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“With Pitcole bought out we own more than 50% of Italy “
49.27% EQTEC are the largest holder but not a majority holding.
Based on past experience I expect Palumbo to not pay down any debt with any cash received, he probably has the next air brained scheme lined up to spend cash on and expects shareholders to pay down the debt when it comes due.
I fully expect Palumbo to buy MetalMRG out with this cash, he’s like a five year old with his pocket money, it burns a hole in his pocket.
"The news on debt refinance means placement is pushed back for a considerable time but it also proves that probably the last deal with Pitcole and Altair might not have been need as this is barely a month on"
We don't know how much of the £2.6M loan EQT made to italy will be repaid as part of this "refinancing", Palumbo decided to exclude that little detail from the announcement !. Their are a number of other loanees that want their piece of the pie as well. MetalNRG have already stated their desire to bail on their investment. It's likely that any shareholder loans from EQT to the Italia MDC would have been matched by Quainstone Limited (if not greater as their initial holding which was based on the establishment loans was greater), so we can assume EQT will get at most 50% of the proportion allocated to payback, whatever that amount turns out to be.
We already know the shambles with Pitcole where Palumbo gifted them massive proportion of EQTEC for their 10% holding in the MDC, massively over paying with shareholder cash !
CompactGTL have more debt and less revenue than even EQTEC
https://find-and-update.company-information.service.gov.uk/company/05808040/filing-history
This partnership in no way aligns with the criteria we are led to believe the BoD apply to new partnerships under the great "pivot" strategy
Whilst the CompactGTL JV announcement yesterday may now give the Phd engineers in EQT something to do with their days, does this mean EQT will be looking to develop a new GTL site as a MDC, will this be italy/Croatia/North Fork version 2 ? will the idiot Palumbo be forced into massive investments into this plant the company can't afford, will this be another 5 year pipe dream that just drains cash and ends up a writedown? How does this fit into the great "pivot" strategy?
Palumbo and JV Liar still haven't learnt the concept of consolidation, they have brought the company to the brink of collapse with their mismanagement, are they embarking on round 2?
I thought the "Strategy" was now to partner with established well funded partners not some minnow that has failed to commercialise its product for over 10 years?
Unlikely any funder will stump up £60M for an unproven platform without the supplying companies making major commitments themselves, and where does EQT get any cash to make such commitment?
Yesterday's news from Italy was great on the face of it but that plant is still not wiping its own face regarding running costs and the interest on the loan will need to be paid.
Interested to wait now for the full year results, surely if they can't meet even the adjusted figures the BoD must be shaken up with at least Palumbo getting the chop, JV Liar is just a liability now, everyone sees him for what he is, just a plain old bulls hitter!
Pipeline of pipelines is all well and good, but eventually something has to come out of the end of the pipe that will pay bills
13.9M shares at a rate of 100K per day for Pitcole, 139 days of selling expected here, and thats if DP and JV Liar doesn't gift them any more !
Oh the joys of being invested in a company ran by Charlatans !
The die was cast for what has gone on here when the last open offer to retail investors only raised £1.5K, from that point on Palumbo knew he had drained every last bit of cash that retail investors were willing to give the company, and that it was the time to start switching his attention to offloading discounted equity to his mates and the other z-listers, with zero attention as to what that would do to existing investors value.
The retail investor base have no respect for the management and the management have shown zero respect for the investor base, so we are where we are.
Even the z-listers were no longer willing to give unsecured backing to Palumbo because without any institutional backing they know there will come a point when the equity they have been gifted will be absolutely worthless, and if they aren't in on Palumbo's master plan they will be hung out to dry as well, so the bloated asset values put forward by the quickly departing CFO (He who couldn't count!) will soon be challenged when the wolves want their part of the carcass.
Palumbo and JV Liar in the last webcast tried to make out they only had shareholder value at heart, strategic investor etc, when in reality they knew in the background they were secretly scheming to burn investors with this criminal refinancing debacle.
Both Palumbo and JV Liar have zero credibility in front of the wider investment community so are unlikely now to be able to walk into one of the highly paid jobs they alluded they could get at any time. What other company would take these two charlatans into senior management with their track record and shady reputations.
If you look at the volume traded this year it’s clear now that the Charlatan Palumbo and his side kick JV Liar actions have destroyed market sentiment in this shambles, no one is even averaging down because why risk more when there is the clear and present risk that Palumbo will stick the knife in one last time and gift the last bit of rotting flesh to his mates at Altair.
