Member Info for stephen11

Lots to digest.

Well said Amers 👍.

An articulate account of many shareholders worries and frustrations - mine included.

Well said NUG1 - the gravy train 🚆 needs to run dry for the board.

Food for thought!

@@@@@10% shareholder statutory rights under the UK Companies Act 2006, such as:

- Call a general meeting: Under s.303 CA 2006, shareholders holding at least 5% of the voting rights can require the directors to call a general meeting.

- Propose resolutions: They can use that meeting to propose an ordinary resolution to appoint themselves (or someone else) as a director.

- If the resolution passes (more than 50% of votes cast in favour), the person is appointed.

- Block special resolutions: Holding 10%+ allows them to block any special resolution (which requires 75% approval).

I'm voting a big fat "no" and i'm emailing Walbrook to ask for David to get a seat on the board.

Power to the people!

Hello David N,

Short question for you?

Out of interest you mentioned in an earlier post that you had previously proposed the "possibility of alternative finance to prevent the possible share reorganisation and placing."

I appreciate you doing this. As context, many shareholders on here have also suggested this through Walbrook. A short/medium term commercial loan until we become EBITDA positive is an option i have suggested.

Out of curiosity, how did the board react to you're very valid suggestion? They seem to have a type of tunnel vision to constantly dilute and erode shareholder value! This is what has happened over the last 5 years.

Don't feel pressure to reply until you get your travel completed.

Kind Regards,

Stephen.

The other thing that warrants careful consideration is that Peel Hunt, the Placing broker, will sell into any future rise in SP.

This, will unfortunately deflate the SP until all the placing shares have been cleared by Peel Hunt.

I’m in two minds whether or not to invest more into this if I’m honest.

Totally respect those who will be averaging down.

My worry is that the begging bowl will be out again in 6/8 months. Long term shareholders have seen the SP eroded in fundraises from £2.00 to 0.002p.

Meanwhile the board pay themselves more than most European Prime Ministers.

EBITDA positive has also been delayed to 2027, despite this being at odds with recent indications from GDR that it was to be Q1 2026.

For me it’s damage limitation.

it’s all mushroom 🍄‍🟫 management - keep the shareholders in the dark and feed them full of ****.

ebidta now 2027 - in 2026 it will be extended to 2028.

the only reason i’m keeping my shares is to vote against all the resolutions at subsequent agm’s.

nice knowing you all and goodbye 👋

I can see nothing in the RNS to dispel my believe that after a raise of £3m the begging bowl will be out again in another 6 months!?

Sad as this is to say!

Please correct me if I’m wrong and I’ve missed something in the RNS?

It's good to be cautious though - I might buy some more over the next few days, whilst also keeping some money aside, just in case of a placing!

Indeed, I have money prepared for a placing - makes me wonder if I should just buy now.

A commercial loan would take away the uncertainty, but also inflate the SP.

I agree Bob - and these chaps aren't wet behind the ears - they are seasoned businessmen.

Both David and Robert appear to be of a good business pedigree - its heartening that they are both now major shareholders.

What do they know that we don't?

Dare we dream of a short-term commercial loan instead of more dilutive funding...that would put the cat amongst the pigeons.

Stranger things could happen though! I did think a placing would have been announced by now....

GLA.

Stephen11.

Hopefully David and Robert will hold some clout with there 15%!

Interesting...

Good points Eureka01,

This person obviously shares your optimism:

17-Sep-25 16:32:26 0.55 5,454,545 Unknown* 0.55 0.60 30.00k

As do I.

What date does H2 FY26 start Jimi?

Thanks,

Stephen11.

Amers - sincere thanks for completing your 450 mile round trip to attend the meeting and asking all the pertinent questions for us. That's a long day for you - i hope you can get a good rest.

Strange that they wouldn't even say if they had, or not, explored a range of funding options?

It was GDR themselves that suggested alternative funding in their trading update on the 11th Aug 2025. I quote:

"The Company's cash balances are currently c. £700k and the Board and its advisers continue to actively assess a broad range of financing options for the Company in order to provide additional working capital."

Maybe this is just a generic thing they say via RNS, before the begging bowl fundraise is announced.

GLA.

Stephen11.

Thanks Amers 👍

Were fundraising alternatives discussed?….e.g., short term loans?

My goodness - the no votes were peanuts - thankfully.