RE: Patience is all that is needed. EQTEC will deliver.6 Dec 2023 06:59
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.
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