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Don't think previous Ceo had much cash to play with either (not defending him) but current management enjoyed the gift of the greentech bubble SP spike the company had in 2021 to 3p (obvs pre consolidation) which allowed DP to raise a lot of cash as he rode the SP back down, just highlights for me the disappointing performance of the leadership here.
Shouldn't look a gift horse in the mouth but it has just prolonged the demise of this company to the benefit no one other than the directors who rewarded themselves handsomely after the big raise. Oh and Altair of course. They have been partly derisked of course. Ahem.
"EQT did no mistake"
Palumbo threw shareholders money around like sweets at a carnival, giving unsecured loans to failing projects whilst racking up crippling debts and not maintaining any cash reserves because his attitude is that he can always issue more confetti for some more cash if needed, all while the market turned and shareholders got burned to within a fraction of existence.
Palumbo the "financial wizard" is an absolute idiot with and an idiot's smirk firmly fixed to his face. His only concern now is to bail out Altair and he doesn't care who he takes down to achieve that goal.
The great pivot is an act forced on them by incompetence, they burned through shareholders cash at such a rate whilst not increasing revenue at all. Now they are brassic and can't throw money around the "quality" partners the company are inbed with are quite happy to try and cut them loose , Logik for example played lipservice to Palumbo and JV Liar whilst they were throwing cash on the fire to support a failing project, now that has dried up Logik want nothing further to do with the pair of idiots.
The only shining light for EQT at the moment is David Le Saint in france, he seems to have his head screwed on, problem being tweedle dum and tweedle dee aka Palumbo and JV Liar now seem to be sticking their nose in over in france too.
Stop pointing fingers, EQT did no mistake, the market has been not favourable and even Bill Gates & Steve Jobs coupled together would not have performed better in in charge of EQT. Do you want to multiply 10X tour investment in 6 months? Buy PHE stocks or keep these stocks and convince EQT to shift toward renewable H2.
H2 is the key: clean, cheap, easy and suitable for cars, planes, trucks, boats etc. If EQT will pivot into H2 as expected this stock will skyrocket in days
So?
Was another fantastic week for Palumbo and the BOD again last Friday pocketing €6k each up 50% since he took over . Worth every cent.
Just 5% off Palumbos all time low today sprinkling his "vast experience skills " upon the shareprice has worked a treat.
Previous CEO Ian price( €4k per week) was fired deemed not fit for the job lowest shareprice was 9.5p in today's post consolidation figures yet Palumbo is still here at 2.3p ??
Altair and their plant Palumbo have trashed this company to the diprement off retail investors.
Where is the trading update, surely on of the 27 staff can spare 10 mins from creating less that £250 per week to produce an update on just how incompetent the two idiots have been in the last six months of last year, we already know they have had to pass the begging bowl around so what else are they hiding, They are late with everything so not surprising the will leave that update till the very last moment I suspect it will be may before they tip their hand!
Good morning all
Good to see scamutec still coming up with the goods …not
I’m not sure how some people here think this is going to recover they won’t hesitate to dilute further if it means the wages keep coming
Shall we all chip in to pay for a company name change
Scamutec is much more appropriate
Its times like this when Eqtec is valued at pocket change of £4m having had over £50m poured into the company over the years. There is every reason that we can recover to a £50m valuation with a business turnaround that categorically moves towards standing on their own feet. Eqtec literally cant even raise £500k anymore as they burnt all their bridges and credibility with investors. The only way forward is to stand on their own feet and make Eqtec a success and i feel we will be far more successful doing that than simply raising cash and spraying it at projects. You only need to see the disasters of multiple projects to see how poorly they mitigated bad deals. However Northfork i suspect will give us up to 49% of the project once all dust has settled and easily a $10m+ valuation on that project alone that should be possible to refinance. From £4m value today we already doubled in a day but then gave that all up. Chances are more 100% days are ahead of us.
Why am I still following this. Is a recovery really possible.
Mj. Apologies - I thought you were replying to Simms not C909. In which case you are right to highlight.
Roadrunner
C909 said
Login Developments Limited have a number of charges including one from the Clydesdale Bank;
Clydesdale Bank PLC
That is incorrect as no outstanding Clydesdale Bank loans.
So its not nitpicking its a straight forward lie.
And needs correcting.
After all C909 calls the BOD liars and criminals
Now he has just done the same.
Mj. Why nitpick on name spelling when the thrust of the point is valid. If details of the company accounts was being discussed then I could understand but deflecting on spelling is a bit weak.
