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Its all shocking, most of all the market cap at £3.9m. Its clear market has put a very large discount on the board and steering clear. While many are not a position to do so and average down if you believe that a combination of Logik income, service revenue this half, Italy refinance, North Fork, Verde cannot move the dial and lift us above this ridiculous market cap i do not know what can. Its possible Verde was waiting on Logik resolution not wanting to invest in a company with litigation and the discount DP agreed was partly to fix that. I made the mistake of investing at the wrong time like most taken in my the CEO spouting a pipeline while at the same time knowing Altair were selling stock to get in the next placing at lower price. There is some questions DP would answer in court so i suspect DP will want to now keep Eqtec on the straight and narrow. but £3.9m does appear to be a pretty decent buy in price. I now only need to slightly more then double the shareprice to recover my historic loss. I might add more once we get results laying bare what has been going on with all projects. We have had no meaningful update on any project now for months.
I think most investors are asking "What the hell is going on with EQT?"
Well i have taken the time to have a look at the screening of the 2023 AGM and particularly the Q&A session at the end.
https://www.investormeetcompany.com/meetings/2023-agm-proceedings-2
at 01:02:40 Palumbo is asked the direct question: "Does the management have the intention of taking the company private?"
Smirking Dave's answer: "Not at this valuation", but the rest of his answer is pretty damning for him and how trustworthy he is,
"It is no secret being a small MCAP publicly listed companies restricts the type of investors you can go for, and strategic investors are not geared to deal with a public traded company. We are looking at an alternative to set up private vehicles where they can invest with the licensing of the technology is exactly to prevent or address that requirement, we will not, it makes no sense to take the company private at this valuation, but we are looking at how we can benefit from attracting that type of capital in a private vehicle that is not necessarily the listed vehicle, and as we more more to being a licensor, we can license the technology to that private vehicle, where capital can be put into the company without being dilutive for the shareholders"
So that was 21st June 2023
So what exactly is going one with EQT, why has all the investment since been dilutive, why have we not seen meaningful investment from the BoD themselves, what happened to the private vehicle mechanisms to prevent dilution, every word that came from Palumbo has turned out to be a lie, The company is now 80% lower than when he made that statement and investors have been diluted by a further 60%.
Can you trust anything that passes either Palumbo's or Vander Lindens lips ?
I am sorry to repeat myself once again, but the company is doomed, no chance of recovery.
"We dont understand why the shareprice is so low and never rises on any good news
"
Well Jeff heres a clue, try thinking about the £50m squandered turning EQT into a £4m MCAP company and the 18bn + shares pre consolidation dilution you delivered that continuously gets dumped by your "strategic investors" every day.
Oh and the pitiful revenues.
Until Smirking Palumbo and JV Liar realise that doing business with the likes of Logik, Pitcole, YA-II, Riverfort, Altair and now Verde and gifting them massive amounts of equity and warrants for a pittance, the share price will be rooted at these levels for the foreseeable. These vultures are just z-list bucket shops who offload for a pittance as soon as they can making 10% and moving on to the next sorry case.
Palumbo does nothing but mess around with financing fiascos and equity swaps, If he fancies himself as such the great financiar why doesn't he just sod off and get a job in the city, I tell you why because who the hell is going to give a job to an absolute idiot that has overseen, no masterminded turning a £200M+ company into a sub £4M company in less than three years, the problem being is we are stuck with the buffoon and his mates, like flees on a dog!
Here's a novel suggestion Dumbo Dave, how about you take some of the £1.7M and pay back some debt so it isn't turned into dilutionary equity over and over again, the £600K to YA-RF would be an excellent place to start, but your mind doesn't work like that, you borrow and borrow on the assumption the shareholders will pay, not once have you paid back a single penny you have squandered in the 4 years you have been in charge.
well i suppose £1.7m is 11x what the company made in the first 6 months of 2023, so dilution dave was likely to settle for anything that will pay his and jv liar’s salaries for the rest of the year. as expected to £4m was a bull s hit estimate from palumbo.
how mush shareholder cash did they pump into deeside to just walk away with £1.7m, if any of the other writedowns are anything to go by, i suspect the investment was indeed of the order of £4m, so we can’t really see this a win, but we didn’t have free cash to support a protracted court case so something is better than nothing .
so why the need for gifting a large wedge of the company to verde and dilute shareholders further if there is cash arriving?
verde obviously don’t have the cash to use so are leveraging debt elsewhere to raise the cash, not the strategic investor you would want to get into bed with, but smirking palumbo is happy to ***** the company to all comers for a hand full of coppers!
While i dont quite follow why we are settling for £1.7m or £2m we need to wait. It feels like completion is this month but the odd inclusion of £2m after April is odd as if they miss first deadline there is less motivation. They should have included higher penalty and interest costs. Anyway if completion does happen this month then £1.7m would be handy.
You'll have to own shares to be able to vote. Time to buy a 100m or two FJ. It'll be nice when you switch your tune. Or turn it off altogether.
Logik well aware off the predicament Palumbo has put EQT in with their accepted low ball offer at least £2m lower than Palumbo was touting.
Need to dump Verde with their further dilution and Freebies then.
Will be voting against any dilution at any EGM or AGM.
Start earning some revenue Palumbo.
Will keep the plates spinning here for another 4 or 5 months even when or if revenues are paltry as a given.
Not quite the £4m figure claimed, but it will be good to draw a line under this business.
How quickly will this process take though, will be the question.
Nice to at least see a positive market reaction to this news.
gla
Excellent. That is 50% of our market cap and hopefully we can kick Verde into the rough. I doubt it though but this is great news.
