Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Decided to bail out of this. Made a big loss but equal to the gain I made on Dark Trace.
It's merely a supposed to be humorous follow up to my previous post. It's not funny though, I know.
You're not the only one to feel foolish BoracicLint - I'd say we're all on a journey with this company!
I got suckered in by the 1st RNS and bought a day later for 23p. I then watched aghast as within days a 2nd RNS came out saying problems could be material and watched the value of my buy decline 75% as the price dropped to 8p. I then watched the rise as Boohoo built their stake and, at 24p, before Boo was declared, my nerves couldn't take it anymore and I bailed out for a mad 4% profit. I resolved not to touch the share until I'd actually read the audit (which I should've done in the 1st place). Then watched the price go on up to 30p once Boohoo were named... and now we are here.
What an experience! Now I really understand it when people say AIM is the wild west.
If that RNS is fake, isn't posting that against the law?
Where's that RNS?
The shenanigans will start in the auction.
Just added
@HH: Lamprell was a different beast, they had a full
Order book and no cash. They were suspended for over a month. I jumped out of that too early but in my view RevB is nowhere near as risky.
Fri, 19th Aug 2022 16.17
RNS Number : 6607W
Revolution Beauty Group PLC
19 August 2022
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Auditors have advised, they'll be on time after all.
Cheers.
Did BOO take the view they would position themselves if there was any further dropping of the ball by the Rev B BoD?
Grab XX % of the equity and move for company once results out, going to be hard for the Rev B BoD to mount a credible defense ?
Just at what price and how do BOO Fund ?
I topped up at just over 22p this morning - doh!
On the one hand, the RNS is concerning in that it might suggest the issues are spread wider than the auditors first thought and that's why they may not be able to complete by the deadline. Can't help thinking this is also pretty poor of the so-called auditors; they should have contingencies and plans in place for this sort of situation - it's part of their job.
Also, of course it means my holding will be stuck if suspended.
On the plus side, BOO having bought in is encouraging; nothing new has come to light stated in the RNS; it seems a good business overall.
So, on balance I've risked another top-up at just under 17p, but no more, no matter what happens.
GLA.
Hope yr right HH. I'm no expert on company suspensions and am somewhat out of my depth in this matter. I only have my experience with DX plc to go on.
If you look the sp it is acting exactly the same as it did on the previous drop. Sellers have gone, this is being held at this to accumulate for someone.
"why would BOO take a significant stake if there were significant issues?"
Well, obviously they didn't know... and how would they unless you think they had a hotline to REVB's auditors? I mean even REVB's management, if we are to believe the RNSs, didn't know to start with.
While many were applauding the REVB purchase as a good bit of business by BOO (and it may et be), I was actually very surprised to see it happen. Buying a stake in REVB right in the middle of the shenanigans & volatility caused by a delayed audit is pretty high risk. Where was BOO's corporate governance. Maybe that's why THG didn't go for it - the new chairman reigned in Mr Moulding? Who knows?
But it's been a mad, mad few weeks - first RNS said the audit was delayed to 31/08/22 but nothing material; second RNS said the audit was delayed to 31/08/22 but it probably is material; and now the third RNS saying the audit probably won't make 31/08 and so the share will likely suspend.
Once the share's suspended, it'll likely be untradable for many months - check the history of DX., a company that I'm unfortunately in.
Exactly they must have had discussions before and they built the stake after the 2nd rns.
No worries
Fully agree, why would BOO take a significant stake if there were significant issues?
I do not have funds available, otherwise would buy more . Some one wouldn't buy more than 10% of the company without doing their homework.
It's only 7 business days until 31st because of the BH, they probably just might not get it done.
There is certainly no reassuring statment as in the previous 2 RNS, do they now know something other that effect teh prevous guidance?
Roharps even if cash is unaffected a balance sheet adjustment can have huge implications and one of the biggest issues will be the supplier base. If I was the CFO of a supplier, these announcements would have been sufficient for me to withdraw credit facilities and insist on cash in advance. Why would you take the risk of being an unsecured creditor in an administration?
I hope I am wrong but I have got a feeling that auditors have discovered something that needs examining closely and that is why they are asking for more time.Second RNS was positive , however third rns is negative .It all depends on audited results and balance sheet.
Undoubtedly better to wait, holding a suspended share that has audit problems is pure stress. If all is ok it'll be a good trade on the day it relists...
But they have said cash is unaffected and it is effectively a balance sheet write down.
This is expected. If they cant complete the audit its suspended that is that.
After audited results are published. I thought that audited results would be published by the deadline. It has gone too risky as we dont know when results would be published and we may come across something nasty. Behavious of BOD is suspicious they have released three RNS and eachone is more suspicious than others. It can be a minor accounting mistake or can be something huge we dont know.