C909
Try looking at the right company accounts its Logik not Logic.
For someone so informed about the so called Liars and criminals I would have thought that you could at least get the company facts right.
Probably why andy flintoff ran a mile immediately after court case came to light as if Eqtec come good on this as is likely in some sense, it could tip Logic into receivership. Eqtec introduced the party who then signed binding agreements and then Logic assume that all investment made by Eqtec is not payable? Somehow that does not land too well but at same time Eqtec should have had deeper leverage to stop this from happening. I suspect a settlement will be hammered out as already by now the case will largely be known. Just depends if Logic want to gamble they might get a better outcome than settle now.
@Dofmeister, Logic Developments and Logic WTE have assets on the books at first glance totalling £10m , BUT and a big BUT both companies have existing charges on their assets
Login Developments Limited have a number of charges including one from the Clydesdale Bank;
Clydesdale Bank PLC
Amount secured
All monies due or to become due from the company to the chargee on any account whatsoever
Short particulars
Fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery
This court case is another vanity action by the idiots Palumbo and JV Liar, even if they do win, they won’t see any cash, because Logic just don’t have any and other entities already have charges on their assets!
909, I believe you are incorrect in your statement that "Logik Development Limited had about £6M, but unless EQTEC can prove illegal activities and not just acting in bad faith these assets are protected from any claim against Logik WTE limited, by the nature of the company structure" The claim is against both Logik WTE and Logic Developments who were party to the SPA.
The NFCDC used to report progress in their board minutes. You would have thought Northfork which is supposedly due February, would have been mentioned in detail as there would surely be a flurry of activity. We’ve thrown enough money at it and yet still silence.
Another fantastic week for Palumbo and the Bod pocketing €6k each up 50% since he took over as CEO and 50% more than his predecessor .
In 5 years he has delivered 1 project to completion out of his much vaunted "pipeline 200 ".
Every revenue forecast touted pre the placing ramps have been under achieved by actuals of - 50% to -90%.
Rest assured Palumbo and his top team of accountants will be organising the next gouging of shareholders ( couldn't help himself with a £500k dabble this week again) next routine placing due in May.
After 5 years as CEO Palumbo has manoeuvred each employee to earning a whopping €204.44 each week .
Let's hope Palumbo dont get headhunted eh !
Https://www.addleshawgoddard.com/en/insights/insights-briefings/2019/employment/employment-up-to-date-may-2019/antuzis-ors-v-dj-houghton-ltd/
COMMENT
On the face of it, this case perhaps appears rather alarming for company directors, suggesting that they could be found personally liable whenever the company is in breach of its contracts of employment. However, this is not the case. It is important to view this decision in the context of the unusually extreme circumstances of this case and to remember the general principle in Said v Butt, which is still good law.
Therefore, it is still the position that a director is not generally liable for inducing a breach of contract where they are acting in good faith towards the company. This case simply establishes that, if the breach of contract has a statutory element, that may suggest a failure on the part of the director to comply with their duties to the company, potentially making them liable to a third party (such as their employees) for inducing the breach of contract. However, for a director to have been found to have failed in their duties in this way, there has to be evidence of their unlawful and deliberate action and how this was clearly detrimental to the company. Unusually, that was able to be established in this case, based on the facts and the judge's critical view of the witness evidence provided by Ms Judge and Mr Houghton, leading to a finding that they both lacked credibility.
The recently published case of Antuzis v DJ Houghton Catching Services Ltd, confirmed the principle that directors entering into contracts in bad faith can be held personally liable.
In Antuzis, it was held that the director and sole member of the company was liable for inducing the company’s breaches of contract where they were knowingly in breach of fiduciary or personal duties to the company.
The case of Antuzis looks at whether a director will be held personally liable if they are “acting bona fide within the scope of his authority”. In Antuzis, the discussion focussed upon “the officer’s conduct and intention in relation to his duties towards the company” rather than “towards the third party that provides the focus of the ‘bona fide’ enquiry”. As such the director should make sure he fully understands not only his statutory duties but what documents such as any shareholders agreement and articles of association set out.
"Andy Flintoff immediately dropped off being a director as he had just come into £10m from his TopGear disaster so he got out thinking it might protect his money but he was a director at the point of th ecase so theoetically if the company is liable its directors might well be liable for any shortfall."
The clue is in the name "Logik Developments Limited", and "Logik WTE Limited" any liability is "limited" to the assets of the company so Flintoff's private cash is safe.
