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whoops !
1 for 100 consolidation cant be far away surely.....quickly followed by the administrators. Utter shambles.
Difficult to read good into it for us lot, though I have a feeling Mxc and Co must have something in mind to better their own position from what it appears to be, loan notes and the rest of it.
Lol what an absolute disaster of a company. POS share.
They indicate no concern at all, but I thought it worth a mention.”
“Section 656 of the Companies Act 2006
It has recently come to the attention of the board of directors of the Company (the “Board”) that the value of the Company’s net assets has become less than half of its called-up share capital. It is a requirement of section 656 of the Companies Act 2006 that, where the net assets of a public company are half or less of its called-up share capital, the directors must call a general meeting of the company to consider whether any, and if so what, steps should be taken to deal with the situation. This is termed a serious loss of capital.
Accordingly, the business to be conducted at the AGM will also include consideration of whether any, and if so, what steps should be taken to deal with the situation. The Board is of the view that the serious loss of capital does not pose any risk to the solvency of the Company and, therefore no specific measures are proposed to deal with the serious loss of capital and no resolutions in relation to this matter are being proposed at the AGM. The Board, however, welcomes dialogue with shareholders on this issue and the AGM will provide a forum for such discussions to take place.”
https://www.idegroup.com/wp-content/uploads/2021/07/175153-IDE-Group-AGM-Circular.pdf
Unusual ( to me ) unitemised mention at the end.
“Section 656 of the Companies Act 2006 – serious loss of capital.
To consider, pursuant to section 656(1) of the Act, whether any, and if so what, steps should be taken to address the fact that the net assets of the Company have fallen to half or less of its called up share capital.”
I imagine it came up on audit, and the act requires the directors to convene a meeting for discussion. I do not know, what, if anything, it may translate to in practice for the business, taking into account the detail in the final results and ongoing support if required from Mxc.