Eqtec Share Discussion Threads

[bmnsa] 25/9/2023 14:46

So sad for honest investors

[pa123] 25/9/2023 14:38

What I find hard to stomach is the fact they must have known where this was going months ago, and yet they continued with the BS and extraction of lofty wages without a second thought for shareholders. Scumbags.

[juju44] 25/9/2023 14:36

Suspension must be imminent now . After that your money is gone

[juju44] 25/9/2023 14:31

The dog is dead as hector - just needs the final words over the corpse

[dofmeister] 25/9/2023 13:43

They won't be able to buy until the interims are released later this week.

[pa123] 25/9/2023 11:15

I'm wondering if they will finally yield to reality and cut their cloth now, or is that beneath them?

[pa123] 25/9/2023 10:43

BOD still not wading in at this rock bottom Share price, playing it safe no doubt, not wanting to waste their money.. It has been a different story the last 2 years playing fast and loose with shareholders hard earned, squandering it like it's going out of fashion. Says all you need to know about this lot.

[m4rtinu] 24/9/2023 19:43

Sold my shares last week. Obv at a loss but not a big investment, so not too bad.

Final post: might give some hope?

[matunde24] 24/9/2023 13:07

God willing...better week next week..

[1flynn] 24/9/2023 11:24

Which simply begs the question

How did these incompetent BOD,s ever get to be in charge of running EQT to begin with ?

Was it all Altairs doing with planting Palumbo in as CEO ?

[stevea171] 24/9/2023 10:56

Interims next week.

Forget the PR spiel (lies) that will be the cover for the financials.

I expect the company finances to be dire.

Look for:

Cash at 30/6

work out cash burn/month for the 6 months Jan to June. cb/mth. (Estimate EU800+/mth including admin expenses, loan repayments, interest)

Take 3 x cb/mth from the cash to arrive at the current cash position for end September.

If this is still positive extrapolate to see how long it will last on the forecast revenue of EU2-3 million for the FY (EU 1 million in H2).

It can be assumed the company has explored all finance options and come up with nothing. This is why there is no mention of how the axe taken to the revenue is to be covered.

Admin expenses for 2022 were EU5.7 million, EU480k/mth.

Riverfort loan was reprofiled to £4.25 million and repayments re-scheduled in March to c.£250k/mth from 30/6/23 for 18 months, capital plus interest.

Audited accounts will be required for FY results. Can the company survive that long?

Certainly not without massive reductions in admin - incl salaries and head count, another loan (probably impossible) and possibly another deeply discounted cash raise which may fail given the present finances and st outlook.

[stevea171] 24/9/2023 10:02

Will we find out any more about another recently admitted EQT screw up next week in the Interims?

Italia MDC. We understood there was to be a refi allowing the original investors incl EQT (20%) to take some or all of their capital out and easing their cash flow problems. But we find out in the RNS text of 4/9/23 that none of this is happening.

Instead the Italia MDC has been offered a loan of EU2.9 million under certain conditions which may or may not be fulfilled in Q4 with Eqtec, the company, getting nothing. How much debt has the MDC racked up already (financed by EQT?) to be included in H1 results?

It is expected that the loan requirement in Q4 will be EU2.9 million as this full amount is to be drawn down and an EQT bridging loan? repaid. These will be the estimated losses and capex of the Italia MDC to the date of the loan draw down.

[rookieswingtrader2020] 22/9/2023 15:38

It's Friday afternoon Matthew, why don't you check your shares?Why sure Matthew, that sounds like a good idea!Googles EQT LSESpits tea everywhere

[pa123] 22/9/2023 14:38

i can't believe the share price can't bounce from these levels, shows how much damage the clowns have done. If they tried to they couldn't have done more damage.

[marktime1231] 22/9/2023 12:51

So this legal action means we have been directing cash to lawyers for a few months and if not resolved it will absorb us?

[volsung] 22/9/2023 09:24

Last one out turn off the lights

[adi27] 21/9/2023 18:47

I don't believe a word they say anymore, they should all be locked up for fraud

[stevea171] 21/9/2023 18:37

This court action by EQT will be defended and could take 6-12 months to be heard?

A statement from Logik Developments said: “At present, no such claim has been served on either Logik Developments Limited or Logik WTE Limited and we cannot, therefore, comment on the precise nature of EQTEC’s claim.

“It is correct that we have been in discussions with EQTEC in recent months about their alleged claims and such discussions have been conducted through legal channels via our respective solicitors.

“We note from EQTEC’s announcement that the total amount claimed is circa £4m. This is surprising to us given that all pre-action correspondence to date has been limited in value to claims amounting to circa £2.9m. It therefore appears that EQTEC have acted prematurely in issuing Court proceedings against Logik in circumstances where they have not provided any details about the balance of their alleged claim (totaling £1.1m) as they are specifically required to do as part of any legal process before Court proceedings are issued.”

The statement added: “We refute EQTEC’s allegations entirely and in the event that any claim is served on Logik, this will be defended to the fullest extent.

“We also note that EQTEC claim that they have made numerous attempts to engage with us towards a resolution of these matters more recently through legal counsel. EQTEC also claim that we have rejected invitations to work through the issues constructively or failed to follow through on an agreement to meet with them.

“This is, quite simply, incorrect and as part of the recent correspondence passing between our respective solicitors, it was actually us who offered to meet with EQTEC’s representatives to try and engage in commercial discussions with them in an attempt to resolve matters; however no response at all has been received from EQTEC or their solicitors to this offer of a meeting and that was where matters stood prior to EQTEC’s recent announcement that it has issued a claim against Logik.

“In the event that EQTEC consider that they have a claim against Logik for any alleged breach of the SPA or the Deeside Project, then that is a matter for them and this will present them with a damages claim; however, as explained, we refute EQTEC’s allegations entirely and consider that there is no legal basis to their claims. We will have no hesitation in defending our position through the Courts if that is what is ultimately required.”

[pa123] 21/9/2023 16:59

The hubris shown by this BOD is scandalous

[tygarreg] 21/9/2023 16:46

Shame really. It ticked a few green boxes for the future and govt grants and payments but someone has totally messed it up

[tygarreg] 21/9/2023 16:43

Just glad I have a diverse portfolio. Still hurts to see a company take our money and fluc it up

[stevea171] 21/9/2023 14:45

Hi ODR. Still in ECR? I still read their RNS's but no intention of investing! Their pivot to Nth Q'ld means any commercial discovery and mine development with an income stream is probably 6-10 years away. In the meantime they keep having fund raises!
What do you think of them?

[onedayrodders] 21/9/2023 13:39

ahh yes Kibo ... another AIM lifestyle placing monster created by Louis Coetzee