At 12p this looks a great BUY.Remember after the deal with Suvair this shot to around 30p ! Next news I am sure will be the announcement of some major deals.Fill up at this level.

what date are results

Woodie, I believe they will be out at the end of the month.

heres why the s/price has been weak
Energy Technique PLC
06 September 2005


Energy Technique plc ('the Company')

Trading update and refinancing proposals

In its Interim Statement for the six months ended 30 September 2004 the Company
reported a loss before and after tax of 924,000. Since that date the Company
and its subsidiaries ('the Group') have continued to experience very difficult
trading conditions and working capital constraints.

The Board has taken steps to reduce the Group's operating costs and, although it
is expected that the benefit of these cost reductions will begin to flow through
in the coming months, these benefits did not impact on the second half of the
year. Accounts for the full year ended 31 March 2005 will be posted to
shareholders on or before 30 September 2005.

As a consequence, it is now essential to provide the necessary additional
working capital for the Group to continue to trade solvently and the Board has
agreed today with an investor group comprising London & Boston Investments plc
(of which Stephen Komlosy, a director of the Company is also a director) and
Triandra Limited who are existing shareholders of the Company to advance up to
1.5 million by way of an issue of a like amount of Loan Notes ('Loan Notes').

The investor group has conditionally agreed to convert the loan notes into new
ordinary shares at a price of 1p per share, subject to i.) the approval of those
shareholders of the Company who are independent of the investor group (which is
deemed to be aConcert Party for the purposes of Rule 9 of the City Code on
Takeover and Mergers), and ii.) the granting by the Panel on Takeovers and
Mergers of a waiver of the requirement for the investor group to make a general
offer to shareholders, which would normally arise on conversion of the loan
notes, and iii) the Admission to trading on AIM of the new shares.

The Directors intend that the Company implements, as soon as practicable, an
equity issue to shareholders of 152,628,016 new ordinary shares at a price of 1p
per share (' the Issue Price') which would be available to shareholders on the
basis of one new share for every existing share held.

Money raised by that equity issue will be used to redeem the relevant number of
Loan Notes.

With the exception of Mr. Komlosy, who is involved in the transaction as a
related party, the directors consider, having consulted with ARM Corporate
Finance Ltd., the Company's nominated advisor, that the terms of the Loan Notes
and the financing proposals referred to above are fair and reasonable in so far
as the Company's shareholders are concerned.

A circular to shareholders convening an Extraordinary General Meeting to seek
shareholders approval in relation to the conversion of the Loan Notes and the
proposed equity issue will be sent to shareholders as soon as practicable.

6 September 2005


ENQUIRIES:
The Company: Robert Unsworth, Acting Finance Director 020-8783-0033

poor person that brought this morning at 2.75

Woodie, check out the shareolders in the concert party, think you should find some interesting names in there. I reckon this might be just what ETQ needed to get it back on track.

Sharesure... I'm a bit lost, How can this mean that it is just what ETQ need to get back on track ?

OK, short term it is a potential dilution unless you subscribe for the Rights when they come up for buying, say 2 months time. But, ETQ were in a difficult position which the Concert party have helped them out on. I suspect they will have asked for some action on various fronts. I have been saying for sometime on here that they need better strategic direction - since Geoffrey Dart left about 2-3 years ago the steam has gone out of the business.
I suspect that the directors behind Triandra may be linked/are cnnected to a large property concern. If so ETQ may short term benefit from increased use of its products; longer term if the concert party get left with converted loan notes, then they could use ETQ as a shell, and gain its tax losses etc.
That financial breathing space is likely to be monitored by them very closely.

sharesure does not make sense re your comments triandra there are already existing shareholders in etq so they would have been putting buisness there way if appropiate, it seems there are just protecting there investment at the moment, my own view is wait until the results have been issued then we will get a full picture on what has gone wrong.

