Member Info for Computer909

Dumbo Palumbo is addicted to issuing confetti equity as was made clear a couple of fridays ago when he was desperate for a fix, and his broker or should we say dealer, John Gunn gave him exactly what he wanted in return for the dubious INSP contract.

Going to take a hell of a long time to wash through Dumbo's dirty washing with the z-listers more than happy to take 5-10% on their deals so any rise will be smothered with that offload

Only one thing to do to help recovery #Vote_Palumbo_Out

In the region of 90m shares to churn through from Dumbo’s z-list pals, and he has the utter cheek to say in the recent interview it is equity overhang that has suppressed the Shareprice and preventing institutional investment.

The guy is an absolute bell end, and his actions are to blame for the situation we find ourselves , he should be in prison and prevented from holding any senior management role in any listed company ever again.

Inevitable the MCAP will drop below £2m in the comming weeks as the z-list offload, everyone knows that so the volume will be small and force the price lower and lower as it spirals and everyone tries to judge the bottom.

We hope now that the cash flow from the placing and the Logik payment will be enough to see them through to the promised revenue payments and sustainability, as any further raise relying on equity would be fatal.

#Vote_Palumbo_Out

"I think DP knows he will be ousted and is panicking. Could shareholders take class action for insider trading?"

AIM is a wild west with little or no regulation enforcement so getting the FCA to investigate would be nigh of impossible, and the AIM CEO's know that !

There is no surprise that the trio of companies associated with Palumbo's coven EQT, GIS/INSP and Riverfort are all up in the air with regards to dubious pump and dump placings or share suspension! The trio are simply passing cash around that none of them really has just to get accounts signed off and admission documents approved. EQT's placing and INSP contract supports INSP placing, GIS handle the friday night placing in which they get 10% fees and Riverfort get some more cheap shares, after selling down their previous holding to nothing it's a slight of hand card trick ran by the three of them

It's like a massive Ponzi scheme all of the cash has gone it's just a case now of who will end up holding the sh it sandwich when the music stops, usually the poor retail investors.

Only one way out is #Vote_Palumbo_Out, and perhaps his vulture mates will disappear along with him, without their shadow hanging over it EQT may have a chance to turn things around, with Palumbo still in place and a new remit to issue equity the shareprice outlook ain't very rosy !

"why would Riverfort, whose shares are suspended and who is worth a miserable £1.7m buy £200,000 worth of our shares ?? TODAY !"

This isn't a transaction where Riverfort have "bought" any shares on the open market, this is all part of Dumbo's refinancing shenanigans, Riverports had 4% of the company in November, and sold that down to zero in February.

I suspect that Riverfort have taken more bargain basement shares from GIS in the last placing (hence the £500K payment yesterday) The Palumbo, Gunn and Riverfort gaggle of vultures !

This is just shambolic again from Dumbo Palumbo and his mates. He makes a massive trumpeted announcement of refinancing the YA/Riverfort loan away from equity gifting the financers 10% interest and fees instead, and then within 5 days he issues a placing for 40% of the company and oh surprise surprise who gets hold of the criminally bargain basement shares ...... Riverfort !!

Wow Palumbo you have really excelled yourself this time, gifting YA/RF increased interest and fees with one hand and cheap shares with the other, and all the time kicking the shareholders in the Bo llocks !!!

Since John Gunn’s Global Investment Strategy UK Ltd were brought on board in November 2023 to facilitate the financial restructuring, every financial decision the company has taken has been to the detriment of shareholders, Dumbo and Gunn are vultures picking over the corpses of AIM retail investors.

I thought the relationship between Palumbo and Altair was criminal but put Palumbo and GIS together and it’s just toxic for shareholders, at least Altair put some cash into the company GIS are just blood suckers!

It’s clear from the last placing that the current management have no clue how to manage a company through a crisis and just simply need replacing, fortunately in David Le Saint it looks like shareholders have a competent replacement who could replace Palumbo and endeavour to bring at least a small degree of shareholder trust back to the company.

You all know what you need to do at the AGM !

