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How is what happened even legal?! Iderto is still an investor from what I can gather no? are they just going to accept for Bidstack executives to wipe out all the money they have been pouring into Bidstack just like that? Have all shareholders' money - which has been supporting all of the employees and development of Bidstack - gone for good? This is unreal. I have lost so much money and wish I had never ever invested in this scam of a company.
Is what happened even legal? Is there a corporate lawyer here?
True Cambridge but for Tom W. it must be like shooting fish in a barrel as there is so much total sh** on AIM.
From the RNS stating the sales process has not so far produced any tangible or solvent offers, note the words “so far”. In my opinion this dodgy “sales process” was left to the last minute and then deliberately pushed through faster than any serious buyers due diligence dept. Could even get their pencil sharpeners out. The “upwards of 200” merely window dressing as was the fake linked in back slapping where one guy claimed to have even been a shareholder offering up his congrats to JD for pulling it off. Looks like Staff have been dished out shares in the new entity in exchange for toeing the line ? And the administrator went along with it all despite supposed to be acting in the best interests of all shareholders. The whole process needs an independent audit/investigation
I said countless times this was a POS but certain individuals wouldn't have it and defended Draper. Blamed market makers with the usual BS phrases like "shenanigans" or "walking down the share price" or these mysterious "shorters". You couldn't make it up. Finally they see Draper for what he is. Tom Winnifrith was right and AIM holders hate it when he sniffs out bad company after bad company.
The writing was on the wall for a long time. How many warnings did SHs need, considering they never hit one revenue target. In fact did they ever hit even 50% of any revenue targets? Let alone that swear word on AIM....PROFIT.
But even still, I wouldn't have thought they'd be so blatant. Haven't followed the story for a couple of years now but crikey...am I understanding correctly, he's just taken the IP private and shareholders have lost everything?
Nick Hargraves is an idiot.
What’s Nick Hargraves got to say.
He seemed to start a shareholder revolt ( which ended up being pointless). Maybe he’ll submit a complaint.
After all he has lost people a fortune on this stock.
Ask Dr Coghill
Girdz or Helx
Have you submitted any complaints to AIM at all? They should atleast blacklist these criminals from relisting the company on AIM.
Sorry but if any one ever invests in anything draper, Hau, or Donald Steward are involved in then they are mugs and deserve to lose money.
No one should ever touch anything these guys do, ever again.
Liars and thieves.
Sorry to all the longs here, you have been lied to and Draper should be behind bars for stealing the IP, its a shame there is no proper regulation in the UK like there is in the US. What he has done is criminal.
I suppose the next move by Draper will be to re-RTO Bidstack under a new name. Say give it a £20 Million valuation, as no doubt some Broker/Nomad will give it the go ahead if they get bunged enough cash. Draper will no doubt own at least 50% of the company and instantly make himself millions from the pre-IPO placing.
Then 6 months to one year down the line, the m/cap will be back down to a couple of million after a succession of poor results and updates and the poor old shareholders will be shafted all over again.
The only surprise is that this is even allowed to happen. It is all rather pathetic.
To repeat from yesterday's post, I do and did not hold any shares here and will not in the future and my only reason for posting is to make an observation of this despicable behaviour towards shareholders.
Don’t the share holders get a vote if we sell to someone as we might say NO 🤔🤔🤔🤔🤔🤔
The administrators are no better, taking fat fees for joining in screwing the shareholders. I hope in the case of JD what goes around comes around - some day.
A name change incoming from VST to “new” Bidstack to align with the new logo and maintain continuity with the Bidstack brand and the launch of the new web site ?
I just had to come on here and say how totally out of order the recent LinkedIn post is. Made me so angry. What’s worse is that they’ve blocked anyone from commenting - all other comments saying how wonderful they all are. Makes me sick
I was invested in Bids but sold out - at the time I had intended to buy back
What is going on though? It’s happening too often. Shareholders literally losing everything and the cheap buy back from admin.
Really want someone to investigate what appears to be happening too often but no one seems to care - you could make a mini series on all the recent scams on Aim/Aquis - it’s totally shocking and I’m so sorry for all holders
The “left my job” poster that had their sole post taken down on here in recent days (probably due to the accusations in it ) looks to have been genuine now that events have unfolded. The accusations wouldn’t have complied with LSE rules but that may not be why they were taken down ?
