EXPOSE: Drew Nelson quits IQE board: is this anything to do with shares pledged on loan which will be defaulted in seven weeks?

Drew Nelson founded IQE (IQE) and was its CEO until 2021.Today he has stepped down from the board with immediate effect although he remains a consultant. But holding no managerial responsibility his share dealings will not need to be disclosed and that brings us to his dealings with the scallywags at Equities First Holdings, EFH, the pals of Rob Terry, Dave Richards and various other scallywag CEOs.

#IQE – co-founder Dr Drew Nelson standing down from the board “with immediate effect”, consultancy agreement for a year

#IQE – 2023 increased adj. loss, still net debt

Thank the wretched Mail on Sunday for giving you an IQE short entry point

The market did not really care that Richard Griffiths had increased his stake in IQE (IQE) to 7.6% on Friday. The shares were marked down a tad. Griffiths is a smart operator, but like all of us he is not infallible. But the Mail on Sunday bigged this up at the weekend.

#IQE – expects 2023 “adjusted EBITDA of at least £3 million and a net debt position of c.£3 million”

#IQE – board changes including appointments of Bami Bastani and Maria Marced as NEDs, good luck to them!

IQE – CEO shares purchase, how significant?…

IQE plc (IQE) has announced that CEO Americo Lemos yesterday “purchased 1,367,012 ordinary shares… at a price of 17.15p”. What of this and the shares currently up to above 18p in response?

The definition of a bad company is one that can never generate cash – IQE interims

Another set of results comes out from the sheep shagging chip makers at IQE (IQE) and as usual the numbers are piss poor, more cash has been burned and there is warning about current trading. The shares are just 16.4p, having been 174p just under six years ago when folks like Paul Scott and our own Malcolm Stacey were frothing so excitedly about them as I warned and warned again.

#IQE – H1 significantly increased loss, semiconductor recovery slower than anticipated

#IQE – H1 revenue “expected to be at least £52.0m”, states trading “in line with management expectations”… but doesn’t bother to provide what they are

#IQE – CFO Tim Pullen “has stepped down”, appoints Neil Rummings as acting CFO while commences a search for permanent role

IQE, Drew Nelson and the scumbag scallywags at Equities First – another sordid chapter of pretence

Equities First holdings offers a service where CEOs of companies where the CEO knows the stock is going to tank, pledge shares to EFH in return for a loan at c65% of the value of the shares. We exposed this scam back in 2019 when EFH first open up shop in Britain. EFH ALWAYS dumps the shares on day one so locking in a neat 50% profit and when the shares tank the directors are faced with a margin call and default.

#IQE – Equities First margin call on director Drew Nelson, he’s “delivered a further 699,647 ordinary shares to Equities First”

#IQE – raises further £1.1m at 20p per share via REX “retail offer”

£30m bailout at 20p for IQE after catastrophic results and a warning: its shagging all the sheep yet again

Last night, after hours, Cardiff chip maker IQE (IQE) published its results for calendar 2022 and a warning about how dismal trading has been since. With its borrowings ballooning it also announced a placing at just 20p which has completed today raising £30 million. Warned of the dire consequence of the funding failing – and assuming that there will be few takers for a £3 million Rex retail offer – misguided existing backers such as Lombard Odier scurried to more than stand their corner. You cannot say that I have not warned you often enough. Those who ignored my numerous warnings, the sheep, have yet again been shagged by the Welsh. 

#IQE – £30m placing at a discounted 20p per share

IQE – another shocking warning, more ouzo justified in North Wales, but its cabbage water time in South Wales

For years supporters of IQE (IQE) such as thirsty Paul Scott and our own Malcolm Stacey argued that it was a tech play and this justified fancy doo-dah valuations. I argued that it was simply a manufacturer operating in a cyclical commodity space and a not very good one at that. Today comes another dire lack of profits warning which will be enough to turn the bulls to drink and is a good reason for this sober bear to enjoy a small ouzo tonight.

#IQE – trading warning, reckons expects a return to year-on-year growth in H2

More ouzo for the Sheriff please: IQE tries to polish turd with sleight of hand as it serves up yet another warning

Can you spot the sleight of hand here?

#IQE – expects 2022 constant currency revenue “broadly in line” with prior year, cautions with H123 expected industry destocking