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I've just spoken to the Administrators (Quantuma Advisory Limited) and have been told that it is highly unlikely that shareholders will receive any funds back. We are at the bottom of the list well behind creditors, suppliers and HMRC. HMRC alone are owed over £10 million.
I'm gutted, I've have lost just over £15,000 mainly due to the BS told by Adrian Biles and then getting locked in just after Xmas.
Very distasteful behaviour by management. I'm disappointed in the LSE for allowing this type of thing to happen on AIM and it reflects badly for London markets.
Having recently raised money, management used the delayed audit excuse but meanwhile managed to sell or close pieces of the businesses during this time without so much as a vote from shareholders. After the shares become non-tradable for shareholders, the company was then put in administration and then sold from under existing shareholders, all without any semblance of a vote. The final insult is that management were not affected and have managed to keep their jobs with the new firm. The lack of corporate governance is appalling. The situation is also ripe with conflicts of interest as it relates to Arden, which was sold for a pittance, barely more than six months after it was first acquired.
If there is a lawsuit being filed, please disclose Lawyer details here so we can all get in touch. I'm happy to share in the legal fees.
Interesting that in the background the Biles have been registering Ince company names on Companies House. One of the Directors at Axiom is ex gordon Dadds. You wonder how a firm like Axiom can buy Ince and where the funding is coming from. Is this a trojan horse for the Biles to get back into the business?
Does anyone know if shareholders have ever gotten some money back after such a pre pack deal ?
Started: Kenco222, 28 Apr 2023 18:26
Last post: Paul2021, 1 May 2023 09:35
Any idea what the sale will mean for our share holdings?
What are the chances?
Started: PATTS, 14 Apr 2023 17:56
Last post: PATTS, 15 Apr 2023 10:37
Thanks for the reply.
Will have to keep our fingers crossed for a buyer; at this point something is better then nothing.. Astounded that Ince were suspended from trading for so long otherwise I would have sold in January.
I wondered whether it was worth contacting Alan and Samantha Sellers to see whether PI's could be part of their class action against Ince but I expect not.
I know mate, I think we have all been financially shafted with this one! There are a few things that could play out here but difficult to determine without knowing the final position of the balance sheet.
The administrators will aim to find a buyer of the business or will look to liquidate the business to settle the creditors currently outstanding. Once they have settled all creditors, any surplus is returned to the shareholders. I am sorry to say this but the best I am expecting is nada. I am also hoping that we get back some of our investment too my friend, but the administration process can be fairly drawn out from what I can gather. Therefore it may be a while until we know what the outcome is.
Hoping for your advice.
I've never been invested in a company that's gone into administration before and wondering what if anything we may get back?
Ince has put me well under water and hope to god that we get back some of our investment.
Acquisition of Arden Partners PLC
When we were informed on 6 April 2022 that the London Stock Exchange had notified Arden that its application for continued Nominated Adviser status following a change of control had not been approved, the acquisition still represented good value for Ince shareholders and that the original rationale had not been severely impacted. We were pleased then that the acquisition of Arden subsequently completed on 28 April and we are now starting to capitalise on the identified synergies and cross-selling opportunities.
Last post: HarryCaul, 13 Apr 2023 19:04
https://www.tradewindsnews.com/law/major-shareholders-plan-to-sue-collapsed-ince-group-officers-for-misleading-statements-/2-1-1434043
Well, should have read the News below before replying.
That's put a big smile on my face.
Evening APD.
My original position was in Arden, of which I was up nicely also. However, it was so illiquid, every time I tried to take the profit, the MM's whacked it. I mean they were 26 bid, and to sell 10k was miles away.
Ince came in and Bid for them, so I figured a decent-sized company with circa £100m T/O might be the way forward.
The bulk of the position was after the fundraise, on the back of stakebuilding to average the position. Foolishly thought it may recover.
With regards to Alan and his Wife's intentions, I have my own opinions on what might happen next, but for obvious reasons, I'm not going to voice them here. I'm no Legal Eagle and Alan looks like he might get the hump and unleash hell on you if the wrong thing was said (if you know what I mean).
