through competitive auction.

QDE doesn't set the rates du-my. Its set by the enormous electricity trading market half-hour by half-hour , where QDE accounts for an invisible proportion and QDE has to bid its offering at the market price and hopefully a fraction lower. The market's big boys would never have heard of QDE who has to follow the market if its going to get any business at all. The same goes for the price it gets in the capacity market, where it is set by auction where, again, QDE has as much effect as a gnat's cough. Its known as being a price-taker rather than a price maker. A bit like being in reality the tail end charlie instead of the "!st mover" our Walter Mitty laughingly claims to be.

PS Monty

Also further down the page Oct 31st 10:11 the background to the July warrants scam

Monty

(and anyone else wants the truth rather than spin and fantasy)

My rather long post giving more of a low-down was Nov 5 2025 'Why Masts's shares will crash' (on page 18 of my past posts)

Lots more background if you read back but rather long I'm afraid (It has to be. There's a lot of history to our Mr Krugel)

I'll try to repost again some time

If you'd bothered to read back on my posts you'd have understood why Mr Investerman, ! And you'd have understood why I've been right.

But there's none so blind as don't want to see.

Hi Monty

I'll copy you my analysis of a few months back (on the old Mast board - conveniently for PK not now readily seen by any newbies- now I wonder why that is !) which explained that Masts' (QDE's) business proposition is unviable - essentially because the return on these generating assets isn't enough when it relies on high interest loans to purchase them. PK started it without enough capital, because he's just a chancer trying to jump on an idea that financially illiterate small investors would give him a lifestyle - for a time.l Its why he's never attracted any reputable partners (who have stayed) in his history (and it was the same for Kibo where he learned his trade !) Will do later when more time

Lemmings very quiet today ?

Funny that !

To follow my just now re capacity payments

This is what AI says

Based on the latest available data, the UK Capacity Market has not been "called" in the sense of a System Stress Event (actual dispatch of power to avoid blackouts) in recent years. However, Capacity Market Notices (CMN) are frequently issued as early warnings to generators.

Here are the key findings regarding capacity calls and auctions as of early 2026:

No Actual Dispatch Events: There has never been a "System Stress Event" that required the emergency dispatch of capacity under the market rules in Great Britain.

By the way, the Bordersley figures I gave this AM don't expressly include any capacity payments, bur are based on Pyebridge experience which includes them. So they need to be reduced, and then increased by any capacity payments Bordersley gets. It has been quoting the same capacity contract throughout the whole 6 years its been 'building' and they are not kept in existence if operation is later than promised. So I don't believe Bordersley has any live Capacity contracts at the moment, but will have to bid for one when it can demonstrate operation. That means probably no capacity income until 2029/30 at the earliest.

I'd have to look up what is paid for what is generated for a capacity demand. I don't think its happened yet, for any of the 650 or so other suppliers to the CM's. I have the annual capacity payments somewhere and will be posting them along with predictions. They run from October to September, so different monthly payments overlap Pyebridge's financial years.

Its all set out on the web somewhere.

No. I think they stay level throughout the term of the contract (maybe adjusted for inflation ? - but since they are arrived at via an auction process I would guess not)

What I haven't figured is what part of total capacity has to be kept free to allow for a sudden capacity demand. PK was crowing Pyebridge generated for 11 hours a day in Dec - and how much that might be increased I don't know. But Dec was a top demand month so maybe there's no more scope. Nor have we been told what capacity the payments are based on. The contract is per MW available. But Pyebridge's 3rd gen is still out of action and no funding for it as far as we know. Even so, PK is crowing as if it's 8.1 MW against the 5.4 MW he was stating back in the summer for the two gens operating then..

You have to delve deeply behind PK's claims. Pyebridge Co House accounts give breakdowns but only so far for 2024. PK's revenue claims include capacity payments incurring no costs, and grid sales which incur 80% costs for gas (in 2024) and another 10% for maintenance etc (before interest and tax) so what profit there is comes overwhelmingly from capacity payments, which vary 3-fold between 2024/5, and 2026/7. Remember also that 1) grid demand rose by 40% between August and January this year, (and will sink back by April) while wholesale elect prices doubled between Oct and Feb. Adjusting for these shows a lot less credit for Pyebridge than PK claims (surprise , surprise).

Will use these more accurate adjustments in next few days to predict QDE's real profit for this year and 2027. (2025 a big overall loss to be announced soon) . Probably continuing losses overall until at least 2029, and then miniscule.

But accounting rules might mean PK will 'consolidate' the SPV's, so pretending their profit comes to QDE, when the small print later in the accounts will show most of it actually belongs to the SPV majority owners. He's already used such pretence when saying big slug of Pyebridge loan was repaid last year 'from revenue' - which is an accounting impossibility.

Forthcoming 2025 accounts will show (for first time) how the results will be treated, including how much they will be 'window dressed' and how much accounting 'smoke and mirrors' will be applied.

Good to see that more and more on here are realising what PK isn't telling them.

Or maybe you're the man, unwise enough to invite Putin out onto your 20th floor balcony, who 'hopes' gravity will reverse before he hits the ground.

You "HOPE" ?

WHY ?

Or maybe you're a Happy Clappy in private life.

Run out of bouncy dead cats already. And even lemmings.

Musht be Shum Mishtake !