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I've come to the conclusion that Palumbo is incompetent.
Simms45, Computer909 - thank you both for your candid replies.
Realistically to only way to penalise the idiots is to vote against their re-election as a director, one of them must be due for reelection this year, I think it’s probably Dilution Dave and Yoel that are due for rotation election this year.
With the II’s dumped and Catalyst selling down, as long as verde don’t get their bargain bucket shares by the time the AGM is due in June I think we have a good chance of blocking Palumbo from being reelected as a director.
Everyone needs to vote and clearly show him we are far from happy with his shenanigans
Certainly no easy way to do so. First you would have to map out every RNS and webinar and comment from DP and then track it against what happened and probably prove any way DP and certain investors might have been colluding or with DPS knowledge. As i understand an example might be early Altair dump of shares that was hidden from pis and we were not aware what was behind the decline until we got an RNS. Was DP in knowledge of this and pumping the stock to enable Altair to extract cash for next placing? Apple was a big ticket item and rewards were high for investors to pursue. Eqtec was pumping like crazy and provided huge revenue targets that were totally for the Fairies. Proving he was not just a gung ho optimist and not doing matters to benefit himself is something else. Obviously a 98% fall from the top is a catastrophe and i am sure DP was never planning it as all his staff and hid ego will be knocked. This verde deal and the recent Catalyse dump causing more downward pressure on the shareprice is not helping. I have made more investments and these are now underwater because i bought just as Catalyse were dumping in the background. Again if i had known i would have waited. I am sure DP was aware however but kept to himself. i do sense a big turnaround because we do actually have contracts in play and plenty of sunk capital. I plan to invest more on back of some news but Northfork is very soon. I think Eqtec have not released until we know our stake in company so technically and in accounts we wrote off the whole investment. While frustrated and down i have invested and my target breakeven is a lot lower and i hope easily achieved on back of real news. The recent Logik RNS sounded good but thinking it through i suspect we will not see that cash as surely if the deal was going through end of April it would all be contractually drawn up. Also we still lost a chunk of money as the £1.7m is less than what we invested.
Dofmeister, C909, Simms, HH77, BeginnersLuck et al:
Is there a hope in hell of attempting a class action against the directors personally (not the company itself) for criminal negligence/misleading presentations/insider trading?
It was intriguing to read that Norfolk County Council Pension Fund successfully won a huge settlement from Apple for what may have been far less egregious behaviour:
https://www.europeanpensions.net/ep/Norfolk-Pension-Fund-secures-380m-in-class-action-against-Apple.php
I'm ashamed to admit how much I've lost - a life changing amount, in good faith on the basis of their statements.
If PI’s can find this info on Verde with a quick Google search then it’s obvious Dilution Dave and co must have known of this history and didn’t care, “any cash at any cost” is Palumbo’s attitude to raising funds and this is w he what sees the share price at these levels.
Smirking Palumbo and Lies all the time Linden have to go, along with half the staff that haven’t covered their own wage bill in three years!
I don't think Verde will ever become an investor. A quick look at a very recent court case in the US tells you all you need to know. Even Eqtec signed off the last RNS with a warning. Shambolic.
Ah well, thats ok, I'm only 98.6 % down. Behond caring!
Verde & Catalyst strategic investors…. PMSL!!
i don’t think many on here are hoping for a profit
il be absolutely over the moon to get of this ****e show any near even
Hoping that once the £2M from logik comes in the share price increases accordingly and I can break even and get out :((
Just asking but what are the chances of this heavily beaten up diluted company being took private with Palumbo et al having it all ? I do own some shares but not a massive amount and was just reading the Velocys debacle that went private recently.
"but DP actually cant take Eqtec any lower than £4m market cap."
EQT Market Cap.£3.81m now.
Never underestimate the destruction Palumbo can do , just give him time and he will destroy your money further. ( unless offcourse your a BOD ,Altair or one off his other "strategic investors")
@Simms , make no mistake if this the quality of the investor the idiot Palumbo is seeking EQT is in real trouble.
They have been gifted the tools to make massive amounts of cash whilst forcing the Shareprice down.
Many have been sat over the last couple of months wondering how someone can be selling at these levels and still make anything? They have sold 8m shares (800m in pre consolidated figures) at a loss, forcing the price down, they have clearly now taken that capital as a marginal spreadbet, which if/when they Shareprice recovers will reward them tax free, there is nothing stopping them doing it over and over again firstly with the remaining shares they hold and the next batch of gifts diluting Dave will give them.
But for now key info is our seller has stopped so we might recover some lost ground this week, especially with an update.