Whatever happens now, I'll be seriously surprised if it benefits any of the small shareholders like you or I.
Hi Harry, believe it or not, I was once 140% up on this share but never sold thinking this would even better over 5 years - massive lesson learned.
Just read your comments about Alan and his wife's stake (and also the present CEO's circa £1m stake) and when I saw Alan's stake I was going to buy more but I didn't as the CFO, Simon never bought a share which alarmed me.
Do you think Alan, his wife and the present CEO will buy it for peanuts and take it private???
Last post: HarryCaul, 13 Apr 2023 16:15
Chin up Gilby, I think more than a few of us have been kicked around the pitch this past few months.
Relentless!!
Knew I should never have invested in a lawyer firm,bunch of charlatans. Doing well this last few weeks, Ince,Cineworld and applied graphene materials all part of my portfolio. Hey ho f**k this AIM market.
Started: PATTS, 13 Apr 2023 08:26
Last post: max19, 13 Apr 2023 09:14
Surely this state of affairs should be thoroughly investigated and the BOD includes the ones that left should be held responsible.
Bunch of bandits.
Only 10 days ago, Ince announced that they had changed brokers to Allenby Capital Limited.
Yesterday Ince went into administration and now Allenby Capital Limited have resigned. If no new broker is found with the next month the company will be delisted.....WTF!
Started: Kenco222, 12 Apr 2023 15:32
Last post: Ronaldo981, 12 Apr 2023 19:56
Couldn’t agree more, how can Biles be held account for his actions though? Is there anything that can be done?
There are so many issues over the past 2 years that need investigating.
1) Adrian Biles huge 2021 bonus
2) The fact they bought Arden for £10m only to sell it for £1m less then a year later claiming it was loss making
3) The behaviour of Adrian Biles, family and executives
4) The incredible amount of time this company has been suspended from trading over the past year which has made it
impossible to get out of.
5) The assets they have sold for £2.7m over the past 4/5 months
I've already lost thousands on this company, largely due to believing the borderline lies.
Stunning, feel for holders here, major questions need to be asked about management knew and when. To go from delayed results to death is a p*sstake even by AIM standards. That fund raise last year was surely based on false pretences? FCA need to wake up and start actually scrutinizing these crooked outfits.
Just when you thought this company couldn't possibly get any worse.....Bang!
what a bunch of utter ******s!
I wish I’d never asked!!!
AIM really is the pits!
Started: PATTS, 12 Apr 2023 19:05
Last post: 404x, 12 Apr 2023 19:30
It was so strange to go to all that effort to merge Arden with Ince, only to then punt off Arden at a giveaway price. Nothing makes sense with this firm. The company seemed to have managed fine before that merger, the fact name goes back 150 years it's pretty incredible the extent management botched this.
Everything so opaque, you get the sense investors don't know the half of what really went on here. Although it's now clear that when they said strategic disposals what they really meant was desperate fire sale.
But despite going through the drawn-out process, Ince today said Arden has underperformed financially in recent months. A stock exchange statement said: ‘The most recent audited annual results of Arden for the year to 31 October 2021 show revenues of £9.28m and a profit before taxation of £0.85m, with net assets at 31 October 2021 of £5.76m.
‘Since then the Arden revenues for the current financial year to date have declined significantly. This decline is largely attributed to the increasingly challenging fundraising market and wider economic conditions in the UK since early 2022. As a result, Arden is currently loss making and the opportunities and benefits that were identified by Ince at the time of the acquisition of Arden are now not expected to be achievable for the group, given its current resources.’
As such, Arden is being sold to financial services group Zeus at a hefty mark-down price of £1m, albeit Ince noted it will be due a further £2m in earnout consideration payable ‘based on certain Arden revenues received by Zeus in the three months following completion.’
Last post: bertie183, 12 Apr 2023 15:33
Administration….
