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Damn, sorry to hear that, for all of us but especially you. How gutting. It feels shady to me, but I am not experienced enough to understand why, so that's on me I guess.
I got my letter today to say this is no more, I was hoping for the covid insurance to get something back but it just seems I lost 10k here and they could of gave money back to pi after hotter sold but it seems they took the money and run my biggish lost on shares. :(
I don't have much to add unfortunately, but I saw one of the directors stood down and they are trying to fill the gap. I keep checking here to hope against hope there's even a glimmer of not bad news.
Anyone know what is going on here?
Website is down
Companies house showing as active
All gone quiet
If this ends up being a reverse takeover as a cash shell, what does that mean for shareholders ? Linked to this, given Bernstein was previously buying at c3p and other board members have significant stakes at higher levels, is there a chance the share price improves ? Would be interested to hear views. Tks
Do the greater minds than mine that are out there (of which you will be plentiful), have a grasp on his motivations? Is it liquidity to be able to continue the business of potentially wrapping UBG up? Or an actual investment?
Https://www.londonstockexchange.com/news-article/UBG/issue-of-equity-and-grant-of-warrants/16059704
Richard Bernstein has provided UBG with £65k in exchange for an additional 6.5m shares.
Well the reality is that there are a huge number of traders out there and they have by default turned very many AIM shares from investments into trading vehicles...
I am starting to doubt whether the marketplace was actually intended to operate beyond the short term... Maybe I am being a little too conspiratorial.
Just to add
There is the unknown Covid insurance claim they were attempting to pursue. This was last mentioned when Woolovers made their indicative offer as any money from this would be ring fenced for UBG share holders. I’ve no idea if this will ever come to anything though.
This is the 3rd or 4th time now I have seen an AIM co stolen from PI's by sly business manoeuvres and staging of share price. AIM should be dead to anyone sensible I am personally trying to clear out any AIM trash from my portfolio, but they suppress the SP so you dont want to crystalize any losses to keep people on board. A sensible person realises that even in 50% down it is going wrong and exit. I was only here really due to Electra Private Equities but did top up slightly when I though we could get around 10p
The carcass of Unbound comprises:
* £900k debt
* Negligible cash
* Some investments that are likely to be worth more that the debt but may not be able to be sold in time to pay the debts as they fall due
So what's left at Unbound? Some debt? Presumably IP, customer database etc were part of Beaconsfield / Hotters
Woolovers original offer was £6.8m for all of Unbound Group and they've now paid £6.7m to buy Beaconsfield (Hotter) from the administrators. Considering the difficulties that have subsequently overtaken Hotter that doesn't seem unreasonable.
Tarquin I definitely agree and I'm sure it is legal BUT it genuinely shows how risky AIM is and retail in general and shows how corrupt the markets and business is
How is this legal. We had a buyer then we wanted to go with a investor what just so happened to fall down and then the buyer buys for a low cost but as we stopped trading the same day they bought with no need to pay the IP's
But UBG no longer have any method of generating revenue if I am understanding correctly?
I can't help but feel played. 😅
Share Holders screwed again and no one will be getting a penny back .
Will all go in administration for peanuts
Https://www.londonstockexchange.com/news-article/UBG/beaconsfield-footwear-disposal/16046328
The RNS confirms that Woolovers have bought Beaconsfield Footwear (Hotter) shortly after it was placed into administration. Unbound Group remains extant - and not in administration - albeit with the shares suspended. UBG is carrying debts of £900k and with assets believed to be greater than this amount. However there is uncertainty as to whether the debts can be paid when they fall due.
Well they are in a negotiating position that would be the choice of any businessmen but sadly not the choice of shareholders. I hope the BoD have some backbone.....
Looks like they have managed to get a tidy discount.
Https://news.sky.com/story/woolovers-races-to-snap-up-ailing-hotter-shoes-in-pre-pack-deal-12922745
As I said the other day I thought it would be a peanuts acquisition for someone but in admin may make it even cheaper, this shares are often about legally stealing cash from PIs - cus we are the little people ! Sorry for those who had large stakes, I was in for a few grand only.
Sorry for your loss here guys, never an easy one to swallow.
This will not come out of suspension this will go to administration and be sold off for peanuts but the company and its employees will keep going
As usual PIs shafted.
Please learn from this and follow a companies RNS
This was clearly going to go down this route once that RNS came last week
These distressed shares can make money BUT you also need to take what the company releases seriously and consider the spread when trying to trade it or you will lose