Member Info for semaphorRed

"who would complain not having disclosed anything"

It would be illegal and there's no prior evidence of this sort of illegality. Me, if I knew all my pipelines were progressing and there's nothing I can do to speed them up, I'd do what people on this board have been begging me to do for two decades - business development.

"Or am I missing something."

A prison cell for Jason! The sale order has been put through already.

"Jason clearly has no idea when the contracts will be signed, hence why his timelines historically have been so far off. For all we know Cargill could ring him Monday and say we are ready to roll! The timing of his purchases and sells cannot be due to insider information as that is illegal."

Since this neatly summarises literally everything about today's RNS can the more excitable among us log off and go for an afternoon constitutional?

PrepH: I recommend counselling if you're unable to weather an RNS where a director of a public company exercises options already granted.

"Restrictions on directors trading suggest no news for a long time"

4/8/22 - Director dealing/options RNS

21/9/22 - Vertoro JDA RNS

3/9/21 - Director dealing/options RNS

23/9/21 - Utah test results RNS

More importantly - Quadrise is almost certainly not in control of progress in any of its pipelines at this time, and therefore can do what it likes regarding insider dealing.

"Presumably letting the market know now in order to soften the blow of a “Director Sell” RNS"

No, he was required to let the market know immediately, the fact it happened so quickly speaks to a programmatic sell.b

"This issue is with Jason selling the 1.7m shares immediately - as stated in the RNS. "

This is a complete misconception of what happened. He purchased, through the exercise of options, net 6 million shares. He could have purchased 7.5 million, sure, but this isn't a day in which he reduced his exposure to Quadrise. It's a day in which he dramatically, voluntarily, and at cost to himself, raised his exposure.

"would you sell today netting just 3p per share before costs"

But he purchased a net c. 4 million shares.

"At the end of the day they just end up with more shares at nil cost."

Well, at a penny a share plus tax at the current share price. Which may be important as a market signal

"Also would not be aloud to do this if there is news just around the corner"

Again not true.. typically director sales, purchases, and exercise of options are programmatic, meaning they are arranged in advance

Remember: exercising options is a taxable event and if the share price is 8p, tax on them is around double than tax at 4p so exercising options and retaining the shares is a signal of share price increasing. Jason is retaining the vast majority of the shares.

"I may just be being ignorant but I can’t see where it declares they are immediately being sold?"

For Jason, the 1.7M shares tranche is being sold plus enough of the 6.6M share tranche to cover exercise cost and tax. The rest he will retain

"Very poor timing. Not sending a good message"

Huh? Owning (5 million?) more shares in the company is sending a bad message?

"Remember the dire situation we were in after the KSA deal didn't materialise?"

It was very depressing. I am focussing now on remembering 2024. During 2024 legal teams were hard at work behind the scenes going back and forth, month after month, hashing out an eventual binding tripartite contract. It took almost a year longer than we (and Jason) expected and all that time we were in the dark and, justifiably, fretting.

I believe the exact same thing is happening now. Lawyers going back and forth, negotiating and refining the bilateral contract, taking longer than it should (though *we* and *Jason* should have expected this after our 2024 lesson) and all the while the company is unable to RNS anything to let us know that things are progressing. I've learned that these contracts are incredibly time consuming and that we all need to add *months* to the guidance due to this, and this legal wrangling may apply to other or even all our pipeline projects.

I think understanding this legal element, which I didn't before, will make everything a lot less frustrating

"on our dime?."

I'm all for critiquing the company and the people who work for it but it always seems to degenerate into pub economist trash, sooner rather than later

"Because as a poem it really wasn't very good"

It's just more AI slop, copied and pasted.

"I'm glad to say I've kept my powder dry."

To translate: "I'm not an investor here but for some reason post on the board"

Is this something you do for every share you don't own or perhaps there's another motive?

"What happened with amaersk could happen with MSC.”

My understanding of the binding nature of the agreement is that, in fact, it could not.

"Only if you take the target quarter as definitive instead of guidance"

People here do this on purpose. I believe it's called weaponised ignorance.

"headline article in national press and global websites but QED never do. It can't be that difficult can it?"

A headline in national press? Yeah, pretty difficult I'm afraid. The famine in Yemen is struggling.

"I feel an RNS tomorrow"

Is it a good RNS?