Today's RNS There is in effect no change of Nomad. It’s just a case of Cenkos gobbling up the business of Smith and Williamson and the person dealing with QFI’s buniess will probably be the same as now, so nothing whatsover to do with the open offer. The conference call will no doubt do a lot to steady nerves and whet the appettites of the more nervous shareholders for the fund raising imo. Tot
Today's RNS My thoughts 979matagordabay You would have been better discussing today’s RNS’s on a new thread. This is what R’ would have done! regards
Today's RNS I’m not sure if there is any significance on the change of adviser and whether it is linked to the fall out over the Open Offer. Thoughts anyone? Again I would imagine the hotline to the board has been red-hot since that compelling statement about the January wind up was made. I guess the conference call is to explain further and to calm investors nerves and to free up time the Board are spending on emails and phone calls to worried investors…
Today's RNS Two more RNS Today for discussion:- Investor Conference Call Quadrise Fuels International plc (AIM: QFI) announces that, following the recent announcements including the Co-Marketing and Project Development Agreement with Freepoint Commodities LLP, the Annual General Meeting and the launch of the Open Offer announced on 7 December 2018, management will be hosting an investor conference call at 3.00pm (UK) on Monday 17 December 2018, where it will provide investors with an opportunity to ask questions on recent developments. Change of Adviser Quadrise announces that Cenkos Securities plc (“Cenkos”) has been appointed as the Company’s Nominated Adviser with immediate effect. This follows the completion of the acquisition of the Nominated Adviser and Corporate Broking business of Smith & Williamson by Cenkos.
ADVN Share Tip Article QFI… XXXX OO 4 for 10 @ 2.5p
Fund Raising Call - 7th Dec Succinct reply Tot…it does offer a feasible explanation as to the sudden call for fund raising
Fund Raising Call - 7th Dec Terence, I think it fair to say that the AGM left everyone with the distinct impression that fund raising would take place further down the road. However the two executive Directors were travelling to Japan for a meeting with JGC Corporation soon after the AGM and I think it is likely that the fundraising (which would have been prepared by the brokers for later roll out) was brought forward as a result of that meeting. It could just be that JGC needed an assurance that the company would remain solvent prior to including it in a package it is negotiating with a refiner, or it could be that things are more advanced than that and another MMU would be needed in the fairly near future. From memory the last one cost around 450,000 Euros. I suspect that we will find out soon enough, and if either of the above are announced I think we can guarantee full take up of the open offer and some rapid share price recovery. ATB, Tot
AGM Thread November 18 It’s a plan Bobbson but personally I believe you’ve got it wrong. You should have sold earlier in the year and bought back now? I never took many shares on board because I thought it likely that there would be a saving bid from the likes of FreePort for 1p ish! I now believe the company has got it right and there will be quite a few new PI’s coming on board over the next few weeks. Time will tell!
AGM Thread November 18 Fillpot/Bobbson, I echo your sentiments. I’m quite sure all of us long term holders have thought long and hard about pulling the plug, not just now but over the years where we have seen so much disappointment, my intuition told me back just before spring to pull the plug but I didn’t. Its easy to apportion blame to others i.e the board past & present, Maersk & the sand jockeys. Just like bobbson we can even blame ourselves for our investment choices. We can blame the Arabs, Americans and Russians for all the oversupply of the dinosaur remains. We can even blame humanity for its greed. For me Bobbson, yes the boat is taking on water and has been for a while but Captain Kirk & crew have rolled out a rescue plan to plug the leaks, bail out the water and get us sailing again. I have confidence in the cunning plan so for me anyway instead of taking to the life boats I’m staying with the ship.
AGM Thread November 18 Abandon Ship! I stated I was going down with the ship, but it only dawned on me after close of play on Friday that QFI was indeed going to go bust. So here it is, the directors have said that if you, the shareholders do not support the fundraising they will undertake an orderly wind down of the company. As someone on another bb stated the directors are giving 1 in the fundraising and will earn 4 in salary over the duration of the wind down. A four bagger! Very nice too. I sold this morning, after thinking about it, we have had positive feedback from two AGMs, last year the optimism was totally misplaced. This year we heard no fundraising, less than a week later the board announce a fundraising. So are all small shareholders going to support this fundraising? Answer No, so it will fail, because it is not underwritten, therefore the Board will use what little money they have raised for an organised insolvency! You are paying them to lose your money! It no longer matters to me whether these shares go on to five or ten bag, I was stupid to invest in QFI and I really must do better. IMHO DYOR
Fund Raising Call - 7th Dec Was this mentioned at the AGM? QFI has gone out for more funding from shareholders etc. Thoughts anyone? Mr P
AGM Thread November 18 Thanks for your views, as always, ToT. I just want to say I broadly agree with your analysis, and shall also be participating in this raise. The coming 9 months are make-or-break for Quadrise. The diversity within their project pipeline a key reason I will continue supporting the company; there is no longer overdependence on one or two megaprojects at the mercy of capricious leadership and politics. If one of these excellent opportunities progresses to contracts within the funding envelope, then they will have no problem raising further funding to progress to commercial revenues in late 2019 (e.g. merchant financing, share issue, etc). The economic and regulatory environment are still favourable, and if Quadrise can’t kick off a serious MSAR project now, then we have a bigger problem than just funding. Partners like Freepoint, PowerSeraya, JGC, and GOM, seem truly serious about making something happen, and I want to give the company the best possible chance to execute. It also makes sense from their perspective, as they would have a great deal to gain via the savings that MSAR would offer them (particularly over their competitors). The team have plenty of skin in the game, and are honest folk with extensive expertise; Quadrise is not one of these fly-by-night operation that you sometimes see on AIM. They are serious and want to make this work. But, as you rightly point out earlier, there’s risk here (and hopefully concomitant reward), and folk need to assess their own situation before jumping in.