As a newcomer to this thread, perhaps I can add a few pointers and opinions. I am already invested in the Environmental, HVAc sectors via the main FTSE and therefore monitor the sector trade magazines (H&V News, ACR Today, BSEE etc), this months magazines have extensive coverage of a German outfit called Trox who have just entered ETQ's main market - Fan Coils. Trox have spent 1.5 million on state of the art manufacturing machinery in their Norfolk factory and are completly commited to Japanese manufacturing tecniques in achieving their stated ambition of dominating the UK Fan Coil market by the end of 2006 (they are not just blowing in the wind either, they have just secured the largest Fan Coil order ever placed in the UK - 4000 units worth in excess of 1.5 million for prompt delivery - what a difference that would have made to ETQ's figures). Trox seem to be a very switched on and aggressive Sales operation with a sophisticated Manufacturing set up in the UK dedicated to grabbing market share, not good news for ETQ who seem to rely on sales of core products to keep afloat. The Chairmans recent comments about sales volume problems at the Molesly plant being the root cause of ETQs recent problems pre-dates the arrival of Trox, things may get worse than they are already. From a distance it seems like ETQ senior Management have ignored their Fan Coil core products whilst chasing the mirage of Nightingales success and now may find its difficult to stop Trox in their tracks, success and failure have their own momentums after all. With regard to the proposed refinancing, the current Senior Management incumbent have got through around 3 million of shareholders money in a couple of years to no good effect at all, so why should another 1.5 million of shareholders money be anything other than an example of throwing good money after bad. Unless ETQ's Management is replaced by people who are focused on success and know how to achieve it, are prudent with investment cash and regard shareholders money as something to be grown and not squandered then this will be a continuous under-performer. From what I have seen and read, ETQ rates lower than Premium Bonds as an investment in my book so I am going to sit on the sidelines, read and enjoy your threads, monitor developments in the HVAC trade press and wait for management changes.

Dealhunter, Even though I remain a shareholder of ETQ, what you have posted does make interesting reading, and worrying too. However I believe that Triandra are not in the business of throwing good money after bad. I believe that you will hear about a sizeable deal, comparable with that of Trox' 1.5m. It seems to have been widely rumoured in the Trade Press but the customer has prevented its publication presumably for the reason of wanting to steal a march on its competitors.
The clearing of the air at AGM time is long overdue; but we are likely to still need some mgt. changes if this company is ever to move fwd.

Thanks guys for todays illuminating banter... I hope you guys don't mind but I've taken the liberty of posting some of it over on the other A***N board. There are a few of us who have considerable quantities of ETQ shares that are now worth diddly squat. Most seem to be suggesting that they're going to subscribe for the new offering as a chance to average down and possibly offer some glimmer of hope to escape with something better than whats on offer today on the market (1p on the bid). Who knows if its good money after bad but there seems to be a rising feeling that we don't know the half of it and this really smells. Given the nature of the announcment we haven't had that big a dump (considering) and its as though there is news to come that might retrieve the situation somewhat from what we have here. Bets are on for an ETQ buyout but the jury's out on what M Connell will do next (rather large shareholder). I think he now owns about 8mm of the shares (possibly more) and he doesn't appear to be part of the concert party. Anyway, thanks again and if you fancy coming over for a chat there's quite a bunch over there. Cheers TF

My money has gone down the plug hole..

My money is nowhere to be seen..

My money has gone down the plug hole ..

Cos I believed a Nightingale could keep hospital air clean...

MPH, Any evidence that WDBM are high on the bid this morning? Very strange how little T/O either way today. Hope Statesides' info re tomorrow is right.

Ignore 242. Wrong thread! Gidruth, I don't think this is as dire as it looks at first sight. Obviously potential dilution if the rights are avoided is not a good prospect, but I am sure that the concert party will not have put cash up without being pretty sure they will either get it back or a shed load of shares in something they can do something with. Tax losses immediately come to mind. On the positive side for the business ETQ seems to have a better range of products now than was the case 12 months ago and I would reckon the AGM will produce much more background about recent contracts.
A few Board changes and a few directors buying shares wouldn't be amiss.

