Member Info for Computer909

The issue is that for some unknown reason for the last 3 months we have had a seller willing to offload 100K blocks daily at or very close to the bid, with that going on the MM's have zero inclination to move the bid up.

I for one was also perplexed as to why this seller(s) has decided to offload in this manner, I have queried the company's IR regarding t their thoughts on these 100K sales, they have said they are coming from nominee holdings such as AJBell, Hargreaves Lansdown etc, so just impatient retail investors that dont know a good thing when they see it.

In the last 30 days their have been 26 trades of exactly 100K, and 22 trades of exactly 50K most can be clearly marked as sales (between bid and SP). This is a continuation from the previous 30 days of a similar activity and even before the new year this was happening. Strangely if this is a single seller surely we would know by now which holder it was as this is now approaching a considerable/notifyable proportion of the issued share capital that has changed hands in these trades.

@Dofmeister, Logic Developments and Logic WTE have assets on the books at first glance totalling £10m , BUT and a big BUT both companies have existing charges on their assets

Login Developments Limited have a number of charges including one from the Clydesdale Bank;

Clydesdale Bank PLC

Amount secured

All monies due or to become due from the company to the chargee on any account whatsoever

Short particulars

Fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery

This court case is another vanity action by the idiots Palumbo and JV Liar, even if they do win, they won’t see any cash, because Logic just don’t have any and other entities already have charges on their assets!

Https://www.addleshawgoddard.com/en/insights/insights-briefings/2019/employment/employment-up-to-date-may-2019/antuzis-ors-v-dj-houghton-ltd/

COMMENT

On the face of it, this case perhaps appears rather alarming for company directors, suggesting that they could be found personally liable whenever the company is in breach of its contracts of employment. However, this is not the case. It is important to view this decision in the context of the unusually extreme circumstances of this case and to remember the general principle in Said v Butt, which is still good law.

Therefore, it is still the position that a director is not generally liable for inducing a breach of contract where they are acting in good faith towards the company. This case simply establishes that, if the breach of contract has a statutory element, that may suggest a failure on the part of the director to comply with their duties to the company, potentially making them liable to a third party (such as their employees) for inducing the breach of contract. However, for a director to have been found to have failed in their duties in this way, there has to be evidence of their unlawful and deliberate action and how this was clearly detrimental to the company. Unusually, that was able to be established in this case, based on the facts and the judge's critical view of the witness evidence provided by Ms Judge and Mr Houghton, leading to a finding that they both lacked credibility.

"Andy Flintoff immediately dropped off being a director as he had just come into £10m from his TopGear disaster so he got out thinking it might protect his money but he was a director at the point of th ecase so theoetically if the company is liable its directors might well be liable for any shortfall."

The clue is in the name "Logik Developments Limited", and "Logik WTE Limited" any liability is "limited" to the assets of the company so Flintoff's private cash is safe.

Logik WTE Limited only had assets of £2.8M in their last accounts, and have an outstanding charge from Octopus Real estate for the land it owns, so the probably don't have much to pay any levy applied from any court ruling.

Logik Development Limited had about £6M, but unless EQTEC can prove illegal activities and not just acting in bad faith these assets are protected from any claim against Logik WTE limited, by the nature of the company structure.

In short if EQT can't prove illegal activities, even if the court finds Logik WTE acted in bad faith then EQT are unlikely to see much of a cash return. Palumbo's shenanigans have caught him out again i suspect.

We wait to find out though, this is only my understanding.

EQT have had projects reportedly close to financial close or even "imminent" for years now so wouldn't hold your breath for any news on that front anytime soon, everything Vander Linden says has to be taken with a massive dose of salt.

The idiot Palumbo has hobbled this company share price to these levels for years to come with the z-list lenders and the millions of bargain basement warrants he has issued, and he wants us to approve gifting loads more. There are warrants outstanding to the z-listers and incentive schemes all the way up to 7.9p, it would take a seismic change in fortunes (and management) for this to breach that point anytime soon.