Slime ball Palumbo and JV Liar must go if this company is to remain listed and for shareholders to recover any value
I think you missed that "Refinancing" means a "loan to support operations", that was another little gem from JV Liar
Also if you want to get away with corruption and dodgy deeds the appoint Strand Hanson as your NOMAD, they will let you get away with anything, warrants gifts and bloated interest payments to insiders are all perfectly acceptable to them.
In "old money" i mean pre-consolidation, not pre-decimalisation. Although investors in EQT have waited so long for the incompetents to deliver it feels like they could have originally invested using pounds shillings and pence.!
2.25p or 0.0025p in old money, an all time low
Down and Down we go, where we will stop nobody knows !
And yet none of them will show their slimy faces on any platform that will allow shareholders to question their actions.
The lowest of the low
Looks like 10% per day is the rate that Palumbo, JV Liar and the Z-list Charlatans will bleed this lifeless carcass at.
News on Italy is no longer of importance to investors, the company has been mismanaged to oblivion by the corrupt BoD and their bloodsucking backers.
They could secure a £100m contract tomorrow and investors would still avoid because of the ever present risk of being shafted once again by the management with ulterior motives
Classic EQT 7 day performance -21%
Palumbo’s z-list continue to perform at top level
The biggest issue has been the unsecured investment Palumbo has arrogantly made, £4M write down from North Fork, he invested more even when they were on the brink of chapter 11, £4M from Billingham and all they ever achieved was a tin sign on the gate, Where would we be now with £8M cash in the bank, rather than having to issue more equity than the mcap of the company,
At a rate of 10% per day, the z-listers will bottom the share price in less than a month
“first figures after the date is the share price from last year before consolidation, absolutely a **** take what’s gone on.“
Palumbo’s mismanagement is what has gone on
Did anyone see the record of number of votes cast for and against at the EGM, has the company released the figures or are we simply to accept that all resolutions were passed, They won't answer any email questioning the results from me
" ..but only after the company has been totally run down into administration and then a buyout by the main shareholders and keeping DP in situ."
Why on earth would these institutions / partners take an equity settlement and then sell immediately at a considerable loss, if they haven't been promised something better in the long run.
Unfortunately this corrupt action is all too common with AIM, the regulators have no interest in the actions of these charlatans, and they get away with it time and time again.
No listed company can treat investors the way EQT has in the last 3 years and continue to exist when relying on investors cash to pay the bills. The BoD hold investors with clear contempt and that situation is simply not sustainable.
In the last open offering private investors took up only £1.5K worth of shares, since then Palumbo has known he has no way back for raising cash on the market other than to use his z-list mates to wash through millions (billions) of shares at god knows whatever level they have agreed on.
If Palumbo and JV Liar had one shred of integrity they would have gone by now. At least the CFO who counted add up cleared off when his incompetence was laid bare, Corrupt Palumbo and JV Liar have no shame.
Lets not forget EQT have existed since 1997 and in the last period we have reports on made £142K for six months, a company that is over 25 years old should really be paying the bills by now, Palumbo's arrogance over the last three years has seen millions thrown away, millions that the company now has to borrow at exorbitant rates in order to stay afloat. All while the "top" team remain unchanged, Better the devil you know, don't think so, better anyone else !
What an utter sh itshow, whatever happens now with Italy now is irrelevant in the short to medium term.
It should be a massive clue that Pitcole has bailed on its holding in Italy and appears to be dumping the equity holding it was gifted by the corrupt Palumbo at any level they can get out at.
As an investment this now needs a new management team to be brought in and for them to demonstrate some respect for all investors not just Palumbo’s paymasters of Altair et al.
There needs to be a massive change in attitude from the management team, and I don’t think the current team are capable of doing that (or actually wanting to), so the current bunch need to be routed and replaced as soon as possible.
Z-list only able to offload 150K today but willing to take 2.3p
A very long way back from Palumbo's refinancing shenanigans.
The idiot BoD must make a commitment to pay down this debt with cash rather than issue more equity, no more bol locks about growth company etc, et, this isn't a growth company its on life support. This debt is waying down the company to such an extent its uninvestable at present.
What level will we reach before the z-list reach the same attitude as the rest of us, i.e not worth selling now?
Palumbo and "The Liar" JVL must go, Please just take one of the jobs they told us they could walk into paying more, and leave EQT to try and deal with the actions of their corruption.