The H&V News dated 10th September carries a piece on its front page about ETQ headed `ET share price slumps' and goes on to refer to the 1.5 million from L&B/Triandra as a `rescue loan', it goes on to say that Company calls the loan `an investment and that the money will be used for expansion'. Leigh Stimson is quoted thus "The Group is now seeing an upturn in business levels and the key aim for ET and all its subsidiaries is to allow us to expand into new parts of the market and build on our expertise in the hvac market. All in all, the H&V News piece seems damaging in that it must give heart to ETQ's competitors (how much longer can ETQ carry on) , concern it customers (just how viable are the warranties they are getting on the equipment they are buying) and worry the suppliers (will we get paid). Other things apart, ETQ seem pretty hopeless at news management (especially bad news management), surely they could have been more pro-active and called the H&V News editor in and put a positive spin on the story. Sharesure -what news of the 1.5 million order you mentioned and is the sale of the traditional business (Molesy ?) still going to happen ?, is the 1.5 million order the basis for Stimson's optimism or is he just blowing in the wind. Shares at 1.4p seems bargain hunting territory, anybody out there feel that things are worth a really decent punt at current prices or is there still more bad news lurking to clobber the unwary ?.

Deal Hunter, I don't think Leigh Stimpson is 'blowing in the wind' but I do agree with you that there idea of news mgt. is not at all slick. My reading of where they are is this: their broker and nomad would prevent them giving out any good news without the co. also announcing its results (which will likely make torrid reading because they will reflect a bad patch in the first half of 2005). The good news, and I reckon there is eg one particularly large order which was rumoured in the trade press and probably a turnround in the fortunes of the Molesley business, will accompany the results.
As to when to invest to catch any rapid bounce, I am not so sure on that. There have been too many times when the co. has disappointed for enough investors to want to go in 'en masse' to make a significant bounce in my opinion. I wouldn't sell any of my holding at this level, only because at some stage I think they will have the good sense to make some board changes, starting with having a new chairman, and then that could set them going. But how long do we have to wait?

PS to earlier message.I look on the loan stock providers as an 'insurance policy'. Either they have been persuaded that there is a long term and good future, or they will take steps to bring about the changes in the Board. I doubt that they would have knowingly poured 'good money after bad' and I doubt that the directors of Triandra are pussy cats when it comes to making investment decisions.

Lots of sells again today .... Results Friday ?

Gidruth, Think so and they wont make good reading. Feel relaxed on these at the moment with the recent Triandra guarantee in place. I would also expect ETQ to put out some good news to show that the dire patch earlier in the year is in the past. I still think that ETQ need some Board changes and I would expect Triandra to have made that a future requirement of their support if the existing team don't start making rapid progress.

its getting increasingly hard to put on a brave face, or pursue an impression of optimism.....whats a poorer and poorer shareholder to do??

etq and symphony plastic both issued results and both dropped circa 20% on friday....i need some good news...and i need it soon...

Global Nomad, I share your impatience with this stock. It seems to be always excuses + requests for more cash. I have not made up my mind as to whether to subscribe for more shares. Unless they change some of the Board, eg new Chairman as a priority, I suspect I won't. If there is any comfort in what they are doing at the moment, and it is stretching it in my view, the backing of Triandra which is ultimately owned by the Tchenquiz family, is probably a plus. I cannot imagine them being prepared to put in more money without quite a lot of comfort being given as to the future. All very sad and really a result of weak mgt.
As far as money making ideas, if you are not in Chaco (CHP) that is worthwhile in my view although I would not be at all surprised to see an announcement first thing on Monday, 3/10. If that hasn't happened first thing then you may be just in time to catch it. Read the thread and see what you think.