Logik court case now looks to be a massive gamble from Palumbo with Logik counter suing, so that could all blow up in the idiot Palumbo's face. It would be interesting to see the details of Logik's counterclaim and to find out just how poorly Palumbo and the idiot JV Liar are to do business with.

That 100k early day seller has been around for weeks now, strange behaviour at this time but their loss !

An EGM for permission to issue more equity every three month is not a good look for any company.

The fact that Palumbo fleeced shareholders in December waving the begging bowl around the z-list lenders is criminal if this strategic investment was even on the cards.

Good to get rid of the z-listers now, problem being the idiot Palumbo won’t think twice about going to them again and again and again!

This is exactly what you get when you vote to allow the idiot Palumbo and JV Liar to issue more equity at the EGM, less than three months and they are back asking shareholders for permission to issue even more!

Where is the revenue generation Palumbo, where ?

This isn’t a refinancing exercise, this is the “Strategic investment “ we were led to believe Palumbo was bringing to the table when we last saw his smirking gob, the fact that the took the opportunity to fleece shareholders just that little bit more is the most telling thing as to the integrity of the duo currently in charge.

"Palumbo ain't going anywhere"

Altair planted Palumbo when they started investing in EQT, and basically forced him up the food chain to become CEO, we can only hope that Verde will bring in their own guy and we can wave goodbye to Palumbo, may take a while but lets hope his days are numbered.

Pearson is a completed knob, he's a non-exec director at Thames Water, and everyone knows what a shower they are, continually having to be bailed out by share holders, Sound familiar ?

palumbo and co are so shi t at running a company that they are having to give 12% of the company away every 2 months just to "contribute to the ongoing working capital requirements of the group", this on top of cash in december and whatever they got from the italy refinancing (which could have been anything up to £1.6m).

what an absolute **** show, obviously the guy who invested £250k this morning thought that verde taking some shares at 4.75p would result in a spike, but everyone knows how palumbo and jv liar operate now, we have all been burnt before, it will need those charlatans leaving for eqtec to take off again i am afraid, and the sooner the better!

"Any idea when they expect completion of DFS? Thanks."

DFS is scheduled for completion end of 2024

"Imagine being £35k down in just a few hours."

Welcome to investing in EQTEC !

As expected it tells us that the idiot Palumbo will run this company further into the ground, they had the perfect opportunity to engage with Altair , Pitcole and Verde and transfer debt/holdings between the two rather than dilute shareholders once again.

This just makes a clear statement that the still aren't making enough to wipe their noses every month and Palumbo still sees shareholders as a cash cow.

Verde investment will be a positive as a board representative may be able to reign Palumbo and JV Liar in a little, but with the amount of debt circling around the z-list lenders that is a tough job !

This market is absolutely crazy, BRES are able to get millions of investment at 5p but today we see the Shareprice drop again to 4.3p. Strategic investors investing millions after weeks of due diligence, but crazy retail investors selling at crazy levels to chase a quick buck elsewhere. BRES certainly doesn’t conform to the norm!

“£4m market cap cannot go any lower if all the revenue they are generating and the refinance cash has come in”

Palumbo has saddled the company with so much debt at high interest rates this could go anywhere even to zero, the guy is a megalomaniac idiot who can’t control spending or debt because it isn’t his cash he pi sses against the wall constantly.

Raising funds at a premium is basically unheard of in the current market, other companies are scrambling around bucket shops offering discounts of 20, 30 or even 80%. Mike and the team have played a blinder with this investment, and it is an investment rather than a desperate cash raise, clearly from a party who is in for the long run rather than a quick buck.

Said it before, with BRES it’s now a case of sit on your hands and let the value grow, end of 2024 we won’t be worried about being anywhere near 4-5p

North fork is smack bang in the middle of the flood warning zone that is in place for california today.

Looks like god hates Palumbo and JV Liar as much as the rest of us !

They are likely to be very busy at the Mining 121 conference today, we could expect Mike topop up somewhere later in the week to discuss the funding and anything coming from the conference.