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Another fantastic week then for Palumbl and the team.
After increasing his salary 100% during the boom times then due to underperforming slightly they took a 24% haircut yesterday rather cutting back to his original salary.
6k into Jeff and Palumbos mitts today then and €4k into Babar,s mitts .
No sign of the chaps filling up their ISAs yet at these bargin basement prices .
Makes ya wonder .
How deluded these idiots ( apart from when lining their pockets) where just 2 days after the AGM granting themselves LTIP @.25 and then throwing a bone by scrapping them in today's interims.
Did they not know they've blown the £50m by that stage 3 months ago?
Market not impressed with the massive £145,000 revenues highlights?
Or the Author of the mess Palumbo hasnt been sacked.
All depends now on idex and the Italian MDC reaching their performance criteria or its lights I,m afraid.
So Palumbo is blessing us further foregoing all those " better paid jobs elsewhere" prospects.
CFO Babar extracting himself from the teat shortly then and off clicking his heels
.
Only a 24% reduction in salaries for the BOD then after that announcement 2 days after the AGM.
Zero foresight ,planning or awareness of financial circumstances but suppose every weeks a bonus while it lasts for them.
Palumbo/Altair and Babar are totally responsible for bringing Eqtec to the presiface after having £50 of shareholders money
Altair facilitated Palumbos profligacy addiction with other peoples money.
Thus the boil of DP/Altair/Babar needs lancing and removed for trust to return here and Eqt to move on successfully.
Glimmer of good news then.
With his reputation shot Palumbo not available for comment I note.
Palumbo and Babar need replacing as a minimum for the damage they've caused investors here and wages cut back for the remaining BOD as we shift to survival mode.
Andii appears to have gone AWOL
So I,m sure he wont mind me pasteing this in his absence.
Sept 2020 (oportunity) pipeline = 41 worth €341m
Feb 2021 pipeline = 75 worth €657m
July 2022 pipeline = 200+ potentially worth €1.75billion
Aug 2023 pipeline = 300+ maybe? worth €2.625billion?
Chilling
Some serious restructuring required to stay alive here.
£400k burnrate per month .
Palumbo needs replacing he owns the mess , let him go get that" better paid job elsewhere "
CFO needs sacking with a partime accountant only required .
50% wage reduction for the remaining directors until revenues pick up.
On top of the BOD theres 23 or 25 engineers on the books is that sustainable with revenues of €2-€3m dont think so .
What terrible mismanagement and lack of foresight to steer us into this mess.
Yet another Aim classic I,m afraid.
Get outta the bunker Palumbo.
Palumbo has been paid over €1.5m in 4 years to turn £50m via placings and loans at EQT to a MCAP of £8m today.
Asset value to be taken with a barrel of salt like Palumbo,s timeframes and forcasts .
Palumbo has denied management buyout plan intentions in Q&A at the AGM ( he would say that ) despite blatant evidence to the contrary with his destruction of the shareprice with his mismanagement of funds, scaled down revenues and continually missed timeframes .
OZ
Theres over 8 billion reasons why the planet is temporarily getting destroyed till the next decent size meteorite arrives to kick start the process again.
Ibn when David Attenborough was born , 2.5bn when I was born now heading towards 9bn.
Driving EVs , recycling yogurt pots or planting kelp forests wont solve the carnage I,m afraid.
95% of all animals in the world now are domesticated animals for human consumption.
25bn farm breed fish for human consumption also.
Anyhows back to EQT I thought it was a good reason to invest here as helping put waste to good use making syngas and hopefully make a few Bob.
But its 99% likely this has just become yet another AIM scam to enrich the BOD while fleecing the shareholders.
C909
The FCA are toothless as understaffed and more or less just there as a tick the box nod to proper regulations in place.
I reported the shenanigans of the Palumbo/Altair arrangement and the Altair share dealings and timings of trades and announcements .
Zilch came off it not even an acknowledgement of correspondence.