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Agree Vince re: lawyers and timing but that calls into question the rationale of management who have said agreements would be in place during Q2 and subsequently Q3 in RNSs

Half way through the quarter next week. Come on QED, time is marching on

"H2 2024 and the beginning of 2025 marked a step change for Quadrise as we achieved key milestones, enabling the Company to raise gross proceeds of £6.5 million in January via a successful and oversubscribed placing and retail offer. These funds provide the Company with the flexibility to enhance delivery and prepare for accelerated scale-up of Quadrise technology in marine and other sectors."

by my maths - we're about £2.3m through that raise to August (based on the H24 churn rate before taxes) purely on staff/administration and we're yet to deliver anything or scale-up the company?

That can either be covered in reason 1 or 2:

MSC taking the proverbial or we're not near final form contracts if we can't reach an agreement on the commercials - that's the first place you'd start.

Exactly HF. The next thing they can tell us is that the projects have achieved their respective milestones.

What they aren't communicating and obviously not minded to communicate to holders is why everything is taking so much longer than QED have said.

It's 1 of 2 things, QED are being led along and there's simply nothing they can do to progress any of these projects until the counterparty comes to the table and says 'let's crack on' or both JM / AM have woefully over promised via investor presentations /RNS as to the progress/status of all projects vs the reality.

Why are we putting the delay on the doorstep of MSC? The contracts were not in final form as the last update, 'near final form'. For all we know, there's been a disagreement in final T&Cs and it's back 2 spaces

Today marks a third of the way through the quarter.

I certainly expected news from somewhere by now but we continue to wait. 7+ weeks since the last business update - been a while to get something ticked off AM / JM. Asking nicely.

Well hopefully, as we'll be over a third of the way through the quarter by Wednesday. Something has to give eventually

Stocky! Come on, of course you can say it's a delay. It was all Q2 in March. Some projects were even Q1 in Q4 '24.

If they just update us every 3 months saying it'll all happen in the next 3 months ad infinitum then no project will ever be in delay! Fact

We also can't lose track / put all of our eggs in the MSC basket. There is plenty of other projects that are within QED gift to get over the line that have seemingly been put in the bottom drawer:

SE Asia

Morocco

Utah

Panama

Yachts

Licella? (4 months in)

Alder Renewables (6 weeks in)

Apparently we'll be part of 4 drills within 11 months now, still here.

Watching the magician rummage around in his hat - still no sign of a rabbit

AKHM - we've had a week of people suggesting JM has sold out of his position. I would have assumed the company has sought to clarify to those on this board / wider market.

You can try and read the tea leaves Phlandomobalpus but they didn't part with any of their own cash so it's a no brainer for them to complete this exercise irrelevant of whether progress is made in 3, 6 or 36 months time.

That's fair SJ, I should have prefaced the comment with the excitement that this year was meant to bring following the AGM.

Re-reading the AGM RNS, does anyone know what happened to the SE Asia trial that was meant to commence in Q1? Unless I missed it, seems to have disappeared.

As we sit at over 50% down on the YTD.

A quarter of the way through the quarter today. Come on QED, deliver.

Fyoz, as I mentioned in reply to another poster - QED stated within the June update that the bilateral agreements are now a prerequisite to the equipment install in Belgium (which contradicts what the company told us in March). Something obviously changed between March-June updates to suggest the company wouldn't be taking the risk of this being shipped and installed ahead of signing.

One could theorize that we're now running out/run out of time for the August docking of Leandra in c5 weeks.

Arguably, Morocco is looser around the wording but the wording for both the MSC and Central America projects point to the items described below as being completed within Q2, which they weren't.

Traders agendas or not, it's the company that are shifting the goalposts with their communications.

Source lifted directly from the RNS 24/03/25 (from Q1).

Semaphor, you've chosen to ignore the other projects to concentrate on the signing of the bilateral agreements which was stated to be completed 'in parallel' to preparing the trial equipment, not a prerequisite. The update in June suggests however that it is now a prerequisite.

Statements lifted directly from the 24/03/25 RNS below:

MSC - 'Work is now well underway to prepare the Quadrise trial equipment ahead of installation and commissioning at the MAC² terminal in Antwerp, Belgium in Q2 2025.'

Morocco - 'Preparations are underway for a commercial MSAR® trial at a new site location at OCP's Jorf Lasfar facility, planned to commence in Q2 2025'

Central America - 'Preparations are now underway for the Q2 2025 trial'

4 months ago the man in the know said everything in the below list would have commenced by now?

So who knows what the man in the know knows