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"ODX revenue has been stagnant at around £8m for the last 4 years. How are they comparable?"
The point wasn't regarding revenue, the point was around BoD with the constant begging bowl, and shareholder approvals
Sooner or later the BoD will find the bowl is empty, then what more CLN and death spiral financing, just because DP's ego can't assess the market and put a brake on his spending.
Computer909, do you have any background in engineering, EPC or FEED processes?
Eqtec new compare only 4 years old. We can’t possibly expect them to carry out the work of a well established EPC or engineering company carrying out Front End Engineering Design. For one part, hydrogen production has only been proven at pilot scale. The know how to scale up to 5MW or 10MW or beyond requires a huge company with many more years experience than Eqtec.
Look at Velocys for example, they are what a 15 year old company? They wouldn’t touch the EPC or FEED on their own, that’s an impossible task for a small cap technology company.
ODX revenue has been stagnant at around £8m for the last 4 years. How are they comparable?
DP, Yoel and Tom Q haven’t exercised any share options or warrants in the last 2 years.
JVL and NB being new employees don’t have any warrants as they are new employees and the issuing of warrants was stopped a long time ago.
Or are you referring to the new company share options? A mechanism to keep employees committed to the growth of the company long term and something that institutional investors like to see in a progressive company.
"It is only in the last 3 months that Tier 1 partners have been secured and confirmed."
Let's examine the "partner" statement, surely that should be "supplier" as these partnership looks to be wholly one-sided at the moment.
The only thing for example EQT have got from Wood for example over the last 18 months, are the drinks and sandwiches paid for at COP26, Black and Veach now seem to be being paid for engineering work that EQT payroll staff were supposed to be doing, (what actually are these staff doing now?), how much the B&V bill is going to be we have yet to hear !
Have a listen to this powerhouse/hydrogen utopia podcast.
Environmental permits in the EU for new projects can take up to 18 months.
Supply chain delays mean some long lead items are NOT AVAILABLE. Waiting lists of up to a year for new cars. (@11 minutes)
"Lastly, share holders voted 98% in favour of allowing the BOD to raise funds through placings."
Doing anything else would have been a nail in the coffin of their investments, please don't make this sound like a massive vote of confidence in DP and his BoD.
Sooner or later the shareholders will have had enough and say no (look at ODX and the shambles that is in, because the BoD just thought the shareholders were a bottomless pit.
Sometimes @aandi you have to lay off banging the drum a little and accept that the company has not covered itself in glory over the last 12 months, Rolling out figures that are 12month / 18months old is not helpful in this market.
The company valuation is less than a quarter of what it was, have the BoD given up any of their salaries or options?
The EQT can has been kicked down the road so many times, i'm surprised it's not subject to road excise duty !
aandi, appreciate the postings but you have to admit it’s been a bit of a shocker of late. The financial decisions have been poor - a CEO with a finance background leading it all and the FD who can’t show his face after a recent loan and placing - his area of expertise therefor also accountable for the decisions. North Fork not coming online till at least another year by the looks of things, if ever - money sunk into a project going nowhere anytime soon. To have any chance of surviving they have to close a project pretty damn fast and stop taking on further ones which they are struggling with on a number of levels. They need to provide an update.
https://youtu.be/vym6pfUIi8M
4mins54, resolutions 4 & 5. They each received 96.8% shareholder approval.
https://eqtec.com/wp-content/uploads/AGM-2022-NOTICE-FORM-OF-PROXY-LETTER-TO-SHAREHOLDERS.pdf
Shareholders voted 98% in favour of allowing €4.5m nominal value extra shares to be placed. Each share has a nominal value of €0.001p. So the BOD have the authority from shareholders to create 4.5billion shares until the next AGM. Shares in issue before the last placing was around 8.5billion
Well on the flip side, the company managed to get a loan at around 10%, with no commercial plants having been built in the last 5 years so still a huge perceived technology risk.
Next, every single time Eqtec have gone to the market for cash in a fund raise, the fundraise has been over subscribed in a few hours. So there is liquidity and interest, so little chance of bankruptcy.
Next, we have £40m + of assets on the book, so if Eqtec chose, they could sell assets to provide cash. But that stalls future growth, which they don’t want to do.
It is only in the last 3 months that Tier 1 partners have been secured and confirmed. Petrofac we have been told have systems in lake to cover any future shortfalls in funding for Billingham. We never had this security before with small scale partners.
Lastly, share holders voted 98% in favour of allowing the BOD to raise funds through placings.
In less than 20 days we will know how they are looking to pay the first repayment of the loan,
We hope there is cash from the placing left, But not sure the CFO can use a calculator let alone a spreadsheet
Can they just keep doing placings or is there a limit
I have been reading this BB for years. Have a substantial amount of shares so really want the company to succeed. However, I have some concerns lately. This is not de-ramping or anything as I have no influence on the market. Over the years, EQT has been unable to attract serious financial investment funds. Only dubious outfits as MRG Metal, Kibo. Science is good. The technology proven and pipeline impressive but without funding, science remains just science. Nothing will happens until funding is there. With share price so low, another share issue is not going to be much. This is a genuine concern. Can anybody points out some concrete proofs of funding coming. The company had to resort to taking out a loan and then unable to make first payment and had to do a desperate fund raise by more dilutions at such a low share price as it was really not worth it. If no funding on horizon, this is heading to the loan company calling off for payment, forcing the company into administration as with DDDD lately. Just would like to raise the point for discussion.