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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.“
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
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.
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.
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.
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!
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.
"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.
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 ?
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.
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.