Maybe Doug Lowther should have agreed the proposal of the profit share with VST back in September when it was proposed ? Maybe we wouldn’t be where we are now ? We will never know
draper is an out and out ****.
the audacity to write something like that when one of the posters here today has admitted to losing life savings believing this ****.
i remember his email to me before he blocked me
“do you believe in andrew house or some deramper (referring to tom winnifirth). the sheer arrogance.
what a ******.
It reads like this was the plan all along, it's unreal. "Can now move forward", like all the shareholders were a burden.
The guy needs some sort of comeuppance either here or elsewhere in life: "I am proud that we are able to reward our ambitious and industry-pioneering team and have them as shareholders alongside myself,"
To write that you are proud while presumably thousands are suffering is utterly utterly disgusting. I don't even hold here but I'm angry on behalf of you guys that did.
Perhaps they couldn't care less about the shareholders. Some may say that message shows the qualities of the person who posted it.
Wow how can they put that post out on LinkedIn with no mention of shareholders!
Alliance News
Fri, 22nd Mar 2024 16:03
Bidstack executive team buys Bidstack Ltd assets from administrators
The executive team of Bidstack Group PLC has acquired Bidstack Ltd and all the operating entities of the group from the administrators, according to Bidstack Group on Friday.
London-based in-game advertising company Bidstack Group said the deal for an undisclosed fee sees Founder & Chief Executive Officer James Draper and the executive team of Bidstack Ltd become significant majority shareholders.
The executive team includes Lisa Hau stepping up to chief financial officer, Dave Garvey continuing as chief legal officer, Will Stewart moving to chief product officer and Daniel Barrigas to chief technology officer.
Bidstack Group said all contracts and client relationships will continue within the new ownership structure, which it said would safeguard jobs for the UK and European-based staff.
"The acquisition is a pivotal moment for the next phase of growth for the business. Our technology is at the forefront of sports technology, and I couldn't be more excited. I am proud that we are able to reward our ambitious and industry-pioneering team and have them as shareholders alongside myself," said Founder & Chief Executive Officer James Draper.
"The company can now focus on the enormous potential we have, to enable sports teams to get closer to their fans and improve the player experience by bringing their virtual [intellectual property] to life, with real-time messaging, rewards and engagements."
Shares in Bidstack are currently suspended as it is in administration.
By Greg Rosenvinge, Alliance News senior reporter.
I am assuming that posters here have read this as it is shown on this website. I certainly had read it before posting my recent comments.
Maybe an apology for my tongue-in-cheek posts is in order, especially to those who have lost money here, whether big or small amounts.
Having said that I was always very wary here and I could never see what everyone was raving about and I posted as much a number of times over the last few years. To me, there was never any revenue being generated nor was the revenue ever increasing and the only thing keeping the company afloat were the continual placings.
Unfortunately, that is not going to change and Draper will now stupidly be allowed to do the same all over again and lose the next set of investors and shareholders all of their money all over again. Shame or rather shameful.
Maybe they could have tried this trick on at Wilko, a store that I found quite useful and certainly miss. Maybe they could have put the old business into administration and then the owners could have bought it out of administration for £1 - the usual figure in such transactions - and then just continued with a business-as-usual sign in the window. In that instance, it would have been the banks that would have lost all their money, rather than the shareholders as here, as Wilko was still a private company.
It's quite criminal what 'respectable business people' can get away with.
I was not invested here as I always considered that this was not a profitable business and it still won't be even in another incarnation. Bit like Cineworld who managed to make all the debt and shareholders disappear so they could continue the same old misery.
That LinkedIn post is utterly unbelievable, gloating about robbing everyone and moving the company forward privately with no mention whatsoever of the peoples lives they have ruined in the process. I haven't never seen anything so brutal on aim before
Just an idea. Maybe Draper and his administrator buddies should keep the listing going and get a new nomad and keep the shell going and then they can RTO what they have bought from the administrators into the shell with just the cost of a new ticker. That will save them some money and a lot of work and effort getting a RTO sorted. Effectively they will have got rid of all the old shareholders and nulled the value of any previous shares and then they can start afresh. If only life was so easy.
The final F--k Y-O for shareholders is the resignation of the Nomad and the company stating that it has no intention of appointing a replacement- so shares will be delisted in a month, no cash shell this time around.