#Vote_Palumbo_Out

This is clear Palumbo and gang positioning the Shareprice for a management buyout

Last AGM Palumbo said when asked about taking the company private his answer was “not at this value”, everyone thought he meant that the then £40m MCAP was too low, now it’s clear he meant he needed to destroy the Shareprice further, boy has he done that!!!!

257,610,911 Issued shares !!

When Dumbo was inserted by Altair in 2019, the company had a MCAP of £10m and debt of £24m with 4billion shares issued, in less than 5 years he has increased the number of shares issued by more than 500% dropped the MCAP to £2m with £6m of debt, whilst spending nearly £55m of shareholders cash

The guy is an absolute criminal and should be in prison for his financial shenanigans and recent market manipulation!

You know the only thing that will stop him destroying the shareholder value further is voting him out next month

There are so many shares on the market any Shareprice recovery is doomed before it begins, the only thing that will bring back shareholder confidence is a change in management

You know when Palumbo and Vander Linden are not telling the truth….. Their lips are moving!

Take a long look at Palumbo’s actions over the last 18months and ask yourselves does his actions align with the shareholders?

#Vote_Palumbo_out

From Jangada’s results RNS this morning

‘Blencowe holds a portfolio of key battery metals projects located in northern Uganda, see blencoweresourcesplc.com. Following a period of due diligence, the directors assessed that the Blencowe assets were being substantially undervalued by the market and we considered the investment to be a short to medium-term value accretive opportunity with exposure to both the graphite and nickel sulphide markets and consistent with Jangada's strategy of being involved in the development of "battery metals".

During the year, the Company

· purchased 2,000,000 shares in Blencowe at £0.05 per share and received 1,000,000 warrants with an exercise price of £0.08 per share and expiry date of 23 May 2026; and

· sold 1,000,000 shares in Blencowe at £0.0526 per share.

At the end of the reporting year, the Company held 21,050,000 shares being a 10.05% interest in Blencowe's share capital

“Like the fact we made 2023 total revenues not long past Q1 this year?”

So two sausage rolls at the staff party this year!!

Near term Calender:

Year end accounts by end of June

Logik payments expected by end of June, but who knows if that will ever arrive

GIS placing payment due “on or around 10th June”

Share sales lock-in period terminates end of June

AGM due early July, chance to vote Palumbo out!, and the farcical praise of the BoD by the deluded Chairman

30% of stock sold to z-list bucket shops at 1.4p, admittedly without accompanying warrants but rather 10% fees to flood the market as Palumbo’s mates shed the holding quicker than a wh ore sheds her knickers !

More lies from Vander Linden due anytime

More incompetence from Palumbo due anytime

Another placing if Palumbo gets drunk with his mate John Gunn on the weekend could happen anytime

“Running a company not a share price”

Agree in principle, but when the main source of needed cash is equity there is also a need to manage the Shareprice somewhat, don’t get me wrong I continue to be impressed with Mike’s management, but with the prospectus I do think he dropped the ball a little giving expectations that it would be done in February.

It is all stacking up, but Mike is a little guilty of not maintaining momentum, the prospectus delay and not closing out the fund raise does now seem to be holding us back, no movement in Shareprice whatsoever this week and minimal volume, we need some confirmed news now to push on to double digits!

@Simms45, I can not agree more with your statement that Dumbo Palumbo is a roadblock to the company’s Shareprice recovery.

All PI investors should throw their vote behind exiting Palumbo as a director at this years reelection vote, this has to be done now if any resemblance of a viable company is to exist for much longer, his jumping into be with Gunn and INSP is a utter disgrace when the EQT finances are in such a shambolic state, it’s unforgivable and paints the whole company as dubious for potential investors

I would say Palumbo exiting would triple the Shareprice overnight, him remaining will see the continual drift to oblivion he has overseen accelerating as he becomes more desperate

#Vote_Palumbo_out

Dumbo’s refinancing RNS and following interviews were clearly meant to paint the picture that dilution funding was ended, all to boost prospective shareholders confidence and prompt existing shareholders who were holding back their levelling down until they thought Dilution Dave was done.