“Logik will pay the Company a settlement sum of £1.7 million within the next business day following the date of completion.“
Simms, from the annual report, page 88, (thanks to Neil Olofsson in the T'gram group)
"As part of the agreed terms, it was specified that the Group will remain as an equity shareholder in NFCP with the final shareholding being determined during the legal process post 31 December 2022 as 28.52%."
I still expect Verde to complete, although personally i do not see them as terribly strategic as far as i can see and offering them £1.5m of shares at such a low price is depressing when revenue for first half of year has been decent to cover operations. Certainly Palumbo could be called in over insider dealing as his connection to Altair is far from arms length and Altair have been a big seller over the years, only to then buy in at the lower placing price. If Altair have sold prior to placings they took part in then suspicion would lie with DP. I do not consider that Altair have financially benefited so far as company is worth less than £4m but Altair ultimately noe holds 30% and the valuation of the company once things are shared in relation to North fork and the half dozen active projects paying money things should bounce to around £12m. Even that is nominal given the £50m still knocking around Eqtec in different shapes and sizes. Key to know is what will our stake be in NorthFork as we invested many millions into that project and all that happened was to refinance the debt and jettison deadweight. No new equity owners came in so i am assuming we should maintain 49% ownership, at the very least enough to ensure we get our investment out after it is refinanced.
Good synopsis off AIM / Palumbo and Eqtecs tactics on how they managed to siphon over £50m from gullible shareholders that got taken in by the waffle from Palumbo &co .
C 909 you should consider going to the AGM in June if it hasnt been bought out by Altair and management by then ( why else keep diluting and thrashing the shareprice).
Vent your anger at Palumbo at the AGM even though it,ll be like water of a duck's back to him as this was his modus operandi from the start when parachuted in by Altair.
Bit like calling a burglar a thief , it's what they do on AIM.
“Further to its announcements of 13 February 2024, 22 February 2024, 29 February 2024 and 11 March 2024, EQTEC plc “
What a joke the management of this company are!
How much does it cost to put out an RNS, the way it’s going the announcements will cost more than they get!
Https://x.com/eqtec/status/1775171112927711290?t=umLb79NXYZbJKMeExtoojQ&s=35
Well here’s a unique suggestion Palumbo and co, perhaps it would have been wise to secure feedstocks before pumping millions of investors cash into the plant.
Perhaps it wasn’t the wise thing to do to gift Pitcole 10% of the group which they just as quickly offloaded for 10% of a plant that hasn’t got a secured feedstock, and can’t support its own operations. stellar team, oh my god, what a stellar team!
palumbo and vander linden are a pair of swindlers, liars cheets and charlatans.
they bull**** time and time again, just enough to keep the fish on the hook but never in official channels.
pipeline of pipelines : bull s hit
tier one partners: bull s hit
strategic partners: bull s hit
invoicing regular monthly income: utter bull s hit
respect retail investors: utter f******* bull s hit
italy refinance: bull s hit
north fork ownership: bull s hit
competent senior management: complete f***king bull ****
appropriately paid senior management: biggest load of bull **** ever !
share consolidation to help shareprice and improve liquidity: bull s hit
basically everything that comes from that duo’s gobs: complete utter bull****.
verde are more z-list vultures that palumbo has invited to the feast just to ensure he gets more time to suck the body dry and gets his mates a little more flesh of the festering corpse they have turned this company into.
the verde deal will never happen they already smell the duo’s bull**** and even a company who leverages debt to invest doesn’t want to dirty themselves with palumbo and sidekick.
I dont disagree as i think current billing would get us through the nadir. The RNS alluded to further investment down the road so i almost take this as a upfront favour from DP but we do not know what they will do with the funds. I am really surprised they have not updated on news for Northfork as that is in final stages and Eqtec have not released news. I did think this news would come in after Verde subscription as potentially it will look back on DP if share price spikes to 5-10p and Verde would have made a pretty sizeable profit at expense of PIs who most might be down 90% or more and this dilution just smacks of mates rates. ultimately there is value in eqtec for new investors and i have bought back in to lower my average. We will see as the board have acted in bad faith to investors over last 3 years.
Dilution Dave has not put any supporting reasons out why we should vote for more dilution, we were led to believe they were billing regularly so why another dilution needed to keep the lights on, or should I say to keep paying Smirking Palumbo and lies through his teeth vander linden?
Well the CEO of verde is apologetic for delay for further small delay now closing on 16th April. looks finally set to happen though with second tranche of £1m at over 5p a share, double todays price. i suspect once that happens Eqtec should move up to this level.
“We remain 100% committed to this strategic investment into EQTEC that has, unfortunately, taken longer to complete than we originally envisaged. Peripheral matters that required completing as part of Verde's investment Group have now, finally, closed and so allowing us to move forward towards concluding this transaction with EQTEC. We are already working within our network on collaboration opportunities to enhance the profile of the company in the USA."
“https://eqtec.com/investing-in-eqtec/eqtec-share-capital-information/“
“This page was last updated on the 22nd February 2024.”
We know from regulatory sources the deal wasn’t done on 22/2/24
More of vander lindens lies I’m afraid, don’t believe anything he says unless it is audited or regulated
On EQTEC website it is already showing Verde is holding 9.6% share capital it means deal is already done
We booked 300k services for Wilseyville in USA, 450k for Idex engineering and we sold the land for project for 750k. we have Hawaii i forget amount and plenty of smaller amounts. Key is all this is highly profitable as its not equipment but drawings and reports. My understanding all revenue has been booked in last 6 months and will mark the turnaround. Remember all these projects are worth 10-15m each once they get green light and billable upfront as its needed for equipment etc. I consider a bit of a surprise as Eqtec have gone to ground for last 3 months with barely any updates on North Fork and France. Its all happening but Eqtec are very quiet, which i prefer as DP was master of spin and over optimistic bluster that cost most investors a 90% loss.