Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
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Great news and (not that ever had doubts) its more likely than ever that well get the funding and whatever happens, Ali will eventually get his baby through to profitability and a big profit for shareholders getting in at these levels.
Onwards and upwards folks!
It’s great to see some blue on the board. GLA
Great rise for you, Hope your still in, The birds are waiting
todays buying pressure gives a clue , that the funding news is not far, it could come anytime, if not today maybe Monday or during next week.
VERY ,VERY STRONG BUY ,JUST PAID 3.14P.
BD, why would the £250k stop Koovs looking elsewhere?
It has been six weeks since FLFL were told to reapply to the RBI & still nothing has changed.
It is clear that there is now a protracted delay, so other options now have to be looked at. The share price has totally collapsed & Koovs must act NOW as its pretty obvious FLFL cannot fulfil their part of the deal.
Personally, with all the hype last year, I still haven't seen an advantage of having FLFL on board. We have managed three small concessions thus far!
I used to think that FLFL were the be all & end all. Since the tie up, they have been totally unreliable with funding & I don't even believe that Koovs are using their warehouses, logistics etc to gain any real advantage.
Koovs Chairman Waheed Alli needs to get others involved & become the largest shareholder again. I can't see how he can buy FLFL shares.
Forget Blackstone, I understand that Koovs have already met them & they're not able to assist.
It's actually quite embarrassing for Waheed Alli to be at this point, but I believe that there will be a rescue deal announced very soon, now that they have given FLFL every opportunity to honour their deal.
Once this debacle is over, Koovs needs to look at major cost cutting, by getting in a new CFO. The current one Robert Pursell has squandered millions to attain paltry revenues, having not bought a single share himself.
He needs to go as well as his fellow failure CEO Mary Turner. She has been exposed as being totally useless too. These two just didn't learn a thing over the last three years, blaming everything but themselves.
There is plenty of talent in India
Robert pursell buying again.
In my view impressive and another positive sign for a company that's well positioned to growth next year.
Lack of news..weak hands leaving chaps. Im sure theyll be back when news of funding arrives.
Why would the SP rocket up nearly 100% a week or so ago....only to retrace now back to where it was originally?
Remember when our mate went missing and how worried we were for him !!!
Good post BD. Maybe theres a white knight scenario and Alli also has the option of stumping up some cash himself. Hes a shrewd businessman thats for sure and this is his baby. I dont think hes going to let it starve now when its just starting to find its feet.
There was a reason why FLFL placed 250K at 28p. Doing this will lock Koovs from looking for alternative funding solution.
Koovs has a good reputation of reporting to the shareholders only on the last minute. Last time when there was funding crisis the number of products listed in Koovs website went down drastically as a conservative measures and that is not the case this time. Waheed Ali has lots of options.
1) He can pump in 10 million to 20 million with a one time placing around 15p . He can cancel the FLFL funding and buy the existing shares from FLFL.
2) He can pump in 10 million to 20 million with a one time placing around 15p . He can however leave the shares held by FLFL. This probability is very high if FLFL can't do the remaining funding.
3) Waheed Ali can ask FLFL to use Blackstone for pumping in money. The probability for this is bit less as this will not give edge for FLFL. I don't think that RBI will watch Blackstone to pup in money on behalf of FLFL. This is not allowed according to RBI rules. But no one stops Blackstone from taking positions in Koovs.
4) Waheed ALi can ask his ASOS friends to infuse funds for shares or some control similar to FLFL. FLFL don't have anyother option other than to watch this due to RBI current rules. I don't know if he has good business relationship with ASOS directors ATM.
For any company we need to read between the lines of the RNS. But that doesn't fit for Koovs. For some reasons they are holding the price low. If there is a share option subscription at the current price then we need to object that. I suspect that could happen.
Nothing looks doom for me as I see its Business as usual in Koovs. I don't expect Koovs to release the RNS before the 2nd or 3rd week of December.
Joe if you get this message please reply. You've disappeared?
Thanks.
What we do know is that Koovs has enough cash until the end of the year.
That doesn't mean that Koovs will wait for then to announce funding.
A placing could take a few weeks to get underway, so I expect there are high level talks happening right now to sort this mess out.
I expect that Koovs have given Biyani (FLFL) a deadline where they just can't wait any longer.
They have already given them 5 weeks.
At the six week point (next week), I expect to hear of alternative funding plans from Koovs, (plan B)
6 weeks for FLFL to sort this mess or alternative mechanisms is more than enough.
Anyone?
Added another 57k just before the bell.now just wants funding rns good one please.
I wonder how long Alli will leave this, letting the share price fall before he steps in?
Surely there's a point where Alli will tell Biyani that enough is enough.
Unfortunately, shareholders are collateral damage here whilst these two play this out.
Koovs is doing much better now in India, lets hope a deal is sorted out soon.
I think a number of people are in a dream world. more like 0.07p
Good stuff tom, thanks. Putneylad, I think you have your heart in the right place but can be over emotional when it comes to making judgements about the company.
Personally I dont think theres so much doom and gloom and conspiracy and theyll find a way forward, which will benefit everyone, including shareholders. Thats why I couldnt resist re-investing here after previously selling at a loss.
TT, please read the message I have sent you elsewhere explaining why I believe that FLFL/ Blackstone have reneged on the deal.
So if this is the case, why did the RBI tell FLFL to reapply & not just say you're not allowed to do this?
Why have they allowed all previous placings inc the £250k one?
Most importantly, why have FLFL not reapplied after over 5 weeks later?
Shareholders want these questions answered.
Just to spell this out:
"no Indian company (FLFL) can acquire stake in an offshore company (Koovs Plc) which has investments in an Indian entity (Marble E-retail Private Limited)"
Marble being Koovs trading entity in India.
I think you have to be careful not to jump the gun and assume too much. This article, dated Sept 18 2019, clearly lays out the issue. The problem looks genuine.
https://economictimes.indiatimes.com/news/company/corporate-trends/overseas-direct-investment-stance-of-rbi-stumps-companies/articleshow/71176878.cms
"An observation by the Reserve Bank of India (RBI) may change, and even derail, overseas direct investment (ODI) plans of many corporates. According to a set of ‘frequently asked questions’ on ODI released by the regulator a few months ago, no Indian company can acquire stake in an offshore company which has investments in an Indian entity.This will apply even if an Indian company buys an insignificant stake in an overseas company which in turn holds or picks a minority interest in another Indian company."
Just look at the Q&I here: https://m.rbi.org.in/Scripts/FAQView.aspx?Id=32
In effect we are seeing a game of poker between the two Alpha males Kishore Biyani & Lord Waheed Alli with shareholders being caught in the middle.
Just re read all the rns's- they are all directed at Biyani & designed to keep the share price low. Alli is basically telling Biyani that this is all your fault that you are down £9 million in your £10 million investment.
Why would Biyani look at paying via another mechanism when he has had no intention of completing the 'legally binding' deal under the old one.
Alli will drag this out to the wire, unfortunately for us, but at the last minute, I believe he will rescue Koovs in style!