RE: What now10 May 2023 10:21
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.