Logik WTE Limited only had assets of £2.8M in their last accounts, and have an outstanding charge from Octopus Real estate for the land it owns, so the probably don't have much to pay any levy applied from any court ruling.
Logik Development Limited had about £6M, but unless EQTEC can prove illegal activities and not just acting in bad faith these assets are protected from any claim against Logik WTE limited, by the nature of the company structure.
In short if EQT can't prove illegal activities, even if the court finds Logik WTE acted in bad faith then EQT are unlikely to see much of a cash return. Palumbo's shenanigans have caught him out again i suspect.
We wait to find out though, this is only my understanding.
This may well be part of the counterclaim Simms
“We note from EQTEC’s announcement that the total amount claimed is circa £4m. This is surprising to us given that all pre-action correspondence to date has been limited in value to claims amounting to circa £2.9m. It therefore appears that EQTEC have acted prematurely in issuing Court proceedings against Logik in circumstances where they have not provided any details about the balance of their alleged claim (totaling £1.1m) as they are specifically required to do as part of any legal process before Court proceedings are issued.”
The statement added: “We refute EQTEC’s allegations entirely and in the event that any claim is served on Logik, this will be defended to the fullest extent.
“We also note that EQTEC claim that they have made numerous attempts to engage with us towards a resolution of these matters more recently through legal counsel. EQTEC also claim that we have rejected invitations to work through the issues constructively or failed to follow through on an agreement to meet with them.
“This is, quite simply, incorrect and as part of the recent correspondence passing between our respective solicitors, it was actually us who offered to meet with EQTEC’s representatives to try and engage in commercial discussions with them in an attempt to resolve matters; however no response at all has been received from EQTEC or their solicitors to this offer of a meeting and that was where matters stood prior to EQTEC’s recent announcement that it has issued a claim against Logik.
It then goes onto .
“In the event that EQTEC consider that they have a claim against Logik for any alleged breach of the SPA or the Deeside Project, then that is a matter for them and this will present them with a damages claim; however, as explained, we refute EQTEC’s allegations entirely and consider that there is no legal basis to their claims. We will have no hesitation in defending our position through the Courts if that is what is ultimately required.”
EQTEC plc is pleased to announce that it has submitted the second half of pre- #frontendengineering design (pre-FEED) to the Biogaz Gardanne project. This design work provides important, first-stage engineering to support project decisions about establishment of a wood waste-to- #renewablenaturalgas (#RNG) plant built around EQTEC plc steam-oxygen #gasification technology and Wood Vesta methanation technology. This important progress follows completion of the first stage of pre-FEED work by EQTEC plc in December 2023 and prior completion of feasibility work with a range of partners. The Biogaz Gardanne project and its grant funding are driven by the #france national government via the Préfet de la Région #provencealpescotedazur on the site of a decommissioned, coal-fired power station in Meyreuil, #aixenprovence, #bouchesdurhône. EQTEC plc and EQTEC France executives will meet next week with French national government officials to follow up. #decarbonisation #newenergy
The logic case looks a pretty clear case on the face of it.
Eqtec and logic were in partnership and Eqtec made to Logik and incurred costs on behalf of Logik as part of the SPA. Logic failed spectacularly to make good of the SPA and Eqtec extended this so many times but they failed.
To cap it all off Eqtec introduced a buyer to the project and Logic then tried to cut Eqtec out and signed directly to sell the project and have done this without the approval of the stakeholders.
On every level logic are in the wrong and are trying to wriggle out of this. Logic can only argue some minor points but the topline is Logic tried to royally screw Eqtec over and probably hoped that Eqtec would have gone bust from withholding this deal and money knowing it would have a huge impact on the financial standing of Eqtec.
Certainly interested to learn how Logic think they can do this and that any buyer of the site could do this without Eqtec involvement. The question will be how much of the £4m we are suing for we will get. Interestingly Andy Flintoff immediately dropped off being a director as he had just come into £10m from his TopGear disaster so he got out thinking it might protect his money but he was a director at the point of th ecase so theoetically if the company is liable its directors might well be liable for any shortfall. Hopefully this will be resolved shortly and historically with Eqtec in the US when we have a patent battle we won and now have a great position in the US market.
It would be interesting to see the details of Logik's counterclaim and to find out just how poorly Palumbo and the idiot JV Liar are to do business with.
If Eqtec don’t win the case against Logic, then more than Palumbo should be shown the door, and no golden handshake on leaving.