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.

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.

received a notification today of the offer, any views on taking up the penny a share and on todays prices marking an immediate 25% loss!.......I am obviously discounting the fact that the sp will rise either before or after the acceptance date....this share is turning me into a cynic.......

Received my notification of the offer yesterday and took a good long examination of the paperwork. Must admit to being rather concerned.

Some earlier posts on this thread welcomed the fact that Triandra and London&Boston were increasing their stakeholding in ETQ and that this must surely signal some confidence. Well I must have misintepreted the proposals outlined in the document. My take on it is as follows:

Triandra and London&Boston have agreed to advance ETQ 1.5 million (which may be drawn upon in tranches) in exchange for Loan notes to the same value. ETQ is now making an open offer of 152,628,016 new shares at 1p to raise 1.5 million to pay back Triandra and London&Boston. If all of these shares are sold, then Triandra and London&Boston will be totally re-imbursed and therefore will NOT have increased their shareholding in the company. If not all the shares are sold, then the remainder will effectively be given to Triandra and London&Boston in exchange for the remaining outstanding loan notes (so under these circumstances there would be an increase in their respective shareholdings, but this could be minimal). HOWEVER - if not all the new shares are taken up and Triandra and L&B do not receive full compensation for their loan, they are allowed to pull the plug on the arrangement (if they so wish) and call back any advanced payments (including interest?).

It's a win-win situation for Triandra and L&B. A very short term loan with no risk to their capital. And if the offer is fully taken up, neither of these two companies are out of pocket and neither will have increased their share capital.

So what is actually happening here. It seems to me that this is just an instrument to get a loan very quickly. If I am correct, this raises two questions:

1) Why not approach a bank? (Or did they and get no joy?)
2) Why not directly do the open offer/placing with existing shareholders? I suspect that the amount of time this would take is what decided them against this route.

My conclusion is that they needed this money in a hurry and were happy to sign up to any deal to get it. Why do they need this money so urgently (and IMHO it has nothing to do with future investment etc - the key phrase in the offer document being: "...it is now essential to provide the necessary additional working capital for the Group to continue trading solvently..."). I find this somewhat worrying.

I am not sure if I will take up my allotment yet (might get a better price in the open market!!!!).

Any comments?

With regard to taking up the share offer, surely there is only one simple question only to be answered: Will current Management turn this sow's ear into a silk purse such that the share price rises very significantly and dividends get paid to the long suffering shareholders ? On all current evidence the answer seems to be a resounding "No", almost 2.5 million wasted since March 2004 on hare brained products and schemes (Lifebreath, Nightingale, DX) together the seeming continued decline at the core product division in Molesy. The Chairmans report seems to be long on platitudes and short on definitive plans, vague allusions to Group problems being solved by buying bits and pieces in China are not going to drive up the shareprice, its the appointment of a success oriented ETQ Board who will focus the business on generating cash and profit rather than blowing the next 1.5 million down the same drain as the last lot of cash they received. What ever happened to the 1.5 million order that Sharesure talked about, it would have been a good news story to release with the Report (or is it being held back for the AGM to sweeten those who attend). I wont touch the offer unless something concrete is offered in the way of an implementable Future Business Plan accompanied by the appointment of a Board who can actually give me the confidence that they can make ETQ a success. I agree that L&B / Triandra are on a win-win deal here and my guess is that they end up owning 50+% of ETQ pretty much on the cheap, I would further guess that they then make the sweeping changes to the Board of ETQ that should have been made months ago and reap the considerable benefits.

sounds like the best course of action might be to allow L&B to get to a commanding position with which to dictate board constituents, rather than the numerous holdings with weak voices that can only be heard on bulletin boards. It would also mean that their loan is not repaid by us but that they need to extract it from the business...by making it profitable (or closing it down).

Deal Hunter, I am mystified why that order was not announced. It seemed to be in the trade press some time ago. I agree with both your take and that of GN; let Triandra ship out the chairman as a starter before taking a hard look at their strategic aims. The current board wouldn't want to be on the receiving end if Triandra (Tchenquiz family) decide that their investment is not being managed efficiently.

see the rns just released

ALL ABOARD

katcenka, What was it about that RNS that you found encouraging? There are a lot of things it could also have said, but didn't; like the controlling shareholders now include Vincent Tchenquiz of Roche Properties fame, their large orders with a major housebuilder etc. None of that came through in that announcement. I am remaining as a shareholder only out of curiosity and a belief that the controlling shareholders will seek board changes in the near future if the existing team, and particularly the chairman, doesn't sort out their strategic direction.
ETQ have trumpetted a number of events in the past, like taking over the entire distribution team from a major competitor but despite the hype that does not seem to have added anything to the bottom line. I remain underwhelmed by this stock.

Todays RNS seems to indicate that L&B/Triandra have effective control of ETQ, question is, can they do something positive with it: They seem to have had no positive input when they had 25% (enough to call the shots surely ?) judging by current results. Did anyone make the AGM ? was a new strategy unveiled, any new appointments which might make a positive difference: Anything which might inspire confidence in the new regime...or is it just more of the same?. The latest Construction Forecasts make uncomfortable reading with Commercial and Industrial starts set to fall by 6% in 2006 , anything other than a reinvigorated, infinitely more cost conscious ETQ will struggle to make any headway at all. Its going to be interesting to see if L&B really do have a Big Idea or whether they are just throwing good money after bad to try and recoup their original investment.

Think the next three months will show whether the extra leverage Triandra (for which read Tchenquiz) now has is going to be put to good effect. as far as I know there were no Board changes today but I doubt Tchenquiz will have been prepared to throw good money after bad. He obviously got told the right things to persuade him to invest more; I think he would make a fairly unforgiving shareholder if it turns out he has been misled or targets aren't met. It might yet prove an interesting ride again, although sadly not ever with the vitality it showed when Geoffrey Dart was chairman.

just to confirm that it was an EGM called to deal with the share offer and related issues only.

Not that that makes it any better of course,

the extra leverage should help any kicking to be stronger.....or should that be flogging....as in horse....as in dead...?

Gn