Firering Strategic Minerals: From explorer to producer. Watch the video here.
Corporate Action from AJ Bell
“The deadline for elections is 8 December 2023. You will be unable to trade these shares from the 11 December 2023 till 18 December 2023 if you elect to vote on this meeting as the shares will be in escrow. Trading will resume on 19 December 2023”
Again going through the Refinancing RNS as today is final decision day
The master financier that is the idiot Palumbo, with regard to the YA-RF loans has managed to convert an unsecured loan on which the percentage rate was 7.5% into a secured loan paying between 10% and 12%. What an tremendous achievement.
I also reviewed the original march 2022 RNS of the £10M unsecured loan and found this little gem that gave me a chuckle....
Benchmark share price
Performance fees payable (cumulative)
1.88p - 3.13% of aggregate amount of the Loan Facility
2.25p - 6.25% of aggregate amount of the Loan Facility
2.63p - 9.38% of aggregate amount of the Loan Facility
3.00p - 12.50% of aggregate amount of the Loan Facility
I couldn't find the figure for a shareprice at 0.03P !
The comparison of the z-list investors DP has strung together and Madison Bidco the investor in VLS could not be further apart
The Z-List are sucking this company dry via fees interest and massively discounted equity, Bidco yes are taking the whole issued equity at a 75% discount but are investing $43m in the company that at the point of offer was worth about $15m
I suggest Bidco was the type of investor DP and JV Liar were looking for as a “strategic” investor.
But a similar offer for EQT would see Altair suffer the same as the other shareholders and there was no way Palumbo was going to allow that, hence the shenanigans we have allowing Altair to liquidate its position whilst still holding gifted shares and warrants
A face from a wanted poster, wanted for fraud and corruption!
Bod must commit to paying down debt with any funds recovered from legal cases, that is the only way the SP will find any support
At the moment the vultures know whatever level they force the SP down to they have more shares arriving with a new discount of 25%
Problem being these contracts aren't even touching the sides of the interest/repayments that the idiot DP and JV Liar have signed the company upto.
The refinancing RNS is frightening on many levels, primary the amount of cash they have continued to borrow even with the shareholders pumping in nearly £40M, but their blatant disregard for shareholder value, they have no qualms with issuing billions and billions of shares over and over again.
The most enlightening part of the refinancing RNS is
"Riverfort Global Capital Limited ("RGC") and the Company have entered into a Monitoring Agent Engagement Letter pursuant to which RGC will, amongst other things, provide the Company with services relating to the review of performance of the Group in respect of compliance with an agreed budget. The Company has agreed to pay a monthly retainer of £8,000 plus VAT which will be settled every six months in advance in Ordinary Shares at a Reference Price immediately prior to the issue of such shares.
· In addition, historic fees of £30,000, to be satisfied by the issue of 57,121,096 Ordinary Shares (calculated by reference to the YA-RF Refence Price) will also be paid by the Company (the "Historic Fee Shares"). "
Basically we are happy to fleece the company and shareholders, but we don't trust the BoD to stick to the script so you can pay us £8K per month (in shares) to keep the management team in check.
#Vote_no_at_EGM
With these contracts starting to roll in, it raises the question more and more, why we needed such a crappy financing deal at this time with such a massive dilution of shareholders,
Did we actually need such a restructuring that was so bad for shareholders could something else have been done to bridge the cash flow gap?
The problem is not only Pitcole's billions of shares, we now have numerous "funding" partners that have litte or no interest in holding onto shares, and less interest in supporting the shareprice.
We have paid suppliers £110K with shares, these are suppliers that have bills to pay, workers salaries to pay and whom will probably need to liquidate these shares as soon as possible.
If you take the time to read the refinancing RNS again you should take in just how much of a shi tshow the Idiot Palumbo and JV Liar have made of this company's finances, A deaf, dumb and blind dog could have made a better job of it.
The Vultures of Altair, YA-RF et al will now pick over the bones of this carcase for years, the hope of any type of PI recovery here is now long gone, and the responsibility of that lies firmly at the feet of the CEO and CFO, their arrogant behaviour and blatant disregard for any sensible cashflow management is criminal.
