Member Info for Crocqman

I will agree with Jeff's comments on this.

This is a level that potential clients will expect to see, but well done to EQT for achieving this.

Not sure about gradually dawning.

There are still uncertainties here, and this will not really move, imo, until we get the long awaited news on refinancing, and only then if the market feels it is a good deal.

Not sure daily moves in the gas prices will really impact a great deal unless there is a really big increase. It is all down to the financing package to act as a catalyst for any SP move. As with everything ANGS, it is taking longer than expected and is more than likely to be a disappointing result. But, we live in hope.

"Some of the placing shares will likely have also been forward sold over the past week."

I read this on many boards.

As per my comment, any and all potential participants in a placing are blocked from trading shares - the contact is via their broker/provider as per MAR and internal block is put on their account until the placing announcement is public. It is a robust process.

If they do not know about the placing, how can they forward sell the shares?

If they are blocked from trading, how can they sell the shares?

Any shares allocated in the placing are held separately and cannot be traded until such time they are confirmed on the official share register and available at the broker (on or after the expected availability date).

Placings under MAR are a tight process.

Yes, this is AIM, etc, etc, but the process is a solid one and is really not open to foul means, as suggested on these boards.

Volumes here of late do not really show there has been large scale advanced selling either, imo.

When doing a placing, potential investors/fund managers and existing large holders will be sounded out by the broker.

They will not be told who the placing is for at the outset, but told the sector and how long the book-build is expected to take (there is a chance they can guess who from the minimum permitted details to be given). If they agree to hear the details they are then 'taken over the wall' and told who the company is, what the terms are and any other relevant information, they are immediately blocked from trading the share until such time as the placing is officially announced (MAR). They still have the choice whether to participate or not and the broker will have an understanding of interest at the proposed price level before going public with the proposed details

So, this could have been under discussion for a week or more until the formal announcement whereby additional parties could also get involved.

This is a very common process. Some placings may be announced out of the blue, but normally larger holders and II's will be targeted first to see id it is likely to be completed at the desired level.

Once announced, there is usually a time limit for acceptance. With this one, the bod will have been confident from initial soundings that the placing would be taken up in full at the required level from the investors initially approached, so will not have needed much, if any additional interest from the market in general, hence the quick acceptance and announcement of the completed arrangement.

Good luck to those selling. I can certainly understand the reasons for doing so.

For me, there are still signs of life here, and I will see what effect these announced changes are going to have.

If they pull something out of the bag with North Fork this Q and Gardanne also comes in on schedule in Q1 next year, then there is a future here.

It may take a long time to claw back current losses, and it may just be wishful thinking, but for me, worth hanging on for now.

A negative update on Italy would not be good though. Under 6 weeks for them to announce on this

gla

Agree Cigam.

The infrastructure work was very important and not really appreciated by some, I think.

Next update with production will be interesting.

In the meantime, the SP will carry on doing what it does. I won't be adding, or selling unless there is some major news, so short term movements not unduly concerning

gla

The 26/10 RNS said that pumping would start on 30/10 and take 18 months.

I would have thought they would have to inform the market if this did not happen.

I am sure we will get updates on progress, but would not expect anything too soon

So, as we have both said, you are not shorting a stock via a broker, i.e. borrowing the shares to take a short position.

You are either placing a spread bet, or using a derivative to place your 'short' which is not the same thing regardless of how you try and dress it up.

Pedantic? Perhaps

Good luck to you. I will continue to hold my shares here and wait for next news

This looks like a complete clear the decks update in respect of funding, pay, management, etc.

It should have been a serious consideration this time last year when it was clear to many on here that delivery was not happening on all (or any) prospects. There has been little change to that in the past 12 months and the acknowledgment of this by the bod since the interims at the end of September has been too reactionary, and not the action of a company with a clear focus and plan.

This is a desperate move, a last throw of the dice.

No update on Italy was not that surprising seeing as it is only a few weeks since they repeated Q4 for performance improvements.