Totally agree 909 as Eqtec introduced Catalyse and lo and behold we find our share dumper. DP would have known this but pis, including myself bought in again above current prices. Issue is not so much my view of potential but more about investors who are in the dark not aware who of DPs investors are dumping shares. Todays shareprice is testament to DPs relations with bucket shop investors. I do not doubt we will probably be a £30-£50m market cap company later this year but pis have been diluted to kingdom come and i think these new investors combined have hoovered up 40% of the company for a pittance. I am wondering if DP is more connected to these parties than he lets on. Ultimately if he is not he is shooting himself in the head, except for his salary as his shares are worthless. I am guessing next RNS will be awards of boatloads of performance shares to get us back to £50m market cap, which is not hard to do if DP does not work with these types of investors. I personally think the company is now in a good place. We have almost no debt, revenue coming in and plenty of chunky returns in the pipeline that will come to fruition. Personally happy for Eqtec to take a month longer to recover so i can invest a little more and lower my average but DP actually cant take Eqtec any lower than £4m market cap. He is decimated the company and its investor base. For new investors it is very much worth a look over but so many investors left with disgust and do not blame them as some lost over 90% in a few years on DPs optimistic banter that sucked in so many investors. Its hard to say live and learn because DP was not trustworthy and his relations with so many investors that have fire sold Eqtec stock tells you a bigger picture.
* can’t rely on that count
Well that just shows the kind of “Strategic” investors smirking Palumbo has been dealing with, Catalyst sell down the share to an all time low and they spread bet long that there will be a recovery, This is pure market manipulation facilitated by Palumbo gifting equity to anyone who had a few coppers.
The only good thing about this situation is that these shares are probably in investors hands that aren’t in a Palumbo’s ‘insider’ circle so come an EGM for the Verde debacle Palumbo can rely on that count
Another fantastic week for Palumbo pocketing 50% higher than when he arrived 5 years ago despite thrashing the shareprice 90% lower than the previous sacked CEO.
Yet another RNS with Catalyse one Palumbos strategic investors dumping after holding this POS a mere couple of months .
Pass the parcel and pick up those free warrants seems to be the only game here.
Verde another strategic investor to continue this process shortly.
Down on my original investment - not moaning - just an affirmation about the risk of AIM share investment - i took my chances and lost a four figure sum - Happy Days
They are securing contracts that will generate revenue, the big issue is Palumbo didn’t adjust the outgoings to match the income, so to pay the difference shareholders have been forced to pay, and the master financier Palumbo has inflicted double pain by gifting his mates cut price shares and warrants, instead of managing the pots of cash shareholders gave him to see the company through the “pivot” and the shocking market.
His z-list mates have shown zero control and even less respect to the company dumping their shares like hot potatoes.
Palumbo’s position with shareholders other than the z-list pals is untenable, he must go for the shareholders to regain any confidence in the Shareprice, too many shenanigans have gone on for him to remain surely.
The issue though is he has diluted shareholders so much that his mates now hold the whip hand when it comes to any shareholder vote, he can basically do anything as long as it benefits those chosen few
What fundamentals are sound?!
The company isn’t doomed, the fundamentals are pretty sound, unfortunately it’s being mismanaged by Palumbo and co, we just need to bin that dead weight!
Again referring to Palumbo’s comments again from the 2023 AGM, Dilution Dave refused to cut overheads by reducing headcount, he stated that out of the 27 staff 20 were engineers, and it was important to keep these valuable staff, this would be true if there was revenue flowing in order to pay their salaries, Palumbo’s arrogance has seen shareholders foot the bill inorder to have these expensive engineers sat doing nothing.
There is also an interesting point made by Vander Liar that the management remittance levels were in line with similar sized companies, when compared to companies worth £150m or less, well I for one think this needs reviewing again comparing to companies worth £5m or less!
VH
I don't believe you are 'sorry' because you keep repeating it. Now please go away and if investors here want to lose their own money, let them do it without your constant nonsense.
Its quite nauseating watching that AGM presentation again knowing they were all working in tandem to keep the charade and pretence going that the shareprice at that time was temporary and undervalued in their opinion.
It has since dropped 90% since that smoke and mirrors waffle.
Ian Pearson and Tom Quiggly showing no care of duty to PI investors as asleep at the wheel letting Palumbo and Babar destroy and dilute PI to oblivion.
Ian Pearson ex cabinet minister and MP & Quiggly were supposed to be looking after all shareholders interest( not just Altairs) ,and keeping Palumbos reigns tight but all he was doing was rubber stamping Palumbos profligacy.
Role of a non executive Chairman;
A non-executive chairman is a role unconnected with the day-to-day management of a business and which is instead concerned with effective management of the board.
As a 'non-executive', the chair is impartial and can use this distance to maintain an objective position, albeit with the duty of representing the interests of all shareholders. As someone who is independent from the business they are also able to provide third party governance.
Non-executives tend to be very experienced professionally and must be able to hold the board to account in a sensitive manner in order to maintain effective management.
Palumbo ,van der linden , Quiggly and Pearson need replacing for their total incompetence for this company to have any chance.