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Simms,
I share your concerns regarding the debt, and see this as the only blot on the landscape as it were . I do however think this post I have had permission from TheAnayst to repost. I he puts the dots together very well ....
‘Let's join the dots....15 May 2020 15:46
For those who cannot see it
1. David Palumbo is the Managing Partner of Origen Capital.
2. David Palumbo, first moved onto the board when Origen were financing Ian Prices EQT & wanted their man on the board.
3. Origin introduced Altair to this company. Altair know David Palumbo very weI'll.
4. Altair are fully behind this, having staked just shy of the magic 30% in Equity.
5. David has spoke about the Riverfort financing due soon, specifically around an SPV rolling up to the EQT head company (any guesses who will be throwing cash in here without increasing their 30%)
6. Once the financing is sorted, all investors will be strategic. There will be no one there who doesn't want to be, therefore no major sellers
7. EQT are at financial close stage of another project (Greece). They are also working closely & approaching final stages of others (rhymed off by David on the call)
8. In bed with massive multi nationals
9. On the call, reading between the lines, David most definitely said of course they would be interested in a takeover, but not at these ridiculously low levels.
10. David has a background in project financing
11. David just issues warrants to him & all the staff at 0.25 redemption.
Let's join the dots then....
David (via Origen) has skin in the game. David via the warrants has skin in the game. Davids buddies (Altair) have skin in the game.
David has a tremendous relationship with partner COBRA. EQT is small fry to them, but their tech would be a very welcome addition.
David has a value where him, his mates & existing shareholders can sell this on to someone else where everyone makes bucket loads.
Old none strategic investors are finishing their exit, all aboard new guys.
Project pipeline will be executed
This will hit the magic price where everyone will be happy to sell (possibly to COBRA)
Only question is the price. David laughed at these levels.
Given his comments on the MCAP I see him valuing it at 100-150m......
Thoughts people?’
im not selling yet just back to break even.
and simms45, another one who's never posted until this afternoon. I wonder why?
It was last financial accounts but see they raised £.8m but thats not enough to cover £2m due end of July. Therefore my assumption is they need to restructure that £2m or do a rights issue or probably a bit of both as cash levels must be pretty low as the £.8m was raised middle of last year.
“As at 31 December 2018, the Company had net debt of €5.5 million (31 December 2017: €2.7 million) including cash balances of €0.4 million (31 December 2017: €1.8 million).
As announced on 28 June 2019, the Group has agreed to restructure €3 million of its existing debt through a debt for equity swap, resulting in a significant reduction in the Group’s debt obligations. Following the debt for equity swap, the Group has €2.1 million of debt which is payable in full, plus accrued interest, at the end of July 2020. In addition, the Company also announced a placing of €0.8 million, which will significantly strengthen the Group’s cash position and provide additional working capital.“
I found this on the Powerhouse thread so love the concept. Hope this performs as well and have bought in this afternoon.
Can any see l2 on here
Bid 0.27
Ask 0.28 400,000 x2
0.30 600,000 x3
0.31 400,00 x2
Can any see l2 on here
This is a great looking chart. We're off!
We have an hour and 25 to hit that magic number.
Sensible comment Simms. 2.1m euro debt plus interest to be paid end of July. Notice how nobody wants to discuss it?
Not sure about the rights issue you mention though. Where does it say anything about a rights issue?
Code 500 gap up ?
Freed up again, so buy must have been filled. We'll see later
looks like MMs are releasing the brakes. up she goes, highest been today.
Yep, can't buy diddly squat now
So many buy trades and very little sell trades, even the sells are being snatched up right away and constantly going to NT
In my opinion, looks like there is someone buying large chunk like yesterday, expecting TR1
gone NT for £43 worth!
I don’t think I can remember this many trades in EQT before and I have been invested for 2 years!
So many buys, the sp must surely brake through 0.26p soon.
mini. typo
just need to break this mimi barrier at .26! should march on to .33
I have two questions and maybe someone can answer. There is £2m debt due in July but EQT has virtually no cash and even though they did a debt for equity last year for £3m do we have an imminent cash need? Secondly latest RNS talks of a rights issue and given market cap is low and price is likely to he heavily discounted what is the view on this. If anything i am saying is incorrect please correct me as i like EQT a lot but just checking a few matters as those pesky financials supersede the great potential?