Certainly not a buying opportunity here right now, imo.

Any recovery will be slow and long.

We still need to see them deliver on promised timelines for Italy, North Fork in 2023, and now Gardanne in Q1 next year.

The share capital reorganisation will not make any difference in terms of increasing mcap, encouraging new investors, or anything else, but with over 11.5bn shares in issue before any further issuances is a housekeeping exercise that needs doing.

Like many, I'm well down here (95%), but I have seen similar paper losses before elsewhere and ended up in profit. It is all down to delivery though, nothing else. Something I have been saying here for 2 years now!

gla

My understanding is that it is extremely difficult (but not impossible, of course) for any PI to short any small cap share.

There are always exceptions to the rule, but on LSE, for many, the exception is the rule. Not true though

There is simply not the facility to do this via most PI's providers, even on a CFD basis, and a CFD is definitely not the same as a short despite what many on these boards will try and tell you.

I have been on these boards for over 6 years, and only 1 poster has even been able to provide evidence that they were able to short a small cap share.

Even then, it was a very small position, and they themselves advised that it was becoming more and more difficult to roll over and impossible for them to increase their position.

This was more pre-covid, more likely mid-2019 when the poster was essentially forced to close the position by their provider.

It is simply not worth it for PI providers.

I will wait for proof, but won't hold my breath on this.

Genghis,

You post that cash here was so low that the shares had to be suspended until the auditors were prepared to sign off the accounts.

My understanding is that there was a procedural change relating to the accounts process introduced this year, and that the auditors were unaware of this, hence the need for a delay. This has been covered in interviews and publications on the suspension, I believe.

So, it was a procedural matter, not any company wrongdoing, or cash issue.

But perhaps I am too ensconced in the church of TGR and blind to the real goings on here?

Apologies, the figures from the earlier RNS re the due changes to Kemexon holdings and Shares in issue all tie up, but not the final figure in Kemexons total from yesterday.

They must have passed through a reporting threshold and not reported it, unless there has been another conversion that has not been reported.

It seems bizarre that they would be buying additional shares in the open market, and looking at trades since the 28/9, this suggests Kemexon have been responsible for circa 7.5% of all trades in the time since 28/9.

This does seem odd that they would be buying in the open market when ANGS are giving them shares like confetti anyway. I would still hazard that there has been an incorrect report at some stage, but unless someone asks a direct Q via IQ, then we will not know for sure

Ocelot,

I think you are wrong on the Kemexon position.

The details from the 28/9 RNS and the subsequent GM RNS of 30/10 and yesterdays holdings RNS all suggest that they have not purchased any more shares in the open market. Everything stacks up taking the figures from these 3 sources

Hopefully it means that they agree that the permanent flow line will lead reduced costs and that as a result an announcement on financing will come sooner rather than later.

I believe that they are under the reporting threshold now so we won't know if it will be reduced further or closed completely.

Yes, a disappointing slide. Having made good profits here before, I bought back in at an average of 55, so am down like all of the more recent holders.

I would be adding more at these levels but put extra funds elsewhere. Hoping I can extract from profits in the coming weeks to add.

While I do not agree that AIM is all talk, promises and hype, it is getting increasingly more difficult to sort the wheat from the chaff. Post-covid markets have not been kind with money mostly sitting tight in less risky areas, outside factors are at play not just sector/CTL specific issues.

I have been saying for most of the last year that in my own mind, any/all UK projects have been written off as there is no will to push forward with these types of project, despite the government claims, and also in the current economic climate investors do not want to take the risk in this area.

Smaller projects in Europe do seem to be the way forward, but in what form and how profitable will these be?

I get the complaints about salaries, but it is pointless to keep making them in every post, they have taken steps on this, although agreed it is too late for many.

I have filtered the posters who keep banging on about this.