AGM Thread November 18 As a small investor with limited funds this is far too risky for me. As the Dragon’s say - I’m out but GLA
AGM Thread November 18 Hey Tot - no need to apologise - you’re a far more prolific poster than I and it amazes me that you find the time to respond as much as you do! You have my sympathy regarding the fire - I know how unpleasant and disruptive it is, my sons flat burnt down a few years back due to a wiring fault - the fire took the entire roof! Enough said regarding the new format!, I’m starting to sound boring - it’s not as good nor as easy to manage as it was but the content is better than good and the site is friendly. I have signed up to the private QFI board via tapatalk and am going to spend some time there this weekend - Got back home late tonight to find SP down to 2.5p today and am still digesting it. From your post that I have just quickly read " The key positive reasons for me are (i) Importance of widening MSAR/HFO spread as evidenced by sudden progress with PowerSeraya (ii) Freepoint’s focus on jam today and (iii) European Oil Majo" I have never doubted the positives of MSAR and have treated this share differently to anything else that I’ve ever invested in; which I acknowledge was a mistake - ‘one shouldn’t get too attached to a share’ ( I think in my case I got attached to the ships crew and just enjoyed the company ). In my view the BoD hasn’t matched the product - a simplistic statement I know but there’s been a degree of naivety there equally there has always been huge positives and serious players involved or on the horizon. This leaves me thinking OK I could have done better but I’m not alone in not foreseeing Maersk’s incomprehensible U turn & pulling the plug when they did or KSA being a non- starter after so much ‘promise’ - so I don’t feel entirely stupid. The situation for me now is quite simple as selling makes no sense and I still think we have a good chance of commercial success - the older positives aren’t dead - as I understand it there is still hope with both Maersk and KSA plus now there’s everything that’s been brought to our attention since. I will now have to seriously consider whether to add to my holding, which is not in line with my intention of winding down or my immediate plans; on the other hand I would like to see the fund raising fully subscibed. Nothing new said there but they’re my current thoughts and will read everyone elses over the weekend. . . . . .coincidentally the Kinks track ‘tired of waiting’ just came on poetic Norris107
AGM Thread November 18 Well Norris I have to have something to keep me occupied since I retired, and it did take me a while to get used to this new format but now I’ve got used to it it’s easy to flip from one thread to another just by clicking in the grey box at the top of the page and I even get emails to inform me when someone has replied to a post, which explains why I’m back on here at this time of night. I rarely post on the private board since whilst it is a great means of pooling knowledge without trolls disrupting things, if we are to attract new investors then the first port of call will usually be the public discussion boards, so we need to keep them alive imo. I’m with you regarding the focus on the mega projects with KSA and Maersk. They took up a huge amount of time and expenditure for no reward to date and are now at the back of my mind, but they might yet surprise us all one day. For now the focus is on the new partners who have entered the frame during the last two years and I’ve been doing some thinking this evening about this fund raising and why it has been presented the way it has. I think that there’s a plan here which goes a bit like this: The BoD know that some good news is coming further down the line but need to improve the balance sheet quickly in order to assure partners that they are not about to go out of business. If they went to the City for funding in the current awful market conditions where funds have been divesting in droves from risk assets, the stock would probably have been shorted down to achieve a placement price of around 1p, leading to massive dilution for major shareholders including Directors Hemant Thanawala and Dilip Shah and his associates. The latter was appointed onto the board as a representative of Zenita Enterprises, who bailed out the company when it was on its knees in a 1p placing many years back, acquiring a significant stakeholding. The holdings were subsequently divvied up between various trusts but Mr Shah has managed to keep them all on board for the end game and would have fought hard along with HT to minimise dilution to their holdings. Therefore why not warm existing shareholders up for an open offer at the AGM on the back of the recent news releases with a small raise just enough to get them through to the autumn of next year, and then put something in the RNS to concentrate their minds on what would happen if the offer wasn’t fully taken up? Then go to the City in the autumn on the back of a contracts RNS for funding at a much higher share price using the remainder of the available headroom approved at the AGM. According to HT in the discussions the company have had with Government agencies they would only need to input 20% of their share of project costs under the new B-O-O model with the Government providing debt finance for the remainder on the back of a firm contract. So the Autum 2019 fund raising would only need to raise around 20% of QFI’s share of project costs under the new business model. They probably don’t know which deal will come in first, be it something with JGC, the European Major, or Freepoint, but will know that once one deal falls into place others will surely follow (Powerseraya for example being nailed on if a big refiner comes on board) and speculation would then drive the share price a lot higher, but given the lead in times no significant revenue likely to be achieved next year. Hence a decent raise in the autumn to get II’s on board for the long term and the dividends which would surely follow if the fuel becomes accepted as a key part of the solution in the post 2020 world. I could be wrong but I am certainly starting to think that this plan (or something very similar) was hatched in a series of crisis meetings when it became apparent that KSA wasn’t going to happen this year and, it is encouraging that all Directors are participating despite being on 50% of their normal salaries for the past year or so. That’s why I will certainly be taking up my full entitlement in the open offer and depending on the performance of other stocks I own prior to the January deadline I might well go for a decent tranche in the excess application facility. Glad I got that off my chest before I head off to bed. Have a good weekend shipmates, Tot