Member Info for Hexam

"There is no need to raise funds."

It is QBT saying this. Mikey has even given the full text where they say it. Read it. It's there.

You have said they have a 'healthy cash flow'! That is an outrageously misleading statement as even with the net €530m from the early settlement (which has since been thrown into doubt) they lost €400k in six months. That isn't healthy. No company with zero revenue can have a healthy cash flow. Bonkers.

Why funny? They have said they need to raise (and they used that exact word) more funds and this may be on AIM or not. I have not claimed otherwise or that they will necessarily do it this year. Unlike you I don't deal in certainties when they don't exist. You have just read something different into my comments than what I actually said. As usual.

For once I agree with you Mikey. They say they need to raise funds but it doesn't necessarily mean it will be by offering new shares.

"There you go Hex with more lies."

What lies?

Btw interesting you have gone from "absolutely no raise this year" and being "99.9999% sure" to now just "unlikely" that there won't be a raise this year. Glad you've now dialled back on the misleading hyperbole.

“So a raise this year is not the foregone conclusion some are making it out to be.”

Totally agree Zesty, a raise this year is not a foregone conclusion. I think it is quite likely they will but that is an opinion and of course if they do raise funds it may not be via an equity issue.

QBT (not me) have clearly said that they do need to raise more money to keep operating but have not given a time scale.

“Hex is the worst lying, through his teeth 24/7”

And yet if I ask you to come up with a single lie I’ve posted you won’t be able to.

Instead I’ll just wait for the apology you have promised if the raise does happen this year. (Note I said ‘if’ the raise happens this year as although they have said funds will need to be raised it may not be so soon).

KK - If you are so determined to ignore what is in the PRN (and in all the other recent information) and mislead others with your bizarre interpretation i.e. basically they haven't said anything is bad (not true in itself anyway) so everything must be good - then that's up to you.

I just hope people base their decisions on their own research rather than anything you say (or what I say for that matter).

In the meantime it is a waste of time trying to having any meaningful debate with you.

The stock is down 15% - that's nothing to do with what I have said or what you have said. It is down to what FG has said today. Like it or not.

No, it is you KK that is manipulating everything and coming up with 'fluff theories' so please don't project your own behaviour onto me.

All my numbers can be checked with the accounts and if people disagree with my opinions based on these numbers then fair enough. It's just a shame though they can't muster up a decent argument to actually challenge or debate them.

1. "Is this not minus the 170k so 530k?"

Yes, as described in my last post

2. "Not sure how you got there on this? Any chance you could break that down?"

Again - see last post. There is no further breakdown of costs though in the interims.

3. "Isn’t this a liability before, then the £5.7 would pay that off leaving 2m plus?"

No, again this is clear in the accounts but you have to go back to full year accounts where the assets already include "an amount of €2,818,000 (2022: €4,037,000) due in relation to the ongoing Sipiem legal claim". This is a lot lower than £5.7m as it is in euros, 30% of any claim goes to the receiver and it probably doesn't include interest and inflation adjustments.

4. "Most companies have to issue this so not worried about this one tbf."

I don't think they do (unless you mean a going concern statement which is indeed is always the case). What is different here is they have said explicitly they need to raise more cash to continue operations. They didn't say this in the previous accounts (only that they might). So a raise is coming.

"Just report Hexam for misinformation, simple as that."

It's isn't - just read the PRN for yourself and try to understand it rather than just be lazy or blind.

Or, if you think I am being misleading, challenge me on what it is exactly you think it is I am being misleading about.

As I said earlier you can get my posts removed but you cannot do the same for the PRN or what is in it.

See point 1.

They received a net €530k from the early settlement. Add that to the €400k and you get €930k (over €150k per month).

Or, look directly at admin expenses which were over €1m.

And the embarrassing correction has now been issued too.

Financial review now reads very differently: "At 30 June 2024, the Group is in a net liabilities position of €3.5 million, compared to a net liabilities position of €2.6 million at 31 December 2023. The Group is also at a net current assets position of €3.8m compared to net current liabilities of €3.1m at 31 December 2023."

(Note, the net current assets have improved simply because the loan repayment was pushed back so now in non-current liabilities rather than current liabilities.)

And the cash position is NOT comfortable. They are now clearly saying they need more just to survive.

I'm not sure why my post was removed as it just stated what QBT have said quite clearly in these latest results. They have said "The Group’s operational existence is still dependent on the ability to raise further funding either through an equity placing on AIM, or through other external sources, to support the on-going working capital requirements."

So no more prevaricating from them, no ifs or maybes, they are saying in black and white that they need more cash to keep going. So not a 'fluff theory' but what QBT are actually telling us in black and white.

You can get this post removed but good luck in getting the PRN removed.

*€700k

“I expect pressure to build as next milestones anticipated.”

A first milestone would be good.

Put me down for a tenner on Fleccy. Or should I say 0.0002114 BTC?

“Owed 6m euros, to be adjusted in line with inflation.”

Less the 30% the receivers are entitled to.

Maybe there will be an update on progress in the interims.

"Sorry to interrupt Hexam and Brew littering the forum with false information once again."

Please can you point out what was false in my summing up Mikey (apart from my 'm' for 'k' slip)? Happy to be corrected if I have got something wrong.

*It is also before the €170k paid to the receiver - apologies

"QBT have the £700k."

This is incorrect. For a start it's euros not sterling. It is also before the €170m paid to the receiver.

The simple headlines are that the defendants owe just over €6m (plus interest and adjustments for inflation) of which 30% goes to the Sipiem Receiver. So all being well QBT should receive over €4m plus 70% of the interest and adjustments but in the meantime anything they have already received (i.e. the net €530k - not £700k) cannot be touched so cannot be used to help its current cash position.

If and when they actually get hold of the €4m+ (including money already received) is something nobody knows. Maybe tomorrow, maybe never but more likely somewhere in between.