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Hawk is now interested in 8,035,714 Ordinary Shares, representing approximately 7.2 per cent. of the Company's Issued Ordinary Share Capital. For further information, please contact:
RNS Number : 5047D imJack PLC 03 December 2009 imJack Plc ("imJack" or the "Company") Holdings in Company imJack Plc (AIM: IMJ) received notification on 1 December 2009 from Jeffrey Morris of the sale of 14,697,652 ordinary shares of 1p each in the Company ("Ordinary Shares") (the "Disposal Shares"), representing approximately 13.2 per cent. of the Company's issued ordinary share capital (the "Issued Ordinary Share Capital"), the sales being made between 20 August 2009 and 1 December 2009. Of the Disposal Shares, 7,697,652 were sold by Jeffrey Morris and 7,000,000 were sold by his wife, Deborah Morris. Jeffrey Morris and Deborah Morris are now interested in 18,838,827 Ordinary Shares, representing approximately 16.9 per cent. of the Company's Issued Ordinary Share Capital. As has been previously announced, imJack has been and will be reliant, in the short term, on Mr Morris' ability to provide funds under a loan facility entered into on 19 May 2009. An amount of approximately £150,000 is to be provided by Mr Morris before 31 December 2009. In addition, the Company received notification on 1 December 2009 from Hawk Investment Holdings Limited ("Hawk"), a company controlled by Mr A L R Morton, of the acquisition of 7,000,000 Ordinary Shares, representing approximately 6.3 per cent. of the Company's Issued Ordinary Share Capital, the purchase of which occurred on 1 December 2009.
Dude - It was a reminder (or should I say a wake up call) from someone who works in the industry You keep buying!
Dude, what you've just mentioned is pretty old now! Just go back three or four pages, we have already discussed about it! Because of the news, the price dropped from 8p to 3.50p like a week ago and from that it started to recover! Everybody in this board knows that........... Say something new!
imJack, the AIM-listed online communication and collaboration platform company, has admitted that the company has insufficient cash to implement its new business model and will have to raise further funds by the end of January 2010 to stay in business. Until new funds are raised the company will have to fully use a £500k loan facility from major shareholder Jeffrey Morris to fund working capital. This will be the third time in 12 months that imJack has sought additional funds - £2.75m was raised in funding rounds in December 2008 and in June this year but with little obvious impact on improving the cash flow of the business. According to last month’s trading update from imJack, the company’s sales target of 4,000 school installations by 30 November 2009 “was based primarily on the possibility of the potential swine flu pandemic requiring the immediate installation of a universal communication platform in all schools”. No figures were provided in the trading update for the number of school installations to date. In August this year the company announced that it would move away from supplying its platform free of charge to schools to a base platform subscription charge. And last month the company announced that its “newly appointed editorial, technological and creative team” has rebranded the platform “Kwercus”. According to its trading update the company is now in advanced discussions with a major national organis
Found a paragraph in the article which I think its worth mentioning. This is what the prime minister has said: The public needed more "feedback and interaction" when using services, such as crime maps and giving parents online details of children's progress at school, he added. For details: http://news.bbc.co.uk/1/hi/uk_politics/8398116.stm Now as far as I know, "Kwercus" focuses exactly on this issue and the government is focusing on this aswel. So anybody with simple understanding on calculation can under this simple equation .... I'll still stay with my "strong buy" note. Comments plz !!!
http://news.bbc.co.uk/1/hi/uk_politics/8398116.stm Govt is focusing on more technology use and Imjack is in one of the leading business in this department! Guys, it seems to me that its a good buy now! Comments plz !!!!
I hope you are right. Having read the facebook blog from it's creator again, it seems he is moving in the same direction, but with the advantage that it is free, and already has access to 350 million users (including schools etc). I just hope IMJACK have an agressive sales strategy for next year.
Yes mate, its the same company! Their new product is Kwercus, which is mainly for school and colleges, an alternative of face-book for students. I personally think the company is fine and with the launch of Kwercus in January 2010, the SP will rise nicely.