Started: PATTS, 30 Mar 2023 11:41
Last post: PATTS, 12 Apr 2023 11:17
Nothing......This company couldn't organise a **** up in a brewery and couldn't care less about investors
Anyone heard anything about relist?
On the 3rd of April Ince will have been suspended from trading for 3 months. It doesn't seem that long ago that the share price was 75p, Adrian Biles got a fat bonus before making the disastrous decision to purchase the loss making Arden for £10 million, causing (along with media reports of his disgusting behaviour) the SP to dive over 90%! Ince then sell their new acquisition for 1/10th the price they'd paid just 3 months earlier......... What a disaster of a company
Started: contrarian123, 9 Mar 2023 07:41
Last post: contrarian123, 14 Mar 2023 21:04
It seems that Hong Kong long time....
Delayed again! What a surprise! And this time no timescale... It would beggar belief if this wasn't already exactly what we were all expecting!
This delay is pretty incredible, considering this follows them not publishing ANY results for all of 2022. The last actual numbers they released now go back to 2021. We're now coming up to the close of another financial year for them, but still nothing for their FY which ended on 31/03/22, almost a year ago. Interims also now so late those too alone would have resulted in a suspension.
The worst part is the endless broken promises of publication dates, quite embarrassing when you read back through the RNSs and see how many times the goal posts have been moved. Big breach of all plc norms, something very broken here.
Hope BDO got paid up front!
Is mid March Wednesday onwards???
Started: contrarian123, 23 Feb 2023 20:22
Last post: HarryCaul, 3 Mar 2023 08:24
Agree with you there.
Absolutely disgusting.
Now further queries - They are throwing the kitchen sink at it. All will come out in the wash. Fully expect this to tank when it re-opens. Then I suspect they'll take it private for a derogatory offer. Bunch of
for this $hitshow of a company. if we get an early morning RNS then good news an after hours one is more than likely bad
Started: parnas, 9 Feb 2023 14:27
Last post: SamJSung, 10 Feb 2023 19:54
Let us not forget that Simon Oakes, Chief Financial Officer who is still in post allowed the smoke and mirrors to be maintained for a substantial period of time with his CEO Adrian Biles. I can only assume that Oakes is in post only until BDO have finished their Audit. His usefulness must be because he probably knows where the "Bodies" are hidden / buried. Otherwise why is he still there ?
I imagine that BDO are having a total nightmare unravelling the tangled web left by the previous management and their financial smoke and mirrors designed to hide the obvious fact that combining many failed law firms creates one giant failed law firm.
speechless
I am nervous... I hope I am wrong, but I cannot see anything positive if I am honest. Why the delay in the first place is what I am curious to know? I have been keeping tabs on the big ticket events on the bottom line P&L and it doesn't paint a good picture all in all. We shall see.
Big day tomorrow publication of the results. 'no later than 10 Feb' whats in store....
Started: contrarian123, 10 Feb 2023 13:47
Last post: BitterestPill, 10 Feb 2023 18:09
You, Ince, and a bucket of sh*te - in any case.
...incompetence galore
Last post: gilby65, 10 Feb 2023 13:18
Invested in this when it was Gordon Dadds, of all the shares I have I regret this one the most.Never get involved with lawyer/ solicitor firms,biggest charlatans going.
Last post: PATTS, 10 Feb 2023 09:29
Who would trust this "full service corporate and commercial law firm" when they can't organise their own ****?!
I've been invested approximately a year and watched the share price along with my position sink due to what can only be described as incompetence.
Shoddy.
A classic Ince Shambles....
Started: JL76, 11 Nov 2022 10:39
Last post: Naylor252005, 7 Feb 2023 14:22
@JL76 - I did not eat my humble pie... it was not necessary. Any thoughts on the current share price?
Humble pie naylor. Hahahaha
Talk about running your mouth.... Simmer down a little bit. No one like a know it all... or better in this case - A not know it all.
If you are right the fundamentals will speak for themselves and thus your P&L, no need for silly antics!
Time to admit you’re wrong.
Started: HarryCaul, 31 Jan 2023 08:23
Last post: HarryCaul, 31 Jan 2023 08:23
What a sh*show.
