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Hello All
I have a vested interest in pursuing this and an explanation of how since March everything ticking along and then a bombshell of dept redemption. Absolutely no details of what led to this fiasco. I’m working hard behind the scenes to try and get answers as are others.
Something underhanded has happened to shaft us and I will not rest Mr Burt until we have some answers.
I will forward the emails later today guys. From the contact I and others have had it transpires that funding negotiations stopped the minute the redemption was called in. The question is why, and how soon is the redemption payable.
Interesting that the "large supportive shareholders" were happy to throw their equity down the drain for the sake of a few million quid in funding? So close to East Imperial approaching cashflow breakeven?
Even on their social media, they have made no comments in relation to them ceasing trading and that they are going to appointing administrators?
IMO, may now assume this is a behind the scenes agreement between the new soon to be owners WHI and TB. Both parties will both know what they are doing is morally and ethically wrong.
It's clear this has been pushed into difficulty to get the Company on the cheap. Simple as that.
Fiduciary duty stands for absolutely nothing. The UK markets are a pariah.
Mr M
If I can just clear up one thing. I have it on good authority that they have not ceased trading, but have ceased share trading. The tweet that went out was a mistake in that it was already in the automated system and that now will be amended in future. As for why they are in administration, maybe for temporary safety, although not kidding anyone, you really want to try and avoid this avenue, but by the actions of INL it may have been forced for now.
I should of added that they are technically insolvent and their assets may have fallen below the required £700lk requirement for the LSE threshold, given the current actions by INL.
Countingcards- it sounds like you still have some hope of a resolution to the benefit of shareholders?
Dave82 don't worry my friend, will put your mind at rest later.
I have been here before and not saying two situations are alike, but the last one was worse than this but we knew more detail. This one surprisingly is not yet details are few and far between.
Is this paragraph from July 17th 2023 hold any clues especially the first stipulation?
The Subscription Agreement also contains certain covenants in favour of WHI in respect of (i) the Company incurring financial indebtedness in excess of £50,000 without the prior written consent of WHI, excluding the 2025 Convertible Loan Notes, (ii) amalgamation, demerger, merger or corporate reconstruction of the Company, excluding a change of control or other acquisition of interests in the Company by WHI or third parties, without the prior written consent of WHI, (iii) issuing shares or share capital (or any instrument convertible into shares or share capital) to any person, other than pursuant to options or warrants which are outstanding at the First Completion or pursuant to a bona fide employee share or share option scheme, without the prior written consent of WHI, other than in respect of repaying all or any amounts due under the 2025 Convertible Loan Notes, (iv) the appointment of new Directors of the Company without the prior written consent of WHI, other than to replace an existing Director, (v) any substantial change to the general nature or scope of its business as carried out on at the date of First Completion and (vi) entry into a material acquisition or corporate joint venture transaction, excluding for the avoidance of doubt the acquisition of trading stock in the ordinary course of business and distribution or equivalent commercial agreements in the ordinary course of business, without the prior written consent of WHI.
Lost count of the numbers of times I’ve read that since Friday evening but without any details from the company it’s difficult to piece together
CC, thanks for clarifying on the "ceased trading" item and also the social media post.
Hope something good comes of all this, for those with a stake. People don't deserve to be shafted in such a fashion.
They had been in discussions with a range of potential sources of finance in the U.K, N.Z, Asia & the US over the last few months, which effectively ended with the Redemption Notice demanding immediate repayment.
An update will be forthcoming as the situation becomes clearer, particularly as regards the future intentions of INL Investments.