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Has Akers issued any decent statement on Ritorno plans or how he can help us suckers? Suspect this so called working capital is just to fund his perks.
Full accounts have in fact been published; Auditors state company is a going concern for another 12 months (from 12 April 2023 - hurrah!! Well company has just raised £189k ; and that's the end of the 'good' news.
Loss for period £5.17m
Investments:
Low 6: £657,485 invested (37,285 shares) valued £260,955 (previously £1.2m)
All Active Asset Capital (LSE:AAA) incl MESH: £504,244 invested (1,487,500 shares) valued £371,875 (previously £423,487)
Billion Dollar Draw : written down to £1
Outlook : The board continues to pursue and evaluate opportunities that meet the company's investment criteria.
By the way Chris Akers was 'pleased' to report these accounts!!
ps on AAA check out the latest chat on the LSE board: "Extremely depressing"
I think that Chris should 'invest' my £100 on the Euro Lottery - winning the jackpot is the only chance of getting my money back.
"This document is being processed and will be available in 10 days" (24 April 2023?)
Thanks jjcamargo.
The Open Offer assuming full take up would have provided further gross proceeds of £250k
Got it. £8,953 is the nominal value (£0.0001) of the new shares; £89,530 was the actual cash amount of gross proceeds at the issue price of 0.1p
So the Open Offer was undersubscribed raising £89k but that nearly matched the £100k placing on 9th Feb 2023 .
In total £189k gross proceeds raised - just wondering how much of it is for actual further investments after money is deducted for working capital ie renumeration for Chris and Mark (the two directors of the company)?
Ah well, company is still 'live'!
89k was raised. 89 million shares at 0.1gbx.
So there are now 3,665,597,139 shares in Ritorno plc.
(up from 1,743,056,912 when CHA was delisted and re-registered as RIT 26 Sept 2019)
Dilution and shareholding adding up to nought; could be worse - the RIT losing streak may never end! However, statistically, I suppose there is 3.6bn to 1 chance that Chris Akers may invest my £100 on a winner!!
Results after of the two fund raising
11 Apr 2023 capital following an allotment of shares on 3 April 2023 GBP 366,559.7139
09 Feb 2023 capital following an allotment of shares on 9 February 2023 GBP 357,606.6912
Does that mean only £8,953 was raised ie the difference?
11.00 am on 31 March is the deadline for applications. Let's see if any trades take place at JP Jenkins 3rd April onwards as that will give us an idea of the mid-price of the Ritorno shares.
Why have this additional raise? Probably because of lobbying by existing large scale Ritorno shareholders who may have felt aggrieved at the discounted raise on 9 Feb 2023 at 0.10p ; significantly lower than 0.70p mid price in July 2021.
So although, I have applied for more shares than my allocation (and I have applied for only £100 worth of shares!) I don't think I am likely to be successful for the extra shares because the £250k raise may very well be oversubscribed.
If Ritorno was trading on AIM no doubt the share price would have fallen to 0.10p or lower for everyone. As it is I don't have a clue about the 'true' share price and hence the notional value of my shareholding.
Still trying to decide whether my buying even more shares is a sign of madness or an astute investment move:)
I've sent off my application for £100 worth of shares. Anyone else?
Letter from the Chairman
Section 1 includes the following:
"Assuming full take-up under the Open Offer, the issue of the Open Offer Shares will raise further gross proceeds of up to £250,000. The net proceeds in the Open Offer will be used principally to fund the Company's working capital requirements and further investments in the technology and impact sectors. Further details on the background to and the reasons for the Open Offer are given in section 2 below."
So perhaps expecting to see further details, but no:
Section 2
"Ritorno is seeking to raise, through the Open offer, maximum gross proceeds of £250,000 in order to fund the Company's working capital requirements and further investments in the technology and impact sectors".
So £100,000 was raised on 9 February 2023 and now would like a further £250,000 without giving any precise details what the money is for.
The chairman states "grateful for the continued support received from Shareholders" Hmm?
Thank you for your response. I am still waiting to sell my shares. So will not take up their offer.
Hi Capsum, it means you have a binary choice. Take up the offer and pay the money (£29.34) OR do nothing don't even respond and it is zero effect for you.
I am a minor shareholder and the actual cost of taking up the offer is dare I say trifling and it would represent the lowest price for buying Ritorno shares. However, on the other hand it could be a case of throwing good money after bad as I am not aware of anyone being successful in selling their shares so would end up with more shares which for the foreseeable future can't be sold anyway!!
We have not been given any insight into the future prospects of Ritorno short term or long term and on the surface it looks like an exercise for raising funds to keep the company going (for the benefit of the directors of the company who will continue to be paid for what?).
I am not offering financial advice but I think of it as follows: it's a longshot whether I will ever get ANY of my money back from my existing investment; I can afford to 'lose' another tens of pounds taking up the offer as it helps to keep the company and my longshot alive longer.
So personally, I will take up the offer just for the 'hell of it' and round up to £100 application ie apply for a total of 100,000 shares whilst recognising it could be for zero financial benefit to me but I am not going mad buying lots more shares!
ATB Emc2
Good afternoon MrEMC2
Matter of interest. Have received open offer for 29333 shares in my account. Any idea what this means? Capsum79@aol.com
I'm wondering what kind of present Mr. Ackers has for us.......
Thx for the sumup. Following.
Offer correction
*250m shares on offer to raise £250k
Only for existing shareholders
1 new share for every existing 15 shares
issue price : 0.1 pence
200m shares on offer to raise £250k
Deadline for applications 11 am 31 March
a. so looks like the benchmark for 'share price' for existing shareholding is probably around 0.1p (a lot lower than 0.7p mid price shown at the last trade on 2 July 2021)
b. oh and by the way there was a placing on 9 Feb 2023 100m shares raised £100k
c. is it worthwhile taking up the offer which is for "working capital and further investment"?
Anyone got any comments?
Hi Capsum,
Sorry I don't have any more information. I suppose there is always hope whilst the company has an ‘active’ status at Companies House (though I think it is remote). At least there is a notional value to the shares unlike some other companies where it is zero and still ‘active’. I keep and eye on the AAA board but even there the outlook expressed is unfortunately gloomy. I hope you are able to sell your shares ATB MrEMC2
Hi MrEMC2
Thank you for responding to a query I raised some time ago. With regard to current discussion,I have instructed my brokers to sell and am still waiting. Albeit, I only requested the sale of some shares. Was that wise? There doesn't seem to be any indication of life in this. Is there any hope of a further.? Capsum79@aol.com
Hi FansZ - message 20 Nov 22 below is a pointer.
https://jpjenkins.com/how-it-works/
"Instruct a broker (we can recommend one) to contact JP Jenkins.
Our team will match a buyer and seller and the transactions are executed "
Note no one has 'traded' since 2 July 2021. All we know is that the mid price is stated as 0.7p .
Hi. Following up on above question on how to trade on JP Platform? Appreciate if someone could please advise. Thanks
Thanks MrEMC2, much appreciated.
Is it easy to trade these shares on the JP platform and are there any significant fees?
Company status 'Active'
Confirmation statement made on 12th January 2023 includes list of shareholders:
https://find-and-update.company-information.service.gov.uk/company/11752652/filing-history
Website:
https://ritornoplc.com/
Share price and trades:
https://jpjenkins.com/company/ritorno-plc/