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@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.
EQT have had projects reportedly close to financial close or even "imminent" for years now so wouldn't hold your breath for any news on that front anytime soon, everything Vander Linden says has to be taken with a massive dose of salt.
The idiot Palumbo has hobbled this company share price to these levels for years to come with the z-list lenders and the millions of bargain basement warrants he has issued, and he wants us to approve gifting loads more. There are warrants outstanding to the z-listers and incentive schemes all the way up to 7.9p, it would take a seismic change in fortunes (and management) for this to breach that point anytime soon.
Logik court case now looks to be a massive gamble from Palumbo with Logik counter suing, so that could all blow up in the idiot Palumbo's face. 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 the France news drops all bets are off. One of those projects is €40m and we are barely £4m market cap. This is just one of a dozen projects in play or close to financial closure. Certainly getting exciting but equally hoping the current share price is around in next few weeks so i can top-up. I thought Interims should be out this week but maybe with their recent simplification of debt they have not had time to finish.
EQTEC plc is pleased to share its progress with IDEX Groupe on the France Market Development Centre (MDC) near Villers-sous-Montrond, in the #Doubs province of France. EQTEC plc engineers in December 2023 finished the original scope of #frontendengineering design (FEED) and have since then collaborated with IDEX Groupe on additional value engineering for price optimisation of the project. This work will provide owner-operator IDEX Groupe with the technical information to take the project to its Final Investment Decision (FID) and the start of retrofit and construction. EQTEC plc is the core technology supplier for #FranceMDC and this is one of two projects it is pursuing with IDEX Groupe. #wastetovalue
An EGM for permission to issue more equity every three month is not a good look for any company.
The fact that Palumbo fleeced shareholders in December waving the begging bowl around the z-list lenders is criminal if this strategic investment was even on the cards.
Good to get rid of the z-listers now, problem being the idiot Palumbo won’t think twice about going to them again and again and again!
Wasn’t it the purpose of this tiny raise to get rid of YA II PN and Riverfort who are loan sharks? Its a shame the share price came off the high of 3.1p at the open but while i cant stand the dilution and how that has properly cucumbered shareholders who are not able to average down we are at a bonkers valuation that for someone could be a very large multiple this year. How Palumbo and co have treated long term investors is shocking but today is an entry i am envious of as sadly my average is still coming down but we really need to see otherside of 10p that should come about from North fork, Logic agreement or even a decent interim projecting decent revenue from France, Italy and US contracts.
This is exactly what you get when you vote to allow the idiot Palumbo and JV Liar to issue more equity at the EGM, less than three months and they are back asking shareholders for permission to issue even more!
Where is the revenue generation Palumbo, where ?
This isn’t a refinancing exercise, this is the “Strategic investment “ we were led to believe Palumbo was bringing to the table when we last saw his smirking gob, the fact that the took the opportunity to fleece shareholders just that little bit more is the most telling thing as to the integrity of the duo currently in charge.
What is more damning than anything here is how quickly they have to refinance the previous re-finance. The gaps are shortening which is never a good sign.
People were questioning why they were effectively giving the business away when Italy MDC refinance was imminent; well here is your answer it is fairly clear hardly any of that 2.9m found its way back to them. They have never, as far as I can see, managed a single scheduled debt repayment.
The financial mismanagement here is simply staggering.
"Palumbo ain't going anywhere"
Altair planted Palumbo when they started investing in EQT, and basically forced him up the food chain to become CEO, we can only hope that Verde will bring in their own guy and we can wave goodbye to Palumbo, may take a while but lets hope his days are numbered.
Pearson is a completed knob, he's a non-exec director at Thames Water, and everyone knows what a shower they are, continually having to be bailed out by share holders, Sound familiar ?
Palumbo ain't going anywhere been here 10 years in various guises and gets the applause and backing from chairman Ian Pearson who incidentally was an ex Labour MP and minister,(so honest as the days long there then )
Ian Pearson credits Palumbo for introducing Altair to the calamity show here ( unless your a BoD , Altair or one of the other loanshark forward selling .
"investors")
As luck would have it for Palumbo and the BOD Ian Pearson is 1 of the 2 members in the renumberation committee .
Chairman Ian Pearson was/is an accountant also which beggars belief with the £50m flushed down the swanny here by Palumbo, but cute enough not to invest another penny here since December 2021 .
Barbar and Pearson both accountants milking the punters while avoiding buying
Very Clever chappies eh!
palumbo and co are so shi t at running a company that they are having to give 12% of the company away every 2 months just to "contribute to the ongoing working capital requirements of the group", this on top of cash in december and whatever they got from the italy refinancing (which could have been anything up to £1.6m).
what an absolute **** show, obviously the guy who invested £250k this morning thought that verde taking some shares at 4.75p would result in a spike, but everyone knows how palumbo and jv liar operate now, we have all been burnt before, it will need those charlatans leaving for eqtec to take off again i am afraid, and the sooner the better!
The people behind the "Special Situations Investor" are no other than the same people behind Align Research who have previously provided paid for "research" notes. I believe they have been paid in shares previously so may have secured a deal to buy a tranche of shares from Riverfort and YA at a discount - who knows but unlikely to hang onto them for long.
I had to Google what a Special Situations Investor was - basically someone who sees an opportunity buy low and sell high. No sign of what would drive such confidence in this company which reinforces my suspicion they got a discount and won't be holding for long - assuming they didn't even forward sell shares already. Otherwise they could just buy on the open market given how low the current price is?
Not got to the bottom of who the Verde people are yet so if anyone can share a link to their website it would be interesting to know.
"Imagine being £35k down in just a few hours."
Welcome to investing in EQTEC !