There is now only one hope for this company and that is this, EQT chases Logik for the millions it is owed and we have commitment from the BoD prior to the EGM that the funds received from any Logik payout are used to pay down/off this crazy debt facilities. If we take this debt as a bridging facility in the short term then fair enough we need to do what we need to do to keep the company affloat, but the first payment with shares once we recover cash from Logik should signal the replacement of the BoD otherwise its an indication of the merry go round will continue unchecked.
There are also some strange figures stated with regards to Altairs payments.
"the outstanding balance under the Altair Facility of £903,632 is to be settled by the issue of new Ordinary Shares with a value (as calculated below) of £1,250,000 which is a 1.25 multiple of the outstanding balance (the "Altair Redemption Sum");
Last time i checked £1,250,00 wasn't a 1.25 multiple of £903,632 but rather a multiple of 1.38, so what is the correct figure?
If they cant get this type of thing correct what hope do we have.
“If it had an EQTEC or PHE plant feeding its energy and waste CO2 for plant growth..”
Corrupt Palumbo and JV Liar would have managed to put a £5 tin sign on the gate and throw away millions of shareholders money just like they have done with Billingham and Deeside.
"..just to be vindictive against certain directors"
About as vindictive as certain directors have been to private investors
Latest reported holdings
Altair Group Investment Limited (17.94%)
Pitcole Limited (6.60%)
YA II PN Ltd (5.69%)
Riverfort Global Opportunities PCC Limited (4.85%)
Which is 35% of the expanded 14.7B shares = 5.145B
BoD currently own 324M shares.
resolutions 3 and 4 required a 75% positive vote to pass so the "No's" only need to achieve 26% in order to effectively block the redesignation of shares and therefore negate the whole process.
So the blocking vote "only" needs 3.9B shares to block it. (About £1.2M holding)
The rate this knife is falling i wont need to win the lottery in order to get a controlling interest, 3 balls or a lucky dip may tip the balance !
Jvanderlinden@eqtec.com
dpalumbo@eqtec.com
If you have any questions or just want to let the idiot pair know what you think of them, No good raising any query via the official route on the website they simply don't respond to that (unless of course your email ends in Altair.com !)
If they fail to deliver the draw down of the Italian MDC finance before the EGM then surely everyone should vote no to the refinancing concoction they have come up with. If as it looks like it Altair et al are forward selling their gifts a vote no will cause the company grief, but at least we may be able to take the bloodsuckers down with us.
Everyone should be contacting their broker this week and telling them they want to vote in the EGM and to give them their voting instructions. EQT do not make it easy for investors to vote on resolutions so give your broker as much time as you can
If I win £176m on the Euromillions tonight I pledge to buy enough of this sh it show to get enough voting rights to sack both the idiot Palumbo and JV Liar !
#FingersCrossed
… and not only did Palumbo basically gift shares covering a large proportion of the company to these Z-list mates, he has added the cherry of warrants linked to the reference price, so they really don’t care what level the sp falls to. The Shareprice doesn’t need to recover for them to make money they make cash at any level.
They will never be left in the situation they have left the retail investors they pledged their respect to
They allowed Altair to force the price down before the funding news by with holding back news, for example why did it take over a month for the to announce the ISO accreditation news we wonder?
#Company_ran_by_Criminals
#Vote_No
Whilst the company now be on a safer financial footing, and I’m now sure the operations are safe for the next 12 months it is clear now the way DP and JV Liar have secured that footing with his z-list strategic investors has destroyed any value for any investor other than those in the inner circle.
Billions of confetti shares given to organisations that don’t give a care at what level they sell at because they know they will get more from Santa Palumbo gift wrapped with a sizeable discount.
Palumbo’s relationship with Altair should see him in prison
The idiots Palumbo and JV Liar know that other than his inner circle mates he has gifted massive amounts of shares to, the only investors left are those that are so deep in a hole they have nothing else to lose, and just doesn’t give a sh it.
As part of the latest financing screwup there are over 3Billion additional shares his mates need to churn through, at the current rate of about 200M per day we can expect t to see this action run right up to the EGM, after which the merry go round starts all over again,
50m, 50m 75m and they have billions to offload, the master financier strikes once more
Clear contempt for shareholders by the BoD and clear contempt for the company by Palumbo’s strategic friends.
Anyone that believes the Palumbo / JV Liar bull regarding "Strategic investors" just take a look at the number of 50M sales that started yesterday and are repeating today, Their "strategic" investors didn't even wait a week to get rid !