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It was said...at the placing price (0.33?)
"-- It is intended that Ian Price and Gerry Madden, Executive Directors of the Company, together with new senior management appointees Yoel Aleman and David Palumbo, shall receive 40 per cent. of their remuneration in new Ordinary Shares at the Placing Price until 31 July 2020."
Foxyjoe, IMO, agreeing to take shares as part of salary from beginning of July (rather than just show intent) would've gone a long way to demonstrate confidence in all his past talk. He's happy to lead shareholders down the 'Alice in Wonderland' path but preferred to delay the remuneration alternative.
You have to remember he's already earned over 180K in salary since his arrival. btw he's on circa 200k pa & our Chairman earns 250K pa..... and we pay the likes of Align, Brokers, service providers, etc in shares.
Remember, there was money in the pot from the last raise and seeing that we were still paying for services in shares. IMO, driven by the lenders as there's no more to be squeezed out of hoodwinked PI's to fund lenders' profits.
I am more curious about the timing of the placing. IMO, they've issued the full allotment under their authority for the year and at the next AGM will seek approval of another authority to issue confetti. That's how it works for cash strapped companies.....until any material revenue is recorded.
Right now, we are being run for the lenders and directors. A lot of promises and no details.
Lenders now have representation at the Board level, so imo, Ian is under greater pressure as whatever he has tried hasn't produced, whatever he has said has short lived, whatever he may say in future may fall on deaf ears. Coincident that his tone and tune is changing?...Wouldn't surprise me if he chooses to walk rather than accept 40% salary in worthless shares. He certainly isn't in a hurry to sign on the dotted line for the shares linked remuneration.
Smokin, Nice thread title btw, and I am all for starting positive debates. Shame that we have nothing new mentioned in the CEO's 'forward statement' in the finals for me to get excited about near term. Certainly not whilst the Ebioss mystery surrounds us.
In most companies I am invested in, I carefully read the forward statement. Unfortunately I found Ian's piece very uninspiring, you could say as subdued as his interview.
All he said was (paraphrased), Phoenix has the potential to create more opportunities, UK - he hinted RDF - no time scales, I guess it was Billingham, but made his usual 'advance discussions' comment about something cooking in Spain. It's the 2nd time I've read this about Spain, but no specifics.
He concluded his statement with "During the current year we have announced a number of new significant projects which we expect to deliver increasing revenues to EQTEC and I remain enthused about the prospects for the Group."
Number of new SIGNIFICANT projects?, i.e.2?...Phoenix and Billingham?... Nothing in that suggests any time soon. All the excitement mentioned in April seems now suppressed.
His full text - see below:
----------------------
Future plans & Outlook
Whilst this has been a period of refocusing for EQTEC, our refined business plan has started to generate revenue and we have a strong pipeline of new opportunities. With our renewed focus and business strategy, we believe the Group is in a position to deliver its technology in a more targeted manner.
Our unique EQTEC Gasifier Technology (EGT) remains our core capability and has helped drive a significant increase in interest from a wide range of international customers. The US biomass market is one that has started to open up for EQTEC following its collaboration with Phoenix Biomass and one where we expect significant growth. In Europe we have a number of opportunities both in biomass and in the processing of industrial waste streams. Indeed, we are in advanced discussions with a major business group in Spain to develop projects in the industrial and agricultural waste sector in that country. In the UK we are focusing on potential contracts to deal with the lack of residual waste treatment capacity for processing RDF which we suffer from.
During the current year we have announced a number of new significant projects which we expect to deliver increasing revenues to EQTEC and I remain enthused about the prospects for the Group.
mannan, I have to disagree on two counts:
"This is only down because of the placing", partly true but there's been 200 mil+ sold by Ebioss that might also have had an effect?. The placing could've been done any time, so why wait until low 0.3?
Second point, I keep reading fundamentals are the same... each to their own, but my understanding of fundamentals is financial footing, business model, market, historical growth and proven management. So, IMO, fundamentals are NOT the same, they are deteriorating. Need an order to turn this mess around.....to give shareholders hope.....and NOT a lot of TALK.
And we are also challenging Ian and the company on a lack of transparency on a number of things. Ebioss sells is one of them! USK was kept under covers and sneaked out, as was Phoenix invoice/payment, Urbaser was announced several days later and still no news on their dd, employing an IR company that shows contempt to the shareholders.....the list is getting longer.
Sorry Birdseye, not sure you've been following the debate, but you not half missed the points before kicking off with your rant.
I think the LTH's 1) recognise the issue re. PG &E, and 2) we also appreciate the many hurdles each contract has to clear, none more so than the financing of the project and recognising there are numerous parties involved.
The issue LTH's have is Ian's historical hyper-enthusiasm.
