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Another month without updates - total contempt for shareholders. Anyone know if they are still actually operating - have there been any redundancies, are staff still being paid?
It's very poor that after almost 4 months they've not given any indication of when the shares may become tradable again. I've written to them today to ask for an update so I guess we'll see if I get a response shortly... Suggest everyone else asks the same!
I wrote to them today - see below. The more of us that express our concern the better.
"I want to add my voice to the many, many shareholders that are unhappy about the much delayed 2022 audit and the seemingly endless share suspension. I increased my shareholding in HEIQ just a few days before the share suspension came into effect as the tone of your announcements suggested that this was a minor and temporary matter. Many months have passed with very little in the way of updates from management. What can we conclude apart from the fact that there is something rotten within the company’s accounts? You have a responsibility to keep shareholders informed which you are neglecting. Please update us without further delay.
I also wrote but was a little less subtle than you - I simply asked if they are still solvent and if so when the accounts will be released to prove it. I don’t expect either of us to be afforded the courtesy of a reply.
Just spoke with the broker (Stephen), he re-assured me that company is absolutely doing everything to get this audit sorted and accounts published. He also further stated that if there was anything wrong or found to be wrong "they" are duty bound to inform the market - even if they are suspended. Moral of the story "pick up the phone and enquire".
Just spoke to the cleaner (Hans) - he assured me the company was clean but said he couldn’t understand why all the whiteboards in the CEOs office had the same message “Behandle die Aktionare wie Pilze” Moral to the story - for all the best dirt talk to the cleaner.
A week since I wrote and not even had an acknowledgment yet…
I spoke to investors relations which was a waste of time they Know nothing.
Something very wrong with this company ,this is the last time I invest in a foreign company which has a listing in the UK.
"Just spoke with the broker (Stephen), he re-assured me that company is absolutely doing everything to get this audit sorted and accounts published. He also further stated that if there was anything wrong or found to be wrong "they" are duty bound to inform the market - even if they are suspended. "
Stalin,
You're obviously someone who is very easily reassured!
There could be a relatively benign reason for the delay (that the company is keeping secret), but if so, why not say what it is, to reassure investors?
So if nothing else, this saga is indicative of poor investor communications.
This silence had been going on for far too long and they owe the shareholders an update on where they are with the audit at the very least.
It is a shame that their financial updates are not as efficient as their business updates via LinkedIn - plenty going on., at HeiQ and AeoniQ. Lets hope this translates to good business
It's not out of the question that trading is good, the accounting issue is purely technical and that the shares will jump considerably when the suspension is finally lifted.
HOWEVER, I am less and less inclined to believe this. I fear there is something rotten within the company that will eventually be revealed. I'm not even sure the shares will ever trade again. I hope I'm wrong.
Statement out today... https://www.sharesmagazine.co.uk/news/market/LSE20230929070012_4916144/accounts-update
Accounting update: looks like intangibles write down, requirement for more robust debt facility. Trading was poor last year, but that is not new news... outlook is better. Management still aligned with equity And they expect to announce more positive updates on relisting... next week?
Material uncertainty with regards to going concern is not good at all. I'm being kind with those remarks.
Sorry, but where does it say “material uncertainty with regards to going concern”? I can’t see that anywhere?
But surely those comments have to be read in context.. the CEO says he is working on a new debt facility and if the company is managing the current debt, there really isnt any reason for either of the 2 banks to remove the current facility? Accountant firms have to state the facts to cover themselves, but it should be read in context - as with any business... nothing is risk free... banks could pull debt facilities on any business, but they dont.. IMO...
Its called risk assessment and most company's disclose this information
Hopefully that is a "kitchen sink" RNS with all the possible bad news included to be followed by some more positive news when the shares start trading again.
It's anyone's guess what the SP will be when trading recommences. It was already very depressed pre-suspension so hopefully it can't sink too much more. Or is that just wishful thinking?