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According to the MNRG website EQT have 4.1% of their shareholding.
from the 2022 annual report, page 94,
"subsequent to the company’s receipt of 100,000,000 shares of mnrg in a share-for-**************, the company acted as guarantor for a convertible loan note entered into by mnrg on 02 february 2022 with global investment strategy uk limited (“gis”).
further, and in satisfaction of the company’s guarantee obligations to gis, the company transferred £100,000 worth of mnrg shares to gis (being 100,000,000 ordinary shares at an average price of 0.1p per share after costs) on 03 october 2022. on the basis of this transaction, the company’s obligations to gis as guarantor were fully settled.
in consideration of the company’s actions as guarantor, mnrg has subsequently issued £100,000 (€112,983) of zero-coupon, unsecured convertible loan notes to the company (the “cln”). the cln gives the company the right to convert the cln, in whole or in part to mnrg shares.
as at 31 december 2022, the fair value of the group’s interest in metal nrg plc, which is listed on the london stock exchange, was €58,203 (2021: €506,976) based on the quoted market price available on the london stock exchange, which is a level 1 input in terms of ifrs 13."
https://eqtec.com/wp-content/uploads/eqtec-annual-report-2022-final.pdf
************** = '**************'
Why LSE doesn't like the phrase sh*re exch*nge, I've no idea!
I seem to remember that we have an option to reinstate our stake at a low cost but every penny counts as their Uranium mine that was frozen is now legally able to be developed so could soon be sold off to the right buyer. Next week lets hope we get some updates.
So as already said we have 5% of MNRG but could be 13% with conversion of the zero coupon.so we own around £225k today but could be £500k. Why did management do a costly placing when we could have simply triggered the zero coupon to get 13% and then sell it in thr market for around £500k? Crazy management as this is simply in the drawer probably forgotten about.
"As a result, Eqtec said its holding in MNRG had decreased to 5.02% of the issued voting share capital, from a previous 13.31%.
In consideration, MNRG had subsequently issued £0.1m of zero-coupon, unsecured convertible loan notes to Eqtec, giving it the right to convert the notes in whole or in part to MNRG shares.
“The purpose of the convertible loan notes is to allow the company to re-establish its equity position in MNRG at approximately the same level that existed prior to discharge of its GIS liability as guarantor on behalf of MNRG,” the board explained in its statement.
2 million this week please.
They let's see how the sp looks.
Arranging deckchairs on the Titanic, anyone for croquet? wish id bought more Gold instead of this bag of...
According to last RNS on logik settlement we know Logik have exchanged with buyer and they sold to a global investment company so its unlikely any issues. The long stop date for completion is 28 June 2024 so if the completion has not already happened it will by the 28th, unless a notice to complete is issued that might take this a week later or so. How soon we get our £2m i guess will depend on the wording of the agreement but presume the £2m will be held back at completion and paid over in full and final settlement. its possible completion has already occurred and we are awaiting the funds and the will RNS will be released at the point of receiving the cash. I think the chances of a global investment company willingly losing a a minimum 10%+ deposit + costs and walking away is very low and i am sure Eqtec will update at the end of the month given the long-stop date.
Are we going to get logik money or like Verde we don’t get anything and they will say that will take legal action and we all will be in limbo
if logik turn out to be like the rest of dumbo palumbo’s mates the cash won’t arrive anytime soon, palumbo will get a brown envelope of cash in exchange for writing down the investment in the same way they wrote down millions on billingham and north fork.
they are cowering in their plush office too scared to release the full year report as every one of their lies will be laid bare for all to see.
jv liar keeps posting *******s on linkedin and x with regards to italy, but still hasn’t posted what we need to hear, that is it’s running constantly, instead we hear over and over again they are polishing their knobs !!!
Must be a nightmare for the auditors having to sign off the accounts. In the absence of the £2m logik payment the company cannot be a Going Concern. Annual Report has to be released by Friday close, possibly get away with Monday 1 July or else entering the world of suspension. Looks like leaving it all to the last minute.
I imagine a serious impairment review as well of the spurious Net Asset value has to be considered. Would not want to be in the auditors' shoes.........
JV Liars latest fabrication on LinkedIn says later this week for Annual reports, so as usual EQT will leave it to the very last minute, probably send it out during the next Friday night knees up with the z-listers.
Riverfort have offloaded so have probably given Dumbo the ok to release the expected terrible results.
JV liars response to comments regarding post period updates sounds like there won’t be much news on that front either.
This duo are just liabilities that need to be given the boot as soon as possible
Annual results due friday as Jeffrey said on linkedin. i guess hope is to announce £2m logik settlement but regardless i think we can be looking in the mirror at £3 market cap. £10m seems like starting orders and £50m once idex and northfork and several others show the transition. Gla
@simms45 the market cap is linked to what investors want to pay, unfortunately shareholders don’t easily forgive a management pair that have diluted them to oblivion whilst destroying the mcap and delivering nothing for all but a very select group of “friends”
For any sentiment to return Dumbo must be sacked and the sooner the better, while he still sits at the head of the table investors are always asking how is he likely to screw us over !
DP has only ever known bullish sentiment and when the tide turned he was well out of his depth. Pendulum is about to swing into momentum so DP more in his element and while a lot of investors lost everything given we are £3m and not £250m as we once were DP is just one person. investors will not forgive unless part of those buying at 1.17p and one day might see 10p with relative ease if even half of what is expected happens. So many long holders have long gone and new investors will see value.
Investors will not forgive, until they both leave the company. What business acumen do they actually posses, when you look at their performance since they came in post.
Northfork was meant to be February, we are in June and since no sign. Exactly how long have they been making attempts to get that one going. All the others you mention Simms, what timeline do you think they will be given for completion. This share price has been slaughtered because of poor management decisions across many areas of the business. How do you even begin to attract new investors with that track record.
We will have our solution pretty soon, Palumbo must be up for reelection by rotation at this year’s AGM.
#Vote_Palumbo_Out
Well anyone fresh today looking at all of the companies activities, revenue growth and strong asset backing and then look at market cap of £3m will clearly want to ask questions why. The main reason i can see retrospectively is the continous revolving door or venture debt over last 3 years who we now did not plan go hold and simply all exited the equity portion and pocketed the warrants and fees. Selling at a 20% loss was fine for them due to warrants and fees making up difference. This has dragged down pis into oblivion and all was done under DPs watch.
Only 4 days until the leash comes off Pitcole and Altair lock-in, that agreement looks more and more like a Dumbo attempt to allow the Riverport to get out and GIS/INSP to screw £500k from the EQT shareholders,
Certainly the recent momentum a week ago was probably snuffed out when Riverfort exited their whole position. Personally i am glad they are out of the picture as they were definitely not sticking around. This is not their business to hold equity. it was just a way to get the loan paid off indirectly. You do have to wonder what Pitcole and Altair will do. Both are fortunately well under water on their conversion into equity but again we have no idea what financial strains they have and could have to exit in a rush. Key now is for shares to find homes with those investors not looking to exit until we at least hit a £50m market cap as with some momentum on sales and delivery this seems very achievable but if we get any more forced sellers its pretty hard to not think that someone will hoover up a 10-20% stake for almost nothing.
Phe up 200% last 12 months
Eqt down 94% last 12 months
"The numbers tell the story" they do indeed Jeff .
Nufink but the markets & legacies fault, in that right Dave ?
Whats interesting today is on small volume the share is moving. Last week when 10-20m shares changed hands shareprice barely budged and we now know it was Riverfort exiting. The same types of volumes would take us a long way ahead. Could be a decent annual report tomorrow if we also get Logik confirmed to add on top.