Eqtec Share Discussion Threads

[marktime1231] 21/9/2023 10:51

Technical questions:

EQT is no longer a penny stock, not even a tenth of a penny, heading for a hundredth? Is there a point at which the value does not even register anymore, running out of decimal places?

If the value of outstanding loans etc exceeds the value of the company is there likely to be an automatic default clause which means the banks or lenders take control, shareholders are wiped out, a trigger point, or does someone have to call in an administration first for non-payment of dues?

Can't be far away.

[don carter] 21/9/2023 10:25

Dumped my last lot now. Huge loss. Painful in pension pot. This should have had govt. support.

[pa123] 21/9/2023 08:55

I can forgive the BOD for having a go, but deceitful liars fleecing shareholders of hard earned money, it is criminal.

[stevea171] 21/9/2023 08:50

Administration and delisting looming?

Someone dumped 50 million at .08047p at 9:59

[yump] 21/9/2023 07:22

Apparently the earnings profile is derisked though.

What a load of BS !

The risks have not previously been recognised by Palumbo et al, because of their general incompetence in having a way too complex business model.

[tygarreg] 21/9/2023 07:21

Oh dear, 90% down on investing in this green tech co! I should have known better.

[adi27] 21/9/2023 07:20

He needs to be removed sharpish

[bibdaddy] 21/9/2023 07:00

Could go sub 0.1 today..absolute mismanagement! I knew I shouldn't have invested when I saw the name Palumbo!

[marktime1231] 20/9/2023 21:10

Oh my, Palumbo surfaces to tell us Freddie has cut EQT out of a deal for the Deeside site, and that revenues from other activities are sliding including the saviour deal with Idex. Bad news in threes. Yes, bust

If EQT was a horse the vet would be reaching for the captive-bolt gun.

[stevea171] 20/9/2023 20:05

An accountant's view:

20/9. "Is this still a going concern given all this.
Monthly cash burn is circa 750k for at least the next 12 months so I am not sure they can be. Expecting these RNS' to be a prelude to a warning in the shortly to be published interims. Lets see......"

30/8. "Their quandary is monthly cash burn is circa £750k for the next 18 months or so (whilst they pay off the debt and cover overhead) so can the business realistically get through this period without tapping the market once more."

[stevea171] 20/9/2023 19:36

Cash must be near exhausted. Who will stump up any more funds?
Can this company survive in its present form?
Not a going concern if auditors are shown the books?

From RNS (2).
Updated 2023 revenue forecast
Due to the matters set out above, the Company will no longer benefit from the meaningful revenue which was expected to be received from the Project in the current financial year.

In addition, French client Idex's France MDC project has rescheduled the completion of front-end engineering design work to December 2023, such that orders will not be placed for equipment until early 2024 and delaying anticipated revenues from this project. Furthermore, client projects in Belišće (Croatia), Livadia (Greece) and Wilseyville (California, USA) are experiencing delays with securing full funding, thus delaying revenues previously expected in Q4 2023 into 2024, subject to securing such funding.

As a result of these events, and in light of the Company's publicly announced rationalisation of other, legacy projects with unmitigated risks and liabilities, the Company has updated its overall FY 2023 revenue forecast to EUR2 - 3 million.

[djj2014] 20/9/2023 15:29

Shame they didn't combine the two RNS's into one announcement

[m4rtinu] 20/9/2023 13:31

The cost of trying to run before you can walk. A very costly (ad)venture! £4m give or take to write off! And yes, RNS says £ not €. I think many shareholders may have written off the UK projects. If not completely, then until the long term future. But this announcement crystallises the cost.

[vatnabrekk] 20/9/2023 13:22

Not an easy decision to make, but I'm sure it's the right one given the almost impossible circumstances.

[pa123] 20/9/2023 13:17

Plenty of buying now, maybe it is good to get rid of the Billingham ball and chain and move on to profitable projects.

[vatnabrekk] 20/9/2023 13:01

Good thing they hadn't spent even more on this project.

[paulsavannah] 20/9/2023 12:17

Yeah, I baled out now. Was always just a punt for me but an RNS like that just tells me no one has a clue what they're doing and no regard for costs or cash burn. Best of luck to all holders but I doubt this will ever end well.

[stevea171] 20/9/2023 12:15

Just ahead of Interim results reporting:
Billingham down,
Could Deeside and Southport be next?
Why?
Finance as always.
Anaergia as reported here is in deep trouble and they are involved in the front end of both.
Kibo is involved with Southport with zero cash also as reported here.

[hoper1] 20/9/2023 11:57

Good news. Let's concentrate on shorter term income generating projects instead of chasing rainbows requiring huge amounts of time and investment. Europe and the US are where our future lies.

[juju44] 20/9/2023 11:40

What a bunch of utter clowns

[skinny] 20/9/2023 11:33

You couldn't make it up!



Jeff Vander Linden, COO of EQTEC, commented:

"Our exit from the Billingham project is disappointing but essential. It represents another step in our pivot out of high-risk, high-cost development work. We announced in our 2022 results that we had avoided potential costs totalling EUR18 million across our portfolio and a good share of those were related to the Billingham project. Despite substantial efforts to finalise our investment case, the recent decisions by prospective, large-scale offtakers to terminate their operations set the Project back considerably. We simply cannot justify investment of further effort and expense to get such a large, high-risk project to close. While it is painful for the Company to write off large portions of investment, it underscores our strategic commitment to engaging with projects developed by others, where we can focus on profitably integrating and licensing EQTEC technology. Our strategic pivot effectively de-risks the earnings profile for EQTEC, allowing other parties to manage the challenges and risks of project development."