Just seen facebook open blog. Any ideas if they are the company hooking up to IMJ as blog talks in similar lines of closed network to schools etc? View on IMJ shareprice anyone?
I agree with you mate! I don't think they will ask the shareholders for any money as there is NO need! I hope some positive news are in the corner. Patience is the key! Hopefully in a week or two, we will hear something.... Fingers crossed! :D
Well, it looks like Mr Morris has been selling quite a few shares to finance his loan? The good news is that another company purchased 7m shares on Dec 1st so they've got faith. Still no news on financing in the RNS. Not sure why the price has dropped today as I got up a little late.
just hope for the best. Tanya Byron's so scary she could probably terrify the banks into loaning ImJack loads - or it's the naughty step for them!
That's why I reckon news is due this month on additional financing or whatever they are working on. Otherwise, like you say, it's going down to the point at which they run out of money.
That's just the £150k loan from the major shareholder to keep them going, on top of the £350k he's already lent them. The new working capital requirement for Kwercus is a different kettle of fish and will be a lot more than that. Since they've not said any different, I assume ImJack's still handing over £42k per month to TAS in consultancy fees, so that £150k won't keep them running long unless they start generating some revenue.
They are due to draw down the rest of their loan by Dec 31st so will more than likely announce financing this month or at very least will say they've successfully taken the rest of the money.
Yes, when and if they announce they've raised the working capital they need, or even entered into an agreement for a JV or similar, I've no doubt we'll see a healthy rise back towards the price it was a couple of weeks ago.
Whats the point of selling when the SP is clearly going up? I still strongly believe it will surely cross 6-7p mark very soon.
I think rather than selling at this level, we should either buy or top up! The company is good and with their new product about to launch, I personally don't think funding would be a problem! Also the way it has started to go up, hopefully the next stop would be somewhere around 6-7p IMO.
I'm afraid your guess is as good as mine, but I'd reckon sooner rather than later, particularly if it's good news. They need to find a funding source by the end of January otherwise there will be difficulties, so any positive developments with Kwercus will probably be released by their "newly appointed editorial, technological and creative team" to generate publicity and interest. I'd expect a flurry of PR in the next few weeks, and an RNS about anything even remotely exciting. In this case, I think no news will probably not be good news. http://www.investegate.co.uk/Article.aspx?id=200911240700069606C
14.29% rise today! Does it mean a positive rns is in the corner? Lots of buys today aswel .... Fingers crossed! :)
Many thanks for your post mate! So do you have any idea when the next RNS is due? To me, the company looks ok and specially the way they are moving forward, sooner or later the SP will go up definitely! But when we will hear the next update? Any idea?
The fall from 8p was more than just a MM game - IMO it was caused by the cautious wording in the last RNS about funding for the Kwercus rollout. "Accordingly, the Directors intend to raise further funds by the end of January 2010. Should the Company be unsuccessful in raising these funds, this will have a material adverse effect on the Company's financial position and operations. In the absence of a successful fundraise, the Company will seek to explore alternative strategies for raising funds. In the event that such activities are not successful the Company will not be able to continue trading in its current form. There can be no guarantee that such funding will be available." Considering there's a monthly £42k cash burn to TAS, and IMJ's drawing down the last £150k of its loan facility within the next few weeks, I think the price fall reflects the market's opinion of IMJ's financial position and prospects. Don't think I'm deramping: I held these before the fall, I will continue to hold, and I'd be delighted to see them back up towards 9p again. There's a very great deal of potential in this product and Byron and Lilley are both high-profile people, good to have as the public face of Kwercus. There was a lot of positive stuff in the RNS - talks with a major player in the industry and so on - and other things like the shiny new website look hopeful for investors, but I doubt we'll see any startling SP rise until we hear that funding is in place to g
Glad to see that the upbeat started! The fall from 8p was just a game of MMs I think! It must be at its well deserved place which is 8p. Hope it will be there within this week!
Mate, where have you found this massive buy? All I can see is the 20K, probably a buy at 4p. I do understand the upside potentality but its can't reach 10p by tomorrow! May be 6-8p which is still very good!