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Adrian has now taken this to new lows his disregard for shareholders stinks… when will he do the honourable thing and resign and give the 500k bonus back
I can feel your finger hovering above the buy button CaneToad. Don’t do it!
Wise words - don't press the Buy button!!
What a complete sh*t show.
Talk about destruction of value.
Joke.
Awful placing price……..it looks to be a bad time in the markets for Companies to be needing funding and with global recession likely looming in the coming months then it’s probably going to be getting worse.
Recommend investors should be actively assessing their portfolios now and looking to offload similar at risk stocks where funding is likely needed by them within the next year or so.
Adrian is a total disgrace and has destroyed shareholder value through poor decisions .. simple as
Good news at least is that Adrian will be booted and Donald will be sole CEO for the turnaround play
Time to be bearish isn't at 5p after its dropped from 85p.
They'll have £8m+ cash in bank and Donald doing £1m personal money in the raise is a pretty good statement of his intent
Been bearish on INCE past 12+ months but i turn bullish today for the future
Cash is King! The analysis was SPOT-ON.
13 Jun 2022: " I'm old-fashioned. I like to see a balance sheet and/or trading update which gives actual levels of cash and/or borrowing headroom. To my knowledge, there has been no such update for months. I never said there had been any breach of any debt covenant. What I said was that they had (many months ago) used up almost all borrowing capacity on their RCF. Do you have proof about the levels of cash they have or is just your opinion?"
"@CaneToad. I am keenly aware there are many people on the board that know the company very well, but as you demonstrate with almost every post, you are not one of them."
I chuckled when reading the comment "The Placing is not being underwritten", given that Arden is doing the placing!
I just hope that they're not breaking any LSE rules by conducting their own public raise...
Disappointing say that mildly.....disgraceful is more appropriate.....Adrian has to go, greedy and certainly not to be trusted.
"Adrian Biles as Group CEO has indicated his intention to step down as CEO and resign from the Board, subject to and with effect from the conclusion of the Fund-raising. From the completion of the Fund-raising (i.e. with effect from Admission) Donald Brown, an executive Director of the Company and the CEO of Arden, will take over from Adrian as CEO of the Group"
Adrian is gone mate... And new sole CEO is putting £1m of his money in at 5p. Can't ask for more than that for a turnaround play
To wipe off 90% of the value of a reputable long established law firm is quite a feat.
With a change in management and a raise at 5p however, makes this a compelling risk investment at 5.5p
It could crash out but now with the nutter responsbile for the Arden fiasco [unbelievable actions for a law firm, it may get back to what its good at and restore its position
Don't see how it can crash when they've just cashed the company up long term at 5p with £8.5m. I would argue its already crashed 90p to 5p and we've seen the capitulation.Don't forget these guys have Cyber attack money coming back from insurance claim in Q4 probab,y a good £5m. Plus they have revenues almost £100m. Crazy really given how cheap this is now
I don't either but then I would have laughed if someone told me about the Arden deal - but they did it..
Question, how does a company that offers financial advice, and other financial services and they can’t get there own company in order,,? What am I missing, ?
Nutter's gone and I believe they will refocus on their core activity - legal services - which they are actually quite good at.
Absolutely agree. Seems a no brainer at 5p
New CEO. Plenty Cash. Depressed price. Big revenues. Insurance money due back in.
5.5 ? No thanks I’ll wait for 5.
Double figures once bookbuild cleared
Toomuch, when do you think that might be , timescale?
It was double figures yesterday so if you can raise that much then it could be very quick
looks like the climb has begun
Not underwritten and bookbuild at such a difficult such a discount with significant revenues and cashed up and new man at the helm this looks very attractive imv
I guess the following line is key: "Arden reserves the right to close the Bookbuild without further notice. There can be no certainty that the Placing will complete. The Placing is not being underwritten."
I might take a punt once we hear how many shares were sold. Then there will be the shock of the actual results, which don't sound great. I think there's some good upside if Donald can rein in the costs.
I'd also like to hear how many shares that Adrian Biles buys, given his huge holding. Unless I'm mistaken, he's not significantly contributing at the moment?
And furthermore, there is no bank loan unless the raise is completed. Too risky for me. I expect they are in serious trouble (insolvency?) if they don't get the bank loan and the proceeds of the full raise.