Started: Steve0209, 23 Dec 2022 08:18
Last post: Kenco222, 21 Jan 2023 02:25
Ok thanks
By end of the month post publication of results but don't be too surprised if that slips by a week or two but company should make an RNS by end of the month
Anyone know when this will likely come out of suspension?
The Ince legacy non-contentious side has seen key member leave including Stephen Jarvis who famously went public calling the partners who had left, 'traitors". His number two has now gone and the rumours are that the head of Admiralty which used to be the flag ship of what Ince was about, is also on his way out. The latter may yet also see key assistants follow.
Actually that's now 5 (FIVE) partners who left the London office at the turn of the year. In addition to the many others who quit in 2022.
Last one out turn off the lights.
Started: bbr391, 7 Dec 2022 08:30
Last post: Woodstock1970, 8 Dec 2022 20:01
There is a lot of stock built on speculation. This company appears to have the meat with the potatoes.
I believe that the stock market remains very fragile but this company is pulling at my need to buy a few.
Gla
I have been watching this since 7p. Lost out on RM when it dropped to 19p. The stock market teases us.
bbr391. I am itching to jump in. I am watching a lot of stock across the board. This company has some concrete foundations.
Warm regards
Two lawyers who run one listed legal services business have between them become the largest shareholder in another, the Ince Group, following the share placement it ran last week.
Barrister Alan Sellers and solicitor Samantha Moss – the married couple behind fellow-AIM listed Anexo Group – now have 8.4% and 5.5% of Ince shares respectively.
It makes them the third and fifth largest shareholders in the company respectively, or the biggest when taken together. Mr Sellers already had a significant holding but increased it by 41%, while Ms Moss is a new shareholder.
The Ince Group last week sought to raise £4.25m to invest in the group’s core legal services business but ended up hitting £4.7m.
The placement was at 6p a share, meaning Ms Moss paid £1.2m for her 20m shares and Mr Sellers £536,000 for his extra 8.9m shares.
Ince’s largest shareholder is Beckington Ltd (9.9%), followed by Crux Asset Management (8.6%). Donald Brown, who recently took over as Ince’s group chief executive, has 5.6% of the shares while the other two significant shareholders, Spreadex and Edale Capital, both reduced their stakes last week to 4.8% and 3.8% respectively.
Outstanding
Started: eurofil, 24 Nov 2022 15:59
Last post: Woodstock1970, 30 Nov 2022 14:25
Accept I am not a well versed investor.
All the best
eurofil. Exactly. Only well versed Investors would appreciate your last post.
Regards
Soon be racing upwards again.
Outstanding
Oh so quiet on here, just the way I like it, the calm before the storm.
Started: bbr391, 12 Nov 2022 09:54
Last post: Woodstock1970, 23 Nov 2022 20:52
bbr. Agree this looks quite promising for 2023.
Looks like 18p and above is the target for April next year .
Outstanding
With reference of recent company news. It appears that the company has experienced difficulties through ill advice.
I am locked and loaded to start buying some stock.
For a member of the company board to leave without notice because of conflict of interest is big eye opener.
Say what you will but INCE seem to be re-focusing on core activities. By the time they have built their reputation back up it would be too late to jump on board in my view. Shipping if I am correct is still the core and shipping is flying. Lots of business there
Started: HarryCaul, 16 Nov 2022 07:26
Last post: Olderandwiser, 16 Nov 2022 09:31
....sell on, move on. Get on.
Buy it, wreck it, sell it.
Started: JL76, 4 Nov 2022 07:28
Last post: HumpyDumpy, 11 Nov 2022 10:53
Hi JL76 - fair play it’s going up at the mo, but this ain’t my bag.
HumpTy DumpTy
?? wha lol
Agreed InvestorStallone. Maybe it doesn't bode well. Who knows. Time will tell.
HumpyDumpy, BLM was merged with Clyde & Co after 24 years of service, so I find your "third law firm" and "bodes well!!!" comment not well researched.