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Https://www.bidstackshareholders.org
We are in discussion with a leading law firm in London which has considerable experience in shareholder disputes with the aim of pursuing the directors (and others) through the courts.
We will provide more information here in due course.
In the mean time, if you were a shareholder of Bidstack Group PLC on March 23rd, 2024 please sign-up to join this action here. The more shareholders we have, the stronger we are.
Thanks bladesharp. I have signed the form.
I feel the Directors have set an appalling example with their conduct. Their reputations must surely now be in tatters ? The authorities should deal with this swiftly and robustly before it has implications to the wider market. You simply cannot have a situation where every other AIM company looks at this and thinks it's ok to build out their offering on the public market and then engineer a situation where it is taken away at the appropriate moment for the rewards to be enjoyed by a select few private individuals without repercussions. Everyone would stop investing and the market would ultimately collapse. This could have implications for everyone whether you were a Bidstack shareholder at the point of admin or not. There is opportunity for anyone to share any information on the bidstackshareholders.org site.
Dont hand over any money to these firms
ive seen this 100 times and it almost always ends in more loss
I don't think anyone will need to hand over any money in order to get Draper and co in the soup. From what I see, they've overstepped the mark good n proper this time.....after years of taking shareholders for granted and looking after themselves solely, off the back of all those charity fund raising events. I think they will regret their actions this time and they'll be held to account. Don't forget......I've not been wrong yet ladies and gentlemen.
@bladesharp,
I suggest in addition to Draper, your law firm checks out the liability and indemnity insurance of the NOMAD (if they have it) as a way of recovering losses? There may be more cash to recover from that source.
Draper is an absolute pig of a human being and I wish you all good luck with your quest. It would be nice to see him brought to justice.
Imagine if you worked as an insolvency practitioner for a globally renowned professional services provider that's known for asking tough questions, listening well, digging in and rolling up it's sleeves and notable for their turnaround management and you were fooled into thinking the best you could get for a company's assets was 80k on Facebook marketplace ? An offer of 800k would seem like your lucky day. Well done boys. Wouldn't want to be in your shoes at your next pay review
So maybe A&M should be sharing some liability in this disgraceful act too
The administrators have no statutory duty to protect shareholders. The prime objective for the administrators of any company, be it private or publicly listed, is to protect and maximise returns for creditors.
@tilfatladysigns except perhaps in the case of blatant fraud and deception. If the IP was shielded from any deals, if the administrators were misled into thinking that the company was only worth £80k, if the shareholders were not consulted at any time, if no serious buyers were contacted, then there is a blatant case for fraud and the administrators either didn't investigate properly and thus didn't do their job properly or were complicit. In which case IMHO there is a case for them to be liable too.
Have you read the Statement of Administrator's Proposal?
No what does it say?
Look it up on Companies House.
As I said before, shareholders form no part of an insolvency process - it's all about maximising returns for creditors.
I have read it and my opinions remain the same I'm afraid, it all stinks. Main takes outs for me were Hilco's valuation on the IP at only 10K, no way of knowing how much detail was included in the teaser document , the rushed element to the whole thing, the (ridiculously high ) cash burn of the company, no details of how the 3 mil from Azerion seems to have just been vaporised almost instantly