However Dumbo has show his attitude to shareholders hasn’t changed an inch, his drunken Friday night meeting with Gunn is clearly market manipulation from both companies to get their placings done, Why front up £150k when the same engineering options could have been achieved with a collaboration agreement with INSP, in the same way we have with Wood etc. last weeks placing was criminal from EQT, GIS and INSP designed to shaft retail investors.

The volumes being traded this week must be getting GIS very nervous with the fear of left holding the baby growing daily.

The placing has demonstrated that Palumbo looks at issuing equity the same was as a junkie looks at a wrap of coke, he says knows it’s wrong but can’t stop himself sticking it up his nose.

Next four weeks will see audited accounts , AGM, news of Logik payment and equity lock-in removed, possible news from the US and France, how the market handles the news we wait and see but Palumbo has forced so much equity in the market it will take something monumental to move the Shareprice forward.

No one can work out who has large holdings in the company now because of the refinancing and share purchase agreements that have or haven’t gone through, EQT are so shady with this information it drives mistrust from the market, that mistrust always drives the worry that the management will look to make the ultimate shafting of shareholders and take the company private, last weeks refinancing to non equity based finance is a step along that road unfortunately.

If Palumbo and Co do look at a management buyout after flooding so much equity onto the retail market surely it would be criminal actions, but AIM is so shocking the feel they can get away with anything

GIS and Mr Gunn must be getting very nervous looking at the daily volume its going to take a hell of a long time to offload £500K worth, unless that is they have a back hand deal going with someone which wont be a surprise from the snake oil salesmen outfit that they are!

Whats the odds we dont see any of the £500K on the 10th June?

Also.... from the RNS "On or around the 10th June 2024" what type of output puts that sort of statement in any formal agreement, on or around this decade, one or around the next millennium, my dog could make a better job of running a company that this shower !

Last weeks placing and the agreement to spunk £150K into his mates fantasy company shows just how delusional Dumbo is, When you can’t pay your own bills yo don’t offer to pay for your mates!

At these levels issuing equity should be the very last thing that any company does, it should be emergency only, not some whimsical purchase of equipment that doesn’t currently exist, hasn’t been proven to work and is just a smoke screen for a dodgy deal between Palumbo and Gunn to get placing away in both companies.

Dumbo Palumbo made a comment that it was equity overhang that turned off investors when interviewed about the refinancing, then less than a week later issued over 30% more at all time low rates.

Now Riverfort and YA aren’t dependent on equity conversions to get their cash back Dumbo will have no one holding him back to issue more.

I took the time to watch last years AGM in prep for this years and Palumbo made a point of outlining that when he took over in 2019 the company had £24M debt and and MCAP of £10m, since then he has spent £55m and we still have £5m debt and the MCAP is around £3m, but the idiot chairman still thinks they are doing a good job and shareholders should be grateful for their efforts!

The was also a question to Baber the EX CFO that couldn’t count, as to why his holding was so minimal and did he not have confidence in the company, he assured us he had full confidence in the company’s recovery, and the projection to be cash flow positive in 2 years , 3 months latter he sodded off !!

The management of this company are unbelievable in their front, unbelievable in their contempt for shareholders and unbelievable in their competence .

We wait to here post period updates from last years to see the true situation, but with such low volume and such a large amount of shares to churn it will have to be an absolute miracle to drive a Shareprice recovery anytime soon, as every positive move from EQT is always caveats by the question “What will Palumbo do to screw it up this time?”

I note that the charlatans at GIS get their fees paid before EQT get our full settlement from last weeks drunken Friday night get together with Dumbo and Mr Gunn!

… and Dumbo will likely give them another €800k worth of EQT confetti after the AGM if shareholder give him another free hand to issue equity

Probably find out that the organisation behind the MetalNRG transaction is Pitcole, recovering their 10% for €316k after Palumbo paid €800k, or more accurately EQT shareholders paid €800k, bet Mr Gunn and GIS are rolled into the transaction somewhere also!

“This isn't a reflection of how much the Italia MDC is worth, it's a measure of how convenient it is for MNRG to dispose of their "non core assets"”

There maybe some convenience value in this deal but it is a clear indication of the “Market value” of the asset , a suggestion that MetalNRG would sell themselves short for convenience purposes is grabbing at straws, very Palumbo like !