I am surprised about the website being updated, tbh. It has been out of date for so long, and I have referenced this for a long time too, so for it to be updated, and with misleading (or not officially announced) information is just fuel to the fire for investors. It is not a source of accurate information to investors, not helped by the fact that they have never even acknowledged any of the emails I have sent to their IR contact (not aware that anyone else has had any response either).

These issues are the case for many a small cap share though, so salaries, comms and website is not unique to EQT. It is the poor SP and outlook that highlights these issues, especially when the majority (like myself) will be heavily underwater. If the SP was flying and deals were coming in one after the other, no one would bat an eyelid at the salaries, or out of date website. For the record, I am also 94% down.

I had hoped that the recent acknowledgement of the failings as noted in the interims by the bod would see a change, but there is little sign of this and the Director buys have been token ones.

Sentiment is non existent. We need official confirmation on Italy and news on North Fork (I have been saying this all year).

I have been pretty patient and supportive of EQT over the past couple of years, despite the (very) slow progress, but as I said back a month or so back, I need to see tangible change here, signs of definite improvement, closing of deals, cash generation now otherwise I will be looking to exit and take the hit. I will review at year end with this in mind. No news and I will be gone. I expected 2022 to be their year of delivery, and when it was clear that was not going to happen, 2023 became critical for me. Almost 2 whole years of expectation for delivery on what was a promising (and not unrealistic) number of possible deal closures is simply not good enough.

I have had similar losses on a couple of other shares, but saw signs there to add, and have been (mostly) rewarded by doing so. Not here though. It is a year since my last addition (@ 0.36) and I have seen nothing since then to warrant adding further to reduce my average. This Q is the last chance saloon. Sad, given the potential and the level of interest towards the end of 2020/early 2021, but what we are seeing is not exclusive to EQT in this sector

I have documented my trades from my first investment here at circa £1 in September 2021 and couldn't care less if other posters don't believe what myself or others are doing. I prefer to be transparent when it comes to my investments, if others are not interested then it's easy to scroll on by.

No one here is ramping this share, posts have been rational and constructive in all my time here, with positives and negatives acknowledged and discussed by the majority of the small number of regular posters.

This board is not infested with trolls like many others on this site are and the company is now getting more right than wrong, even benefitting from a bit of 'right place, right time, although there are still areas where improvement and transparency could be made.

Look at the volume of posts and number of trades here. Nothing said here makes any difference to the SP, despite what many on most boards try to say, it is all bluster to try and defend the view of those with agendas and to try and discredit posters with an opposing view.

There is much to be optimistic about after recent events and I'm sure most here hope this board doesn't turn to sh*t like most boards do when news gets out and the chancers and traders arrive.

gla

Seems like I timed my decision to average down pretty well for a change.

Average came down from circa 49p to a touch under 26p with a sub-13p buy on 20th.

It's about time one of my small caps delivered, although I see this could still have a way to go yet.

If, as it says earlier in this thread that if 25p goes, it's a gap up to 35p, let's see if this comes true.

Happy for incremental rises, aware that this will never go up in a straight line, but certainly optimistic of seeing further gains in not so short a timeline.

What news next here?

gla

Reg,

Option dates and prices mean very little when you look at the historical evidence on many, many other shares and it does not in any way point to news on Monday here.

Option dates are regularly rolled over and we have even seen this here if you look back at the RNS over the past year.

Remind me what happened with the other options granted here for 5p to expire 31/03 2023 and for 10p to expire 30/06/2023? Or the prior granted options that expired in June 2022 that were subsequently extended (all detailed in the 20/12/2022 RNS)?

Let's not forget all the many, many posts seen at the end of last year and early this year from some of the regulars here stating that it was a GIVEN that news would drop prior to 31/03/2023 as no one would take up options if they did not fully expect the SP to hit the exercise price prior to expiry.

Use options as a means to gauge future SP or timing of news flow at your peril

There is not always an uncrossing trade. It only happens if a price can be agree between any buyer and any seller in the after market auction. If a price cannot be agreed, then there is no uncrossing trade.

Not something to be concerned about and not an indication of anything (good or bad) either, imo