There you go, a proposed fundraising of up to £1.5m. That equates to almost the total market cap of the company at the time of suspension, so is certainly not a small shortfall. Assuming this does get approval and the funds are secured it would provide a little confidence that the company is well supported. Also shares have to be issued at .025p or above so not heavily discounted and not a total wipe-out for existing holders.
Have to wait for the next RNS, and nothing we can do with the shares suspended. I am hoping that the issue is more to do with a technicality or misinterpretation of the FCA capital requirements rather than a fundamental solvency issue. I hope they sort this out quickly!
Completely agree. This is not exactly rocket science and I can't believe it's taken 6 months to identify there's an issue. I hope they sort it out but I worry about the impact on the underlying business as it won't inspire confidence amongst existing and prospective clients!
What are they playing at? I have FCA regulated clients, they report their regulatory capital requirements very frequently (I do it, it's easy, and very boring), and a long way before the auditors rock up.
Well, I was was watching though wish I hadn't been. Shares now suspended as they have "not been able" to produce their annual accounts within 6 months of the year end! This does not augur well for any business let alone one specialising in the provision of financial advice. Will continue to watch but fear I will be saying goodbye to another investment.
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