Please read this following:
"Ian Price, Chief Executive Officer of EQTEC, commented:
"We are delighted with the significant progress being made in advancing towards final contract stage on a number of opportunities. We are very pleased with the increased international interest in EGT. EQTEC's aim is to build a growing, cash generative business and we continue to review additional near term opportunities, where we see potential to add considerable value to our shareholders."
"advancing towards final contract stage on a number of opportunities"
.....you seem to be implying EVERYTHING and every project everywhere in the world has come to a standstill because of PG&E. We are challenging Ian on a lot of things he has said and continues to say.
dealer, great post. Spot on with everything IMO. Price should be ashamed for his past over-enthusiastic statements. Lost most of his credibility, and he's not even been here a year. Long way to climb back, just like the SP.
Almostdone, I am gonna be honest with you on my opinion on this. As much as I almost feel embarrassed being invested in an Irish stock, my experience has shown many a struggling outfit base because of the different regs, despite being listed on LSE.
Apart from paying stamp duty, nothing else is patently obvious to investors and it's only when to question the management/Nomad, their Irish residence is referenced as the escape route.
...and from the same update rns:
Ian Price, Chief Executive Officer of EQTEC, commented:
"We are delighted with the significant progress being made in advancing towards final contract stage on a number of opportunities. We are very pleased with the increased international interest in EGT. EQTEC's aim is to build a growing, cash generative business and we continue to review additional near term opportunities, where we see potential to add considerable value to our shareholders."
Heck of a claim 2 months ago. ... "advancing towards final contract stage on a number of opportunities"
Just ONE contract will do!.
Following on from my question on where the next news may come from...
Unless it's something totally out of the blue, it has to tie in with the business update RNS of 9th April:
-- Significant increase in the level of international interest in the Company's proprietary EQTEC Gasifier Technology ("EGT") from both existing and potential new customers, developers and engineering, procurement and construction ("EPC") contractors.
-- Advanced talks with a major business group in Spain to develop projects in the industrial and agricultural waste sector in Spain.
-- Advanced stage proposals for two refuse derived fuel ("RDF") projects in the UK, where EQTEC would provide EGT and could act as lead developer.
-- Engineering design work for Phoenix Energy's first power plant delivered and invoiced. Commencement of construction expected to begin later this year upon final granting of permits to Phoenix Energy, which have been delayed largely as a result of forest fires experienced in California in the autumn of 2018.
-- Together with Phoenix Energy, EQTEC is exploring further project opportunities in the US biomass market and a commercial proposal for a third project has been presented to Phoenix Energy.
-- Commercial proposal submitted to the owners of the Usk project to replace Brooke Energy as the developer of the project and for EQTEC to provide the technology and EPC services.
---------------------------------
So apart from 'advanced talks/stage', which was 2 months ago, there's been nothing new reported. What next?
DBB, thanks for that earlier link. You are probably correct.
The planning application was submitted on 23rd April, withdrawn by 1st May, EQT Billingham MOU announced on 8th May.
All ties in.
But.... Having signed a MOU, on the same day EQT announced a revised business/project strategy, which is how Billingham is being progressed IMO.
"Pursuant to the MOU, EQTEC will act as lead developer and technology provider for the Project. EQTEC will also provide its engineering, design and technology expertise to the Project, and will work alongside COBRA to produce the full engineering, procurement and construction ("EPC") and operations and maintenance ("O&M") offer for the Project."
Being so close to invoicing for Phoenix order and now delayed, I have no idea where we may be up to with Billingham as IMO, it is at the drawing board level. As per CHRH's post (link), there are hurdles to be crossed and IMO, we won't hear anything at least until 4th 1/4.
That leads me to wonder where exactly is the next news likely to come from?. Ian has alluded to several projects at 'advanced stage' and how busy they have been working their asses off. No twittering, no interviews, no more inane rns's. Hope the next time he opens his mouth it has substance.
GL.
It's all speculation Mct101, as TheAnalyst says on another thread, trying to connect all the dots. Unfortunately, with all the vagueness about, the LTH's are left scratching their heads and trying to fathom out why exactly Ebioss are ditching the Spanish market, moving offices to Ireland and listing on LSE. Their bondholders definitely want those changes. I speculated a while back that perhaps Ebioss need to reduce their holding in order to list on LSE. Otherwise, it may have been a lot easier to do an RTO and save everyone a few pennies and hassle involved!.
Ebioss have a very diverse portfolio of offerings and with them already having a number of (past) projects to prove their clout may stand a better chance than EQT in making inroads in to what's proving to be a difficult market to crack.
I am confused as to what our lenders and Ebioss bondholders are playing at. Both now hold major stakes in respective companies. Let's see how it all pans out.
Guys, don't engage with those that irritate you. One thing the new platform allows you to do is to check the author of the thread. Move on, and don't give them the attention they seek. Hope Inv1111 starts his own threads and can talk to himself as he rarely gets a response, but chooses to clutter up debates. IMO, GL.